Exhibit 4.1


 


 





EXECUTION VERSION





	 



 





DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION,

Depositor,


 


wells
fargo BANK, NATIONAL ASSOCIATION,

Master Servicer,


 


MIDLAND
LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

Special Servicer,


 


wilmington
trust, NATIONAL ASSOCIATION,

Trustee,


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Paying Agent and Custodian,


 


and


 


park
bridge lender services LLC,

Operating Advisor and Asset Representations Reviewer


 


POOLING
AND SERVICING AGREEMENT

Dated as of January 1, 2018



 


Benchmark 2018-B1 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2018-B1





	 


 




     


    


    


 


TABLE OF CONTENTS


 





	 	 	Page
	 	 	 
	ARTICLE I
	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.01	Defined Terms	10
	Section 1.02	Certain Calculations	149
	Section 1.03	Certain Constructions	153
	Section 1.04	Certain Matters Relating to the Non-Serviced Mortgage Loans	154
	 	 	 
	ARTICLE II
	 	 	 
	CONVEYANCE OF MORTGAGE LOANS;
	ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 
	Section 2.01	Conveyance of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements	156
	Section 2.02	Acceptance by Custodian and the Trustee	166
	Section 2.03	Representations, Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans	169
	Section 2.04	Representations,
    Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
    Advisor and the Asset Representations Reviewer	186
	Section 2.05	Execution
    and Delivery of Certificates; Issuance of Upper-Tier Regular Interests;
    Issuance of Lower-Tier Regular Interests	194
	Section 2.06	Miscellaneous REMIC and Grantor Trust Provisions	195
	 	 	 
	ARTICLE III
	 	 	 
	ADMINISTRATION AND SERVICING
	OF THE TRUST FUND
	 	 	 
	Section 3.01	The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans and the Serviced Companion Loans	196
	Section 3.02	Liability of the Master Servicer and the Special Servicer When Sub-Servicing 	202
	Section 3.03	Collection of Mortgage Loan and Serviced Companion Loan Payments	202
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	203
	Section 3.05	Collection Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts	206


 






    -i-


    


    

 





	Section 3.06	Permitted
    Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust
    Ledger	214
	Section 3.07	Investment
    of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest
    Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and
    the Reserve Accounts	235
	Section 3.08	Maintenance
    of Insurance Policies and Errors and Omissions and Fidelity Coverage	237
	Section 3.09	Enforcement
    of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	242
	Section 3.10	Appraisals;
    Realization upon Defaulted Loans	248
	Section 3.11	Custodian
    to Cooperate; Release of Mortgage Files	255
	Section 3.12	Servicing
    Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation	256
	Section 3.13	Reports
    to the Certificate Administrator; Collection Account Statements	265
	Section 3.14	Access
    to Certain Documentation	272
	Section 3.15	Title
    and Management of REO Properties and REO Accounts	281
	Section 3.16	Sale
    of Specially Serviced Loans and REO Properties	286
	Section 3.17	Additional
    Obligations of the Master Servicer and the Special Servicer; Inspections	292
	Section 3.18	Authenticating
    Agent	294
	Section 3.19	Appointment
    of Custodians	294
	Section 3.20	Lock-Box
    Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	295
	Section 3.21	Servicing
    Advances	295
	Section 3.22	Appointment
    and Replacement of Special Servicer	299
	Section 3.23	Transfer
    of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	306
	Section 3.24	Special
    Instructions for the Master Servicer and/or Special Servicer	312
	Section 3.25	Certain
    Rights and Obligations of the Master Servicer and/or the Special Servicer	313
	Section 3.26	Modification,
    Waiver, Amendment and Consents.	314
	Section 3.27	Certain
    Intercreditor Matters Relating to the Whole Loans.	319
	Section 3.28	Directing
    Holder Contact with the Master Servicer and the Special Servicer.	324
	Section 3.29	Controlling
    Class Certificateholders, the Controlling Class Representative and the Risk Retention Consultation Party; Certain Rights and
    Powers of the Directing Holder and the Risk Retention Consultation Party	324
	Section 3.30	Rating
    Agency Confirmation	330
	Section 3.31	Appointment
    and Duties of the Operating Advisor	332
	Section 3.32	Delivery
    of Conflicted Information to the Certificate Administrator	337
	Section 3.33	Certain
    Matters with Respect to Joint Mortgage Loans	338
	Section 3.34	Resignation
    Upon Prohibited Risk Retention Affiliation	342


 






    -ii-


    


    

 





	ARTICLE IV
	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 
	Section 4.01	Distributions	343
	Section 4.02	Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	357
	Section 4.03	Compliance with Withholding Requirements	371
	Section 4.04	REMIC Compliance	371
	Section 4.05	Imposition of Tax on the Trust Fund	373
	Section 4.06	Remittances	375
	Section 4.07	P&I Advances	375
	Section 4.08	Appraisal Reductions; Collateral Deficiency Amounts	381
	Section 4.09	Grantor Trust Reporting	385
	Section 4.10	Secure Data Room	386
	 	 	 
	ARTICLE V
	 	 	 
	THE CERTIFICATES
	 	 	 
	Section 5.01	The Certificates	388
	Section 5.02	Registration, Transfer and Exchange of Certificates	393
	Section 5.03	Mutilated, Destroyed, Lost or Stolen Certificates	406
	Section 5.04	Appointment of Paying Agent	406
	Section 5.05	Access to Certificateholders’ Names and Addresses; Special Notices	406
	Section 5.06	Actions of Certificateholders	407
	Section 5.07	Rule 144A Information	408
	Section 5.08	Voting Procedures	408
	Section 5.09	Exchanges of Exchangeable Groups of Certificates	409
	 	 	 
	ARTICLE VI
	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
	DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE
	OPERATING ADVISOR AND THE ASSET REPRESENTATIONS REVIEWER
	 	 	 
	Section 6.01	Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	413
	Section 6.02	Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating Advisor	413
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	414


 






    -iii-


    


    

 





	Section 6.04	Limitation on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer, the Special Servicer and the Operating Advisor	417
	Section 6.05	Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	419
	Section 6.06	The Master Servicer or Special Servicer as Owners of a Certificate	419
	Section 6.07	The Directing Holder, the Operating Advisor and the Risk Retention Consultation Party	420
	Section 6.08	Rights of Non-Directing Holders	427
	 	 	 
	ARTICLE VII
	 	 	 
	SERVICER AND OPERATING ADVISOR TERMINATION
	 	 	 
	Section 7.01	Servicer Termination Events	428
	Section 7.02	Trustee to Act; Appointment of Successor	436
	Section 7.03	Notification to Certificateholders and Other Persons.	438
	Section 7.04	Other Remedies of Trustee	439
	Section 7.05	Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	439
	Section 7.06	Trustee as Maker of Advances	439
	Section 7.07	Termination of the Operating Advisor	440
	 	 	 
	ARTICLE VIII
	 	 	 
	CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.01	Duties of Trustee and Certificate Administrator	443
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator.	446
	Section 8.03	Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans	449
	Section 8.04	Trustee and Certificate Administrator May Own Certificates	450
	Section 8.05	Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	450
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	454
	Section 8.07	Resignation and Removal of Trustee and Certificate Administrator	455
	Section 8.08	Successor Trustee and Certificate Administrator	457
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	458
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	458
	 	 	 
	ARTICLE IX
	 	 	 
	TERMINATION
	 	 	 
	Section 9.01	Termination.	459


 






    -iv-


    


    

 





	ARTICLE X
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 
	Section 10.01	Intent of the Parties; Reasonableness	464
	Section 10.02	Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	465
	Section 10.03	Information to be Provided by the Master Servicer and the Special Servicer	467
	Section 10.04	Information to be Provided by the Trustee	468
	Section 10.05	Filing Obligations	468
	Section 10.06	Form 10-D and Form ABS-EE Filings	470
	Section 10.07	Form 10-K Filings	474
	Section 10.08	Sarbanes-Oxley Certification	478
	Section 10.09	Form 8-K Filings	479
	Section 10.10	Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	481
	Section 10.11	Annual Compliance Statements	482
	Section 10.12	Annual Reports on Assessment of Compliance with Servicing Criteria.	483
	Section 10.13	Annual Independent Public Accountants’ Servicing Report.	485
	Section 10.14	Exchange Act Reporting Indemnification	486
	Section 10.15	Amendments	489
	Section 10.16	Exchange Act Report Signatures; Delivery of Notices	489
	Section 10.17	Termination of the Certificate Administrator	491
	 	 	 
	ARTICLE XI
	 	 	 
	THE ASSET REPRESENTATIONS REVIEWER
	 	 	 
	Section 11.01	Asset Review	491
	Section 11.02	Payment of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability	497
	Section 11.03	Resignation of the Asset Representations Reviewer	499
	Section 11.04	Restrictions of the Asset Representations Reviewer	499
	Section 11.05	Termination of the Asset Representations Reviewer	499
	 	 	 
	ARTICLE XII
	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 12.01	Counterparts	502
	Section 12.02	Limitation on Rights of Certificateholders	502
	Section 12.03	Governing Law	503
	Section 12.04	Waiver of Jury Trial; Consent to Jurisdiction	503
	Section 12.05	Notices	504
	Section 12.06	Severability of Provisions	511


 






    -v-


    


    

 





	Section 12.07	Notice to the Depositor and Each Rating Agency	511
	Section 12.08	Amendment	513
	Section 12.09	Confirmation of Intent	519
	Section 12.10	No Intended Third-Party Beneficiaries	519
	Section 12.11	Entire Agreement	520
	Section 12.12	Third Party Beneficiaries	520
	Section 12.13	PNC Bank, National Association	521


 






    -vi-


    


    


 


TABLE OF EXHIBITS


 





	Exhibit A-1	Form of Class A-1 Certificate
	Exhibit A-2	Form of Class A-2 Certificate
	Exhibit A-3	Form of Class A-3 Certificate
	Exhibit A-4	Form of Class A-SB Certificate
	Exhibit A-5	Form of Class A-4 Certificate
	Exhibit A-6	Form of Class A-5 Certificate
	Exhibit A-7	Form of Class A-M Certificate
	Exhibit A-8	Form of Class B Certificate
	Exhibit A-9	Form of Class C Certificate
	Exhibit A-10	Form of Class D Certificate
	Exhibit A-11	Form of Class E Certificate
	Exhibit A-12	Form of Class F-RR Certificate
	Exhibit A-13	Form of Class G-RR Certificate
	Exhibit A-14	Form of Class X-A Certificate
	Exhibit A-15	Form of Class X-B Certificate
	Exhibit A-16	Form of Class X-D Certificate
	Exhibit A-17	Form of Class X-E Certificate
	Exhibit A-18	Form of Class S Certificate
	Exhibit A-19	Form of Class R Certificate
	Exhibit A-20	Form of Class V2 Certificate
	Exhibit A-21	Form of Class V1-A1 Certificate
	Exhibit A-22	Form of Class V1-A2 Certificate
	Exhibit A-23	Form of Class V1-A3 Certificate
	Exhibit A-24	Form of Class V1-ASB Certificate
	Exhibit A-25	Form of Class V1-A4 Certificate
	Exhibit A-26	Form of Class V1-A5 Certificate
	Exhibit A-27	Form of Class V1-AM Certificate
	Exhibit A-28	Form of Class V1-B Certificate
	Exhibit A-29	Form of Class V1-C Certificate
	Exhibit A-30	Form of Class V1-D Certificate
	Exhibit A-31	Form of Class V1-E Certificate
	Exhibit A-32	Form of Class V1-F Certificate
	Exhibit A-33	Form of Class V1-G Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C-1	Form of Transferee Affidavit
	Exhibit C-2	Form of Transferor Letter
	Exhibit C-3	Form of Transferee Certificate for Transfers of HRR Certificates
	Exhibit C-4	Form of Transferor Certificate for Transfers of HRR Certificates
	Exhibit C-5	Form of Transferee Certificate for Transfers of Class V1 or Class V2 Certificates
	Exhibit C-6	Form of Transferor Certificate for Transfers of Class V1 or Class V2 Certificates
	Exhibit D-1	Form of Investment Representation Letter
	Exhibit D-2	Form of ERISA Representation Letter
	Exhibit E	Form of Request for Release


 






    -vii-


    


    

 





	Exhibit F	Securities
    Legend
	Exhibit G	Form
    of Regulation S Transfer Certificate
	Exhibit H	Form
    of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during
    the Restricted Period
	Exhibit I	Form
    of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after
    the Restricted Period
	Exhibit J	Form
    of Transfer Certificate for Exchange or Transfer from Regulation S Global Certificate to Rule 144A Global Certificate during
    the Restricted Period
	Exhibit K	Form
    of Distribution Date Statement
	Exhibit L-1A	Form
    of Investor Certification for Non-Borrower Party and/or Risk Retention Consultation Party (for Persons other than the Controlling
    Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1B	Form
    of Investor Certification for Non-Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1C	Form
    of Investor Certification for Borrower Party (for Persons other than the Controlling Class Representative, the Risk Retention
    Consultation Party and/or a Controlling Class Certificateholder)
	Exhibit L-1D	Form
    of Investor Certification for Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1E	Form
    of Notice of Conflicted Controlling Class Holder
	Exhibit L-1F	Form
    of Notice of Conflicted Controlling Class Holder to Certificate Administrator
	Exhibit L-1G	Form
    of Certification of the Controlling Class Representative
	Exhibit L-1H	Form
    of Certification of the Risk Retention Consultation Party
	Exhibit L-2	Form
    of Financial Market Publisher Certification
	Exhibit M	Form
    of Notification from Custodian
	Exhibit N-1	Form
    of Closing Date Custodian Certification
	Exhibit N-2	Form
    of Post-Closing Custodian Certification
	Exhibit O	Form
    of Trustee Backup Certification
	Exhibit P	Form
    of Custodian Backup Certification
	Exhibit Q	Form
    of Certificate Administrator Backup Certification
	Exhibit R	Form
    of Operating Advisor Backup Certification
	Exhibit S	[Reserved]
	Exhibit T	Form
    of Master Servicer Backup Certification
	Exhibit U	Form
    of Special Servicer Backup Certification
	Exhibit V	Form
    of Sub-Servicer Backup Certification
	Exhibit W	Form
    of Sarbanes Oxley Certification
	Exhibit X	Mortgage
    Loan Seller Sub-Servicers
	Exhibit Y	[Reserved]
	Exhibit Z	Form
    of NRSRO Certification
	Exhibit AA-1	Form
    of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit AA-2	Form
    of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit BB	Form
    of Operating Advisor Annual Report
	Exhibit CC	Additional
    Disclosure Notification
	Exhibit DD-1	Form
    of Power of Attorney by Trustee for Master Servicer
	Exhibit DD-2	Form
    of Power of Attorney by Trustee for Special Servicer


 






    -viii-


    


    

 





	Exhibit EE	Form of Non-Serviced Mortgage Loan Notification
	Exhibit FF	Form of Companion Loan Noteholder Certification
	Exhibit GG	[Reserved]
	Exhibit HH	Form of Asset Review Report by the Asset Representations Reviewer
	Exhibit II	Form of Asset Review Report Summary by the Asset Representations Reviewer
	Exhibit JJ	Asset Review Procedures
	Exhibit KK	Form of Certification to Certificate
    Administrator Requesting Access to Secure Data Room
	Exhibit LL	Form of Notice of [Additional Delinquent
    Mortgage Loan][Cessation of Delinquent Mortgage Loan][Cessation of Asset Review Trigger]
	Exhibit MM	Form of Certificate Administrator Receipt of the Retained Certificates
	Exhibit NN	Form of Notice of Exchange of Exchangeable Groups of Certificates


 


TABLE OF SCHEDULES


 





	Schedule I	Directing Holders
	Schedule II	Servicing Criteria to be Addressed in Assessment of Compliance
	Schedule III	Class A-SB Planned Principal Balance Schedule
	Schedule IV	Additional Form 10-D Disclosure
	Schedule V	Additional Form 10-K Disclosure
	Schedule VI	Form 8-K Disclosure Information
	Schedule VII	Initial Serviced Companion Loan Noteholders
	Schedule VIII	Contact Information for the Other 17g-5 Information Provider
	Schedule IX                           Mortgage Loans With “Performance”,
“Earn-Out” or “Holdback” Escrows or Reserves exceeding 10% of the Stated Principal Balance of the Mortgage
Pool as of the Cut-off Date


 




    -ix-


    


    


 


Pooling and Servicing
Agreement, dated as of January 1, 2018, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian, Wilmington Trust, National
Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer.


 


PRELIMINARY STATEMENT:


 


(Terms used but not defined in this Preliminary
Statement shall have

the meanings specified in Article I hereof)


 


The Depositor intends
to sell pass-through certificates to be issued hereunder in multiple Classes which in the aggregate will evidence the entire beneficial
ownership interest in the Trust Fund consisting primarily of the Mortgage Loans. For income tax purposes alone, the Trust Fund
will consist of the Mortgage Loans, the Lower-Tier REMIC, the Upper-Tier REMIC and the Grantor Trust, all as more fully described
below.


 


LOWER-TIER REMIC


 


The Lower-Tier REMIC
will hold the Mortgage Loans (exclusive of Excess Interest) and certain other related assets subject to this Agreement, and will
issue (i) the Lower-Tier Regular Interests set forth in the table below (the “Lower-Tier Regular Interests”),
as classes of regular interests in the Lower-Tier REMIC and (ii) the Class LTR Interest as the sole class of residual interests
in the Lower-Tier REMIC, which will be evidenced by the Class R Certificates.


 


The Lower-Tier Regular
Interests will be held by the Upper-Tier REMIC.


 


	
        Lower-Tier
Regular 

Interests / 

(Corresponding Upper-

Tier Regular Interests)
	
        Initial
Principal Balance 

or Notional Amount
	
        Pass-Through
Rate

	Class LA-1 / (A-1)	$18,703,000	(1)
	Class LA-2 / (A-2)	$157,629,000	(1)
	Class LA-3 / (A-3)	$49,272,000	(1)
	Class LA-SB / (A-SB)	$40,449,000	(1)
	Class LA-4 / (A-4)	$135,000,000	(1)
	Class LA-5 / (A-5)	$387,112,000	(1)
	Class LA-M / (A-M)	$97,114,000	(1)
	Class LB / (B) 	$47,853,000	(1)
	Class LC / (C) 	$52,075,000	(1)
	Class LD / (D) 	$60,520,000	(1)
	Class LE / (E)	$25,334,000	(1)
	Class LFRR/ (F-RR)	$14,074,000	(1)
	Class LGRR / (G-RR)	$40,816,346	(1)
	LVA-1 / V-A-1	$671,521	(1)
	LVA-2 / V-A-2	$5,659,582	(1)
	LVA-3 / V-A-3	$1,769,084	(1)
	LVA-SB / V-A-SB	$1,452,299	(1)
	LVA-4 / V-A-4	$4,847,101	(1)



 






     


    


    

 


	
        Lower-Tier
Regular 

Interests / 

(Corresponding Upper-

Tier Regular Interests)
	
        Initial
Principal Balance 

or Notional Amount
	
        Pass-Through
Rate

	LVA-5/ V-A-5	$13,899,043	(1)
	LVA-M / V-A-M	$3,486,825	(1)
	LVB / V-B	$1,718,136	(1)
	LVC / V-C	$1,869,724	(1)
	LVD / V-D	$2,172,937	(1)
	LVE / V-E	$909,603	(1)
	LVF / V-F	$505,319	(1)
	LVG / V-G	$1,465,488	(1)
	LTR	(2)	(2)


 


		(1)	The pass-through rate for this Class of Lower-Tier Regular Interest is equal to the WAC Rate.



 


		(2)	The Class LTR is the sole class of residual interest in the Lower-Tier REMIC. It is not entitled
to any principal or interest.



 


UPPER-TIER REMIC


 


The following table sets
forth the Class designation, initial principal balance or notional amount (as applicable) and initial pass-through rate of each
Class of Lower-Tier Regular Interest and its “Corresponding Upper-Tier Regular Interest”:


 


The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will issue (i) the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D,
Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR REMIC regular
interests, which are designated as classes of regular interests in the Upper-Tier REMIC and represented by Certificates having
the same designation (the “Certificated Upper-Tier Regular Interests”), (ii) the Class V-A-1, Class V-A-2,
Class V-A-3, Class V-A-SB, Class V-A-4, Class V-A-5, Class V-A-M, Class V-B, Class V-C, Class V-D,
Class V-E, Class V-F and Class V-G-REMIC regular interests, which are designated as classes of regular interests
in the Upper-Tier REMIC but are not represented by Certificates (the “Uncertificated Upper-Tier Regular Interests”),
and (iii) the Class UTR Interest as the sole class of residual interests in the Upper-Tier REMIC, which will be evidenced
by the Class R Certificates.


 


The Uncertificated Upper-Tier
Regular Interests will be held by the Grantor Trust.


 


The following table sets
forth the Class designation, initial principal balance or initial Notional Amount (as applicable), and initial Pass-Through Rate
of each Class of Upper-Tier Regular Interests.


 


	
        Upper-Tier
Regular Interests 

Represented by Certificates
	
        Initial
Principal Balance or 

Notional Amount
	
        Initial
Pass-

Through Rate

	Class A-1	$18,703,000	2.560%
	Class A-2	$157,629,000	3.571%
	Class A-3	$49,272,000	3.355%
	Class A-SB	$40,449,000	3.602%
	Class A-4	$135,000,000	3.402%



 






    -2-


    


    


 


	
        Upper-Tier
Regular Interests 

Represented by Certificates
	
        Initial
Principal Balance or 

Notional Amount
	
        Initial
Pass-

Through Rate

	Class A-5	$387,112,000	3.666%
	Class X-A	$885,279,000(5)	0.530%(1)
	Class X-B	$47,853,000(5)	0.060%(2)
	Class X-D	$60,520,000(5)	1.369%(3)
	Class X-E	$25,334,000(5)	1.119%(4)
	Class A-M	$97,114,000	3.878%
	Class B	$47,853,000	4.059%
	Class C	$52,075,000	4.119%
	Class D	$60,520,000	2.750%
	Class E	$25,334,000	3.000%
	Class F-RR	$14,074,000	4.119%
	Class G-RR	$40,816,346	4.119%
	 	 	 
	
        Upper-Tier
Regular Interests 

Not Represented by 

Certificates
	 	 
	Class V-A-1	$671,521	 
	Class V-A-2	$5,659,582	 
	Class V-A-3	$1,769,084	 
	Class V-ASB	$1,452,299	 
	Class V-A-4 	$4,847,101	 
	Class V-A-5 	$13,899,043	 
	Class V-AM 	$3,486,825	 
	    Class V-B	$1,718,136	 
	  Class V-C 	$1,869,724	 
	Class V-D 	$2,172,937	 
	Class V-E 	$909,603	 
	Class V-F 	$505,319	 
	Class V-G	$1,465,488	 
	Class UTR(6)	 	 


 


		(1)	The regular interest represented by this certificate is entitled to a specified portion of the
interest payable on each of the Class LA-1, Class LA-2, Class LA-3, Class LA-SB, Class LA-4, Class LA-5 and Class LA-M Lower-Tier
Regular Interests equal to the excess of the WAC Rate over the interest payable on the Corresponding Upper-Tier Regular Interest
as identified on the table for the Lower-Tier REMIC.



 


		(2)	The regular interest represented by this certificate is entitled to a specified portion of the
interest payable on the Class LB Lower-Tier Regular Interest equal to the excess of the WAC Rate over the interest payable on the
on the Corresponding Upper-Tier Regular Interest as identified on the table for the Lower-Tier REMIC.



 


		(3)	The regular interest represented by this certificate is entitled to a specified portion of the
interest payable on the Class LD Lower-Tier Regular Interest equal to the excess of the WAC Rate over the interest payable on the
Corresponding Upper-Tier Regular Interest as identified on the table for the Lower-Tier REMIC.



 


		(4)	The regular interest represented by this certificate is entitled to a specified portion of the
interest payable on the Class LE Lower-Tier Regular Interest equal to the excess of the WAC Rate over the interest payable on the
Corresponding Upper-Tier Regular Interest as identified on the table for the Lower-Tier REMIC.



 


		(5)	Notional Amount.



 


		(6)	The Class UTR Interest is the sole class of residual interest in the Upper-Tier REMIC. It is not
entitled to distributions of principal or interest.



 


The Class X-A, Class X-B,
Class X-D, Class X-E and Class R Certificates do not have Certificate Balances. Additionally, the Class R Certificates
do not have a Notional Amount.


 






    -3-


    


    

 


The
Certificate Balance of any Class of Principal Balance Certificates and the Class VRR Upper-Tier Regular Interests outstanding
at any time represents the maximum amount which holders thereof are entitled to receive as distributions allocable to principal
from the cash flow on the Mortgage Loans and the other assets in the Trust Fund; provided that if amounts previously allocated
as Realized Losses or VRR Realized Losses, as applicable, to a Class of Certificates in reduction of the Certificate Balance thereof
are subsequently recovered (including without limitation after the reduction of the Certificate Balance of such Class to zero),
such Class may receive distributions in respect of such recoveries in accordance with the priorities set forth in Section 4.01 of this Agreement.


 


GRANTOR TRUST


 


The portions of the Trust
Fund consisting of the Uncertificated Upper-Tier Regular Interests and the entitlement to Excess Interest (and the cashflows from
such assets) shall be classified as a trust under Treasury Regulations section 301.7701-4 and the holders of the certificates representing
undivided, beneficial ownership interests in such assets and cashflows (the “Exchangeable Certificates”) shall
be the tax owners of such assets and cashflows under Code Section 671 (such a trust, a “Grantor Trust”). As
provided herein, the Certificate Administrator shall not take any actions that would cause the Grantor Trust to either (i) lose
its tax status as a “grantor trust” or (ii) be treated as part of either Trust REMIC.


 


The following table sets
forth the Class designation, the approximate initial interest entitlements, the original Certificate Balance, the original maximum
Certificate Balance and the assets (and cashflows) underlying each Class of Exchangeable Certificates:


 


	
        Class Designation
	
        Interest


Entitlements (per 

annum)
	
        Original


Certificate Balance
	
        Original
Maximum 

Certificate Balance
	
        Assets
Represented 

by such Certificate

	Class V-A-1	(1)	$0(2)	$671,521(3)	Class V-A-1(4)
	Class V-A-2	(1)	$0(2)	$5,659,582(3)	Class V-A-2(4)
	Class V-A-3	(1)	$0(2)	$1,769,084(3)	Class V-A-3(4)
	Class V-A-SB	(1)	$0(2)	$1,452,299(3)	Class V-A-SB(4)
	Class V-A-4	(1)	$0(2)	$4,847,101(3)	Class V-A-4(4)
	Class V-A-5	(1)	$0(2)	$13,899,043(3)	Class V-A-5(4)
	Class V-AM	(1)	$0(2)	$3,486,825(3)	Class V-AM(4)
	Class V-B	(1)	$0(2)	$1,718,136(3)	Class V-B(4)
	Class V-C	(1)	$0(2)	$1,869,724(3)	Class V-C(4)
	Class V-D	(1)	$0(2)	$2,172,937(3)	Class V-D(4)
	Class V-E	(1)	$0(2)	$909,603(3)	Class V-E(4)
	Class V-F	(1)	$0(2)	$505,319(3)	Class V-F(4)
	Class V-G	(1)	$0(2)	$1,465,488(3)	Class V-G(4)
	Class V2	(5)	$40,426,662(2)	$40,426,662(3)	Class V2(6)
	Class S	(6)	(7)	(7)	Class S


 


		(1)	These Certificates (the “V1 Certificates”) will not have Pass-Through Rates.
Instead these certificates will entitle the Holders to interest on any Distribution Date in an amount equal to the VRR Interest
Distribution Amount for such Distribution Date multiplied by a fraction the numerator of which is the balance of the related certificate
and the denominator of which is a sum equal to the aggregate balance of the V1 Certificates and the V2 Certificates.



 


		(2)	The aggregate of the Certificate Balances of the respective Classes of the Class V1 Certificates
and V2 Certificates shall at all times equal the aggregate Certificate Balance of the Class VRR Upper-Tier Regular 



 






    -4-


    


    

 


Interests.


 


		(3)	The original maximum Certificate Balance of each Class of the Class V1 Certificates shown
in the table above represents the maximum Certificate Balance of such Certificates that could be issued in an exchange pursuant
to Section 5.09 of this Agreement on the Closing Date. The original maximum Certificate Balance of the Class V2 Certificates
shown in the table above represents the maximum Certificate Balance thereof that may be issued on the Closing Date without regard
to any exchange of any portion of the Class V2 Certificates for Class V1 Certificates.



 


		(4)	Individual, Uncertificated Upper-Tier REMIC Regular Interests.



 


		(5)	The Class V2 Certificates will not have a Pass-Through Rate. Instead these Certificates will
entitle the Holders to interest on any Distribution Date in an amount equal to the VRR Interest Distribution Amount for such Distribution
Date multiplied by a fraction the numerator of which is the balance of the Certificate and the denominator of which is a sum equal
to the aggregate balance of the V1 Certificates and the V2 Certificates. The V2 Certificates will also be entitled to the VRR Interest
Percentage of the Excess Interest for such Distribution Date.



 


		(6)	All Uncertificated Upper-Tier REMIC Regular Interests.



 


		(7)	The Class S Certificates represent undivided beneficial ownership interest in the entitlement
to the Non-VRR Interest Percentage of the Excess Interest. The Class S Certificates are not entitled to distributions in respect
of principal or interest other than as described in the preceding sentence.



 


To the fullest extent
permitted by law, any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved
in a manner that preserves the validity and intended tax treatment of the Trust REMICs, the Grantor Trust and causes the maximum
amounts to be paid with respect to the holders of the REMIC Regular Interests.


 


On the Closing Date,
the Depositor is assigning and transferring and otherwise conveying to DBNY, $40,426,662 initial Certificate Balance of the VRR
Interest in the form of Class V2 Certificates (which assignment, transfer and conveyance shall, solely for purposes of satisfying
the requirements of Section 3(a) and 4(a)(3) of the Risk Retention Rule, be deemed assigned, transferred and conveyed from the
Depositor to GACC and from GACC to DBNY).


 


As of the Cut-off Date,
the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $1,166,378,009.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 1 on the Mortgage Loan Schedule (the “90 Hudson Mortgage Loan”)
also secures one companion loan to the same Borrower, which is pari passu in right of payment to the 90 Hudson Mortgage
Loan (the “90 Hudson Companion Loan”). The 90 Hudson Whole Loan is currently serviced pursuant to (i) this Agreement
and (ii) the related Intercreditor Agreement. The 90 Hudson Companion Loan and all amounts attributable thereto will not be
an asset of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholder.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 3 on the Mortgage Loan Schedule (“The Woods Mortgage Loan”)
also secures two companion loans to the same Borrower, which are pari passu in right of payment to The Woods Mortgage Loan
(“The Woods Companion Loans”). The Woods Whole Loan is currently serviced pursuant to (i) the Other Pooling
and Servicing Agreement related to the Other Securitization designated as the MSC 2017-HR2 Mortgage Trust and (ii) the related
Intercreditor Agreement. The Woods


 






    -5-


    


    

 


Companion
Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned
by the related Companion Loan Noteholders.


 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 4 on the Mortgage Loan Schedule (“Griffin Portfolio
Mortgage Loan”) also secures eight companion loans to the same Borrower, which are pari passu in right of payment
to the Griffin Portfolio Mortgage Loan (“Griffin Portfolio Companion Loans”). The Griffin Portfolio Whole Loan
is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated
as the BANK 2017-BNK8 Mortgage Trust and (ii) the related Intercreditor Agreement. The Griffin Portfolio Companion Loans and
all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the
related Companion Loan Noteholders.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 5 on the Mortgage Loan Schedule (the “Worldwide Plaza Mortgage
Loan”) also secures six companions loans to the same Borrower, which are pari passu in right of payment to the
Worldwide Plaza Mortgage Loan (the “Worldwide Plaza Pari Passu Companion Loans”) and two companion loans, which
are subordinate in right of payment to the Worldwide Plaza Mortgage Loan (the “Worldwide Plaza Subordinate Companion Loans”
and, together with the Worldwide Plaza Pari Passu Companion Loans, the “Worldwide Plaza Companion Loans”). The
Worldwide Plaza Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other
Securitization designated as the WWPT 2017-WWP Mortgage Trust and (ii) the related Intercreditor Agreement. The Worldwide
Plaza Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be
beneficially owned by the related Companion Loan Noteholders.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 6 on the Mortgage Loan Schedule (the “Station Place III Mortgage
Loan”) also secures three companion loans to the same Borrower, which are pari passu in right of payment to the
Station Place III Mortgage Loan (the “Station Place III Companion Loans”). The Station Place III Whole Loan
is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated
as the JPMDB 2017-C7 Mortgage Trust and (ii) the related Intercreditor Agreement. The Station Place III Companion Loans and
all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the
related Companion Loan Noteholders.


 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 7 on the Mortgage Loan Schedule (“Atrium Center
Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right of payment
to the Atrium Center Mortgage Loan (“Atrium Center Companion Loans”). The Atrium Center Whole Loan will be serviced
(a) from and after the Closing Date and prior to the Atrium Center Pari Passu Note A-3 Securitization Date, pursuant to (i) this
Agreement and (ii) the related Intercreditor Agreement and (b) from and after the Atrium Center Pari Passu Note A-3 Securitization
Date, pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization involving the Atrium Center
Pari Passu Note A-3 and (ii) the related Intercreditor Agreement. The Atrium Center Companion Loans and all amounts attributable


 






    -6-


    


    

 


thereto
will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.


 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 8 on the Mortgage Loan Schedule (“Sentinel Square
II Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment
to the Sentinel Square II Mortgage Loan (“Sentinel Square II Companion Loan”). The Sentinel Square II Whole
Loan will be serviced (a) from and after the Closing Date and prior to the Sentinel Square II Pari Passu Note A-1 Securitization
Date, pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement and (b) from and after the Sentinel Square II
Pari Passu Note A-1 Securitization Date, pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
involving the Sentinel Square II Pari Passu Note A-1 and (ii) the related Intercreditor Agreement. The Sentinel Square II Companion
Loan and all amounts attributable thereto will not be an asset of the Trust Fund or the Trust REMICs and will be beneficially owned
by the related Companion Loan Noteholder.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 10 on the Mortgage Loan Schedule (the “Radisson Blu Aqua Hotel Mortgage
Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment to the Radisson
Blu Aqua Hotel Mortgage Loan (the “Radisson Blu Aqua Hotel Companion Loan”). The Radisson Blu Aqua Hotel Whole
Loan is serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement. The Radisson Blu Aqua Hotel
Companion Loan and all amounts attributable thereto will not be an asset of the Trust Fund or the Trust REMICs and will be beneficially
owned by the related Companion Loan Noteholder.


 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 12 on the Mortgage Loan Schedule (“Gateway Net Lease
Portfolio Mortgage Loan”) also secures six companion loans to the same Borrower, which are pari passu in right
of payment to the Gateway Net Lease Portfolio Mortgage Loan (“Gateway Net Lease Portfolio Pari Passu Companion Loans”)
and ten companion loans, which are subordinate in right of payment to the Gateway Net Lease Portfolio Mortgage Loan (“Gateway
Net Lease Portfolio Subordinate Companion Loans” and, together with the Gateway Net Lease Portfolio Pari Passu Companion
Loans, “Gateway Net Lease Portfolio Companion Loans”). The Gateway Net Lease Portfolio Whole Loan is currently
serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated as the DBJPM
2017-C6 Mortgage Trust and (ii) the related Intercreditor Agreement. The Gateway Net Lease Portfolio Companion Loans and all
amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related
Companion Loan Noteholders.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 13 on the Mortgage Loan Schedule (the “Lehigh Valley Mall Mortgage
Loan”) also secures five companion loans to the same Borrower, which are pari passu in right of payment to the
Lehigh Valley Mall Mortgage Loan (the “Lehigh Valley Mall Companion Loans”). The Lehigh Valley Mall Whole Loan
is currently serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement. The Lehigh Valley Mall
Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially
owned by the related Companion Loan Noteholders.


 






    -7-


    


    

 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 14 on the Mortgage Loan Schedule (the “Rochester Hotel
Portfolio Mortgage Loan”) also secures three companions loans to the same Borrower, which are pari passu in right
of payment to the Rochester Hotel Portfolio Mortgage Loan (the “Rochester Hotel Portfolio Companion Loan”).
The Rochester Hotel Portfolio Whole Loan will be serviced (a) from and after the Closing Date and prior to the Rochester Hotel
Portfolio Pari Passu Note A-1 Securitization Date, pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement
and (b) from and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, pursuant to (i) the Other Pooling
and Servicing Agreement related to the Other Securitization involving the Rochester Hotel Portfolio Pari Passu Note A-1 and (ii)
the related Intercreditor Agreement. The Rochester Hotel Portfolio Companion Loans and all amounts attributable thereto will not
be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 16 on the Mortgage Loan Schedule (“521-523 East 72nd Street
Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment
to the 521-523 East 72nd Street Mortgage Loan (“521-523 East 72nd Street Companion Loan”). The 521-523 East
72nd Street Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
designated as the JPMDB 2017-C7 Mortgage Trust and (ii) the related Intercreditor Agreement. The 521-523 East 72nd Street
Companion Loan and all amounts attributable thereto will not be an asset of the Trust Fund or the Trust REMICs and will be beneficially
owned by the related Companion Loan Noteholder.


 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 18 on the Mortgage Loan Schedule (“Marriott Charlotte
City Center Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right
of payment to the Marriott Charlotte City Center Mortgage Loan (“Marriott Charlotte City Center Companion Loans”).
The Marriott Charlotte City Center Whole Loan will be serviced (a) from and after the Closing Date and prior to the Marriott Charlotte
City Center Pari Passu Note A-3 Securitization Date, pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement
and (b) from and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, pursuant to (i) the Other Pooling
and Servicing Agreement related to the Other Securitization involving the Marriott Charlotte City Center Pari Passu Note A-3 and
(ii) the related Intercreditor Agreement. The Marriott Charlotte City Center Companion Loans and all amounts attributable thereto
will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 19 on the Mortgage Loan Schedule (“Miracle Mile Shopping Center
Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right of payment
to the Miracle Mile Shopping Center Mortgage Loan (“Miracle Mile Shopping Center Companion Loans”). The Miracle
Mile Shopping Center Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the
Other Securitization designated as the CSAIL 2017-CX10 Mortgage Trust and (ii) the related Intercreditor Agreement. The Miracle
Mile Shopping Center Companion Loans and all amounts attributable thereto will not be assets of


 






    -8-


    


    

 


the
Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.


 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 22 on the Mortgage Loan Schedule (“Towers at University
Town Center Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right
of payment to the Towers at University Town Center Mortgage Loan (“Towers at University Town Center Companion Loan”).
The Towers at University Town Center Whole Loan will be serviced (a) from and after the Closing Date and prior to the Towers at
University Town Center Pari Passu Note A-1 Securitization Date, pursuant to (i) this Agreement and (ii) the related Intercreditor
Agreement and (b) from and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, pursuant to (i)
the Other Pooling and Servicing Agreement related to the Other Securitization involving the Towers at University Town Center Pari
Passu Note A-1 and (ii) the related Intercreditor Agreement. The Towers at University Town Center Companion Loan and all amounts
attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion
Loan Noteholder.


 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 24 on the Mortgage Loan Schedule (“Two Harbor Point
Square Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right of
payment to the Two Harbor Point Square Mortgage Loan (“Two Harbor Point Square Companion Loans”). The Two Harbor
Point Square Whole Loan will be serviced (a) from and after the Closing Date and prior to the Two Harbor Point Square Pari Passu
Note A-1-A Securitization Date, pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement and (b) from and after
the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, pursuant to (i) the Other Pooling and Servicing Agreement
related to the Other Securitization involving the Two Harbor Point Square Pari Passu Note A-1-A and (ii) the related Intercreditor
Agreement. The Two Harbor Point Square Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund
or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.


 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 26 on the Mortgage Loan Schedule (“AHIP Northeast
Portfolio I Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right
of payment to the AHIP Northeast Portfolio I Mortgage Loan (“AHIP Northeast Portfolio I Companion Loan”). The
AHIP Northeast Portfolio I Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to
the Other Securitization designated as the JPMDB 2017-C7 Mortgage Trust and (ii) the related Intercreditor Agreement. The
AHIP Northeast Portfolio I Companion Loan and all amounts attributable thereto will not be an asset of the Trust Fund or the Trust
REMICs and will be beneficially owned by the related Companion Loan Noteholder.


 


The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 27 on the Mortgage Loan Schedule (“Starwood Capital
Group Hotel Portfolio Mortgage Loan”) also secures twenty companion loans to the same Borrower, which are pari passu
in right of payment to the Starwood Capital Group Hotel Portfolio Mortgage Loan (“Starwood Capital Group Hotel Portfolio
Companion Loans”). The Starwood Capital Group


 






    -9-


    


    

 


Hotel
Portfolio Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
designated as the DBJPM 2017-C6 Mortgage Trust and (ii) the related Intercreditor Agreement. The Starwood Capital Group Hotel
Portfolio Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will
be beneficially owned by the related Companion Loan Noteholders.


 


In consideration of the
mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer and the other parties hereto hereby agree as follows:


 


Article I



DEFINITIONS


 


Section 1.01       
Defined Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires,
shall have the meanings specified in this Article.


 


“8-K Filing
Deadline”: As defined in Section 10.09 of this Agreement.


 


“10-K Filing
Deadline”: As defined in Section 10.07 of this Agreement.


 


“17g-5 Information
Provider”: The Certificate Administrator.


 


“17g-5 Information
Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at www.ctslink.com,
under the “NRSRO” tab or other applicable tab of the respective transaction, access to which is limited to the Depositor
and to NRSROs who have provided an NRSRO Certification to the 17g-5 Information Provider.


 


“90 Hudson Companion
Loan”: As defined in the Preliminary Statement.


 


“90 Hudson Mortgage
Loan”: As defined in the Preliminary Statement.


 


“90 Hudson Whole
Loan”: The 90 Hudson Companion Loan, together with the 90 Hudson Mortgage Loan. References herein to the 90 Hudson Whole
Loan shall be construed to refer to the aggregate indebtedness under the related notes with respect to the 90 Hudson Mortgage Loan
and the 90 Hudson Companion Loan.


 


“521-523 East
72nd Street Companion Loan”: As defined in the Preliminary Statement.


 


“521-523 East
72nd Street Mortgage Loan”: As defined in the Preliminary Statement.


 


“521-523 East
72nd Street Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of October 1, 2017 between
J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank,


 






    -10-


    


    

 


National
Association, as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator
and as trustee, and Pentalpha Surveillance LLC, as operation advisor and asset representations reviewer and entered into in connection
with the JPMDB Commercial Mortgage Securities Trust 2017-C7.


 


“521-523 East
72nd Street Service Providers”: With respect to the 521-523 East 72nd Street Companion Loan, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or
interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.


 


“521-523 East
72nd Street Whole Loan”: The 521-523 East 72nd Street Companion Loan, together with the 521-523 East 72nd Street Mortgage
Loan. References herein to the 521-523 East 72nd Street Whole Loan shall be construed to refer to the aggregate indebtedness under
the related notes with respect to the 521-523 East 72nd Street Mortgage Loan and the 521-523 East 72nd Street Companion Loan.


 


“AB Modified
Loan” Any Corrected Mortgage Loan (1) that became a Corrected Mortgage Loan (which includes for purposes of this definition
any Non-Serviced Mortgage Loan that became a “corrected loan” (or any term substantially similar thereto) pursuant
to the related Other Pooling and Servicing Agreement) due to a modification thereto that resulted in the creation of an A/B note
structure (or similar structure) and as to which the new junior note(s) did not previously exist or the principal amount of the
new junior note(s) was previously part of either an A note held by the Trust or the original unmodified Mortgage Loan and (2) as
to which an Appraisal Reduction Amount is not in effect.


 


“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any Default arising
by reason of the failure of the related Borrower to maintain standard extended coverage casualty insurance or other insurance that
covers acts of terrorism, as to which the Master Servicer or the Special Servicer, as applicable, has determined, in accordance
with the Servicing Standard (and (i) unless a Control Termination Event has occurred and is continuing, with the consent of
the Directing Holder (or, if a Control Termination Event has occurred and is continuing, but prior to the occurrence and continuance
of a Consultation Termination Event, after consulting with the Directing Holder as provided in Section 6.07) and (ii) with
respect to any Specially Serviced Loan, after consultation with the Risk Retention Consultation Party pursuant to Section 6.07
(and, in either case, other than with respect to any Mortgage Loan that is a Conflicted Loan as to any such party)), that either
(x) such insurance is not available at commercially reasonable rates and the subject hazards are not at the time commonly
insured against by for properties similar to the Mortgaged Property and located in or around the geographic region in which such
Mortgaged Property is located (but only by reference to such insurance that has been obtained by such owners at current market
rates), or (y) such insurance is not available at any rate; provided that the Directing Holder and the Risk Retention
Consultation Party, as applicable, will not have more than 30 days to respond to the Master Servicer’s or the Special
Servicer’s, as applicable, request for such consent or consultation, as applicable; provided, further, that
upon the Master Servicer’s or the Special Servicer’s, as applicable, determination, consistent with the Servicing Standard,
that exigent circumstances do not allow the Master Servicer to consult with the Directing Holder or the Risk


 






    -11-


    


    

 


Retention
Consultation Party, as applicable, the Master Servicer or the Special Servicer, as applicable, will not be required to do so.
In making this determination, the Master Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion
of an insurance consultant.


 


“Accrued AB
Loan Interest”: with respect to any AB Modified Loan and any date of determination, the accrued and unpaid interest that
remains unpaid with respect to the junior note(s) of such AB Modified Loan.


 


“Act”:
The Securities Act of 1933, as it may be amended from time to time.


 


“Action Notice
Response”: As defined in Section 2.03(l)(i).


 


“Actual/360
Basis”: The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month
(or other applicable accrual period) in a year assumed to consist of 360 days.


 


“Actual/360
Loans”: The Mortgage Loans indicated as such in the Mortgage Loan Schedule and any related Serviced Companion Loan.


 


“Additional
Form 10-D Disclosure”: As defined in Section 10.05(c) of this Agreement.


 


“Additional
Form 10-K Disclosure”: As defined in Section 10.07 of this Agreement.


 


“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Mortgage Loan Sellers or the Underwriters (other than an Affiliate of any such party acting in the capacity of a Mortgage Loan
Seller Sub-Servicer), that Services any of the Mortgage Loans, and each Person, other than the Special Servicer, who is not an
Affiliate of any of the Master Servicer, the Certificate Administrator, the Trustee, the Mortgage Loan Sellers or the Underwriters,
who Services 10% or more of the Mortgage Loans (based on their Stated Principal Balance).


 


“Additional
Trust Fund Expense”: Any expense incurred with respect to the Trust Fund and not otherwise included in the calculation
of a Realized Loss and VRR Realized Loss that would result in the Holders of Regular Certificates or Exchangeable Certificates
receiving less than the full amount of principal and/or the Interest Accrual Amount to which they are entitled on any Distribution
Date.


 


“Administrative
Cost Rate”: As of any date of determination and with respect to each Mortgage Loan, a per annum rate equal to
the sum of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Operating Advisor Fee Rate and the CREFC®
Intellectual Property Royalty License Fee Rate. For the avoidance of doubt, the Administrative Cost Rate includes any related Non-Serviced
Mortgage Loan Primary Servicing Fee Rate.


 


“Advance”:
Any P&I Advance or Servicing Advance.


 






    -12-


    


    

 


“Advance Interest
Amount”: Interest at the Reimbursement Rate on the aggregate amount of P&I Advances and Servicing Advances for which
the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date on which such Advance
was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount of interest previously
paid on such Advance; provided that if, during any Collection Period in which an Advance was made, the related Borrower
makes payment of an amount in respect of which such Advance was made with interest at the Default Rate, the Advance Interest Amount
payable to the Master Servicer or the Trustee shall be paid first, from the amount of Default Interest on the related Mortgage
Loan (or Whole Loan, with respect to Servicing Advances) actually paid by such Borrower, second, from late payment fees
on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by the related Borrower, and third,
upon determining in accordance with the Servicing Standard that such Advance Interest Amount is not recoverable from the amounts
described in first or second, from other amounts on deposit in the Collection Account or the Serviced Whole Loan
Collection Account, as applicable.


 


“Adverse REMIC
Event”: Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause
either Trust REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon any Trust REMIC or the Trust
Fund (including but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2)
of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax
on “net income from foreclosure property”).


 


“Advisers Act”:
As defined in Section 5.02(k)(1) of this Agreement.


 


“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. The Trustee and the Certificate Administrator may obtain and rely on an Officer’s Certificate of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or the Depositor to determine whether any Person
is an Affiliate of such party.


 


“Affiliate Ethical
Wall”: Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Master Servicer, any
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable,
taking into account the nature of its business, to ensure (1) that such Affiliate will not use Confidential Information received
from the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer or the Trustee, as applicable, in a manner that violates any applicable law including, but not limited
to, any securities laws and (2) that such Affiliate will not provide to the Depositor, the Master Servicer, such Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable, information
regarding its decisions relating to Investments in the Certificates from such Affiliate. Under such policies and procedures


 






    -13-


    


    

 


maintained
by such Affiliate, (i) policies and procedures restricting the flow of information exist, and shall be maintained by such
Affiliate, between such Affiliate, on the one hand and the Depositor, the Master Servicer, such Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable, on the other; (ii) such
policies and procedures restricting the flow of information operate in both directions so as to include (a) policies and
procedures against the disclosure of Confidential Information from the Depositor, the Master Servicer, such Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable, to such
Affiliate, except as such disclosure is expressly allowed under this Agreement in such affiliate’s capacity as a Controlling
Class Certificateholder or a Directing Holder or otherwise and (b) policies and procedures restricting the disclosure
by such Affiliate of information regarding its decisions relating to Investments in Certificates to the Depositor, the Master
Servicer, such Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the
Trustee, as applicable; (iii) the senior management personnel of such Affiliate who have obtained Confidential Information
in the course of their exercise of general managerial responsibilities may not use that information to influence Investment Decisions
with respect to the Certificates, nor may they pass that information to others for use in such activities, to the extent the use
of such Confidential Information violates the securities laws; and (iv) such senior management personnel who have obtained
information regarding Investments in the course of their exercise of general managerial responsibilities may not use that information
to influence servicing recommendations.


 


“Affiliated
Person”: Any Person (other than a Rating Agency) involved in the organization or operation of the Depositor or an
affiliate, as defined in Rule 405 of the Act, of such Person.


 


“Affirmative
Asset Review Vote”: As defined in Section 11.04(a).


 


“Agent Member”:
Members of, or Depository Participants in, the Depository.


 


“Aggregate Available
Funds”: With respect to any Distribution Date, an amount equal to the sum of (without duplication):


 


(a)          
the aggregate amount of all cash received on the Mortgage Loans (in the case of any Non-Serviced Mortgage Loan, only to
the extent received by the Trust pursuant to the related Other Pooling and Servicing Agreement and/or the related Non-Serviced
Intercreditor Agreement) (including the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.06(e)
of this Agreement) and any REO Property (including Compensating Interest Payments with respect to the Mortgage Loans required to
be deposited by the Master Servicer pursuant to Section 3.17(c)) on deposit in the Collection Account (in each case, exclusive
of any amount on deposit in the Collection Account that is held for the benefit of the Companion Loan Noteholders), as of the Master
Servicer Remittance Date, exclusive of (without duplication):


 


(i)          
all Periodic Payments and Balloon Payments paid by the Borrowers that are due on a Due Date (without regard to grace periods)
after the end of the related Collection


 






    -14-


    


    

 


Period
(without regard to grace periods), excluding Excess Interest and interest relating to periods prior to, but due after, the Cut-off
Date;


 


(ii)          
all unscheduled payments of principal (including Principal Prepayments (together with any related payments of interest allocable
to the period following the Due Date for the related Mortgage Loan during the related Collection Period)), unscheduled interest,
Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds and other unscheduled recoveries received subsequent to the related
Determination Date (or, with respect to voluntary prepayments of principal of each Mortgage Loan with a Due Date occurring after
the related Determination Date, subsequent to the related Due Date) allocable to the Mortgage Loans;


 


(iii)          all amounts in the Collection Account that are due or reimbursable to any Person other than the Certificateholders pursuant
to clauses (ii) through (xv), inclusive, of Section 3.06(a) of this Agreement;


 


(iv)          
with respect to each Actual/360 Loan and any Distribution Date occurring in (1) each February and (2) any January occurring
in a year that is not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), the related
Withheld Amount to the extent such amounts are on deposit in the Collection Account pursuant to Section 3.05(e) of
this Agreement;


 


(v)          all Excess Interest allocable to the Mortgage Loans;


 


(vi)          all Yield Maintenance Charges and Prepayment Premiums allocable to the Mortgage Loans;


 


(vii)         all amounts deposited in the Collection Account in error; and


 


(viii)        all Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement; and


 


(b)           if and to the extent not already included in clause (a) hereof, the aggregate amount transferred on or before the applicable
Determination Date from the REO Account allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant
to Section 3.15(b);


 


(c)          
P&I Advances made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related
Certificate Administrator/Trustee Fee with respect to the Mortgage Loans for which such P&I Advances are made);


 


(d)           with respect to each Actual/360 Loan and for the Distribution Date occurring in each March (or February if the final Distribution
Date occurs in such month), the Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.05(e)
of this Agreement;


 


(e)          
with respect to the Distribution Date in March 2018, the Interest Deposit Amount (net of an amount accrued at the Administrative
Cost Rate); and


 






    -15-


    


    

 


(f)           
the aggregate amount of Gain-on-Sale Proceeds transferred to the Lower Tier Distribution Account from the Gain-on-Sale Reserve
Account for distribution on the subject Distribution Date.


 


Notwithstanding the investment of funds
held in the Collection Account or the Lower-Tier Distribution Account pursuant to Section 3.07 of this Agreement, for
purposes of calculating the Aggregate Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.


 


“Aggregate Principal
Distribution Amount”: For any Distribution Date, an amount equal to the sum of the following amounts:


 


(A)            
the Scheduled Principal Distribution Amount for such Distribution Date; and


 


(B)             
the Unscheduled Principal Distribution Amount for such Distribution Date;


 


provided that
the Aggregate Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of
any reimbursements of:


 


(A)            
Nonrecoverable Advances (including any servicing advance with respect to the Non-Serviced Mortgage Loan under the related
Other Pooling and Servicing Agreement reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable
Advances at the Reimbursement Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during
which such principal collections would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution
Date; and


 


(B)             
Workout Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during
which such principal collections would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution
Date;


 


provided that, in the case of clauses
(A) and (B) above, if any of the amounts that were reimbursed from principal collections on the Mortgage Loans are subsequently
recovered on the related Mortgage Loan, such recovery will increase the Aggregate Principal Distribution Amount for the Distribution
Date related to the period in which such recovery occurs.


 


The principal component
of the amounts set forth above shall be determined in accordance with Section 1.02 hereof.


 


“Agreement”:
This Pooling and Servicing Agreement and all amendments hereof and supplements hereto.


 






    -16-


    


    

 


“AHIP Northeast
Portfolio I Companion Loan”: As defined in the Preliminary Statement.


 


“AHIP Northeast
Portfolio I Mortgage Loan”: As defined in the Preliminary Statement.


 


“AHIP Northeast
Portfolio I Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of October 1, 2017 between
J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator and as trustee,
and Pentalpha Surveillance LLC, as operation advisor and asset representations reviewer and entered into in connection with the
JPMDB Commercial Mortgage Securities Trust 2017-C7.


 


“AHIP Northeast
Portfolio I Service Providers”: With respect to the AHIP Northeast Portfolio I Companion Loan, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or
interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.


 


“AHIP Northeast
Portfolio I Whole Loan”: The AHIP Northeast Portfolio I Companion Loan, together with the AHIP Northeast Portfolio I
Mortgage Loan. References herein to the AHIP Northeast Portfolio I Whole Loan shall be construed to refer to the aggregate indebtedness
under the related notes with respect to the AHIP Northeast Portfolio I Mortgage Loan and the AHIP Northeast Portfolio I Companion
Loan.


 


“Allocated Loan
Amount”: With respect to each Mortgaged Property, the portion of the principal amount of the related Mortgage Loan allocated
to such Mortgaged Property in the applicable Mortgage, Loan Agreement or the Mortgage Loan Schedule.


 


“A.M. Best”:
A.M. Best Company, Inc., or its successor in interest.


 


“Anticipated
Repayment Date”: With respect to any Mortgage Loan that is indicated on the Mortgage Loan Schedule as having a Revised
Rate, the date upon which such Mortgage Loan commences accruing interest at such Revised Rate.


 


“Anticipated
Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant to
Section 9.01(c) of this Agreement.


 


“Applicable
Law”: As defined in Section 8.02(f) of this Agreement.


 


“Applicable
Procedures”: As defined in Section 5.02(c)(ii)(A) of this Agreement.


 


“Applicable
State and Local Tax Law”: For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax laws
of the State of New York and Illinois and (b) such state or local tax laws whose applicability shall have been brought to
the attention of the


 






    -17-


    


    

 


Certificate
Administrator by either (i) an opinion of counsel delivered to it or (ii) written notice from the appropriate taxing
authority as to the applicability of such state or local tax laws.


 


“Appraisal”:
An appraisal prepared by an Independent MAI appraiser with at least five years’ experience in properties of like kind and
in the same area.


 


“Appraisal Reduction
Amount”: For any Distribution Date and for any Serviced Mortgage Loan and any related Serviced Companion Loan as to which
any Appraisal Reduction Event has occurred, an amount calculated by the Master Servicer (and, if no Consultation Termination Event
has occurred, in consultation with the Directing Holder, and, if an Operating Advisor Consultation Event has occurred and is continuing,
in consultation with the Operating Advisor to the extent set forth in Section 6.07 of this Agreement) as of the first
Determination Date that is at least 10 Business Days following the later of (i) the date the Master Servicer receives from
the Special Servicer the related Appraisal (and any information reasonably requested by the Master Servicer from the Special Servicer,
to the extent such information is in the possession of the Special Servicer, necessary to calculate the Appraisal Reduction Amount)
or the Special Servicer’s Small Loan Appraisal Estimate (and thereafter by the first Determination Date following any material
change in the amounts set forth in the following equation) and (ii) the occurrence of such Appraisal Reduction Event equal
to the excess, if any, of (a) the Stated Principal Balance of such Mortgage Loan or the Stated Principal Balance of the applicable
Serviced Whole Loan, as the case may be, over (b) the excess of (i) the sum of: (A) 90% of the appraised value of the
related Mortgaged Property as determined (1) by one or more Appraisals obtained by the Special Servicer with respect to that Mortgage
Loan or Serviced Whole Loan with an outstanding principal balance equal to or in excess of $2,000,000 (the costs of which shall
be paid by the Master Servicer as a Servicing Advance), minus such downward adjustments as the Special Servicer may make (without
implying any obligation to do so) based upon its review of the Appraisals and any other information it deems relevant, or (2) by
an internal valuation performed by the Special Servicer with respect to any Mortgage Loan or Serviced Whole Loan with an outstanding
principal balance less than $2,000,000, plus (B) all escrows, letters of credit and reserves (other than escrows, letters
of credit and reserves for taxes and insurance), plus (C) all insurance and casualty proceeds and condemnation awards that
constitute collateral for the related Mortgage Loan or Serviced Whole Loan (whether paid or then payable by any insurance company
or government authority), over (ii) the sum as of the Due Date occurring in the month of the date of determination of (without
duplication) (A) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest on such
Mortgage Loan or Serviced Whole Loan at a per annum rate equal to the Mortgage Rate (or with respect to the applicable Serviced
Whole Loan, the weighted average of the Mortgage Rates for the related Mortgage Loan and related Serviced Companion Loans) (and
any accrued and unpaid interest on any Subordinate Companion Loan), (B) all unreimbursed Servicing Advances and the principal
portion of all unreimbursed P&I Advances, and all unpaid interest on Advances at the Reimbursement Rate, in respect of such
Mortgage Loan or Serviced Whole Loan, (C) any other unpaid Additional Trust Fund Expenses in respect of such Mortgage Loan
or Serviced Whole Loan (but subject to the provisions of Section 1.02(e)), (D) all currently due and unpaid real
estate taxes, ground rents and assessments and insurance premiums (net of any escrows or reserves therefor) that have not been
the subject of an Advance by the Master Servicer or the Trustee, as applicable, and (E) all other amounts due and unpaid with
respect to such Mortgage Loan or Serviced Whole Loan that, if not paid by the related Borrower, would result in a shortfall in
distributions to the Certificateholders,


 






    -18-


    


    

 


except
for Prepayment Premiums and Yield Maintenance Charges payable due to an acceleration of such Mortgage Loan or Serviced Whole Loan
following a default thereunder; provided, without limiting the Special Servicer’s obligation to order and obtain
such Appraisal, if the Special Servicer has not obtained an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate, as
applicable, referred to above within 60 days of the Appraisal Reduction Event, the Appraisal Reduction Amount shall be deemed
to be an amount equal to 25% of the current Stated Principal Balance of the related Mortgage Loan or the applicable Serviced Whole
Loan until such time as such Updated Appraisal or Small Loan Appraisal Estimate referred to above is received and the Appraisal
Reduction Amount is recalculated.


 


Notwithstanding anything
herein to the contrary, the aggregate Appraisal Reduction Amount related to a Serviced Mortgage Loan and any related Serviced
Companion Loan or the related REO Property will be reduced to zero as of the date the related Mortgage Loan or Serviced Whole Loan
is paid in full, liquidated, repurchased or otherwise removed from the Trust Fund. In addition, with respect to any Serviced Mortgage
Loan and any related Serviced Companion Loan as to which an Appraisal Reduction Event has occurred, such Serviced Mortgage Loan
or related Serviced Companion Loan shall no longer be subject to the Appraisal Reduction Amount if (a) such Serviced Mortgage
Loan or Serviced Companion Loan has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred with respect to
the related Mortgage Loan) and (b) no other Appraisal Reduction Event has occurred and is continuing.


 


Each Serviced Whole Loan
will be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount with respect to the mortgage
loans and companion loans, as applicable, that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of
a Serviced Whole Loan (other than a Serviced Whole Loan with a related Subordinate Companion Loan) with a Serviced Pari Passu Companion
Loan shall be allocated in accordance with the related Intercreditor Agreement or, if no allocation is specified in the related
Intercreditor Agreement, then, pro rata, between the related Serviced Mortgage Loan and the related Serviced Pari Passu
Companion Loan that is pari passu in right of payment with such Mortgage Loan, if any. Any Appraisal Reduction Amount in
respect of a Serviced Whole Loan with a related Subordinate Companion Loan shall be allocated first, to the Subordinate
Companion Loan (until its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts) and second,
in accordance with the related Intercreditor Agreement or, if no allocation is specified in the related Intercreditor Agreement,
then, pro rata, between the related Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loans based upon
their respective Stated Principal Balances.


 


For any Distribution
Date and for any Non-Serviced Mortgage Loan as to which an Appraisal Reduction Event has occurred, the Appraisal Reduction Amount
shall be an amount calculated by the applicable servicer in accordance with and pursuant to the terms of the related Other Pooling
and Servicing Agreement.


 


“Appraisal Reduction
Event”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, the earliest of (i) the
date on which such Serviced Mortgage Loan or Serviced Companion Loan becomes a Modified Mortgage Loan, (ii) the 120th day
following the occurrence of any uncured Delinquency in Periodic Payments with respect to


 






    -19-


    


    

 


such
Serviced Mortgage Loan or Serviced Companion Loan, (iii) the 30th day following the date on which the related Borrower has
filed a bankruptcy petition, the 30th day following the date on which a receiver is appointed and continues in such capacity in
respect of a Mortgaged Property securing such Serviced Mortgage Loan or Serviced Companion Loan or the 60th day following the
related Borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed in respect of
a Mortgaged Property securing such Serviced Mortgage Loan or Serviced Companion Loan, (iv) the date on which the Mortgaged
Property securing such Serviced Mortgage Loan or Serviced Companion Loan becomes a Serviced REO Property and (v) with respect
to a Balloon Loan, a payment default shall have occurred with respect to the related Balloon Payment; provided, however,
if (a) the related Borrower is diligently seeking a refinancing or sale of the related Mortgaged Property or Mortgaged Properties
and delivers, on or prior to the related maturity date or extended maturity date, a statement to that effect, and delivers, within
30 days following the related maturity date or extended maturity date, a refinancing commitment, letter of intent or otherwise
binding application for refinancing from an acceptable lender or a signed purchase agreement reasonably acceptable to the Master
Servicer (who shall promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Holder (but only
if no Consultation Termination Event has occurred and is continuing)), (b) the related Borrower continues to make its Assumed
Scheduled Payment, and (c) no other Appraisal Reduction Event has occurred with respect to such Serviced Mortgage Loan or
Serviced Companion Loan, then an Appraisal Reduction Event will not occur until the earlier of (1) 120 days beyond the
related Maturity Date (or extended maturity date) and (2) the termination of the refinancing commitment. The Special Servicer
shall notify the Master Servicer promptly upon the occurrence of any of the foregoing events with respect to any Specially Serviced
Loan.


 


“Appraised-Out
Class”: As defined in Section 4.08(b) of this Agreement.


 


“Arbitration
Rules”: As defined in Section 2.03(n)(i).


 


“ARD Loan”:
Any Mortgage Loan the terms of which provide that if, after an Anticipated Repayment Date, the related Borrower has not prepaid
such Mortgage Loan in full, any principal outstanding on that date will accrue interest at the Revised Rate rather than the Initial
Rate.


 


“Asset-Level
Basis”: With respect to the Operating Advisor’s evaluation of the Special Servicer’s performance of its duties
with respect to Specially Serviced Loans (and, after the occurrence and during the continuance of an Operating Advisor Consultation
Event, with respect to Major Decisions on non-Specially Serviced Loans and Serviced Companion Loans) under this Agreement, taking
into account the Special Servicer’s specific duties under this Agreement as well as the extent to which those duties were
performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor of any assessment of
compliance report, attestation report, Major Decision Reporting Package, Asset Status Report (in each case, after the occurrence
and continuance of an Operating Advisor Consultation Event), Final Asset Status Report and other information, in each case delivered
to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s
Website during the prior calendar year (together with any additional information and material reviewed by the Operating Advisor)
(other than any communications between the


 






    -20-


    


    

 


Directing
Holder and the Special Servicer that would be Privileged Information) pursuant to this Agreement.


 


“Asset Representations
Reviewer”: Park Bridge Lender Services LLC, a New York limited liability company, or its successor in interest, or any
successor Asset Representations Reviewer appointed as herein provided.


 


“Asset Representations
Reviewer Asset Review Fee”: As defined in Section 11.02(a).


 


“Asset Representations
Reviewer Fee Cap”: As defined in Section 11.02(a).


 


“Asset Representations
Reviewer Surveillance Personnel”: The divisions and individuals of the Asset Representations Reviewer who are involved
in the performance of the duties of the Asset Representations Reviewer under this Agreement.


 


“Asset Representations
Reviewer Termination Event”: As defined in Section 11.05(a).


 


“Asset Review”:
A review of the compliance of each Delinquent Mortgage Loan with certain representations and warranties of the applicable Mortgage
Loan Seller, in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto.


 


“Asset Review
Notice”: As defined in Section 11.01(b)(i).


 


“Asset Review
Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section 12.01(a),
the Certificateholders evidencing at least 5% of the aggregate Voting Rights represented by all Certificates.


 


“Asset Review
Report”: A report setting forth the results of an Asset Review substantially in the form attached hereto as Exhibit
HH.


 


“Asset Review
Report Summary”: As defined in Section 11.01(a)(ix), a summary report setting forth the conclusions of an Asset
Review Report substantially in the form attached hereto as Exhibit II.


 


“Asset Review
Standard”: The performance of the Asset Representations Reviewer of its duties under this Agreement in good faith subject
to the express terms of this Agreement. All determinations or assumptions made by the Asset Representations Reviewer in connection
with an Asset Review shall be made in the Asset Representations Reviewer’s good faith discretion and judgment based on the
facts and circumstances known to it at the time of such determination or assumption.


 


“Asset Review
Trigger”: Any time that either (1) Mortgage Loans having an aggregate outstanding principal balance of 25.0% or more
of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan
in the case of a Whole Loan)) held by the Trust as of the end of the applicable Collection Period are Delinquent Mortgage Loans
or (2)(A) prior to and including the second anniversary of the


 






    -21-


    


    

 


Closing
Date, at least 10 Mortgage Loans are Delinquent Mortgage Loans as of the end of the applicable Collection Period and the
outstanding principal balance of such Delinquent Mortgage Loans in the aggregate constitutes at least 15.0% of the aggregate outstanding
principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan))
held by the Trust as of the end of the applicable Collection Period, or (B) after the second anniversary of the Closing Date,
at least 15 Mortgage Loans are Delinquent Mortgage Loans as of the end of the applicable Collection Period and the aggregate outstanding
principal balance of such Delinquent Mortgage Loans in the aggregate constitutes at least 20.0% of the aggregate outstanding principal
balance of all of the Mortgage Loans (including any REO Loans) (or a portion of any REO Loan in the case of a Whole Loan) held
by the Trust as of the end of the applicable Collection Period.


 


“Asset Review
Vote Election”: As defined in Section 11.01(a).


 


“Asset Status
Report”: As defined in Section 3.23(e) of this Agreement.


 


“Assignment
of Leases, Rents and Profits”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or
similar agreement executed by the Borrower, assigning to the mortgagee all of the income, rents and profits derived from the ownership,
operation, leasing or disposition of all or a portion of such Mortgaged Property, in the form which was duly executed, acknowledged
and delivered, as amended, modified, renewed or extended through the date hereof and from time to time hereafter.


 


“Assignment
of Mortgage”: An assignment of Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to reflect of record
the sale of the Mortgage, which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket
assignments covering Mortgages encumbering Mortgaged Properties located in the same jurisdiction, if permitted by law and acceptable
for recording.


 


“Assumed Scheduled
Payment”: For any Collection Period with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) that
is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of any P&I Advances, the portion allocable
to any related Companion Loan), is an amount equal to the sum of (a) the principal portion of the Periodic Payment that would
have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant Periodic Payment or the original
amortization schedule of such Mortgage Loan (as calculated with interest at the related Mortgage Rate) (if any), assuming such
Balloon Payment had not become due, after giving effect to any reduction in the principal balance occurring in connection with
a prior modification, a default or a bankruptcy modification (or similar proceeding), and (b) interest on the Stated Principal
Balance of such Mortgage Loan or REO Loan (excluding, for purposes of any P&I Advances, the portion allocable to any related
Companion Loan) at its applicable Mortgage Rate (net of the related Servicing Fee Rate (other than, in the case of any Non-Serviced
Mortgage Loan, the servicing fee rate pursuant to the related Other Pooling and Servicing Agreement)).


 


“Assumption
Fees”: Any fees (other than assumption application fees) collected by the Master Servicer or the Special Servicer in
connection with an assumption of a Serviced


 






    -22-


    


    

 


Mortgage
Loan or Serviced Companion Loan or related substitution of a Borrower (or an interest therein) thereunder (in each case, as permitted
or set forth in the related Loan Documents or under the provisions of this Agreement).


 


“Atrium Center
Companion Loan”: As defined in the Preliminary Statement.


 


“Atrium Center
Mortgage Loan”: As defined in the Preliminary Statement.


 


“Atrium Center
Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Atrium Center Whole
Loan. The Atrium Center Pari Passu Note A-1 is included in the Trust Fund and is pari passu in right of payment to the
Atrium Center Pari Passu Note A-2 and the Atrium Center Pari Passu Note A-3, as set forth in the related Intercreditor Agreement.


 


“Atrium Center
Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Atrium Center Whole
Loan. The Atrium Center Pari Passu Note A-2 is not included in the Trust Fund and is pari passu in right of payment to
the Atrium Center Pari Passu Note A-1 and the Atrium Center Pari Passu Note A-3, as set forth in the related Intercreditor Agreement.
The Atrium Center Pari Passu Note A-2 is held by JPMCB.


 


“Atrium Center
Pari Passu Note A-3”: The promissory note designated as Note A-3, which evidences a portion of the Atrium Center Whole
Loan. The Atrium Center Pari Passu Note A-3 is not included in the Trust Fund and is pari passu in right of payment to
the Atrium Center Pari Passu Note A-1 and the Atrium Center Pari Passu Note A-2, as set forth in the related Intercreditor Agreement.
The Atrium Center Pari Passu Note A-3 is held by JPMCB.


 


“Atrium Center
Pari Passu Note A-3 Securitization Date”: With respect to the Atrium Center Whole Loan, the date on which the Atrium
Center Pari Passu Note A-3 is included in a securitization trust, provided that the related Companion Loan Noteholder provides
each of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee (in each case
only to the extent such party will not also be a party to the related Other Securitization) with notice in accordance with the
terms of the related Intercreditor Agreement that the Atrium Center Pari Passu Note A-3 is to be included in such Other Securitization,
which notice shall include contact information for the related Other Servicer, the Other Special Servicer and the Other Trustee.


 


“Atrium Center
Pooling and Servicing Agreement”: This Agreement, for so long as the Atrium Center Whole Loan is serviced pursuant to
this Agreement and, on and after the Atrium Center Pari Passu Note A-3 Securitization Date, the related Other Pooling and Servicing
Agreement for the Atrium Center Pari Passu Note A-3.


 


“Atrium Center
Service Providers”: With respect to the Atrium Center Whole Loan, (i) prior to the Atrium Center Pari Passu Note A-3
Securitization Date, the Trustee, Master Servicer, Special Servicer and any related sub-servicer hereunder and (ii) on and after
the Atrium Center Pari Passu Note A-3 Securitization Date, the related Other Trustee, Other Servicer, Other Special Servicer and
any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances in respect of the
Atrium Center Companion Loan or property


 






    -23-


    


    

 


advances
in respect of the Atrium Center Whole Loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Atrium Center
Whole Loan”: The Atrium Center Companion Loan, together with the Atrium Center Mortgage Loan. References herein to the
Atrium Center Whole Loan shall be construed to refer to the aggregate indebtedness under the Atrium Center Pari Passu Note A-1.
The Atrium Center Pari Passu Note A-2 and the Atrium Center Pari Passu Note A-3.


 


“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 3.18 of this
Agreement.


 


“Available Funds”:
With respect to any Distribution Date, an amount equal to the Non-VRR Interest Percentage of the Aggregate Available Funds for
such Distribution Date.


 


“Balloon Loan”:
Any Mortgage Loan or Serviced Whole Loan that requires a payment of principal on the maturity date in excess of its constant Periodic
Payment.


 


“Balloon Payment”:
With respect to each Balloon Loan, the scheduled payment of principal due on the Maturity Date (less principal included in the
applicable amortization schedule or scheduled Periodic Payment).


 


“Base Interest
Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and any of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates,
a fraction (not greater than one) (a) whose numerator is the greater of zero and the amount, if any, by which (i) the
Pass-Through Rate on such Class of Certificates exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating
the Prepayment Premium or Yield Maintenance Charge, as applicable, with respect to such Principal Prepayment and (b) whose
denominator is the amount, if any, by which (i) the Mortgage Rate on such Mortgage Loan exceeds (ii) the yield rate (as
provided by the Master Servicer) used in calculating the Prepayment Premium or Yield Maintenance Charge, as applicable, with respect
to such Principal Prepayment; provided that if such yield rate is greater than or equal to the Mortgage Rate on such Mortgage
Loan, then the Base Interest Fraction shall be zero; provided, further, that if such yield rate is greater than or
equal to the Mortgage Rate on such Mortgage Loan, but less than the Pass-Through Rate described in clause (a)(i) above, then
the Base Interest Fraction shall be one.


 


To the extent that the
“yield rate” referred to in the immediately preceding paragraph to be provided by the Master Servicer is not provided
in the related Loan Documents, such “yield rate” shall be, when compounded monthly, equivalent to the yield, on the
U.S. Treasury primary issue with a maturity date closest to the Maturity Date or Anticipated Repayment Date, as applicable, for
the prepaid Mortgage Loan. In the event that there are: (a) two or more U.S. Treasury issues with the same coupon, the issue
with the lower yield shall be selected and (b) two or more U.S. Treasury issues with maturity dates equally close to the Maturity
Date or Anticipated Repayment Date, as applicable, for such prepaid Mortgage Loan, the issue with the earlier maturity date shall
be selected.


 


“Bid Allocation”:
With respect to the Master Servicer and each Sub-Servicer therefor and the proceeds of any bid pursuant to Section 7.01(a)
of this Agreement, the amount of


 






    -24-


    


    

 


such
proceeds (net of any expenses incurred in connection with such bid and the transfer of servicing), multiplied by a fraction equal
to (a) the Servicing Fee Amount for the Master Servicer or such Sub-Servicer therefor, as the case may be, as of such date
of determination, over (b) the aggregate of the Servicing Fee Amounts for the Master Servicer and all Sub-Servicers therefor
as of such date of determination.


 


“Book-Entry
Certificate” shall mean any Certificate registered in the name of the Depository or its nominee.


 


“Borrower”:
With respect to any Mortgage Loan, Companion Loan or Serviced Whole Loan, any obligor or obligors on any related Mortgage Note
or Mortgage Notes, including in connection with a Mortgage Loan, Companion Loan or Serviced Whole Loan that utilizes an indemnity
deed of trust (“IDOT”) structure, the borrower and the Mortgaged Property owner / payment guarantor / mortgagor,
individually and collectively, as the context may require.


 


“Borrower Accounts”:
As defined in Section 3.07(a) of this Agreement.


 


“Borrower Party”:
A borrower, a mortgagor, a manager of a Mortgaged Property, Restricted Mezzanine Holder or any Borrower Party Affiliate.


 


“Borrower Party
Affiliate”: With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or a Restricted Mezzanine Holder,
(a) any other Person controlling or controlled by or under common control with such borrower, mortgagor, manager or Restricted
Mezzanine Holder, as applicable, (b) solely with respect to the 10 largest Mortgage Loans by Stated Principal Balance, any
other Person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, mortgagor or manager, as
applicable, or (c) any other Person owning, directly or indirectly, 25% or more of the beneficial interests in such Restricted
Mezzanine Holder. For the purposes of this definition, “control” when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.


 


“Breach”:
As defined in Section 2.03(e) of this Agreement.


 


“Business Day”:
Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in New York, New York or the principal cities in
which the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee or the
Certificate Administrator conduct servicing, trust administration or surveillance operations or (iii) a day on which the Federal
Reserve Bank of New York or banking institutions or savings associations in New York, New York, Charlotte, North Carolina, Oakland,
California, Kansas City, Missouri, Pittsburgh, Pennsylvania, Overland Park, Kansas, Minneapolis, Minnesota or Columbia, Maryland,
or the principal cities in which the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Trustee or the Certificate Administrator conduct servicing, trust administration or surveillance operations are authorized
or obligated by law or executive order to be closed.


 


“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest
payment on the Mortgage Loan or Serviced


 






    -25-


    


    

 


Companion
Loan or sale of a Defaulted Loan, the highest of (1) the rate determined by the Master Servicer or Special Servicer, as applicable,
that approximates the market rate that would be obtainable by the Borrowers on similar non-defaulted debt of the Borrowers as
of such date of determination, (2) the applicable Mortgage Rate and (3) the yield on 10-year U.S. treasuries as of such
date of determination and (ii) for all other cash flows, including property cash flow, the “discount rate” set
forth in the most recent related Appraisal (or Updated Appraisal).


 


“Cash Collateral
Account”: With respect to any Mortgage Loan or Serviced Whole Loan that has a Lock-Box Account, any account or accounts
created pursuant to the related Mortgage, Loan Agreement, Cash Collateral Account Agreement or other Loan Document into which the
Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee, on behalf of the Certificateholders, as successor
to the related Mortgage Loan Seller. Any Cash Collateral Account shall be beneficially owned for federal income tax purposes by
the Person who is entitled to receive all reinvestment income or gain thereon in accordance with the terms and provisions of the
related Loan Documents and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or
gain thereon in accordance with the terms of the related Mortgage Loan or Serviced Whole Loan. The Master Servicer shall be permitted
to make withdrawals therefrom for deposit into the Collection Account or the applicable Serviced Whole Loan Collection Account,
as applicable. To the extent not inconsistent with the terms of the related Loan Documents, each such Cash Collateral Account shall
be an Eligible Account.


 


“Cash Collateral
Account Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the cash collateral account agreement,
if any, between the related Originator and the related Borrower, pursuant to which the related Cash Collateral Account, if any,
may have been established.


 


“Certificate”:
Any Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B,
Class X-D, Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D,
Class V1-E, Class V1-F, Class V1-G, Class V2, Class S and Class R Certificate issued, authenticated and delivered
hereunder.


 


“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, in its capacity as Certificate
Administrator, or its successor in interest, or any successor Certificate Administrator appointed as herein provided. Wells Fargo
Bank, National Association will perform its obligations as Certificate Administrator hereunder through its Corporate Trust Services
division.


 


“Certificate
Administrator Personnel”: The divisions and individuals of the Certificate Administrator who are involved in the performance
of the duties of the Certificate Administrator under this Agreement.


 


“Certificate
Administrator/Trustee Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per Interest
Accrual Period equal to the product of (i) the Certificate Administrator/Trustee Fee Rate (adjusted to a monthly rate) multiplied
by (ii) the


 






    -26-


    


    

 


Stated
Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period (without giving effect
to payments of principal on such Mortgage Loan on such Due Date). The Certificate Administrator/Trustee Fee shall be calculated
in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt, the Certificate
Administrator/Trustee Fee with respect to each Mortgage Loan shall be payable from the Lower-Tier REMIC.


 


“Certificate
Administrator/Trustee Fee Rate”: A rate equal to 0.0060% per annum.


 


“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at www.ctslink.com.


 


“Certificate
Balance”: With respect to any Class of Principal Balance Certificates, any Class of Exchangeable Certificates or Class VRR
Upper-Tier Regular Interests, subject to the next sentence, (a) on or prior to the first Distribution Date, an amount (adjusted
in the case of any Class of Exchangeable Certificates to take into account any Certificate exchanges pursuant to Section 5.09
from and including the Closing Date up to and including such date of determination) equal to the aggregate initial Certificate
Balance of such Class or Class VRR Upper-Tier Regular Interest, as applicable, as specified in the Preliminary Statement to
this Agreement and (b) as of any date of determination after the first Distribution Date, an amount (adjusted in the case
of any Class of Exchangeable Certificates to take into account any Certificate exchanges pursuant to Section 5.09 from and
including the Closing Date up to and including such date of determination) equal to the Certificate Balance of such Class on the
Distribution Date immediately prior to such date of determination less any distributions allocable to principal and any allocations
of Realized Losses or VRR Realized losses, as applicable, made thereon on such prior Distribution Date. The initial and then current
Certificate Balance of each Class of Exchangeable Certificates subject to exchange in accordance with Section 5.09 will
be subject to re-designation as between the applicable Classes pursuant to Section 5.09.


 


“Certificate
Custodian”: Initially, the Certificate Administrator; thereafter, any other Certificate Custodian acceptable to the Depository
and selected by the Certificate Administrator.


 


“Certificate
Factor”: With respect to any Class of Principal Balance Certificates or Class X Certificates, as of any date of
determination, a fraction, expressed as a decimal carried to eight places, the numerator of which is the then related Certificate
Balance (or, in the case of any Class of Class V1 Certificates or the Class V2 Certificates, the then maximum related Certificate
Balance) or the Notional Amount, as the case may be, and the denominator of which is the related initial Certificate Balance (or,
in the case of any Class of Class V1 Certificates or the Class V2 Certificates, the maximum related initial Certificate Balance)
or the initial Notional Amount, as the case may be.


 


“Certificate
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository) with


 






    -27-


    


    

 


respect
to such Classes. Each of the Trustee, the Certificate Administrator and the Master Servicer shall have the right to require, as
a condition to acknowledging the status of any Person as a Certificate Owner under this Agreement, that such Person execute an
Investor Certification.


 


“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.02 of this Agreement.


 






    -28-


    


    

 


“Certificateholder”:
The Person in whose name a Certificate is registered in the Certificate Register or any beneficial owner thereof; provided,
however, that solely for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement,
any Certificate registered in the name of or beneficially owned by (i) the Master Servicer, the Special Servicer, any Non-Conflicted
Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of
such Persons or (ii) any Borrower Party, in each case shall be deemed not to be outstanding (provided that notwithstanding
the foregoing, any Controlling Class Certificates owned by a Conflicted Controlling Class Holder shall not be deemed to be
outstanding as to such Conflicted Controlling Class Holder solely with respect to any related Conflicted Controlling Class Mortgage
Loan; and provided, further, that any Controlling Class Certificates owned by the Special Servicer or an Affiliate
thereof shall not be deemed to be outstanding as to the Special Servicer or such Affiliate solely with respect to any related Conflicted
Special Servicer Mortgage Loan), and the Voting Rights to which it is entitled shall not be taken into account in determining whether
the requisite percentage of Voting Rights necessary to effect any such consent, approval, waiver or take any such action has been
obtained; provided, however, that the foregoing restrictions shall not apply in the case of the Master Servicer,
the Special Servicer, any Non-Conflicted Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage
Loan Seller or any Affiliate of any of such Persons unless such consent, approval or waiver sought from such party would in any
way increase its compensation or limit its obligations in the named capacities hereunder or waive a Servicer Termination Event
or trigger an Asset Review with respect to such Mortgage Loan; provided, further that so long as there is no Servicer
Termination Event with respect to the Master Servicer or the Special Servicer, the Master Servicer and the Special Servicer or
such Affiliate of either shall be entitled to exercise such Voting Rights with respect to any issue which could reasonably be believed
to adversely affect such party’s compensation or increase its obligations or liabilities hereunder; and provided,
further that such restrictions shall not apply to (i) the exercise of the Special Servicer’s, the Master Servicer’s
or any Mortgage Loan Seller’s rights, if any, or any of their Affiliates as a member of the Controlling Class or (ii) any
Affiliate of the Depositor, the Master Servicer, any Special Servicer, the Trustee or the Certificate Administrator that has provided
an Investor Certification in which it has certified as to the existence of an Affiliate Ethical Wall between it and the Depositor,
the Master Servicer, such Special Servicer, the Trustee or the Certificate Administrator, as applicable, and any Certificates beneficially
owned by such Affiliate shall be deemed to be outstanding. The Trustee and the Certificate Administrator shall each be entitled
to request and rely upon a certificate of the Master Servicer, the Special Servicer or the Depositor in determining whether a Certificate
is registered in the name of an Affiliate of such Person. All references herein to “Holders” or “Certificateholders”
shall reflect the rights of Certificate Owners as they may indirectly exercise such rights through the Depository and the Depository
Participants, except as otherwise specified herein; provided, however, that the parties hereto shall be required
to recognize as a “Holder” or “Certificateholder” only the Person in whose name a Certificate is registered
in the Certificate Register.


 


“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to Section 3.22(d) of this Agreement or the Asset Representations Reviewer pursuant to Section 11.05(b) of this
Agreement, the holders of Principal Balance Certificates evidencing at least 50% of the aggregate


 






    -29-


    


    

 


Voting
Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of
the Certificates pursuant to Section 4.08 of this Agreement, except in the case of the termination of the Asset Representations
Reviewer pursuant to Section 11.05(b) of this Agreement) of all Certificates (other than the Class X, Class S and
Class R Certificates) on an aggregate basis.


 


“Certificateholder
Repurchase Request”: As defined in Section 2.03(k) of this Agreement.


 


“Certification
Parties”: As defined in Section 10.08 of this Agreement.


 


“Certifying
Certificateholder”: A Certificateholder or Certificate Owner of a Certificate that has provided the Trustee or the Certificate
Administrator with an executed Investor Certification.


 


“Certifying
Person”: As defined in Section 10.08 of this Agreement.


 


“Certifying
Servicer”: As defined in Section 10.11 of this Agreement.


 


“Class”:
All of the Certificates that collectively bear the same alphabetical or alphanumeric Class designation, each separately designated
Class VRR Upper-Tier Regular Interest or each separately designated Lower-Tier Regular Interest.


 


“Class A-1
Certificate”: Any one of the Certificates with a “Class A-1” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class A-1
Pass-Through Rate”: A per annum rate equal to 2.560%.


 


“Class A-2
Certificate”: Any one of the Certificates with a “Class A-2” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class A-2
Pass-Through Rate”: A per annum rate equal to 3.571%.


 


“Class A-3
Certificate”: Any one of the Certificates with a “Class A-3” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class A-3
Pass-Through Rate”: A per annum rate equal to 3.355%.


 


“Class A-4
Certificate”: Any one of the Certificates with a “Class A-4” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 






    -30-


    


    

 


“Class A-4
Pass-Through Rate”: A per annum rate equal to 3.402%.


 


“Class A-5
Certificate”: Any one of the Certificates with a “Class A-5” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class A-5
Pass-Through Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 3.666%.


 


“Class A-M
Certificate”: Any one of the Certificates with a “Class A-M” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class A-M
Pass-Through Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 3.878%.


 


“Class A-SB
Certificate”: Any one of the Certificates with a “Class A-SB” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class A-SB
Pass-Through Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 3.602%.


 


“Class A-SB
Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule III hereto relating to the Class A-SB Certificates.


 


“Class B
Certificate”: Any one of the Certificates with a “Class B” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class B
Pass-Through Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 4.059%.


 


“Class C
Certificate”: Any one of the Certificates with a “Class C” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class C
Pass-Through Rate”: A per annum rate equal to the WAC Rate.


 


“Class D
Certificate”: Any one of the Certificates with a “Class D” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the


 






    -31-


    


    

 


Authenticating
Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table
of Exhibits of this Agreement.


 


“Class D
Pass-Through Rate”: A per annum rate equal to 2.750%.


 


“Class E
Certificate”: Any one of the Certificates with a “Class E” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class E
Pass-Through Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 3.000%.


 


“Class F-RR
Certificate”: Any one of the Certificates with a “Class F-RR” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class F-RR
Pass-Through Rate”: A per annum rate equal to the WAC Rate.


 


“Class G-RR
Certificate”: Any one of the Certificates with a “Class G-RR” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class G-RR
Pass-Through Rate”: A per annum rate equal to the WAC Rate.


 


“Class LA-1
Interest,” “Class LA-2 Interest,” “Class LA-3 Interest,” “Class LA-SB
Interest,” “Class LA-4 Interest,” “Class LA-5 Interest”, “Class LA-M
Interest,” “Class LB Interest,” “Class LC Interest,” “Class LD
Interest,” “Class LE Interest,” “Class LFRR Interest”, “Class LGRR
Interest”, “Class LVA-1 Interest”, “Class LVA-2 Interest”, “Class LVA-3
Interest”, “Class LVA-SB Interest”, “Class LVA-4 Interest”, “Class LVA-5
Interest”, “Class LVB Interest”, “Class LVC Interest”, “Class LVD
Interest”, “Class LVE Interest”, “Class LVF Interest” and “Class LVG
Interest”: Each, a regular interest in the Lower-Tier REMIC entitled to monthly distributions payable thereto pursuant
to Section 4.01 of this Agreement.


 


“Class LTR
Interest”: The sole class of “residual interest” in the Lower-Tier REMIC, which will be represented by the
Class R Certificates.


 


“Class R
Certificate”: Any one of the Certificates with a “Class R” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class R Certificates
have no Pass-Through Rate, Certificate Balance or Notional Amount.


 


“Class S
Certificate”: Any one of the Certificates with a “Class S” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the


 






    -32-


    


    

 


Authenticating
Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits
of this Agreement. The Class S Certificates represent undivided beneficial interests in the Class S Specific Grantor
Trust Assets.


 


“Class S Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Non-VRR Interest Percentage of any Excess
Interest collected on the ARD Loans, and (ii) the Non-VRR Interest Percentage of amounts held from time to time in the Excess
Interest Distribution Account.


 


“Class UTR
Interest”: The sole class of “residual interest” in the Upper-Tier REMIC, which will be represented by the
Class R Certificate.


 


“Class V Distribution
Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(m), which shall be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, for the benefit of the holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-B1 – Class V Distribution Account,” and which must be an Eligible Account or a sub-account of an Eligible
Account. The Class V Distribution Account shall not be an asset of any Trust REMIC, but rather shall be an asset of the Grantor
Trust.


 


“Class V-A-1
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the
Upper-Tier REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein,
in each case, for purposes of the REMIC Provisions.


 


“Class V-A-2
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the
Upper-Tier REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein,
in each case, for purposes of the REMIC Provisions.


 


“Class V-A-3
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the
Upper-Tier REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein,
in each case, for purposes of the REMIC Provisions.


 


“Class V-A-SB
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the
Upper-Tier REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein,
in each case, for purposes of the REMIC Provisions.


 


“Class V-A-4
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the
Upper-Tier REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein,
in each case, for purposes of the REMIC Provisions.


 


“Class V-A-5
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the
Upper-Tier REMIC, (ii) having an interest rate equal to


 






    -33-


    


    

 


the
WAC Rate and (iii) having a Certificate Balance as described herein, in each case, for purposes of the REMIC Provisions.


 


“Class V-AM
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the
Upper-Tier REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein,
in each case, for purposes of the REMIC Provisions.


 


“Class V-B Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.


 


“Class V-C Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.


 


“Class V-D Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.


 


“Class V-E Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.


 


“Class V-F Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.


 


“Class V-G Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.


 


“Class V1
Certificates”: The Class V1-A1 Certificates, the Class V1-A2 Certificates, the Class V1-A3 Certificates, the Class
V1-ASB Certificates, the Class V1-A4 Certificates, the Class V1-A5 Certificates, the Class V1-AM Certificates, the Class V1-B Certificates,
the Class V1-C Certificates, the Class V1-D Certificates, the Class V1-E Certificates, the Class V1-F Certificates
and the Class V1-G Certificates, collectively.


 


“Class V1
Percentage”: As of any date of determination, a percentage equal to 100.0% minus the Class V2 Percentage.


 






    -34-


    


    

 


“Class V1-A1
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-A1
Certificates represent undivided beneficial interests in the V1-A1 Specific Grantor Trust Assets.


 


“Class V1-A1
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A1 Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-A1 Upper-Tier Regular Interest.


 


“Class V1-A2
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-A2
Certificates represent undivided beneficial interests in the V1-A2 Specific Grantor Trust Assets.


 


“Class V1-A2
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A2 Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-A2 Upper-Tier Regular Interest.


 


“Class V1-A3
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-A3
Certificates represent undivided beneficial interests in the V1-A3 Specific Grantor Trust Assets.


 


“Class V1-A3
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A3 Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-A3 Upper-Tier Regular Interest.


 


“Class V1-A4
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-A4
Certificates represent undivided beneficial interests in the V1-A4 Specific Grantor Trust Assets.


 


“Class V1-A4
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A4 Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-A4 Upper-Tier Regular Interest.


 


“Class V1-A5
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-A5
Certificates represent undivided beneficial interests in the V1-A5 Specific Grantor Trust Assets.


 


“Class V1-A5
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A5 Upper-Tier Regular Interest and


 






    -35-


    


    

 


(ii) amounts
held from time to time in the Class V Distribution Account that represent distributions of the Class V1 Percentage of the Class
V-A5 Upper-Tier Regular Interest.


 


“Class V1-AM
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-AM
Certificates represent undivided beneficial interests in the V1-AB Specific Grantor Trust Assets.


 


“Class V1-AM
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-AM Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-AM Upper-Tier Regular Interest.


 


“Class V1-ASB
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-ASB
Certificates represent undivided beneficial interests in the V1-ASB Specific Grantor Trust Assets.


 


“Class V1-ASB
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-ASB Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-ASB Upper-Tier Regular Interest.


 


“Class V1-B
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-B
Certificates represent undivided beneficial interests in the V1-B Specific Grantor Trust Assets.


 


“Class V1-B
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-B Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-B Upper-Tier Regular Interest.


 


“Class V1-C
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-C
Certificates represent undivided beneficial interests in the V1-C Specific Grantor Trust Assets.


 


“Class V1-C
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-C Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-C Upper-Tier Regular Interest.


 


“Class V1-D
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the


 






    -36-


    


    

 


Exhibit
set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-D Certificates represent undivided
beneficial interests in the V1-D Specific Grantor Trust Assets.


 


“Class V1-D
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-D Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-D Upper-Tier Regular Interest.


 


“Class V1-E
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-E
Certificates represent undivided beneficial interests in the V1-E Specific Grantor Trust Assets.


 


“Class V1-E
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-E Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-E Upper-Tier Regular Interest.


 


“Class V1-F
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-F
Certificates represent undivided beneficial interests in the V1-F Specific Grantor Trust Assets.


 


“Class V1-F
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-F Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent
distributions of the Class V1 Percentage of the Class V-F Upper-Tier Regular Interest.


 


“Class V1-G
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V1-G
Certificates represent undivided beneficial interests in the V1-G Specific Grantor Trust Assets.


 


“Class V1-G
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-G Upper-Tier Regular Interest, (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-G Upper-Tier Regular Interest, (iii) the product of (a) the Class V1 Percentage
and (b) the VRR Interest Percentage of any Excess Interest collected on the ARD Loans, and (iv) the product of (a) the Class
V1 Percentage and (b) the VRR Interest Percentage of any amounts held from time to time in the Excess Interest Distribution
Account.


 


“Class V2
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V2
Certificates represent undivided beneficial interests in the V2 Specific Grantor Trust Assets.


 






    -37-


    


    

 


“Class V2 Percentage”:
As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Certificate Balance of the
Class V2 Certificates, and the denominator of which is the aggregate Certificate Balance of the Class VRR Upper-Tier Regular
Interests.


 


“Class V2 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V2 Percentage of the Class VRR Upper-Tier
Regular Interests, (ii) amounts held from time to time in the Class V Distribution Account that represent distributions of
the Class V2 Percentage of the Class VRR Upper-Tier Regular Interests, (iii) the product of (a) the Class V2 Percentage
and (b) the VRR Interest Percentage of any Excess Interest collected on the ARD Loans, and (iv) the product of (a) the Class
V2 Percentage and (b) the VRR Interest Percentage of any amounts held from time to time in the Excess Interest Distribution
Account.


 


“Class VRR
Upper-Tier Regular Interests”: Each of the Class V-A-1, Class V-A-2, Class V-A-3, Class V-A-SB, Class V-A-4, Class
V-A-5, Class V-AM, Class V-B, Class V-C, Class V-D, Class V-E, Class V-F and Class V-G Upper-Tier Regular Interests. The Class
VRR Upper-Tier Regular Interests will be held in the Grantor Trust.


 


“Class X
Certificates”: The Class X-A, Class X-B, Class X-D and Class X-E Certificates, collectively.


 


“Class X
Component”: Each of the Class X-A Components, the Class X-B Component, the Class X-D Component and the Class
X-E Component.


 


“Class X
Component Notional Amount”: With respect to each Class X Component and any date of determination, an amount equal
to the then Lower-Tier Principal Balance of its Corresponding Lower-Tier Regular Interest.


 


“Class X
Notional Amount”: The Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount
or the Class X-E Notional Amount, as applicable, and as the context may require.


 


“Class X-A
Certificate”: Any one of the Certificates with a “Class X-A” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class X-A
Components”: Each of Component XA-1, Component XA-2, Component XA-3, Component XA-SB, Component XA-4, Component
XA-5 and Component XA-M.


 


“Class X-A
Notional Amount”: As of any date of determination, the sum of the then Class X Component Notional Amounts of all
of the Class X-A Components.


 


“Class X-A
Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-A Strip Rates for
the respective Class X-A Components for such


 






    -38-


    


    

 


Distribution
Date, weighted on the basis of the respective Class X Component Notional Amounts of such Components outstanding immediately
prior to such Distribution Date. The Class X-A Pass-Through Rate for the initial Distribution Date is 0.530% per annum.


 


“Class X-A
Strip Rate”: With respect to any Class of Class X-A Components for any Distribution Date, the (i) the WAC Rate
for such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.


 


“Class X-B
Certificate”: Any one of the Certificates with a “Class X-B” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 


“Class X-B
Component”: The Component XB.


 


“Class X-B
Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-B Component.


 


“Class X-B
Pass-Through Rate”: With respect to any Distribution Date, the Class X-B Strip Rate for the Class X-B Component
for such Distribution Date. The Class X-B Pass-Through Rate for the initial Distribution Date is 0.060% per annum.


 


“Class X-B
Strip Rate”: With respect to the Class X-B Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.


 


“Class X-D Certificate”:
Any one of the Certificates with a “Class X-D” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.


 


“Class X-D Component”:
The Component XD.


 


“Class X-D Notional
Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-D Component.


 


“Class X-D Pass-Through
Rate”: With respect to any Distribution Date, the Class X-D Strip Rate for the Class X-D Component for such Distribution
Date. The Class X-D Pass-Through Rate for the initial Distribution Date is 1.369% per annum.


 


“Class X-D Strip
Rate”: With respect to the Class X-D Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.


 


“Class X-E
Certificate”: Any one of the Certificates with a “Class X-E” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.


 






    -39-


    


    

 


“Class X-E
Component”: The Component XE.


 


“Class X-E
Notional Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-E Component.


 


“Class X-E
Pass-Through Rate”: With respect to any Distribution Date, the Class X-E Strip Rate for the Class X-E Component
for such Distribution Date. The Class X-E Pass-Through Rate for the initial Distribution Date is 1.119% per annum.


 


“Class X-E
Strip Rate”: With respect to the Class X-E Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.


 


“Clearstream”:
Clearstream Banking Luxembourg, a division of Clearstream International, société anonyme.


 


“Closing Date”:
January 31, 2018.


 


“Code”:
The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations
of the United States Department of the Treasury promulgated pursuant thereto.


 


“Collateral
Deficiency Amount” With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated
Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum
of (in the case of a Whole Loan, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent appraised value
for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in
such appraised value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination,
any capital or additional collateral contributed by the related Borrower at the time the Mortgage Loan became (and as part of the
modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided,
that in the case of a Non-Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to
the extent relevant information is received by the Master Servicer), plus (z) any other escrows or reserves (in addition to any
amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date
of such determination. The Certificate Administrator shall be entitled to conclusively rely on the Master Servicer’s calculation
or determination of any Collateral Deficiency Amount.


 


“Collection
Account”: The trust account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a)
of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving Corporation,
Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 Collection Account” and which
must be an Eligible Account.


 






    -40-


    


    

 


“Collection
Period”: With respect to any Distribution Date and each Mortgage Loan (including any Companion Loan), the period that
begins on the day immediately following the Due Date for such Mortgage Loan (including any related Companion Loan) in the month
preceding the month in which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan
(including any Companion Loan) had a Due Date in such preceding month and ending on and including the Due Date for such Mortgage
Loan (including any Companion Loan) occurring in the month in which that Distribution Date occurs. Notwithstanding the foregoing,
in the event that the last day of a Collection Period (or applicable grace period) is not a business day, any Periodic Payments
received with respect to Mortgage Loans (including any Companion Loan) relating to such Collection Period on the business day immediately
following such day shall be deemed to have been received during such Collection Period and not during any other Collection Period.


 


“Commission”:
The Securities and Exchange Commission.


 


“Communication
Request”: As defined in Section 5.05(a) of this Agreement.


 


“Companion Loan”:
A Serviced Companion Loan or Non-Serviced Companion Loan, as applicable and as the context may require.


 


“Companion Loan
Noteholder”: A holder of a Companion Loan.


 


“Compensating
Interest Payment”: An amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment
Interest Shortfalls incurred in connection with voluntary Principal Prepayments received in respect of the Mortgage Loans or Serviced
Pari Passu Companion Loans (in each case, other than (a) a Non-Serviced Mortgage Loan, (b) a Specially Serviced Loan
or (c) a Mortgage Loan or Serviced Companion Loan with respect to which the Special Servicer has waived or amended the prepayment
restrictions such that the related Borrower is not required to prepay on a Due Date or pay interest that would have accrued on
the amount prepaid through and including the last day of the interest accrual period occurring following the date of such prepayment)
for the related Distribution Date, and (ii) the aggregate of (A) the portion of its Master Servicing Fee (calculated for this purpose
at 0.0025% (0.25 basis points) per annum) that is being paid in such Collection Period with respect to the Mortgage Loans
or Serviced Pari Passu Companion Loans serviced by it (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan), (B)
all Prepayment Interest Excess received by the Master Servicer during the related Collection Period on the Mortgage Loans or Serviced
Pari Passu Companion Loans (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan) and (C) to the extent earned
on principal prepayments, net investment earnings payable to the Master Servicer for such Collection Period received by the Master
Servicer during such Collection Period with respect to the Mortgage Loan or any related Serviced Pari Passu Companion Loan, as
applicable, subject to such prepayment; provided that if any Prepayment Interest Shortfall occurs with respect to any Mortgage
Loan as a result of the Master Servicer’s failure to enforce the related Loan Documents (a “Prohibited Prepayment”)
regarding principal prepayments (other than in connection with (a) a Specially Serviced Loan, (b) a Non-Serviced Mortgage Loan,
(c) subsequent to a default under the related Loan Documents (provided that the Master Servicer reasonably believes that acceptance
of such prepayment is consistent with the


 






    -41-


    


    

 


Servicing
Standard), (d) at the request of or with the consent of the Special Servicer or, so long as a Control Termination Event has not
occurred or is not continuing (other than with respect to the Mortgage Loans other than a Conflicted Loan or a Servicing Shift
Whole Loan), the Directing Holder, (e) pursuant to applicable law or a court order, (f) in connection with the payment of Insurance
and Condemnation Proceeds unless the Master Servicer did not apply the proceeds thereof in accordance with the terms of the related
Loan Documents and such failure caused the shortfall or (g) a previously Specially Serviced Loan with respect to which the Special
Servicer has waived or amended the prepayment restriction such that the related Borrower is not required to prepay on a Due Date
or pay interest that would have accrued on the amount prepaid through and including the last day of the interest accrual period
occurring following the date of such prepayment), then for purposes of calculating the Compensating Interest Payment for the related
Distribution Date, the Master Servicer shall pay, without regard to clause (ii) above, the aggregate amount of Prepayment Interest
Shortfalls with respect to such Mortgage Loan or Serviced Companion Loan, otherwise described in clause (i) above in connection
with such Prohibited Prepayments. The Master Servicer’s obligation to pay the Compensating Interest Payment, and the rights
of the Certificateholders to offset of the aggregate Prepayment Interest Shortfalls against those amounts, shall not be cumulative.


 


“Component XA
Allocation Denominator”: With respect to any date of determination, the sum of (i) the product of the Class X-A
Strip Rate for the Component XA-1 multiplied by the Class X Component Notional Amount for the Component XA-1, (ii) the
product of the Class X-A Strip Rate for the Component XA-2 multiplied by the Class X Component Notional Amount for the Component XA-2,
(iii) the product of the Class X-A Strip Rate for the Component XA-3 multiplied by the Class X Component Notional Amount for
the Component XA-3, (vi) the product of the Class X-A Strip Rate for the Component XA-SB multiplied by the Class X Component
Notional Amount for the Component XA-SB, (v) the product of the Class X-A Strip Rate for the Component XA-4 multiplied by
the Class X Component Notional Amount for the Component XA-4, (vi) the product of the Class X-A Strip Rate for the Component
XA-5 multiplied by the Class X Component Notional Amount for the Component XA-5, and (vii) the product of the Class X-A Strip
Rate for the Component XA-M multiplied by the Class X Component Notional Amount for the Component XA-M.


 


“Component XA-1”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LA-1 Interest as of any date of determination.


 


“Component XA-1
Percentage”: With respect to the Component XA-1 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-1 multiplied by the Class X
Component Notional Amount for the Component XA-1, and (ii) the denominator of which is the Component XA Allocation Denominator.


 


“Component XA-2”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LA-2 Interest as of any date of determination.


 






    -42-


    


    

 


“Component XA-2
Percentage”: With respect to the Component XA-2 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-2 multiplied by the Class X
Component Notional Amount for the Component XA-2, and (ii) the denominator of which is the Component XA Allocation Denominator.


 


“Component XA-3”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LA-3 Interest as of any date of determination.


 


“Component XA-3
Percentage”: With respect to the Component XA-3 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-3 multiplied by the Class X
Component Notional Amount for the Component XA-3, and (ii) the denominator of which is the Component XA Allocation Denominator.


 


“Component XA-4”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LA-4 Interest as of any date of determination.


 


“Component XA-4
Percentage”: With respect to the Component XA-4 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-4 multiplied by the Class X
Component Notional Amount for the Component XA-4, and (ii) the denominator of which is the Component XA Allocation Denominator.


 


“Component XA-5”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LA-5 Interest as of any date of determination.


 


“Component XA-5
Percentage”: With respect to the Component XA-5 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-5 multiplied by the Class X
Component Notional Amount for the Component XA-5, and (ii) the denominator of which is the Component XA Allocation Denominator.


 


“Component XA-M”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LA-M Interest as of any date of determination.


 


“Component XA-M
Percentage”: With respect to the Component XA-M and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-M multiplied by the Class X
Component Notional Amount for the Component XA-M, and (ii) the denominator of which is the Component XA Allocation Denominator.


 






    -43-


    


    

 


“Component XA-SB”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LA-SB Interest as of any date of determination.


 


“Component XA-SB
Percentage”: With respect to the Component XA-SB and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-SB multiplied by the Class X
Component Notional Amount for the Component XA-SB, and (ii) the denominator of which is the Component XA Allocation Denominator.


 


“Component XB”:
The component of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LB Interest as of any date of determination.


 


“Component XD”:
The component of the Class X-D Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LD Interest as of any date of determination.


 


“Component XE”:
The component of the Class X-E Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LE Interest as of any date of determination.


 


“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to a Mortgaged Property by or to any governmental, quasi-governmental authority
or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of such
Mortgaged Property or released to the related Borrower in accordance with the terms of the REMIC Provisions and the applicable
Loan Documents for the related Mortgage Loan or Serviced Whole Loan) or, if applicable, with respect to the Mortgaged Property
securing a Serviced Whole Loan, any portion of such amounts payable to the holders of the applicable Mortgage Loan. With respect
to the Mortgaged Property securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion of such amounts
payable to the holder of the related Non-Serviced Mortgage Loan shall be included in Condemnation Proceeds).


 


“Confidential
Information”: With respect to each of the Depositor, the Master Servicer, any Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, and the Trustee, all material non-public information obtained
in the course of and as a result of such Person’s performance of its duties under this Pooling and Servicing Agreement with
respect to any Mortgage Loan (or Serviced Whole Loan), any Borrower and any Mortgaged Property, unless such information (i) was
already in the possession of such Person prior to being disclosed to such Person, (ii) is or becomes available to such Person
from a source other than its activities as the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, or (iii) is or becomes generally
available to the public other than as a result of a disclosure by the Master Servicer Servicing Personnel, applicable Special Servicer
Servicing


 






    -44-


    


    

 


Personnel,
the Operating Advisor Surveillance Personnel, the Asset Representations Reviewer Surveillance Personnel, the Certificate Administrator
Personnel or the Trustee Personnel.


 


“Conflicted
Controlling Class Holder”: With respect to any Conflicted Controlling Class Mortgage Loan, the Controlling Class Representative
or any Controlling Class Certificateholder, as applicable, in either case that is a Borrower Party with respect to such Conflicted
Controlling Class Mortgage Loan. Immediately upon obtaining actual knowledge of any such party becoming a “Conflicted Controlling
Class Holder”, the Controlling Class Representative or Controlling Class Certificateholder, as applicable, shall
provide notice in the form of Exhibit L-1E hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the
Trustee and the Certificate Administrator, which such notice shall be physically delivered in accordance with Section 11.05
of this Agreement and shall specifically identify the Conflicted Controlling Class Holder and the subject Conflicted Controlling
Class Mortgage Loan. Additionally, any Conflicted Controlling Class Holder shall also send to the Certificate Administrator a notice
substantially in the form of Exhibit L-1F hereto, which such notice shall provide each of the CTSLink User ID’s associated
with such Conflicted Controlling Class Holder, and which such notice shall direct the Certificate Administrator to restrict such
Conflicted Controlling Class Holder’s access to the Certificate Administrator’s Website as provided in this Agreement.
As of the Closing Date, there are no Conflicted Controlling Class Holders related to the Trust.


 


“Conflicted
Controlling Class Mortgage Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination,
the Controlling Class Representative or any Controlling Class Certificateholder is a Borrower Party. As of the Closing
Date, there are no Conflicted Controlling Class Mortgage Loans related to the Trust.


 


“Conflicted
Information”: With respect to any Conflicted Controlling Class Mortgage Loan, any information and reports solely relating
to such Conflicted Controlling Class Mortgage Loan(s) and/or the related Mortgaged Properties that is segregated on the Certificate
Administrator’s Website, including, without limitation, any Asset Status Reports, Final Asset Status Reports or summaries
thereof, or any appraisals, inspection reports (related to Specially Serviced Loans conducted by the Special Servicer or the Non-Conflicted
Special Servicer), recoverability officer’s certificates, the Operating Advisor Annual Reports, any determination of the
Special Servicer’s net present value calculation, any appraisal reduction amount calculations, environmental assessments,
seismic reports and property condition reports and such other information and reports designated as Conflicted Information (other
than such information with respect to such Conflicted Controlling Class Mortgage Loan(s) that is aggregated with information of
other Mortgage Loans at a pool level) by the Master Servicer, the Special Servicer and the Operating Advisor, as the case may be.
For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than
the CREFC® Special Servicer Loan File relating to any Conflicted Controlling Class Mortgage Loan) and any Schedule AL Additional
File shall not be considered “Conflicted Information”. Any Conflicted Information to be delivered to the Certificate
Administrator by the Master Servicer, the Special Servicer or the Operating Advisor shall be delivered in accordance with Section
3.32 hereof. For the avoidance of doubt, the Certificate Administrator’s obligation to segregate any information delivered
to it under the “Conflicted Information” tab on the Certificate Administrator’s Website


 






    -45-


    


    

 


shall
be triggered solely by such information being delivered in the manner provided in Section 3.32 hereof.


 


“Conflicted
Loan”: With respect to (a) the Controlling Class Representative, any Mortgage Loan or Whole Loan with respect to which,
as of the applicable date of determination, the Controlling Class Representative or the holder of the majority of the Controlling
Class is a Borrower Party, or (b) the Risk Retention Consultation Party, any Mortgage Loan or Whole Loan with respect to which,
as of the applicable date of determination, the Risk Retention Consultation Party or the Person entitled to appoint the Risk Retention
Consultation Party is a Borrower Party. For the avoidance of doubt, any Conflicted Loan as to either the Controlling Class Representative
or any Majority Controlling Class Certificateholder is also a Conflicted Controlling Class Mortgage Loan. As of the Closing Date,
there are no Conflicted Loans related to the Trust.


 


“Conflicted
Special Servicer Mortgage Loan”: Any Serviced Mortgage Loan and any related Serviced Companion Loan with respect to which,
as of any date of determination, the Special Servicer has obtained knowledge that it is a Borrower Party.


 


“Consultation
Termination Event”: At any date at which (i) there is no class of Control Eligible Certificates that has a then-outstanding
Certificate Balance (without regard to the application of any Cumulative Appraisal Reduction Amounts) equal to at least 25% of
the initial Certificate Balance of that Class, or (ii) a Holder of the Class E Certificates is the majority Controlling
Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling
Class Certificateholder, and such rights have not been reinstated to a successor Controlling Class Certificateholder
pursuant to Section 3.29(g); provided that no Consultation Termination Event resulting solely from the operation
of clause (ii) shall be deemed to have existed or be in continuance with respect to a successor holder of Class E Certificates
that has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder, provided,
further, that prior to the applicable Servicing Shift Securitization Date, no Consultation Termination Event may occur with
respect to the Loan-Specific Directing Holder related to the related Servicing Shift Whole Loan and the term “Consultation
Termination Event” shall not be applicable to the Loan-Specific Directing Holder related to such Servicing Shift Whole Loan;
provided further that a Consultation Termination Event shall not be deemed to be continuing in the event the Certificate
Balances of all Classes of Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero.
With respect to Conflicted Loans, a Consultation Termination Event shall be deemed to exist.


 


“Control Eligible
Certificates”: Any of the Class E, Class F-RR and Class G-RR Certificates.


 


“Control Termination
Event”: The occurrence of (i) the Certificate Balance of the Class E Certificates (taking into account the application
of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section 4.08(a)
hereof) being reduced to less than 25% of the initial Certificate Balance of such Class or (ii) a Holder of the Class E Certificates
becoming the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any
of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a


 






    -46-


    


    

 


successor
Controlling Class Certificateholder pursuant to Section 3.29(g); provided that prior to the applicable
Servicing Shift Securitization Date, no Control Termination Event may occur with respect to the Loan-Specific Directing Holder
related to the related Servicing Shift Whole Loan and the term “Control Termination Event” shall not be applicable
to the Loan-Specific Directing Holder related to such Servicing Shift Whole Loan; provided further that a Control Termination
Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates
other than the Control Eligible Certificates have been reduced to zero. With respect to Conflicted Loans related to the Directing
Holder, a Control Termination Event shall be deemed to exist.


 


“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a then aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to
such Class in accordance with Section 4.08(a) of this Agreement) at least equal to 25% of the initial Certificate Balance
of that Class or if no Class of Control Eligible Certificates meets the preceding requirement, the most senior Class of Control
Eligible Certificates. The Controlling Class as of the Closing Date will be the Class G-RR Certificates; provided that
if, at any time, the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any Appraisal Reduction
Amounts (but without regard to any Collateral Deficiency Amount) allocable to such Classes, have been reduced to zero, the Controlling
Class shall be the most subordinate Class of Control Eligible Certificates that has a principal balance greater than zero; provided,
further that if at any time the Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D certificates have been reduced to zero
as a result of the allocation of principal payments on the Mortgage Loans, then the “Controlling Class” shall be the
most subordinate class of Control Eligible Certificates that has an aggregate Certificate Balance greater than zero without regard
to the application of Appraisal Reduction Amounts (or any Collateral Deficiency Amount) to notionally reduce the Certificate Balance
of such Class.


 


“Controlling
Class Certificateholder”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling
Class as determined by the Certificate Registrar to the Certificate Administrator from time to time.


 


“Controlling
Class Representative”: The Controlling Class Certificateholder (or a representative thereof) selected by more
than 50% of the Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from
time to time; provided, that (i) absent such selection, (ii) until a Controlling Class Representative is
so selected, or (iii) upon receipt of a written notice from a majority of the Controlling Class Certificateholders, by
Certificate Balance, that a Controlling Class Representative is no longer designated, then, in each case, the Controlling
Class Certificateholder that represents that it owns the largest aggregate Certificate Balance of the Controlling Class shall,
subject to the terms of Section 3.29(b) of this Agreement, be the Controlling Class Representative; provided,
however, that, in the case of this clause (iii), in the event that no one Certificateholder represents that it owns
the largest aggregate Certificate Balance of the Controlling Class, then there will be no Controlling Class Representative
until appointed in accordance with the terms of this Agreement.


 






    -47-


    


    

 


The initial Controlling
Class Representative on the Closing Date shall be Eightfold Real Estate Capital, L.P. or its affiliate. The replacement of
a Controlling Class Representative shall be governed by the provisions of Section 3.29 of this Agreement. At any
time that no Controlling Class Representative has been identified to the Certificate Registrar and the other parties hereto,
then there will be deemed to be no Controlling Class Representative for purposes of this Agreement until such time as the
Certificate Registrar and the other parties to this Agreement receive notice of a successor Controlling Class Representative.


 


“Controlling
Companion Loan”: With respect to any Servicing Shift Whole Loan, the related Pari Passu Companion Loan which, upon the
securitization of such Pari Passu Companion Loan, servicing is expected to shift to the pooling and servicing agreement entered
into in connection with such securitization. The Atrium Center Pari Passu Note A-3, Sentinel Square II Pari Passu Note A-1, Rochester
Hotel Portfolio Pari Passu Note A-1, Marriott Charlotte City Center Pari Passu Note A-3, Towers at University Town Center Pari
Passu Note A-1 and Two Harbor Point Square Pari Passu Note A-1-A are the only Controlling Companion Loans related to the Trust.


 


“Corporate Trust
Office”: The offices of the Trustee and Certificate Administrator are located, (i) with respect to the Trustee, at 1100
North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – Benchmark 2018-B1, (ii) with respect to the Certificate
Administrator, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services – Benchmark
2018-B1, and (iii) in the case of any surrender, transfer or exchange, at Wells Fargo Center, 600 South 4th Street, 7th Floor,
MAC N9300-070, Minneapolis, Minnesota 55479, Attention: CTS – Certificate Transfers Services Benchmark 2018-B1, or the principal
trust office of any successor certificate administrator qualified and appointed pursuant to this Agreement.


 


“Corrected Mortgage
Loan”: As defined under the definition of Specially Serviced Loan.


 


“Corresponding
Certificates”: As defined in the Preliminary Statement with respect to any Corresponding Lower-Tier Regular Interest
or Corresponding Component.


 


“Corresponding
Components”: As defined in the Preliminary Statement with respect to any Corresponding Certificates or any Corresponding
Lower-Tier Regular Interest.


 


“Corresponding
Lower-Tier Regular Interests”: As defined in the Preliminary Statement with respect to any Corresponding Certificates
or Corresponding Component.


 


“CREFC®”:
Commercial Real Estate Finance Council®, formerly known as Commercial Mortgage Securities Association, or any association
or organization that is a successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and whose
principal purpose is the establishment of industry standards for reporting


 






    -48-


    


    

 


transaction-specific
information relating to commercial mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial
mortgage loans and foreclosed properties underlying or backing them to investors holding or owning such certificates or bonds,
and any successor to such other association or organization. If an organization or association described in one of the preceding
sentences of this definition does not exist, “CREFC®” shall be deemed to refer to such other association
or organization as shall be selected by the Master Servicer and reasonably acceptable to the Certificate Administrator, the Trustee,
the Special Servicer and, if no Control Termination Event has occurred and is continuing, the Directing Holder.


 


“CREFC®
Advance Recovery Report”: A monthly report substantially in the form of, and containing the information called for in,
the downloadable form of the “Advance Recovery Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.


 


“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Appraisal Reduction Template” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Bond Level File”: The data file in the “CREFC® Bond Level File” format substantially in the
form of and containing the information called for therein, or such other form for the presentation of such information as may be
approved from time to time by the CREFC® for commercial mortgage securities transactions generally.


 


“CREFC®
Collateral Summary File”: The data file in the “CREFC® Collateral Summary File” format substantially
in the form of and containing the information called for therein, or such other form for the presentation of such information as
may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.


 


“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans,
or such other form for the presentation of such information as may be approved from time to time by the CREFC® for
commercial mortgage securities transactions generally. In connection with preparing the CREFC® Comparative Financial
Status Report, the Master Servicer shall process (a) interim financial statements beginning with interim financial statements
for the fiscal quarter ending June 30, 2018, and (b) annual financial statements beginning with annual financial statements
for the 2018 fiscal year.


 


“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing
such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities
transactions generally.


 






    -49-


    


    

 


“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially in the
form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans, or such other form for
the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally. The initial data for this report shall be provided by each Mortgage Loan Seller.


 


“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation Template”
available and effective from time to time on the CREFC® Website.


 


“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Historical Liquidation Loss Template” available and effective from time to time on
the CREFC® Website.


 


“CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report”: The monthly report in the “Historical Loan Modification
and Corrected Mortgage Loan Report” format substantially in the form of and containing the information called for therein
for the Mortgage Loans or Serviced Whole Loans, or such other form for the presentation of such information as may be approved
from time to time by the CREFC® for commercial mortgage securities transactions generally.


 


“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (other than the portion of an REO Loan
related to any Serviced Companion Loan) and for any related Interest Accrual Period, the amount of interest accrued during such
Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the same principal balance,
in the same manner, and for the same number of days as any related interest payment with regards to the Mortgage Loan during which
such Interest Accrual Period is computed. Any payments of the CREFC® Intellectual Property Royalty License Fee shall
be made to “CRE Finance Council” and delivered by wire transfer pursuant to the following instructions (or such other
instructions as may hereafter be furnished by CREFC® to the Master Servicer in writing at least two Business Days
prior to the Master Servicer Remittance Date):


 


Account Name: Commercial
Real Estate Finance Council (CREFC®) 


Bank Name: JPMorgan
Chase Bank, National Association 


Bank Address: 80 Broadway,
New York, NY 10005 


Routing Number: 021000021 


Account Number: 213597397


 


“CREFC®
Intellectual Property Royalty License Fee Rate”: A rate equal to 0.0005% per annum.


 


“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available and effective from time
to time on the CREFC® Website.


 






    -50-


    


    

 


“CREFC®
Investor Reporting Package (CREFC® IRP)”:


 


(a)          
The following seven electronic files: (i) CREFC® Loan Setup File, (ii) CREFC® Loan
Periodic Update File, (iii) CREFC® Property File, (iv) CREFC® Bond Level File, (v) CREFC®
Financial File, (vi) CREFC® Collateral Summary File, (vii) CREFC® Special Servicer Loan
File and (viii) CREFC® Schedule AL File;


 


(b)              
The following eleven supplemental reports: (i) CREFC® Delinquent Loan Status Report, (ii) CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report, (iii) CREFC® REO Status Report, (iv) CREFC®
Operating Statement Analysis Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC®
Servicer Watch List, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment
Worksheet, (ix) CREFC® Advance Recovery Report, (x) CREFC® Total Loan Report and (xi) CREFC®
Reconciliation of Funds Report;


 


(c)          
the following eight templates: (i) CREFC® Appraisal Reduction Template, (ii) CREFC®
Servicer Realized Loss Template, (iii) CREFC® Reconciliation of Funds Template, (iv) CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template, (v) CREFC® Historical Liquidation Loss Template,
(vi) CREFC® Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer Remittance
to Trustee Template and (viii) CREFC® Significant Insurance Event Template; and


 


(d)              
such other reports and data files as CREFC® may designate as part of the “CREFC® Investor
Reporting Package (CREFC® IRP)” from time to time generally.


 


“CREFC®
License Agreement”: The License Agreement, in the form set forth on the website of CREFC® on the Closing
Date, relating to the use of the CREFC® trademarks and trade names.


 


“CREFC®
Loan Level Reserve/LOC Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Level Reserve/LOC Report” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “CREFC® Loan Periodic Update File” available and effective from
time to time on the CREFC® Website and, provided that each CREFC® Loan Periodic Update File
shall be accompanied by a CREFC® Advance Recovery Report, if such report is required for a particular month, and
all references herein to “CREFC® Loan Periodic Update File” shall be construed accordingly.


 


“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the downloadable
form of the “CREFC® Loan Setup File” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “NOI Adjustment Worksheet” available and effective from time to time on the CREFC® Website.


 






    -51-


    


    

 


“CREFC®
Operating Statement Analysis Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Operating Statement Analysis Report” available and effective from time to time on
the CREFC® Website.


 


“CREFC®
Property File”: The monthly data file substantially in the form of, and containing the information called for, in the
downloadable form of the “CREFC® Property File” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Reconciliation of Funds Template” available and effective from time to time on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally.


 


“CREFC®
REO Status Report”: A monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “REO Status Report” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Schedule AL File”: The data file in the “Schedule AL File” format substantially in the form of and containing
the information required by Items 1111(h)(1), 1111(h)(2) and 1111(h)(3) of Regulation AB, Item 1125 of Regulation AB and Item 601(b)(102)
of Regulation S-K and otherwise called for therein, or such other form containing such required information for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.


 


“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Servicer Realized Loss Template” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Servicer Watch List”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Servicer Watch List” available and effective from time to time on the CREFC® Website.


 


“CREFC®
Special Servicer Loan File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “Special Servicer Loan File” available and effective from time to time on the
CREFC® Website.


 


“CREFC®
Supplemental Servicer Reports”: The CREFC® Delinquent Loan Status Report, the CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report, the CREFC® REO Status Report, the CREFC® Servicer
Watch List, the CREFC® NOI Adjustment Worksheet, the CREFC® Comparative Financial Status Report,
the CREFC® Operating Statement Analysis Report, the CREFC® Loan Level Reserve/LOC Report, the CREFC®
Advance Recovery Report and the CREFC® Total Loan Report.


 






    -52-


    


    

 


“CREFC®
Total Loan Report”: The monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Website”: The CREFC®’s Website located at www.crefc.org or such other primary website as
the CREFC® may establish for dissemination of its report forms.


 


“CREFI”:
Citi Real Estate Funding Inc., in its capacity as a Mortgage Loan Seller, and its successors in interest.


 


“CREFI Indemnification
Agreement”: The agreement dated as of the Pricing Date, between CREFI, the Depositor, the Underwriters and the Initial
Purchasers.


 


“CREFI Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the CREFI Purchase Agreement.


 


“CREFI Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between CREFI and the Depositor.


 


“Cross-Over
Date”: The Distribution Date, if any, on which the Certificate Balance of each of the Class A-M, Class B, Class C,
Class D, Class E, Class F-RR and Class G-RR Certificates is (or will be) reduced to zero.


 


“Cumulative
Appraisal Reduction Amount”: As of any date of determination, the sum of (i) all Appraisal Reduction Amounts then
in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate
Administrator shall be entitled to conclusively rely on the Master Servicer’s calculation or determination of any Cumulative
Appraisal Reduction Amount.


 


“Custodial Agreement”:
The Custodial Agreement, if any, from time to time in effect between the Custodian named therein and the Certificate Administrator,
in the form agreed to by the Certificate Administrator and the Custodian, as the same may be amended or modified from time to time
in accordance with the terms thereof. No Custodial Agreement will be required if the Custodian is the same party as the Certificate
Administrator.


 


“Custodian”:
Any Custodian appointed pursuant to Section 3.19 of this Agreement. If a Custodian is not so appointed, then the Custodian
shall be the Certificate Administrator. The Custodian may (but need not) be the Certificate Administrator, the Trustee or the Master
Servicer or any Affiliate of the Certificate Administrator, the Trustee or the Master Servicer. Wells Fargo Bank, National Association
will perform its obligations as Custodian hereunder through its Document Custody division.


 


“Cut-off Date”:
With respect to each Mortgage Loan, the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case
of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in
January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date
of origination of such Mortgage Loan.


 






    -53-


    


    

 


“DBNY”:
Deutsche Bank AG, acting through its New York Branch, in its capacity as the holder of the VRR Interest, and its successors in
interest.


 


“DBRS”:
DBRS, Inc., or its successor in interest. If neither such rating agency nor any successor remains in existence, “DBRS”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of DBRS herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.


 


“Debt Service
Coverage Ratio”: With respect to any Mortgage Loan or Serviced Whole Loan as of any date of determination and for any
period, the ratio calculated by dividing the net operating income or net cash flow, as applicable, of the related Mortgaged Property
or Mortgaged Properties, as the case may be, for the most recently ended 12-month trailing or one-year period for which data is
available from the related Borrower (or year-to-date until such time that data for the trailing 12-month period is available),
before payment of any scheduled payments of principal and interest on such Mortgage Loan or Serviced Whole Loan but after funding
of required reserves and “normalized” information from the CREFC® NOI Adjustment Worksheet for such
Mortgaged Property by the Master Servicer or Special Servicer, if applicable, pursuant to Section 3.13 of this Agreement,
by the annual debt service required by such Mortgage Loan or Serviced Whole Loan. Annual debt service shall be calculated by multiplying
the Periodic Payment in effect on such date of determination for such Mortgage Loan or Serviced Whole Loan by 12 (or such fewer
number of months for which related information is available).


 


“Default”:
An event of default under the Loan Documents for any Mortgage Loan or Whole Loan, or an event which, with the passage of time or
the giving of notice, or both, would constitute an event of default under the Loan Documents for such Mortgage Loan or Whole Loan.


 


“Default Interest”:
With respect to any Mortgage Loan or Serviced Companion Loan, interest accrued on such Mortgage Loan or Serviced Companion Loan
(other than Excess Interest) at the excess of (i) the related Default Rate over (ii) the related Mortgage Rate.


 


“Default Rate”:
With respect to each Mortgage Loan or Serviced Companion Loan, the per annum rate at which interest accrues on such Mortgage
Loan or Serviced Companion Loan following any event of default on such Mortgage Loan or Serviced Companion Loan, including a default
in the payment of a Periodic Payment or a Balloon Payment.


 


“Defaulted Loan”:
A Serviced Mortgage Loan and any related Serviced Companion Loan (i) that is delinquent at least 60 days in respect of its
Periodic Payments or that is more than 60 days delinquent in respect of its Balloon Payment (taking into account any extensions
to such 60-day period as provided in the provisos to clause (a) of the definition of “Specially Serviced Loan”), if
any, in either case such Delinquency to be determined without giving effect to any grace period permitted by the related Loan Documents
and without regard to any acceleration of payments under the related Mortgage Loan or Serviced Companion Loan or (ii) as to
which the Master Servicer or Special Servicer has, by written notice to the related borrower, accelerated the maturity of the indebtedness
evidenced by the related Mortgage Note.


 






    -54-


    


    

 


“Defeasance
Account”: As defined in Section 3.26(j) of this Agreement.


 


“Defect”:
As defined in Section 2.03(e) of this Agreement.


 


“Deficient Exchange
Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Custodian, the Certificate Administrator, the Trustee and each Servicing Function Participant and Additional Servicer
retained by it (other than a Mortgage Loan Seller Sub-Servicer), any item (x) regarding such party, (y) prepared by such party
or any registered public accounting firm, attorney or other agent retained by such party to prepare such information and (z) delivered
by or on behalf of such party pursuant to the delivery requirements under Article X of this Agreement that does not conform
to the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations
promulgated thereunder.


 


“Delinquency”:
Any failure of a Borrower to make a scheduled Periodic Payment or Balloon Payment on a Due Date.


 


“Delinquent
Mortgage Loan”: A Mortgage Loan that is delinquent at least sixty days in respect of its Periodic Payments or Balloon
Payment, if any, in either case such delinquency to be determined without giving effect to any grace period.


 


“Denomination”:
As defined in Section 5.01(a) of this Agreement.


 


“Depositor”:
Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation, and its successors and assigns.


 


“Depository”:
The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction
of the Depositor if the Depositor is legally able to do so).


 


“Depository
Participant”: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities
deposited with the Depository.


 


“Determination
Date”: With respect to any Distribution Date, the 11th day of the calendar month of the related Distribution Date or,
if such 11th day is not a Business Day, then the next Business Day, commencing in February 2018.


 


“Diligence File”:
With respect to each Mortgage Loan or Companion Loan, if applicable, collectively the following documents in electronic format:


 


(a)       A
copy of each of the following documents:


 


(i)        the
Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee
or in blank and further showing a complete, unbroken chain of endorsement from the Originator (or, if the original Mortgage Note
has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a


 






    -55-


    


    

 


copy
of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee);


 


(ii)       the
Mortgage, together with an original or copy of any intervening assignments of the Mortgage, in each case with evidence of recording
indicated thereon or certified to have been submitted for recording;


 


(iii)      assignment
of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank
and (subject to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable
form (or, if the related Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment
to be sent for recordation);


 


(iv)      any
related Assignment of Leases, Rents and Profits of any intervening assignments (if such item is a document separate from the Mortgage),
with evidence of recording indicated thereon or certified to have been submitted for recording;


 


(v)       an
assignment of any related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage) in favor
of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank and (subject to the completion
of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or, if the related
Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment to be sent for recordation);


 


(vi)      the
assignment of all unrecorded documents relating to the Mortgage Loan or a Serviced Whole Loan, if not already assigned pursuant
to items (iii) or (v) above;


 


(vii)     all
modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms or
provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;


 


(viii)    the
policy or certificate of lender’s title insurance issued on the date of the origination of such Mortgage Loan, or, if such
policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version of the policy that has
been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding escrow
instructions executed by an authorized representative of the title company) to issue such title insurance policy;


 


(ix)      any
UCC financing statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;


 






    -56-


    


    

 


(x)       an
original assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank
of any financing statement executed and filed in favor of the applicable Mortgage Loan Seller in the relevant jurisdiction (or,
if the related Mortgage Loan Seller is responsible for the filing of that assignment, a copy of such assignment to be sent for
filing);


 


(xi)      any
Intercreditor Agreement relating to permitted debt of the mortgagor, including any Intercreditor Agreement relating to a Serviced
Whole Loan;


 


(xii)     any
loan agreement, escrow agreement, security agreement or letter of credit relating to a Mortgage Loan or a Serviced Whole Loan;


 


(xiii)    any
ground lease, ground lessor estoppel, indemnity or guaranty relating to a Mortgage Loan or a Serviced Whole Loan;


 


(xiv)    any
property management agreement relating to a Mortgage Loan or a Serviced Whole Loan;


 


(xv)     any
franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with respect
to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the franchisor
of the transfer of a Mortgage Loan or Serviced Whole Loan and a request for confirmation that the issuing entity is a beneficiary
of such comfort letter or other agreement, or for the issuance of a new comfort letter in favor of the issuing entity, as the case
may be;


 


(xvi)    any
lock-box or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;


 


(xvii)   any
related mezzanine intercreditor agreement;


 


(xviii)  all
related environmental reports;


 


(xix)     all
related environmental insurance policies;


 


(b)       a
copy of any engineering reports or property condition reports;


 


(c)       other
than with respect to a hotel property (except with respect to tenanted commercial space within a hotel property), copies of a rent
roll;


 


(d)       for
any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance
agreements delivered to the related Mortgage Loan Seller;


 


(e)       copies
of all legal opinions (excluding attorney client communications between the related Mortgage Loan Seller, and its counsel that
are privileged communications or constitute legal or other due diligence analyses), if any, delivered in connection with the closing
of the related Mortgage Loan;


 






    -57-


    


    

 


(f)        copies
of all mortgagor’s certificates of hazard insurance and/or hazard insurance policies or other applicable insurance policies
(to the extent not previously included as part of this definition), if any, delivered in connection with the origination of the
related Mortgage Loan;


 


(g)       a
copy of the appraisal for the related Mortgaged Property(ies);


 


(h)       for
any Mortgage Loan that the related Mortgaged Property is leased to a single tenant, a copy of the lease;


 


(i)        a
copy of the applicable Mortgage Loan Seller’s asset summary;


 


(j)        copies
of all surveys for the related Mortgaged Property or Mortgaged Properties;


 


(k)       copies
of any zoning reports;


 


(l)        copies
of financial statements of the related mortgagor;


 


(m)      copies
of operating statements for the related Mortgaged Property or Mortgaged Properties;


 


(n)       copies
of all UCC searches;


 


(o)       copies
of all litigation searches;


 


(p)       copies
of all bankruptcy searches;


 


(q)       a
copy of the origination settlement statement;


 


(r)        a
copy of the insurance consultant report;


 


(s)       copies
of the organizational documents of the related mortgagor and any guarantor;


 


(t)        copies
of the escrow statements;


 


(u)       a
copy of any closure letter (environmental);


 


(v)       a
copy of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties; and


 


(w)      a
copy of the payment history with respect to such Mortgage Loan prior to the Closing Date;


 


provided, that
(i) with respect to any Mortgage Loan which is a Non-Serviced Mortgage Loan on the Closing Date, any assignments in favor
of the trustee will be in favor of the trustee under the related Other Pooling and Servicing Agreement and (ii) with respect
to any


 






    -58-


    


    

 


Servicing
Shift Mortgage Loan, any assignments in favor of the trustee may be in blank and may not be recorded or filed until otherwise
set forth in Section 2.01(a);


 


in each case, to the
extent that the Originator received such documents in connection with the origination of such Mortgage Loan. In the event any of
the items identified above were not included in connection with the origination of such Mortgage Loan, the Diligence File shall
include a statement to that effect; provided that the Mortgage Loan Seller shall not deliver information that is proprietary
to the related Originator or Mortgage Loan Seller or any draft documents or privileged or internal communications. The Mortgage
Loan Seller may, without any obligation to do so, include such other documents or information as part of the Diligence File that
such Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer to perform the Asset Review
on such Mortgage Loan; provided that such documents or information are clearly labeled and identified.


 


“Diligence File
Certification”: As defined in Section 2.01(f).


 


“Directing Holder”:
With respect to (i) any Serviced Mortgage Loan (other than a Servicing Shift Loan) and any related Serviced Companion Loan, the
Controlling Class Representative and (ii) each Servicing Shift Whole Loan, the related Loan-Specific Directing Holder.


 


At such time as there
is no Controlling Class in accordance with the definition thereof, the Controlling Class Representative shall have no rights
under this Agreement.


 


The identification and
contact information of each initial Directing Holder as of the Closing Date is set forth on Schedule I to this Agreement.
The parties to this Agreement may rely on such Schedule in accordance with Section 3.29.


 


For the avoidance of
doubt, notwithstanding anything to the contrary contained in this Agreement, Control Termination Event and Consultation Termination
Event shall not affect the rights of a Non-Directing Holder. Whenever the term “Directing Holder” is used in this Agreement
without further clarification, the parties hereto intend for such reference to mean the applicable Directing Holder under the circumstances.


 


In the event that no
Directing Holder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and the Master
Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and
no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as the new
Directing Holder is identified, the Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with,
provide notice to, or seek the approval or consent of any such Directing Holder as the case may be.


 


“Directing Holder
Asset Status Report Review Process”: As defined in Section 3.23(e).


 


“Directly Operate”:
With respect to any Serviced REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily
provided to tenants in connection with the rental of space for occupancy only within the meaning of Treasury


 






    -59-


    


    

 


Regulations
Section 1.512(b)-1(c)(5), the management or operation of such Serviced REO Property, the holding of such Serviced REO Property
primarily for sale to customers in the ordinary course of a trade or business, or any use of such Serviced REO Property in a trade
or business conducted by the Trust Fund, or the performance of any construction work on the Serviced REO Property other than through
an Independent Contractor; provided that the Special Servicer, on behalf of the Trust Fund, shall not be considered to
Directly Operate a Serviced REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental
terms, chooses tenants, enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital
expenditures with respect to such Serviced REO Property or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).


 


“Disclosable
Special Servicer Fees”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan or Serviced
REO Property, any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage fees,
rebates, and as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its Affiliates
that is paid by any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in
respect of a Serviced Mortgage Loan and any related Serviced Companion Loan and any purchaser of any Serviced Mortgage Loan and
any related Serviced Companion Loan or Serviced REO Property) in connection with the disposition, workout or foreclosure of any
Serviced Mortgage Loan and any related Serviced Companion Loan, if applicable, the management or disposition of any Serviced REO
Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties under this Agreement;
provided that any compensation and other remuneration that the Master Servicer or Certificate Administrator is permitted
to receive or retain pursuant to the terms of this Agreement in connection with its respective duties in such capacity as Master
Servicer or Certificate Administrator under this Agreement shall not be Disclosable Special Servicer Fees.


 


“Disclosure
Parties”: As defined in Section 3.14(e) of this Agreement.


 


“Dispute Resolution
Consultation”: As defined in Section 2.03(l)(i).


 


“Dispute Resolution
Cut-off Date”: As defined in Section 2.03(l)(i).


 


“Disqualified
Non-U.S. Person”: With respect to a Class R Certificate, any Non-U.S. Person or agent thereof other than (a) a
Non-U.S. Person that holds the Class R Certificate in connection with the conduct of a trade or business within the United
States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI (or applicable successor
Form promulgated by the IRS for the purpose of providing and certifying the information provided on Form W-8ECI as of the Closing
Date) or (b) a Non-U.S. Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally
recognized tax counsel to the effect that the transfer of the Class R Certificate to it is in accordance with the requirements
of the Code and the regulations promulgated thereunder and that such transfer of the Class R Certificate will not be disregarded
for federal income tax purposes.


 


“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality
of any of the foregoing (other than an


 






    -60-


    


    

 


instrumentality
that is a corporation if all of its activities are subject to tax and, except for the Federal Home Mortgage Corporation, a majority
of its board of directors is not selected by any such governmental unit), (b) a foreign government, International Organization
(as defined below) or agency or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed
by Code Chapter 1 (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess
inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the Class R Certificates (except certain farmers’
cooperatives described in Section 521 of the Code), (d) rural electric and telephone cooperatives described in Section 1381(a)(2)(C)
of the Code, or (e) any other Person so designated by the Certificate Registrar based upon an Opinion of Counsel provided
to the Certificate Registrar (which shall be an expense of the Trust) to the effect that any Transfer to such Person may cause
any Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any time that the Certificates are outstanding. For the
purposes of this definition, the terms “United States,” “State” and “International Organization”
shall have the meanings set forth in Section 7701 of the Code or successor provisions.


 


“Distribution
Accounts”: Collectively, the Upper-Tier Distribution Account, the Lower-Tier Distribution Account and the Excess Interest
Distribution Account, each of which may be sub-accounts of a single Eligible Account.


 


“Distribution
Date”: For each Determination Date, the 4th Business Day following such Determination Date in each calendar month, commencing
in February 2018. The first Distribution Date shall be February 16, 2018.


 


“Distribution
Date Statement”: As defined in Section 4.02(a) of this Agreement.


 


“Do Not Hire
List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, Special Servicer, the
Certificate Administrator, Trustee or Operating Advisor, the Asset Representations Reviewer, which lists certain parties identified
by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under Article X
of this Agreement or as having failed to comply (after any applicable cure period) with any similar Regulation AB reporting requirements
under any other securitization transaction.


 


“Due Date”:
With respect to (i) any Mortgage Loan or Serviced Whole Loan on or prior to its Maturity Date, the day of the month set forth
in the related Mortgage Note on which each Periodic Payment thereon is scheduled to be first due and (ii) any Mortgage Loan
or Serviced Whole Loan after the Maturity Date therefor or any REO Loan, the day of the month set forth in the related Mortgage
Note on which each Periodic Payment on such Mortgage Loan or Serviced Whole Loan had been scheduled to be first due.


 


“Early Termination
Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust
is less than 1.0% of the aggregate Stated Principal Balance of all of the Mortgage Loans as of the Cut-off Date. Solely for purposes
of this calculation, if such right is being exercised after February 2028 and the 156-168 Bleecker Mortgage Loan is still an asset
of the Trust, then such Mortgage Loan will be excluded from the then aggregate Stated Principal Balance and the aggregate Cut-off
Date Principal Balance.


 






    -61-


    


    

 


“EDGAR Compatible
Format”: (a) With respect to the Initial Schedule AL File, Initial Schedule AL Additional File, CREFC®
Schedule AL File, the Schedule AL Additional File and any other information required pursuant to Item 1111(h) of
Regulation AB, XML Format or such other format as mutually agreed to between the Depositor, Certificate Administrator and
the Master Servicer and (b) with respect to any other document or information, any format compatible with EDGAR, including,
without limitation, HTML, Word, Excel or clean and searchable PDFs.


 


“Eligible Account”:
Any of:


 


(i)           
an account or accounts maintained with a depository institution or trust company (A) the short-term unsecured debt
obligations, deposits or commercial paper of which are rated at least “F1” by Fitch, in the case of accounts in which
funds are held for 30 days or less or in the case of accounts in which funds are held for more than 30 days, the long-term unsecured
debt obligations or deposits of which are rated at least “A” by Fitch, and (B) the long-term unsecured debt obligations
or deposits of which are rated at least “BBB+” by S&P, if the deposits are to be held in such account for thirty
(30) days or more, and the short-term unsecured debt obligations or deposits of which are rated at least “A-1” by S&P
(or “A-2” by S&P so long as the long-term unsecured debt obligations or deposits of such depository institution
or trust company are rated no less than “BBB” by S&P), if the deposits are to be held in such account for less
than thirty (30) days),


 


(ii)          
an account or accounts maintained with Wells Fargo Bank, National Association so long as such depository’s long-term
unsecured debt or deposit accounts are rated at least “BBB” from S&P and “A” from Fitch (if the deposits
are to be held in the account for more than thirty (30) days) or Wells Fargo Bank, National Association’s short-term deposit
or short-term unsecured debt rating shall be at least “A-1” from S&P (or “A-2” by S&P so long as
the long-term unsecured debt obligations of such depository institution or trust company are rated no less than “BBB”
by S&P), and “F2” from Fitch (if the deposits are to be held in the account for thirty (30) days or less),


 


(iii)         
a segregated trust account or accounts maintained with the trust department of a federal or state chartered depository institution
or trust company acting in its fiduciary capacity which institution or trust company has a combined capital and surplus of at least
$50,000,000 and is subject to supervision or examination by federal or state authority and to regulations regarding fiduciary funds
on deposit similar to Title 12 of the Code of Federal Regulations, Section 9.10(b) and the long-term unsecured debt obligations
of which are rated at least “A2” by Moody’s,


 


(iv)          such other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the
applicable clause, would be listed in clauses (i)-(iii) above, with respect to which a Rating Agency Confirmation has been obtained
from each Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to
such account, or


 


(v)          
any other account as to which the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer, as
applicable, receives a Rating Agency


 






    -62-


    


    

 


Confirmation
from each Rating Agency, which may be an account maintained by or with the Certificate Administrator, the Trustee, the Master
Servicer or the Special Servicer.


 


Eligible
Accounts may bear interest.


 


“Eligible Asset
Representations Reviewer”: An institution that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, S&P, Fitch, DBRS, KBRA or Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which Moody’s, S&P, Fitch, DBRS, KBRA
or Morningstar has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction
citing servicing or other relevant concerns with the special servicer, operating advisor or asset representations reviewer, as
applicable, as the sole or material factor in such rating action, (b) can and will make the representations and warranties of the
Asset Representations Reviewer set forth in Section 2.04(g), (c) is not (and is not affiliated (including Risk Retention Affiliated)
with) any Sponsor, any Mortgage Loan Seller, any Originator, the Master Servicer, the Special Servicer, the Depositor, the Third-Party
Purchaser, the Certificate Administrator, the Trustee, the Directing Holder, the Risk Retention Consultation Party or any of their
respective affiliates (including Risk Retention Affiliates), (d) has not performed (and is not affiliated with any party hired
to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage
Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter,
any party to this Agreement or the Directing Holder, the Risk Retention Consultation Party of any of their respective Affiliates,
or have been paid any fees, compensation or other remuneration by any of them in connection with any such services, and (e) does
not directly or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates, any Mortgage Loans,
any Companion Loan or any securities backed by a Companion Loan or otherwise have any financial interest in the securitization
transaction to which this Agreement relates, other than in fees from its role as Asset Representations Reviewer (or as Operating
Advisor, if applicable) and except as otherwise set forth in Section 11.04.


 


“Eligible Investor”:
Any of (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a Qualified Institutional
Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A or (ii) (except
with respect to the Class R Certificates) an Institutional Accredited Investor.


 


“Eligible Operating
Advisor”: An institution (i) that is the special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by the Rating Agencies (including, in the case of Park Bridge Lender Services LLC, this transaction) but has
not been special servicer or operating advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn
its rating or ratings of, one or more classes of certificates for such transaction citing servicing concerns with the special servicer
or operating advisor as the sole or material factor in such rating action, (ii) that can and will make the representations
and warranties set forth in Section 2.04(f) of this Agreement, (iii) that is not (and is not affiliated (including
Risk Retention Affiliated) with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer,
a Mortgage Loan Seller, any Borrower Party, the Third-Party Purchaser, the Controlling Class Representative, the Directing
Holder, the


 






    -63-


    


    

 


Risk
Retention Consultation Party, an Other Depositor, Other Trustee, Other Servicer or Other Special Servicer, or an Affiliate of
the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, a Mortgage Loan Seller,
the Controlling Class Representative, the Directing Holder or an Other Depositor, Other Trustee, Other Servicer or Other
Special Servicer, or any of their respective Affiliates (including Risk Retention Affiliates), (iv) that has not been paid
by any Special Servicer or successor Special Servicer any fees, compensation or other remuneration (x) in respect of its
obligations hereunder or (y) for the appointment or recommendation for replacement of a successor Special Servicer to become the
Special Servicer, (v) that (x) has been regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed
securities matters and has at least five years of experience in collateral analysis and loss projections, and (y) has at least
five years of experience in commercial real estate asset management and experience in the workout and management of distressed
commercial real estate assets, and (vi) that does not directly or indirectly, through one or more affiliates or otherwise,
own or have derivative exposure in any interest in any certificates, any Mortgage Loans, any Companion Loan or any securities
backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to which this Agreement
relates, other than in fees from its role as Operating Advisor and Asset Representations Reviewer (to the extent it also acts
as the Asset Representations Reviewer).


 


“Enforcing Party”:
The Person obligated to or that elects pursuant to the terms of this Agreement to enforce the rights of the issuing entity against
the related Mortgage Loan Seller with respect to the Repurchase Request.


 


“Enforcing Servicer”:
(a) With respect to a Specially Serviced Loan, the Special Servicer, and (b) with respect to a Performing Loan, (i) in the case
of a Repurchase Request made by the Special Servicer, the Controlling Class Representative or a Controlling Class Certificateholder,
the Master Servicer, and (ii) in the case of a Repurchase Request made by any person other than the Special Servicer, the Controlling
Class Representative or a Controlling Class Certificateholder, (A) prior to a Resolution Failure relating to such Performing
Loan, the Master Servicer, and (B) from and after a Resolution Failure relating to such Performing Loan, the Special Servicer.


 


“Environmental
Insurance Policy”: With respect to any Mortgaged Property or Serviced REO Property, any insurance policy covering pollution
conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgaged Property or
Serviced REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.


 


“Environmental
Report”: The environmental audit report or reports with respect to each Mortgaged Property delivered to the Mortgage
Loan Sellers in connection with the related Mortgage Loan.


 


“ERISA”:
The Employee Retirement Income Security Act of 1974, as it may be amended from time to time.


 


“ERISA Plan”:
As defined in Section 5.02(k) of this Agreement.


 






    -64-


    


    

 


“Escrow Account”:
As defined in Section 3.04(b) of this Agreement. Any Escrow Account may be a sub-account of the related Cash Collateral
Account.


 


“Escrow Payment”:
Any payment made by any Borrower to the Master Servicer pursuant to the related Mortgage, Cash Collateral Account Agreement, Lock-Box
Agreement, Loan Agreement or other Loan Document for the account of such Borrower for application toward the payment of taxes,
insurance premiums, assessments, environmental remediation and similar items in respect of the related Mortgaged Property or related
to the satisfaction of closing conditions for the related Mortgage Loan.


 


“Euroclear”:
Euroclear Bank, as operator of the Euroclear System and its successors in interest.


 


“Excess Interest”:
With respect to any ARD Loan, interest collected from the related Borrower at the Revised Rate in respect of such ARD Loan in excess
of the interest accrued at the Initial Rate, plus any related interest accrued on such amounts, to the extent permitted
by applicable law and the related Mortgage Loan documents.


 


“Excess Interest
Certificates”: Any class of commercial mortgage pass-through certificates issued under this Agreement that are designated
as evidencing an interest in the Excess Interest. The Class S, Class V1-G and Class V2 Certificates shall be the only Classes
of Excess Interest Certificates issued under this Agreement.


 


“Excess Interest
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(k), which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of the holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2018-B1 – Excess Interest Distribution Account,” and which must be an Eligible Account or a sub-account
of an Eligible Account. The Excess Interest Distribution Account shall not be an asset of any Trust REMIC, but rather shall be
an asset of the Grantor Trust.


 


“Excess Prepayment
Interest Shortfall”: With respect to any Distribution Date, the aggregate amount, if any, by which the Prepayment Interest
Shortfalls with respect to all Principal Prepayments received with respect to the Mortgage Loans and Companion Loans during the
related prepayment period exceed the Compensating Interest Payment.


 


“Excess Rate”:
With respect to each of the Mortgage Loans indicated on the Mortgage Loan Schedule as having a Revised Rate, the excess of (i) the
applicable Revised Rate over (ii) the applicable Mortgage Rate, each as set forth in the Mortgage Loan Schedule.


 


“Excess Servicing
Fee Rate”: With respect to each Mortgage Loan and any related Serviced Companion Loan (and any successor REO Loan
with respect thereto), a rate per annum equal to the Servicing Fee Rate (subject to the rights of the Mortgage Loan Seller Sub-Servicers
identified on Exhibit X to this Agreement) minus 0.0025%; provided that such rate shall be subject to reduction pursuant
to Section 7.02 of this Agreement.


 






    -65-


    


    

 


“Excess Servicing
Fee Right”: With respect to each Mortgage Loan and any related Serviced Companion Loan (and any successor REO Loan with
respect thereto), the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right,
the Master Servicer shall be the owner of such Excess Servicing Fee Right.


 


“Excess Servicing
Fees”: With respect to each Mortgage Loan and any related Serviced Companion Loan (and any successor REO Loan with respect
thereto), that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.


 


“Exchange Act”:
The Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.


 


“Exchange Date”:
As defined in Section 5.09(d).


 


“Exchangeable
Certificates”: The Class V1 and Class V2 Certificates, collectively.


 


“Exchangeable
Group”: Each of Exchangeable Group 1 and Exchangeable Group 2.


 


“Exchangeable
Group 1”: The Class V2 Certificates.


 


“Exchangeable
Group 2”: The Class V1 Certificates, collectively.


 


“FDIC”:
The Federal Deposit Insurance Corporation or any successor thereto.


 


“FHLMC”:
The Federal Home Loan Mortgage Corporation, or any successor thereto.


 


“Final Asset
Status Report”: With respect to any Specially Serviced Loan, the initial Asset Status Report (together with such other
data or supporting information provided by the Special Servicer to the Directing Holder that does not include any communication
(other than the related Asset Status Report) between the Special Servicer and the Directing Holder with respect to such Specially
Serviced Loan) required to be delivered by the Special Servicer by the Initial Delivery Date or any Subsequent Asset Status Report,
in each case, in the form fully approved or deemed approved, if applicable, by the Directing Holder pursuant to the Directing Holder
Asset Status Report Review Process or following completion of the ASR Consultation Process, as applicable. For the avoidance of
doubt, the Special Servicer may issue more than one Final Asset Status Report with respect to any Specially Serviced Loan in in
accordance with the procedures described in Section 3.23(e). Each Final Asset Status Report will be labeled or otherwise
identified or communicated as being final.


 


“Final Dispute
Resolution Election Notice”: As defined in Section 2.03(k)(iii).


 


“Final Recovery
Determination”: With respect to any Specially Serviced Loan, Serviced REO Loan or any Mortgage Loan subject to repurchase
by the related Mortgage Loan Seller pursuant to Section 2.03(e) of this Agreement, or in the case of a Whole Loan,
subject to a purchase pursuant to the applicable Intercreditor Agreement, or any Mortgage Loan or Whole


 






    -66-


    


    

 


Loan
subject to purchase pursuant to any related mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation
Proceeds, the related Purchase Price and other payments or recoveries (including proceeds of the final sale of any Serviced REO
Property) which the Master Servicer (or in the case of a Specially Serviced Loan or Serviced REO Loan, the Special Servicer),
in its reasonable judgment, and, if no Consultation Termination Event has occurred and is continuing, in consultation with the
Directing Holder, as evidenced by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Custodian (and the Master Servicer, if the certificate is from
the Special Servicer), expects to be finally recoverable. If no Control Termination Event has occurred and is continuing, the
Directing Holder shall have ten (10) Business Days to review and approve each such recovery determination; provided that
if the Directing Holder fails to approve or disapprove any recovery determination within ten (10) Business Days of receipt of
the initial recovery determination, such consent shall be deemed given. The Master Servicer shall maintain records, prepared by
a Servicing Officer, of each Final Recovery Determination until the earlier of (i) its termination as the Master Servicer
hereunder and the transfer of such records to a successor servicer and (ii) five years following the termination of the Trust
Fund.


 


“Financial Market
Publisher”: BlackRock Financial Management, Inc., Moody’s Analytics, Bloomberg Financial Markets, L.P., CMBS.com,
Inc., Trepp, LLC, Intex Solutions, Inc., Interactive Data Corporation, Markit LLC and Thomson Reuters Corporation or any successor
entities thereof.


 


“Fitch”:
Fitch Ratings, Inc. or its successor in interest. If neither such rating agency nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of Fitch herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.


 


“FNMA”:
The Federal National Mortgage Association or any successor thereto.


 


“Form 8-K”:
A current report on Form 8-K under the Exchange Act or such successor form as the Commission may specify from time to time.


 


“Form 8-K Disclosure
Information”: As defined in Section 10.09 of this Agreement.


 


“GACC”:
German American Capital Corporation, in its capacity as a Mortgage Loan Seller, and its successors in interest.


 


“GACC Indemnification
Agreement”: The agreement dated as of the Pricing Date, between GACC, the Depositor, the Underwriters and the Initial
Purchasers.


 


“GACC Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the GACC Purchase Agreement.


 


“GACC Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between GACC and the Depositor.


 






    -67-


    


    

 


“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (and with respect to any Non-Serviced Mortgage Loan only the pro rata
share of such proceeds allocated to the Trust pursuant to the terms of the related Intercreditor Agreement) or Serviced Companion
Loan, the excess of (i) Net Liquidation Proceeds of such Mortgage Loan, Serviced Companion Loan or related Serviced REO Property,
over (ii) the amount that would have been received if a principal payment and all other amounts due in full had been made
with respect to such Mortgage Loan or Serviced Companion Loan on the Due Date immediately following the date on which such proceeds
were received.


 


“Gain-on-Sale
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(i) of this Agreement for the Certificateholders and, in the case of a Serviced
Companion Loan, the Serviced Companion Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders
of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 and, if applicable, Serviced
Companion Loan Noteholders, Gain-on-Sale Reserve Account.” The Gain-on-Sale Reserve Account must be an Eligible Account or
a sub-account of an Eligible Account and will be an asset of the Lower-Tier REMIC.


 


“Gateway Net
Lease Portfolio Companion Loans”: As defined in the Preliminary Statement.


 


“Gateway Net
Lease Portfolio Mortgage Loan”: As defined in the Preliminary Statement.


 


“Gateway Net
Lease Portfolio Pari Passu Companion Loans”: As defined in the Preliminary Statement.


 


“Gateway Net
Lease Portfolio Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of June 1, 2017 among
Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator and as trustee,
and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer, and entered into in connection with the
DBJPM 2017-C6 Mortgage Trust.


 


“Gateway Net
Lease Portfolio Service Providers”: With respect to the Gateway Net Lease Portfolio Companion Loans, the related Other
Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Gateway Net
Lease Portfolio Subordinate Companion Loans”: As defined in the Preliminary Statement.


 






    -68-


    


    

 


“Gateway Net
Lease Portfolio Whole Loan”: The Gateway Net Lease Portfolio Companion Loans, together with the Gateway Net Lease Portfolio
Mortgage Loan. References herein to the Gateway Net Lease Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness
under the related notes with respect to the Gateway Net Lease Portfolio Mortgage Loan and the Gateway Net Lease Portfolio Companion
Loans.


 


“General Special
Servicer”: As defined in Section 3.22(h) of this Agreement.


 


“Global Certificates”:
Each of the Publicly Offered Global Certificates, Regulation S Global Certificates or Rule 144A Global Certificates if
and so long as such class of Certificates is registered in the name of a nominee of the Depository.


 


“Grantor Trust”:
A segregated asset pool within the Trust Fund, which at all times shall be classified as a trust, the beneficial owners of which
are treated as the owners of the assets in the pool under the Grantor Trust Provisions, and beneficial ownership of which is represented
by the Grantor Trust Certificates. The Grantor Trust consists of the VRR Specific Grantor Trust Assets, the Class S Specific
Grantor Trust Assets, the Class V Distribution Account and the Excess Interest Distribution Account.


 


“Grantor Trust
Certificates”: The Class S Certificates, the V2 Certificates and the Class V1 Certificates, collectively.


 


“Grantor Trust
Provisions”: Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).


 


“Griffin Portfolio
Companion Loans”: As defined in the Preliminary Statement.


 


“Griffin Portfolio
Mortgage Loan”: As defined in the Preliminary Statement.


 


“Griffin Portfolio
Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2017 between Morgan Stanley
Capital I Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as general special servicer, NCB, as NCB master servicer and as NCB special servicer, Park Bridge
Lender Services LLC, as operating advisor and as asset representations reviewer, Wells Fargo Bank, National Association, as certificate
administrator, and Wilmington Trust, National Association, as trustee, and entered into in connection with the BANK 2017-BNK8 trust.


 


“Griffin Portfolio
Service Providers”: With respect to the Griffin Portfolio Companion Loans, the related Other Trustee, Other Servicer,
Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances
in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Griffin Portfolio
Whole Loan”: The Griffin Portfolio Companion Loans, together with the Griffin Portfolio Mortgage Loan. References herein
to the Griffin Portfolio Whole Loan


 






    -69-


    


    

 


shall
be construed to refer to the aggregate indebtedness under the related notes with respect to the Griffin Portfolio Mortgage Loan
and the Griffin Portfolio Companion Loans.


 


“Hazardous Materials”:
Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those so identified
pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq.,
or any other environmental laws now existing, and specifically including, without limitation, asbestos and asbestos-containing
materials, polychlorinated biphenyls (“PCBs”), radon gas, petroleum and petroleum products, urea formaldehyde
and any substances classified as being “in inventory,” “usable work in process” or similar classification
which would, if classified as unusable, be included in the foregoing definition.


 


“Holder”:
With respect to any Certificate, a Certificateholder; with respect to any Class VRR Upper-Tier Regular Interest or any Lower-Tier
Regular Interest, the Trustee.


 


“HRR Certificate”:
Individually and collectively the Class F-RR and Class G-RR Certificates.


 


“Impermissible
Asset Representations Reviewer Affiliate”: As defined in Section 3.34.


 


“Impermissible
Operating Advisor Affiliate”: As defined in Section 3.34.


 


“Impermissible
Risk Retention Affiliate”: As defined in Section 3.34.


 


“Impermissible
TPP Affiliate”: As defined in Section 3.34.


 


“Indemnification
Agreements”: Each of the GACC Indemnification Agreement, JPMCB Indemnification Agreement and CREFI Indemnification Agreement.


 


“Indemnified
Party”: As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h), as applicable,
of this Agreement, as the context requires.


 


“Indemnifying
Party”: As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h), as applicable,
of this Agreement, as the context requires.


 


“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any
material indirect financial interest, in any of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer, any Directing Holder, the Controlling Class Representative, the Risk Retention Consultation Party, any
Borrower or Manager or any Affiliate thereof, and (ii) is not connected with any such Person thereof as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar functions.


 


“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or


 






    -70-


    


    

 


indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such Trust
REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is
at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer
nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless
an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer
or the Special Servicer, as applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer
or the Special Servicer, as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion
of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action
in respect of any Serviced REO Property by such Person, subject to any conditions therein specified, that is otherwise herein
contemplated to be taken by an Independent Contractor will not cause such Serviced REO Property to cease to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable
for purposes of Section 860D(a) of the Code) or cause any income realized in respect of such Serviced REO Property to
fail to qualify as Rents from Real Property (provided that such income would otherwise so qualify).


 


“Individual
Certificate”: Any Certificate in definitive, fully registered physical form without interest coupons.


 


“Initial Delivery
Date”: As defined in Section 3.23(e).


 


“Initial Purchasers”:
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Citigroup Global Markets Inc. and their respective successors in
interest.


 


“Initial Rate”:
The stated Mortgage Rate with respect to an ARD Loan as of the Cut-off Date.


 


“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner (other than a Holder or Certificate Owner of a Class
V1 or Class V2 Certificate) to deliver a Repurchase Request as described in Section 2.03(k) with respect to a Mortgage
Loan. For the avoidance of doubt, there may not be more than one Initial Requesting Certificateholder with respect to any Mortgage
Loan, and a Holder of a Class V1 or Class V2 Certificate may not be an Initial Requesting Certificateholder.


 


“Initial Resolution
Period”: As defined in Section 2.03(e) of this Agreement.


 


“Initial Schedule AL
Additional File”: The data file containing additional information or schedules regarding data points in the Initial Schedule AL
File and filed as Exhibit 103 to the Form ABS-EE or, if applicable, Form ABS-EE/A incorporated by reference in the
Prospectus.


 


“Initial Schedule AL
File”: The data file prepared by, or on behalf of, the Depositor and filed as Exhibit 102 to the Form ABS-EE
or, if applicable, Form ABS-EE/A incorporated by reference in the Prospectus.


 






    -71-


    


    

 


“Inquiries”:
As defined in Section 4.02(c) of this Agreement.


 


“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(l),
(2), (3) or (7) under the Act.


 


“Insurance Proceeds”:
Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan or Serviced
Whole Loan (including any amounts paid by the Master Servicer pursuant to Section 3.08 of this Agreement).


 


“Intercreditor
Agreement”: With respect to any Whole Loan, the related intercreditor, co-lender or similar agreement in effect from
time to time by and between (a) the holder of the related Mortgage Loan(s) and the holder of the related Subordinate Companion
Loan(s) relating to the relative rights of such holders or (b) the holders of the related Mortgage Loan and the related Serviced
Pari Passu Companion Loan(s) or Non-Serviced Companion Loan(s) relating to the relative rights of such holders. The intercreditor
or co-lender agreements related to each of the 90 Hudson Whole Loan, The Woods Whole Loan, the Griffin Portfolio Whole Loan, the
Worldwide Plaza Whole Loan, the Station Place III Whole Loan, the Atrium Center Whole Loan, the Sentinel Square II Whole Loan,
the Radisson Blu Aqua Hotel Whole Loan, the Gateway Net Lease Portfolio Whole Loan, the Lehigh Valley Mall Whole Loan, the Rochester
Hotel Portfolio Whole Loan, the 521-523 East 72nd Street Whole Loan, the Marriott Charlotte City Center Whole Loan, the Miracle
Mile Shopping Center Whole Loan, the Towers at University Town Center Whole Loan, the Two Harbor Point Square Whole Loan, the AHIP
Northeast Portfolio I Whole Loan and the Starwood Capital Group Hotel Portfolio Whole Loan, shall each be an Intercreditor Agreement.


 


“Interest Accrual
Amount”: With respect to any Distribution Date and any Class of Regular Certificates or the Class VRR Upper-Tier Regular
Interest (and, therefore, the Exchangeable Certificates), an amount equal to interest for the related Interest Accrual Period accrued
at the Pass-Through Rate for such Class on the related Certificate Balance or Notional Amount, as applicable, outstanding immediately
prior to such Distribution Date. Calculations of interest due in respect of such Classes of Regular Certificates shall be made
on the basis of a 360-day year consisting of twelve 30-day months.


 


“Interest Accrual
Period”: With respect to each Class of Regular Certificates, for each Distribution Date, the calendar month immediately
preceding the month in which such Distribution Date occurs.


 


“Interest Deposit
Amount”: As defined in Section 3.05(e).


 


“Interest Distribution
Amount”: With respect to any Distribution Date and with respect to each Class of Regular Certificates, an amount
equal to (A) the sum of (i) the Interest Accrual Amount with respect to such Class for such Distribution Date and
(ii) the Interest Shortfall, if any, with respect to such Class for such Distribution Date, less (B) any Excess
Prepayment Interest Shortfall allocated to such Class on such Distribution Date pursuant to Section 4.01(i).


 






    -72-


    


    

 


“Interest Reserve
Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(e) of this Agreement, which shall be entitled “Wells Fargo Bank, National
Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for the benefit
of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1, Interest Reserve
Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Interest Reserve Account shall
be an asset of the Lower-Tier REMIC.


 


“Interest Shortfall”:
On any Distribution Date for any Class of Regular Certificates, the amount of interest required to be distributed to the Holders
of such Class pursuant to Section 4.01(b) of this Agreement on such Distribution Date minus the amount of interest
actually distributed to such Holders pursuant to such Section, if any.


 


“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Non-Conflicted
Special Servicer, if any, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer,
the Controlling Class Representative, the Directing Holder, the Risk Retention Consultation Party, any Companion Loan Noteholder,
any Certificateholder, any Borrower, any Mortgage Loan Seller, any holder of a related mezzanine loan, any Manager, any Independent
Contractor engaged by the Special Servicer pursuant to Section 3.15 of this Agreement, or any Person known to a Servicing
Officer of the Special Servicer to be an Affiliate of any of them, and, with respect to a Whole Loan if it is a Defaulted Loan,
the depositor, the master servicer, the special servicer (or any independent contractor engaged by such special servicer), or the
trustee for the securitization of a Companion Loan, and each related Companion Loan Holder or its representative, any holder of
a related mezzanine loan.


 


“Intralinks
Site”: The internet website, which shall initially be “www.intralinks.com”, used by the Depositor and Mortgage
Loan Sellers to accept and upload the Diligence Files.


 


“Investment”:
Any direct or indirect ownership interest in any security, note or other financial instrument related to the Certificates or issued
or executed by a Borrower, a loan directly or indirectly secured by any of the foregoing or a hedging transaction (however structured)
that references or relates to any of the foregoing.


 


“Investment
Account”: As defined in Section 3.07(a) of this Agreement.


 


“Investment
Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to
Investments, whether on behalf of the Master Servicer or any Affiliate thereof, any Special Servicer or any Affiliate thereof,
the Operating Advisor or any Affiliate thereof, the Asset Representations Reviewer or any Affiliate thereof, the Certificate Administrator
or any Affiliate thereof,
or the Trustee or any Affiliate thereof, as applicable, or any Person on whose behalf the Master Servicer or any Affiliate thereof,
any Special Servicer or any Affiliate thereof, the Operating Advisor or any Affiliate thereof, the Asset Representations Reviewer
or any Affiliate thereof, the Certificate Administrator or any Affiliate 


 






    -73-


    


    

 


thereof, or the Trustee or any Affiliate thereof, as
applicable, has discretion in connection with Investments.


 


“Investment
Representation Letter”: As defined in Section 5.02(c)(i)(A) of this Agreement.


 


“Investor Certification”:
A certificate (which may be in electronic form) substantially in the form of Exhibit L-1A, Exhibit L-1B, Exhibit L-1C or
Exhibit L-1D to this Agreement or in the form of an electronic certification on the Certificate Administrator’s Website
(which may be a “click-through confirmation”), representing (i) that such Person executing the certificate is
a Certificateholder, the Directing Holder or the Risk Retention Consultation Party (in each case, to the extent such Person is
not a Certificateholder), a beneficial owner of a Certificate, a prospective purchaser of a Certificate (or any investment advisor
or manager or other representative of the foregoing), (ii) that either (a) such Person is a Risk Retention Consultation
Party or is a Person who is not a Borrower Party, in which case such Person shall have access to all the reports and information
made available to Certificateholders via the Certificate Administrator’s Website hereunder, or (b) such Person is a
Borrower Party in which case (1) if such Person is the Directing Holder or a Controlling Class Certificateholder, such
Person shall have access to all the reports and information made available to Certificateholders via the Certificate Administrator’s
Website hereunder other than any Conflicted Information as set forth herein, or (2) if such Person is not the Directing Holder
or a Controlling Class Certificateholder, such Person shall only receive access to the Distribution Date Statements prepared
by the Certificate Administrator, (iii) that such Person has received a copy of the final Prospectus and (iv) such Person
agrees to keep any Privileged Information confidential and will not violate any securities laws; provided, however,
that any Conflicted Controlling Class Holder (i) shall be permitted to obtain, upon reasonable request in accordance with
Section 4.02(b) of this Agreement any Conflicted Information relating to any Conflicted Controlling Class Mortgage
Loan with respect to which such Conflicted Controlling Class Holder is not a Borrower Party (if such Conflicted Information is
not otherwise available to such Conflicted Controlling Class Holder via the Certificate Administrator’s Website on account
of it constituting Conflicted Information) from the Master Servicer (with respect to non-Specially Serviced Loans) or the Special
Servicer (with respect to Specially Serviced Loans), in each case, to the extent in the possession of the Master Servicer or Special
Servicer, as applicable and (ii) shall be considered a Privileged Person for all other purposes, except with respect to its
ability to obtain information with respect to any related Conflicted Controlling Class Mortgage Loan.


 


“Investor Q&A
Forum”: As defined in Section 4.02(c) of this Agreement.


 


“Investor Registry”:
As defined in Section 4.02(d) of this Agreement.


 


“IO Group YM
Distribution Amount”: As defined in Section 4.01(d) of this Agreement.


 


“IRS”:
The Internal Revenue Service.


 


“Joint Mortgage
Loan”: A Mortgage Loan originated by more than one Mortgage Loan Seller. There is no Joint Mortgage Loan related to the
Trust.


 






    -74-


    


    

 


“JPMCB”:
JPMorgan Chase Bank, National Association, in its capacity as a Mortgage Loan Seller, and its successors in interest.


 


“JPMCB Indemnification
Agreement”: The agreement dated as of the Pricing Date, among JPMCB, the Depositor, the Underwriters and the Initial
Purchasers.


 


“JPMCB Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the JPMCB Purchase Agreement.


 


“JPMCB Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between JPMCB and the Depositor.


 


“KBRA”:
Kroll Bond Rating Agency, Inc., or its successor in interest. If neither such rating agency nor any successor remains in existence,
“KBRA” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person
reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings
of KBRA herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.


 


“Late Collections”:
With respect to any Mortgage Loan or Serviced Whole Loan, all amounts received thereon during any Collection Period (or the related
grace period), whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise, which represent
late payments or collections of principal or interest due in respect of such Mortgage Loan or Serviced Whole Loan (without regard
to any acceleration of amounts due thereunder by reason of default) on a Due Date in a previous Collection Period and not previously
recovered. With respect to any REO Loan, all amounts received in connection with the related REO Property during any Collection
Period (including any grace period applicable under the original Mortgage Loan or Serviced Whole Loan), whether as Insurance Proceeds,
Condemnation Proceeds, Liquidation Proceeds, REO Proceeds or otherwise, which represent late collections of principal or interest
due or deemed due in respect of such REO Loan or the predecessor Mortgage Loan or Serviced Whole Loan (without regard to any acceleration
of amounts due under the predecessor Mortgage Loan or Serviced Whole Loan by reason of default) on a Due Date in a previous Collection
Period and not previously recovered. The term “Late Collections” shall specifically exclude Penalty Charges.


 


“Legal Fee Reserve
Account”: The account created and maintained by the Certificate Administrator pursuant to Section 3.05(k),
in the name of the “Legal Fee Reserve Account”, into which the amounts set forth in Section 3.05(k) shall
be deposited directly and which must be an Eligible Account.


 


“Lehigh Valley
Mall Companion Loans”: As defined in the Preliminary Statement.


 


“Lehigh Valley
Mall Mortgage Loan”: As defined in the Preliminary Statement.


 


“Lehigh Valley
Mall Whole Loan”: The Lehigh Valley Mall Companion Loans, together with the Lehigh Valley Mall Mortgage Loan. References
herein to the Lehigh Valley Mall Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes


 






    -75-


    


    

 


with
respect to the Lehigh Valley Mall Mortgage Loan and the Lehigh Valley Mall Companion Loans.


 


“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee in connection with the liquidation of any Mortgage
Loan or Serviced Whole Loan or the liquidation of a Serviced REO Property or the sale of any Mortgage Loan or Serviced Whole Loan
pursuant to Section 3.16 or Section 9.01 of this Agreement (including, without limitation, legal fees and
expenses, committee or referee fees, and, if applicable, brokerage commissions, and conveyance taxes).


 


“Liquidation
Fee”: A fee payable to the Special Servicer (i) with respect to each Specially Serviced Loan or Serviced REO Loan,
(ii) with respect to each Mortgage Loan repurchased by a Mortgage Loan Seller (except as specified in the following paragraph),
or (iii) with respect to each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with
Section 3.16(b) of this Agreement; provided, however, for clarification, should such Non-Serviced Mortgage
Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer, in each case
as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or Mortgage
Loan Seller, as applicable, or any Liquidation Proceeds with respect thereto (in any case, other than amounts for which a Workout
Fee has been paid, or will be payable), equal to:


 


(a)          
the lesser of:


 


(i)          
 the product of 1.0% (or 0.5% in the case of the Mortgage Loan identified on the Mortgage Loan Schedule as “Radisson
Blu Aqua Hotel”) (or, if such rate would result in an aggregate liquidation fee of less than $25,000, then such higher rate
as would result in an aggregate liquidation fee equal to $25,000) and the proceeds of such full, partial or discounted payoff or
the Net Liquidation Proceeds related to such liquidated or repurchased Mortgage Loan or Specially Serviced Loan, as the case may
be, in each case exclusive of any portion of such payoff or Net Liquidation Proceeds that represents Penalty Charges;


 


(ii)          
$1,000,000; and


 


(iii)          any applicable cap pursuant to Section 3.12(c) of this Agreement.


 


(b)           with respect to any particular liquidation (or partial liquidation), as reduced by the amount of any and all related Offsetting
Modification Fees received by the Special Servicer as additional servicing compensation relating to such Specially Serviced Loan,
Serviced REO Loan or Mortgage Loan.


 


No Liquidation Fee shall
be payable:


 


(a) with respect
to clause (v) of the definition of Liquidation Proceeds;


 


(b) with respect
to (i) any Serviced Whole Loan with a related Subordinate Companion Loan, in connection with the purchase of such Serviced Whole
Loan by the holders of


 






    -76-


    


    

 


a
Subordinate Companion Loan or (ii) any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future
date, in connection with the purchase of the related Mortgage Loan by a mezzanine lender, in each case described in clause (b)(i)
or (ii) above, if the purchase of the Mortgage Loan occurred within 90 days after the first time that such holder’s option
to purchase such Mortgage Loan becomes exercisable; provided, that even if the purchase occurs before such expiration the
Liquidation Fee shall be payable to the extent paid by, and collected from, the related Borrower or the related mezzanine lender;


 


(c) the purchase of the
related Mortgage Loan by the related Companion Loan Noteholder pursuant to the related Intercreditor Agreement within 90 days after
the first time that such Companion Loan Noteholder’s option to purchase such Mortgage Loan becomes exercisable;


 


(d) in the case
of a repurchase or replacement of a Mortgage Loan (other than an REO Loan) by the applicable Mortgage Loan Seller pursuant to the
related Mortgage Loan Purchase Agreement, if the applicable Mortgage Loan Seller repurchases or replaces such Mortgage Loan within
the Initial Resolution Period (and giving effect to any applicable Resolution Extension Period);


 


(e) with respect
to any Serviced Companion Loan that is the subject of an Other Securitization, to the Special Servicer under this Agreement in
connection with (A) a repurchase or replacement of such Serviced Companion Loan by the applicable Mortgage Loan Seller due to a
breach of a representation or warranty or a document defect under the related mortgage loan purchase agreement related to the Other
Pooling and Servicing Agreement prior to the expiration of the cure period (including any applicable extension thereof) set forth
therein or (B) a purchase of the Serviced Companion Loan pursuant to a clean-up call or similar liquidation under the related Other
Pooling and Servicing Agreement;


 


(f) in connection
with the purchase of any Defaulted Loan by the Special Servicer, the Directing Holder or their respective Affiliates (except in
the case of the Directing Holder (or its affiliate), if such purchase occurs more than 90 days after the transfer of the Defaulted
Loan to special servicing);


 


(g) in connection
with a Loss of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value Payment
within the Initial Resolution Period (and giving effect to any applicable extension period beyond the end of the Initial Resolution
Period set forth in Section 2.03(e) of this Agreement); provided that, with respect to a Serviced Companion
Loan and any related Loss of Value Payment made after such Initial Resolution Period and any such extension period, a Liquidation
Fee shall only be payable to the Special Servicer to the extent that (i) the Special Servicer is enforcing the related Mortgage
Loan Seller’s obligations under the applicable Mortgage Loan Purchase Agreement with respect to such Serviced Companion Loan
and (ii) the related Liquidation Fee is not otherwise required to be paid to the Other Special Servicer relating to such Serviced
Companion Loan or otherwise prohibited from being paid to the Special Servicer (in each case, under the related Other Pooling and
Servicing Agreement); and


 






    -77-


    


    

 


(h) if a Mortgage Loan
or Serviced Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition of
“Specially Serviced Loan” as a result of a payment default at maturity and the related Liquidation Proceeds are received
within 3 months following the related maturity date as a result of the related Mortgage Loan or Serviced Whole Loan being refinanced
or otherwise repaid in full (provided that the Special Servicer may collect from the related borrower and retain (x) a liquidation
fee, (y) such other fees as are provided for in the related Loan Documents and (z) other appropriate fees in connection with such
liquidation).


 


“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Master Servicer or the Special Servicer in connection with: (i) the liquidation of a Mortgaged Property or other collateral
constituting security for a Defaulted Loan, through trustee’s sale, foreclosure sale, disposition of REO Property or otherwise,
exclusive of any portion thereof required to be released to the related Borrower in accordance with applicable law and the terms
and conditions of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against
a Borrower; (iii) the sale of a Defaulted Loan; (iv) the repurchase of a Mortgage Loan (or related REO Loan) by the applicable
Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement; (v) the purchase of all the Mortgage Loans
and all property acquired in respect of any Mortgage Loan by the Sole Certificateholder, the Certificateholder owning a majority
of the Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section 9.01
of this Agreement; (vi) with respect to any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future
date, the purchase of the related Mortgage Loan by a mezzanine lender; (vii) in the case of a Mortgage Loan that is part of
a Whole Loan, the purchase of such Mortgage Loan by a related Companion Loan Noteholder, or the applicable designee, as applicable,
pursuant to the related Intercreditor Agreement; or (viii) the transfer of any Loss of Value Payments from the Loss of Value
Reserve Fund to the Collection Account in accordance with Section 3.06(e) of this Agreement (provided that,
for the purpose of determining the amount of the Liquidation Fee (if any) payable to the Special Servicer in connection with such
Loss of Value Payment, the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds”
from which the Liquidation Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage
Loan Seller). With respect to the Mortgaged Property or Mortgaged Properties securing any Non-Serviced Mortgage Loan or Non-Serviced
Companion Loan, only the portion of such amounts payable to the holder of the related Non-Serviced Mortgage Loan will be included
in Liquidation Proceeds.


 


“Loan Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the loan agreement, if any, between the related Originator and the Borrower,
pursuant to which such Mortgage Loan was made.


 


“Loan Documents”:
With respect to any Mortgage Loan or Serviced Whole Loan, the documents executed or delivered in connection with the origination
or any subsequent modification of such Mortgage Loan or Serviced Whole Loan or subsequently added to the related Mortgage File.


 






    -78-


    


    

 


“Loan Number”:
With respect to any Mortgage Loan, the loan number by which such Mortgage Loan was identified on the books and records of the Depositor
or any sub-servicer for the Depositor, as set forth in the Mortgage Loan Schedule.


 


“Loan-Specific
Directing Holder”: With respect to a Servicing Shift Whole Loan, the “controlling holder”, the “directing
holder”, “directing lender” or any analogous concept set forth under the related Intercreditor Agreement. Prior
to the applicable Servicing Shift Securitization Date, the “directing holder” with respect to the related Servicing
Shift Whole Loan will be the holder of the related Controlling Companion Loan. On and after the applicable Servicing Shift Securitization
Date, there will be no Loan-Specific Directing Holder under the Pooling and Servicing Agreement with respect to the related Servicing
Shift Whole Loan. As of the Closing Date, JPMCB is expected to be the Loan-Specific Directing Holder with respect to the Atrium
Center Whole Loan, the Marriott Charlotte City Center Whole Loan and the Towers at University Town Center Whole Loan, DBNY is expected
to be the Loan-Specific Directing Holder with respect to the Sentinel Square II Whole Loan and the Rochester Hotel Portfolio Whole
Loan, and CREFI is expected to be the Loan-Specific Directing Holder with respect to the Two Harbor Point Square Whole Loan.


 


“Lock-Box Account”:
With respect to any Mortgaged Property, if applicable, any account created pursuant to the related Loan Documents to receive revenues
therefrom. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive
the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Whole
Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon. The
Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Accounts in accordance
with the terms of the related Mortgage Loan or Serviced Whole Loan.


 


“Lock-Box Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the lock-box agreement, if any, between the related Originator and the
Borrower, pursuant to which the related Lock-Box Account, if any, may have been established.


 


“Loss of Value
Payment”: As defined in Section 2.03(e) of this Agreement.


 


“Loss of Value
Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.05(d) of this Agreement. The Loss of Value Reserve Fund will be part of the
Trust Fund but not part of the Grantor Trust or any Trust REMIC.


 


“Lower-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee,
for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1,
Lower-Tier Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Lower-Tier
Distribution Account shall be an asset of the Lower-Tier REMIC.


 






    -79-


    


    

 


“Lower-Tier
Distribution Amount”: As defined in Section 4.01(a).


 


“Lower-Tier
Principal Balance”: With respect to any Class of Lower-Tier Regular Interests, initially will equal the original principal
balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions
of the Lower-Tier Distribution Amount allocable to principal and Realized Losses or VRR Realized Losses, as applicable, allocable
thereto in all prior periods as described in Section 4.01(f) of this Agreement, such that at all times the Lower-Tier
Principal Balance of a Lower-Tier Regular Interest shall equal the Certificate Balance of the Corresponding Certificates.


 


“Lower-Tier
Regular Interests”: The Class LA-1 Interest, Class LA-2 Interest, Class LA-3 Interest, Class LA-SB
Interest, Class LA-4 Interest, Class LA-5 Interest, Class LA-M Interest, Class LB Interest, Class LC Interest,
Class LD Interest, Class LE Interest, Class LFRR Interest, Class LGRR Interest, Class LVA-1 Interest,
Class LVA-2 Interest, Class LVA-3 Interest, Class LVA-SB Interest, Class LVA-4 Interest, Class LVA-5 Interest,
Class LVB Interest, Class LVC Interest, Class LVD Interest, Class LVE Interest, Class LVF Interest and
Class LVG Interest issued by the Lower-Tier REMIC and held by the Trustee as assets of the Upper-Tier REMIC. Each Lower-Tier
Regular Interest (i) is designated as a “regular interest” in the Lower-Tier REMIC, (ii) relates to its Corresponding
Certificates and, if applicable, Corresponding Component, (iii) is uncertificated, (iv) has an initial Lower-Tier Principal
Balance as set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the WAC Rate, (vi) has
a “latest possible maturity date,” within the meaning of Treasury Regulations Section 1.860G-1(a), that is the
Rated Final Distribution Date and (vii) is entitled to the distributions in the amounts and at the times specified in Section
4.01(d) of this Agreement.


 


“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans (exclusive of Excess Interest),
collections thereon, the Trust’s interest in any REO Property acquired in respect thereof, amounts related thereto held from
time to time in the Collection Account and the Lower-Tier Distribution Account, the REO Account (to the extent of the Trust Fund’s
interest therein), related amounts in the Interest Reserve Account, amounts held from time to time in the Gain-on-Sale Reserve
Account (to the extent of the Trust Fund’s interest therein) in respect thereof and all other property included in the Trust
Fund (other than the Loss-of-Value Reserve Fund) that is not in the Upper-Tier REMIC or the Grantor Trust.


 


“MAI”:
Member of the Appraisal Institute.


 


“Major Decision”:
Shall mean any of the following:


 


(a)          
(i) any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest)
or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of a
Serviced Mortgage Loan and any related Serviced Companion Loan, (ii) any extension of the Maturity Date of any Serviced Mortgage
Loan and any related Serviced Companion Loan or (iii) any modification, waiver, consent or amendment of a Serviced Mortgage Loan
and any related Serviced Companion Loan in connection with a defeasance if such proposed modification, waiver, consent or amendment
is with respect to a (A) a waiver of a Mortgage Loan event of default (but excluding non-monetary events of default other


 






    -80-


    


    

 


than
defaults relating to transfers of interest in the Borrower or the existing collateral or material modifications of the existing
collateral), (B) a modification of the type of defeasance collateral required under the Mortgage Loan Documents other than direct,
non-callable obligations of the United States would be permitted or (C) a modification that would permit a principal prepayment
instead of defeasance if the applicable Mortgage Loan Documents do not otherwise permit such principal prepayment;


 


(b)           any property management company changes for which the lender is required to consent or approve under the Loan Documents
with respect to a Serviced Mortgage Loan and any related Serviced Companion Loan with a Stated Principal Balance greater than $2,500,000
or franchise changes for which the lender is required to consent or approve under the Loan Documents;


 


(c)          
any determination of an Acceptable Insurance Default;


 


(d)           any modification, consent to a modification or waiver of any material term of any Intercreditor Agreement or similar agreement
related to a Mortgage Loan, or any action to enforce rights with respect to the Mortgage Loan;


 


(e)          
any sale of a Defaulted Loan (that is not a Non-Serviced Mortgage Loan), an REO Property (in each case, other than in connection
with the termination of the Trust Fund) or a Defaulted Loan that is a Non-Serviced Mortgage Loan that the Special Servicer is permitted
to sell in accordance with the proviso in Section 3.16(b) of this Agreement, in each case for less than the applicable Purchase
Price;


 


(f)          
any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous
Materials located at an REO Property;


 


(g)           requests for property releases or substitutions, other than (i) grants of easements or rights of way that do not materially
affect the use or value of a Mortgaged Property or the Borrower’s ability to make any payments with respect to a Serviced
Mortgage Loan and any related Serviced Companion Loan, (ii) release of non-material parcels of a Mortgaged Property (including,
without limitation, any such releases (A) to which the related Mortgage Loan Documents expressly require the mortgagee thereunder
to make such releases upon the satisfaction of certain conditions (and the conditions to the release that are set forth in the
related Mortgage Loan Documents do not include the approval of the lender or the exercise of lender discretion (other than confirming
the satisfaction of such conditions to the release set forth in the related Mortgage Loan Documents that do not include any approval
or exercise of lender discretion)) and such release is made as required by the related Mortgage Loan Documents or (B) that are
related to any condemnation action that is pending, or threatened in writing, and would affect a non-material portion of the Mortgaged
Property), or (iii) the release of collateral securing any Mortgage Loan in connection with a defeasance of such collateral;


 


(h)           any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Mortgage
Loan and any related Serviced Companion Loan or any consent to such a waiver or consent to a transfer of the Mortgaged Property
or direct or


 






    -81-


    


    

 


indirect
interests in the Borrower (including any interests in any applicable mezzanine borrower) or consent to the incurrence of additional
debt, other than any such transfer or incurrence of debt as may be effected without the consent of the lender under the related
loan agreement;


 


(i)           
releases of any material amount from any escrow accounts, reserve accounts or letters of credit, in each case, held as performance
escrows (or reserves) or earn-out escrows (or reserves), including with respect to certain Mortgage Loans identified on Schedule
IX hereto, other than those required pursuant to the specific terms of the related Serviced Mortgage Loan and any related Serviced
Companion Loan and for which there is no lender discretion;


 


(j)           
any acceptance of an assumption agreement or any other agreement permitting a transfer of interests in the related Borrower
or guarantor releasing such Borrower or guarantor from liability under a Serviced Mortgage Loan and any related Serviced Companion
Loan other than pursuant to the specific terms of such Serviced Mortgage Loan and any related Serviced Companion Loan and for which
there is no lender discretion;


 


(k)           any exercise of a material remedy with respect to a Serviced Mortgage Loan and any related Serviced Companion Loan following
a default or event of default of such Mortgage Loan or Serviced Whole Loan;


 


(l)            any proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the
ownership of properties securing such of the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan as
come into and continue in default;


 


(m)          any consent to incurrence of additional debt by a Borrower or mezzanine debt by a direct or indirect parent of a Borrower,
to the extent that the mortgagee’s approval is required under the related Mortgage Loan Documents; and


 


(n)           consents involving leasing activities (to the extent lender approval is required under the related Mortgage Loan Documents)
if (1) such lease involves a ground lease or lease of an outparcel, (2) such lease affects an area equal to or greater than the
lesser of (i) 30,000 square feet and (ii) 30% of the net rentable area of the related Mortgaged Property, or (3) such transaction
is not a routine leasing matter for a customary lease of space for parking, office, retail, warehouse, industrial and/or manufacturing
purposes;


 


For the avoidance of
doubt, the Master Servicer and the Special Servicer (each in such capacity) shall not make or be obligated to make any Major Decisions
with respect to any Non-Serviced Mortgage Loans and the Directing Holder shall have no consent and/or consultation rights regarding
Major Decisions with respect to any Non-Serviced Mortgage Loans, Servicing Shift Mortgage Loans and Conflicted Loans under this
Agreement.


 


With respect to any Serviced
Whole Loan, for so long as the holder of the related Serviced Companion Loan is the “Controlling Holder”, the “Directing
Holder”, “Directing


 






    -82-


    


    

 


Lender”
or any analogous concept under the related Intercreditor Agreement, then with respect to such Serviced Whole Loan, the term “Major
Decision” shall mean “Major Decision”, “Major Action” or any analogous concept under the related
Intercreditor Agreement.


 


“Major Decision
Reporting Package”: As defined in Section 6.07(a).


 


“Management
Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the Management Agreement, if any, by and between
the Manager and the related Borrower, or any successor Management Agreement between such parties.


 


“Manager”:
With respect to any Mortgage Loan or Serviced Whole Loan, any property manager for the related Mortgaged Properties.


 


“Marriott Charlotte
City Center Companion Loans”: As defined in the Preliminary Statement.


 


“Marriott Charlotte
City Center Mortgage Loan”: As defined in the Preliminary Statement.


 


“Marriott Charlotte
City Center Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Marriott
Charlotte City Center Whole Loan. The Marriott Charlotte City Center Pari Passu Note A-1 is included in the Trust Fund and is
pari passu in right of payment to the Marriott Charlotte City Center Pari Passu Note A-2 and the Marriott Charlotte City
Center Pari Passu Note A-3, as set forth in the related Intercreditor Agreement.


 


“Marriott Charlotte
City Center Pari Passu Note A-3 Securitization Date”: With respect to the Marriott Charlotte City Center Whole Loan,
the date on which the Marriott Charlotte City Center Pari Passu Note A-3 is included in a securitization trust, provided that
the related Companion Loan Noteholder provides each of the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee (in each case only to the extent such party will not also be a party to the related Other Securitization)
with notice in accordance with the terms of the related Intercreditor Agreement that the Marriott Charlotte City Center Pari Passu
Note A-3 is to be included in such Other Securitization, which notice shall include contact information for the related Other
Servicer, the Other Special Servicer and the Other Trustee.


 


“Marriott Charlotte
City Center Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Marriott
Charlotte City Center Whole Loan. The Marriott Charlotte City Center Pari Passu Note A-2 is not included in the Trust Fund and
is pari passu in right of payment to the Marriott Charlotte City Center Pari Passu Note A-1, as set forth in the related
Intercreditor Agreement. The Marriott Charlotte City Center Pari Passu Note A-2 is held by JPMCB.


 


“Marriott Charlotte
City Center Pari Passu Note A-3”: The promissory note designated as Note A-3, which evidences a portion of the Marriott
Charlotte City Center Whole Loan. The Marriott Charlotte City Center Pari Passu Note A-3 is not included in the Trust Fund and
is pari passu in right of payment to the Marriott Charlotte City Center Pari Passu Note A-1,


 






    -83-


    


    

 


as
set forth in the related Intercreditor Agreement. The Marriott Charlotte City Center Pari Passu Note A-3 is held by JPMCB.


 


“Marriott Charlotte
City Center Pooling and Servicing Agreement”: This Agreement, for so long as the Marriott Charlotte City Center Whole
Loan is serviced pursuant to this Agreement and, on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization
Date, the related Other Pooling and Servicing Agreement for the Marriott Charlotte City Center Pari Passu Note A-3.


 


“Marriott Charlotte
City Center Service Providers”: With respect to the Marriott Charlotte City Center Whole Loan, (i) prior to the Marriott
Charlotte City Center Pari Passu Note A-3 Securitization Date, the Trustee, Master Servicer, Special Servicer and any related
sub-servicer hereunder and (ii) on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, the related
Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes
principal and/or interest advances in respect of the Marriott Charlotte City Center Companion Loans or property advances in respect
of the Marriott Charlotte City Center Whole Loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Marriott Charlotte
City Center Whole Loan”: The Marriott Charlotte City Center Companion Loans, together with the Marriott Charlotte City
Center Mortgage Loan. References herein to the Marriott Charlotte City Center Whole Loan shall be construed to refer to the aggregate
indebtedness under the Marriott Charlotte City Center Pari Passu Note A-2, the Marriott Charlotte City Center Pari Passu Note
A-3 and the Marriott Charlotte City Center Pari Passu Note A-1.


 


“Master Servicer”:
Wells Fargo Bank, National Association, a national banking association, or its successor in interest, or any successor master servicer
appointed as provided herein.


 


“Master Servicer
Major Decision”: Any Major Decision under clauses (a)(iii)(A), (a)(iii)(B), and (b) through (d) of the definition of
“Major Decision”.


 


“Master Servicer
Proposed Course of Action Notice”: As defined in Section 2.03(k)(iv) of this Agreement.


 


“Master Servicer
Remittance Date”: With respect to any Distribution Date, the Business Day preceding such Distribution Date.


 


“Master Servicer
Servicing Personnel”: The divisions and individuals of the Master Servicer who are involved in the performance of the
duties of the Master Servicer under this Agreement.


 


“Master Servicer
Termination Event”: As defined in Section 7.01(a) of this Agreement.


 


“Master Servicer
Website”: The internet website maintained by the Master Servicer; initially located at “www.wellsfargo.com/com/comintro”.


 






    -84-


    


    

 


“Master Servicing
Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per interest accrual period related
to such Mortgage Loan equal to the product of (i) the respective Master Servicing Fee Rate (adjusted to a monthly rate) and
(ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period
(without giving effect to payments of principal on such Mortgage Loan on such Due Date). For the avoidance of doubt, with respect
to any Subordinate Companion Loan, no Master Servicing Fee shall accrue or be payable on the principal balance thereof.


 


“Master Servicing
Fee Rate”: With respect to each Mortgage Loan, the rate per annum set forth on Exhibit B to this Agreement.


 


“Material Breach”:
As defined in Section 2.03(e) of this Agreement.


 


“Material Defect”:
As defined in Section 2.03(e) of this Agreement.


 


“Maturity Date”:
With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the date on which the last payment
of principal is due and payable under the related Mortgage Note, after taking into account all Principal Prepayments received prior
to such date of determination, but without giving effect to (i) any acceleration of the principal of such Mortgage Loan or
Serviced Companion Loan by reason of default thereunder or (ii) any grace period permitted by the related Mortgage Note.


 


“Mediation Rules”:
As defined in Section 2.03(m)(i).


 


“Miracle Mile
Shopping Center Companion Loan”: As defined in the Preliminary Statement.


 


“Miracle Mile
Shopping Center Mortgage Loan”: As defined in the Preliminary Statement.


 


“Miracle Mile
Shopping Center Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2017 between
Credit Suisse Commercial Mortgage Securities Corp., as depositor, KeyBank National Association, as master servicer, CWCapital Asset
Management LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator and as trustee, and Park
Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, and entered into in connection with the
CSAIL 2017-CX10 Commercial Mortgage Trust.


 


“Miracle Mile
Shopping Center Service Providers”: With respect to the Miracle Mile Shopping Center Companion Loan, the related Other
Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Miracle Mile
Shopping Center Whole Loan”: The Miracle Mile Shopping Center Companion Loan, together with the Miracle Mile Shopping
Center Mortgage Loan. References


 






    -85-


    


    

 


herein
to the Miracle Mile Shopping Center Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes
with respect to the Miracle Mile Shopping Center Mortgage Loan and the Miracle Mile Shopping Center Companion Loan.


 


“Modification
Fees”: With respect to any Serviced Mortgage Loan and any Serviced Companion Loan, any and all fees with respect to a
modification, restructure, extension, waiver or amendment that modifies, restructures, extends, amends or waives any term of the
related Loan Documents (as evidenced by a signed writing) agreed to by the Master Servicer or the Special Servicer (other than
all Assumption Fees, consent fees, assumption application fees, defeasance fees and fees similar to the foregoing). For the avoidance
of doubt, Special Servicing Fees, Workout Fees and Liquidation Fees due to the Special Servicer in connection with a modification,
restructure, extension, waiver or amendment shall not be considered Modification Fees. For each modification, restructure, extension,
waiver or amendment in connection with the working out of a Specially Serviced Loan, the Modification Fees collected from the related
Borrower shall be subject to a cap of 1.0% of the outstanding principal balance of such Mortgage Loan or Serviced Companion Loan
on the closing date of the related modification, restructure, extension, waiver or amendment (prior to giving effect to such modification,
restructure, extension, waiver or amendment); provided that no aggregate cap shall exist in connection with the amount of
Modification Fees which may be collected from the related Borrower with respect to any Specially Serviced Loan or REO Loan.


 


“Modified Mortgage
Loan”: Any Specially Serviced Loan which has been modified by the Special Servicer pursuant to Section 3.26
of this Agreement in a manner that:


 


(a)          
reduces or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to,
bringing current Periodic Payments with respect to such Mortgage Loan or Serviced Companion Loan), including any reduction in the
Periodic Payment;


 


(b)           except as expressly contemplated by the related Mortgage, results in a release of the lien of the Mortgage on any material
portion of the related Mortgaged Property without a corresponding Principal Prepayment in an amount not less than the fair market
value (as is), as determined by an Appraisal delivered to the Special Servicer (at the expense of the related Borrower and upon
which the Special Servicer may conclusively rely), of the property to be released; or


 


(c)          
in the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for
such Mortgage Loan or Serviced Companion Loan or reduces the likelihood of timely payment of amounts due thereon.


 


“Moody’s”:
Moody’s Investors Service, Inc., or its successor in interest. If neither such rating agency nor any successor remains in
existence, “Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency or
other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties
hereto, and specific ratings of Moody’s herein referenced shall be deemed to refer to the equivalent ratings of the party
so designated.


 






    -86-


    


    

 


“Morningstar”:
Morningstar Credit Ratings, LLC, or any successor in interest. If neither such rating agency nor any successor remains in existence,
“Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific
ratings of Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.


 


“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property
securing a Mortgage Note.


 


“Mortgage File”:
With respect to any Mortgage Loan or Serviced Companion Loan, collectively, the mortgage documents listed in Section 2.01(a)(i)
through Section 2.01(a)(xxi) of this Agreement pertaining to such particular Mortgage Loan or Serviced Companion Loan and
any additional documents required to be added to such Mortgage File pursuant to the express provisions of this Agreement; provided
that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor, Trustee, or
Custodian, such term shall not be deemed to include such documents and instruments required to be included therein unless they
are actually so received.


 


“Mortgage Loan”:
Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 of this Agreement and from
time to time held in the Trust Fund. The Mortgage Loans originally so transferred, assigned and held are identified on the Mortgage
Loan Schedule as of the Closing Date. Such term shall include any REO Loan, Specially Serviced Loan or any Mortgage Loan that has
been defeased in whole or in part. Such term shall not include Serviced Companion Loans or Non-Serviced Companion Loans but shall
include Non-Serviced Mortgage Loans.


 


“Mortgage Loan
Purchase Agreements”: Each of the GACC Purchase Agreement, the JPMCB Purchase Agreement and the CREFI Purchase Agreement.


 


“Mortgage Loan
Schedule”: The list of Mortgage Loans included in the Trust Fund as of the Closing Date being attached as Exhibit B
to this Agreement, which list shall set forth the following information with respect to each Mortgage Loan:


 


(a)          
the Loan Number;


 


(b)           the Mortgage Loan name;


 


(c)          
the street address (including city, state and zip code) of the related Mortgaged Property;


 


(d)           the Mortgage Rate in effect as of the Cut-off Date;


 


(e)          
the original principal balance;


 


(f)          
 the Stated Principal Balance as of the Cut-off Date;


 






    -87-


    


    

 


(g)           the Maturity Date or Anticipated Repayment Date for each Mortgage Loan;


 


(h)           the Due Date;


 


(i)           
the amount of the Periodic Payment due on the first Due Date following the Cut-off Date;


 


(j)           
the Servicing Fee Rate;


 


(k)           whether the Mortgage Loan is an Actual/360 Loan;


 


(l)           
whether any letter of credit is held by the lender as a beneficiary or is assigned as security for such Mortgage Loan;


 


(m)          the Revised Rate of such Mortgage Loan, if any;


 


(n)           whether the Mortgage Loan is part of a Whole Loan;


 


(o)           whether the Mortgage Loan is secured in any part by a leasehold interest; and


 


(p)           whether the Mortgage Loan has any related mezzanine debt or other subordinate debt.


 


Such list may be in the form of more than
one list, collectively setting forth all of the information required. A comparable list shall be prepared with respect to each
Serviced Companion Loan.


 


“Mortgage Loan
Seller Sub-Servicer”: A Servicing Function Participant or Sub-Servicer required to be retained by the Master Servicer
by a Mortgage Loan Seller, as listed on Exhibit X to this Agreement, or any successor thereto.


 


“Mortgage Loan
Sellers”: Each of GACC, JPMCB and CREFI.


 


“Mortgage Note”:
With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the note or other evidence of indebtedness
and/or agreements evidencing the indebtedness of a Borrower under such Mortgage Loan or Serviced Companion Loan including any amendments
or modifications, or any renewal or substitution notes, as of such date.


 


“Mortgage Pool”:
All of the Mortgage Loans and any successor REO Loans, collectively. The Mortgage Pool does not include the Companion Loans or
any related REO Loans.


 


“Mortgaged Property”:
The underlying property securing a Mortgage Loan including any REO Property, consisting of a fee simple estate, and, with respect
to certain Mortgage Loans, a leasehold estate or both a leasehold estate and a fee simple estate, or a leasehold estate in a portion
of the property and a fee simple estate in the remainder, in a parcel of


 






    -88-


    


    

 


land
improved by a commercial, multifamily or manufactured housing community property, together with any personal property, fixtures,
leases and other property or rights pertaining thereto.


 


“Mortgage Rate”:
With respect to each Mortgage Loan or any related Companion Loan, as applicable, and any Interest Accrual Period, the per annum
rate at which interest accrues on such Mortgage Loan or Serviced Companion Loan, as applicable, during such period (in the
absence of a default), as set forth in the related Mortgage Note from time to time, without giving effect to any Default Rate or
any Revised Rate.


 


“Net Condemnation
Proceeds”: Condemnation Proceeds, to the extent such proceeds are not to be applied to the restoration, preservation
or repair of the related Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan
Documents or other documents included in the Mortgage File or in accordance with the Servicing Standard.


 


“Net Default
Interest”: With respect to any Distribution Date, an amount equal to the sum of (i) the amount of the aggregate
collected Default Interest allocable to the Mortgage Loans received during the preceding Collection Period, minus (ii) any
portions thereof withdrawn from (A) the Collection Account pursuant to Section 3.06(a)(ix) of this Agreement for Advance
Interest Amounts and unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Liquidation Fees and Workout
Fees) incurred on the related Mortgage Loan during or prior to such Collection Period and (B) each Serviced Whole Loan Collection
Account pursuant to Section 3.06(b)(ix) for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses
incurred on the related Serviced Whole Loan during or prior to such Collection Period.


 


“Net Insurance
Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged
Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents included
in the Mortgage File or in accordance with prudent and customary servicing practices.


 


“Net Liquidation
Proceeds”: The Liquidation Proceeds received with respect to any Mortgage Loan or Serviced Whole Loan net of the amount
of (i) Liquidation Expenses incurred with respect thereto and (ii) with respect to proceeds received in connection with
the taking of a Mortgaged Property (or portion thereof) by the power of eminent domain in condemnation, amounts required to be
applied to the restoration or repair of the related Mortgaged Property.


 


“Net Mortgage
Rate”: With respect to any Mortgage Loan and any Distribution Date, the per annum rate equal to the Mortgage Rate
for such Mortgage Loan for the related Interest Accrual Period (without regard to any increase in the interest of any ARD Loan
after the related Anticipated Repayment Date), minus, for any such Mortgage Loan, the related Administrative Cost Rate. The “Net
Mortgage Rate” for purposes of calculating Pass-Through Rates and Withheld Amounts shall be the Net Mortgage Rate of such
Mortgage Loan without taking into account any modification, waiver or amendment of the terms of the related Mortgage


 






    -89-


    


    

 


Loan,
whether agreed to by the Master Servicer or the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding
involving the related Borrower.


 


Notwithstanding the foregoing,
if any such Mortgage Loan does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months, then, solely
for purposes of calculating the Pass-Through Rate on the Regular Certificates and the Class VRR Upper-Tier Regular Interests, the
Net Mortgage Rate of such Mortgage Loan for any Interest Accrual Period will be the annualized rate at which interest would have
to accrue in respect of such Mortgage Loan or Serviced Companion Loan on the basis of a 360-day year consisting of twelve 30-day
months in order to produce the aggregate amount of interest actually accrued in respect of such Mortgage Loan at the related Net
Mortgage Rate during such Interest Accrual Period; provided, however, that with respect to each such Mortgage Loan, the
Net Mortgage Rate for the one-month period (i) prior to the Due Dates in (a) January and February in each year that
is not a leap year or (b) February only in each year that is a leap year (in either case, unless the related Distribution
Date is the final Distribution Date) shall be determined net of any Withheld Amounts from that month and (ii) preceding the
Due Date in March (or February if the related Distribution Date is the final Distribution Date) (commencing in 2018),
shall be determined inclusive of the Withheld Amounts, if applicable, from the immediately preceding February, and, if applicable,
January; provided, further, that, for purposes of calculating the Pass-Through Rates and the WAC Rate with respect
to the Distribution Date in March 2018, the Interest Deposit Amount shall be included in determining the Net Mortgage Rate of the
Mortgage Loans that accrue interest based on the actual number of days elapsed during any calendar month (or other applicable accrual
period) in a year assumed to consist of 360 days.


 


“Net Prepayment
Interest Excess”: The excess amount, if any, that the aggregate of all Prepayment Interest Excess for all Serviced Mortgage
Loans and any related Serviced Companion Loans that the Master Servicer is servicing exceeds the aggregate of all Compensating
Interest Payments for such Serviced Mortgage Loans and related Serviced Companion Loans as of any related Distribution Date.


 


“Net Prepayment
Interest Shortfall”: With respect to the Mortgage Loans or Serviced Companion Loans that the Master Servicer is servicing,
the aggregate Prepayment Interest Shortfalls in excess of the Compensating Interest Payments on such Mortgage Loan or Serviced
Companion Loan.


 


“Net REO Proceeds”:
With respect to each Serviced REO Property, REO Proceeds with respect to such REO Property net of any insurance premiums, taxes,
assessments and other costs and expenses permitted to be paid therefrom pursuant to Section 3.15(b) of this Agreement.


 


“New Lease”:
Any lease of a Serviced REO Property entered into on behalf of the Lower-Tier REMIC if such Trust REMIC has the right to renegotiate
the terms of such lease, including any lease renewed or extended on behalf of such Trust REMIC.


 


“Non-Conflicted
Special Servicer”: With respect any Conflicted Special Servicer Mortgage Loan, a special servicer that is not a Borrower
Party and satisfies all of the eligibility requirements applicable to the special servicer set forth in this Agreement.


 






    -90-


    


    

 



“Non-Directing
Holder”: With respect to any Companion Loan, the “Non-Directing Holder”, “Non-Controlling Note Holder”
or any analogous concept under the related Intercreditor Agreement.


 


“Non-Reduced
Certificates”: As of any date of determination, any Class of Principal Balance Certificates and any Class of Exchangeable
Certificates then outstanding for which (a)(1) the initial Certificate Balance of such Class of Certificates (or, in the case
of a Class of Exchangeable Certificates, the aggregate of the initial Certificate Balances of all of the Classes of the Exchangeable
Certificates (collectively)) minus (2) the sum (without duplication) of (x) the aggregate payments of principal (whether as principal
prepayments or otherwise) distributed to the Holders of such Class of Certificates (or, in the case of a Class of Exchangeable
Certificates, to all of the Classes of the Exchangeable Certificates (collectively)) as of such date of determination, (y) any
Appraisal Reduction Amounts allocated to such Class of Certificates as of such date of determination and (z) any Realized Losses
or VRR Realized Losses, as applicable, previously allocated to such Class of Certificates (or, in the case of a Class of Exchangeable
Certificates, to all Classes of the Exchangeable Certificates (collectively)) as of such date of determination, is equal to or
greater than (b) 25% of the remainder of (i) the initial Certificate Balance of such Class of Certificates (or, in the case of
a Class of Exchangeable Certificates, the aggregate of the initial Certificate Balances of all of the Classes of the Exchangeable
Certificates (collectively)) less (ii) any payments of principal (whether as principal prepayments or otherwise) previously distributed
to that Class of Certificates (or, in the case of a Class of Exchangeable Certificates, to all Classes of the Exchangeable Certificates
(collectively)) as of such date of determination. For avoidance of doubt, if some or all of the Class V2 Certificates are exchanged
for Class V1 Certificates, all such Class V1 Certificates will be Non-Reduced Certificates if such portion (which may be all)
of the Class V2 Certificates that have been exchanged, if it were outstanding, would have been (or been part of) a Class of Non-Reduced
Certificates.


 


“Non-Serviced
Companion Loan”: With respect to any Non-Serviced Whole Loan, any related mortgage loan not included in the Trust that
is serviced under another agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to
the related Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The Woods Companion
Loans, The Griffin Portfolio Companion Loans, the Worldwide Plaza Companion Loans, the Station Place III Companion Loans, the
Atrium Center Companion Loans, on and after the Atrium Center Pari Passu Note A-3 Securitization Date, the Sentinel Square II
Companion Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Gateway Net Lease Portfolio Companion
Loans, the Rochester Hotel Portfolio Companion Loans, on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization
Date, the 521-523 East 72nd Street Companion Loan, the Marriott Charlotte City Center Companion Loans, on and after the Marriott
Charlotte City Center Pari Passu Note A-3 Securitization Date, the Miracle Mile Shopping Center Companion Loans, the Towers
at University Town Center Companion Loan, on and after the Towers at University Town Center Pari Passu Note A-1 Securitization
Date, the Two Harbor Point Square Companion Loans, on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization
Date, the AHIP Northeast Portfolio I Companion Loan and the Starwood


 






    -91-


    


    

 


Capital
Group Hotel Portfolio Companion Loans, are the only Non-Serviced Companion Loans related to the Trust.


 


“Non-Serviced
Mortgage Loan”: With respect to any Non-Serviced Whole Loan, a Mortgage Loan included in the Trust but serviced under
another agreement. The Woods Mortgage Loan, The Griffin Portfolio Mortgage Loan, the Worldwide Plaza Mortgage Loan, the Station
Place III Mortgage Loan, the Atrium Center Mortgage Loan, on and after the Atrium Center Pari Passu Note A-3 Securitization Date,
the Sentinel Square II Mortgage Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Gateway
Net Lease Portfolio Mortgage Loan, the Rochester Hotel Portfolio Mortgage Loan, on and after the Rochester Hotel Portfolio Pari
Passu Note A-1 Securitization Date, the 521-523 East 72nd Street Mortgage Loan, the Marriott Charlotte City Center Mortgage Loan,
on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, the Miracle Mile Shopping Center Mortgage
Loan, the Towers at University Town Center Mortgage Loan, on and after the Towers at University Town Center Pari Passu Note A-1
Securitization Date, the Two Harbor Point Square Mortgage Loan, on and after the Two Harbor Point Square Pari Passu Note A-1-A
Securitization Date, the AHIP Northeast Portfolio I Mortgage Loan and the Starwood Capital Group Hotel Portfolio Mortgage Loan,
are the only Non-Serviced Mortgage Loans related to the Trust.


 


“Non-Serviced
Mortgage Loan Primary Servicing Fee Rate”: The “primary servicing fee rate” or “pari passu primary
servicing rate” (each as defined or set forth in the applicable Other Pooling and Servicing Agreement) and any other servicing
fee rate (other than those payable to the applicable Other Special Servicer) applicable to any Non-Serviced Mortgage Loan. The
Non-Serviced Mortgage Loan Primary Servicing Fee Rate for (A) each Servicing Shift Mortgage Loan will be such amount as set forth
in the related Other Pooling and Servicing Agreement for such Servicing Shift Whole Loan, and (B) each Non-Serviced Mortgage Loan
as of the Closing Date, the applicable rate per annum set forth on Exhibit B to this Agreement under the column labeled “Primary
Servicing Fee Rate”.


 


“Non-Serviced
Mortgage Loan Service Providers”: With respect to (A) The Woods Whole Loan, The Woods Service Providers, (B) the Griffin
Portfolio Whole Loan, the Griffin Portfolio Service Providers, (C) the Worldwide Plaza Whole Loan, the Worldwide Plaza Service
Providers, (D) the Station Place III Whole Loan, the Station Place III Service Providers, (E) the Atrium Center Whole Loan, on
and after the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium Center Service Providers, (F) the Sentinel Square
II Whole Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Service Providers,
(G) the Gateway Net Lease Portfolio Whole Loan, the Gateway Net Lease Portfolio Service Providers, (H) the Rochester Hotel Portfolio
Whole Loan, on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio
Service Providers, (I) the 521-523 East 72nd Street Whole Loan, the 521-523 East 72nd Street Service Providers, (J) the Marriot
Charlotte City Center Whole Loan, on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, the
Marriott Charlotte City Center Service Providers, (K) the Miracle Mile Shopping Center Whole Loan, the Miracle Mile Shopping Center
Service Providers, (L) the Towers at University Town Center Whole Loan, on and after the Towers at University Town Center Pari
Passu Note A-1 Securitization Date, the Towers at University Town Center Service Providers, (M) the Two Harbor Point Square Whole


 






    -92-


    


    

 


Loan,
on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Service Providers
(N) the AHIP Northeast Portfolio I Whole Loan, the AHIP Northeast Portfolio I Service Providers and (O) the Starwood Capital Group
Hotel Portfolio Whole Loan, the Starwood Capital Group Hotel Portfolio Service Providers.


 


“Non-Serviced
Whole Loan Custodian”: With respect to any Non-Serviced Mortgage Loan, the applicable other “custodian”
under the Other Pooling and Servicing Agreement that governs the servicing and administration of the related Non-Serviced Whole
Loan.


 


“Non-Serviced
Whole Loans”: Any mortgage loan that is not serviced under this Agreement that is divided into two or more notes, which
includes a Mortgage Loan included in the Trust but serviced under another agreement and one or more mortgage notes not included
in the Trust and serviced under another agreement. References herein to a Non-Serviced Whole Loan shall be construed to refer
to the aggregate indebtedness under the related notes. The Woods Whole Loan, The Griffin Portfolio Whole Loan, the Worldwide Plaza
Whole Loan, the Station Place III Whole Loan, on and after the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium
Center Whole Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Whole Loan,
the Gateway Net Lease Portfolio Whole Loan, on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date,
the Rochester Hotel Portfolio Whole Loan, the 521-523 East 72nd Street Whole Loan, on and after the Marriott Charlotte City Center
Pari Passu Note A-3 Securitization Date, the Marriott Charlotte City Center Whole Loan, the Miracle Mile Shopping Center Whole
Loan, on and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town
Center Whole Loan, on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square
Whole Loan, the AHIP Northeast Portfolio I Whole Loan and the Starwood Capital Group Hotel Portfolio Whole Loan are the only Non-Serviced
Whole Loans related to the Trust.


 


“Non-U.S.
Person”: A person that is not a U.S. Person.


 


“Non-VRR
Certificates”: The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D,
Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR and Class S Certificates.


 


“Non-VRR
Interest Percentage”: An amount expressed as a percentage equal to 100% less the VRR Interest Percentage. For the avoidance
of doubt, at all times, the sum of the VRR Interest Percentage and the Non-VRR Interest Percentage shall equal 100%.


 


“Non-VRR
Prepayment Premiums and Yield Maintenance Charges”: As defined in Section 4.01(d).


 


“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Servicing Advance or Nonrecoverable Workout-Delayed Reimbursement
Amounts.


 


“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan or REO Loan
which the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Sections 4.07(c),
or the


 






    -93-


    


    

 


Trustee,
in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with any accrued
and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections
on or in respect of the related Mortgage Loan or REO Loan, which shall be evidenced by an Officer’s Certificate as provided
by Section 4.07(c) of this Agreement.


 


“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Serviced Mortgage Loan
and any related Serviced Companion Loan or any Serviced REO Property that the Master Servicer, the Special Servicer, in each case
in accordance with the Servicing Standard and Section 3.21(d) of this Agreement, or the Trustee, in its good faith business
judgment, as applicable, determines would not be ultimately recoverable, together with any accrued and unpaid interest thereon,
from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections on or in respect of
the related Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, which shall be evidenced by an officer certificate as provided
by Section 3.21(d) of this Agreement. The determination as to the recoverability of any Servicing Advance previously made
or proposed to be made in respect of any Non-Serviced Whole Loan (or related REO Property) shall be made by the applicable servicer
under, and in accordance with the terms of, the related Other Pooling and Servicing Agreement. Any such determination made by
any such party shall be conclusive and binding on the Certificateholders and may, in all cases, be conclusively relied upon by
the Master Servicer, the Special Servicer and the Trustee, as applicable.


 


“Nonrecoverable
Workout-Delayed Reimbursement Amounts”: Any Workout-Delayed Reimbursement Amounts when the Person making such determination
in accordance with the procedures specified for Nonrecoverable Servicing Advances or Nonrecoverable P&I Advances, as applicable,
and taking into account factors such as all other outstanding Advances, either (a) has determined that such Workout-Delayed Reimbursement
Amounts, would not ultimately be recoverable from late payments or any other recovery on or in respect of the related Mortgage
Loan, Serviced Whole Loan or REO Loans or (b) has determined that such Workout-Delayed Reimbursement Amounts would not ultimately
be recoverable, along with any other Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances, out of the principal portion
of future collections on all of the Mortgage Loans and REO Properties and from general principal collections in the Collection
Account.


 


“Notice
of Termination”: Any of the notices given to the Trustee, the Certificate Administrator and the Master Servicer by the
Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer
pursuant to Section 9.01(c) of this Agreement.


 


“Notice
to Refer”: As defined in Section 2.03(k)(ii).


 


“Notional
Amount”: As of any date of determination: (i) with respect to each of the Class X-A, Class X-B, Class X-D and Class
X-E Certificates as a Class, the related Class X Notional Amount as of such date of determination and (ii) with respect to any
Class X Certificate, the product of the Percentage Interest evidenced by such Certificate and the related Class X Notional Amount
as of such date of determination.


 






    -94-


    


    

 


“NRSRO”:
Any nationally recognized statistical ratings organization.


 


“NRSRO
Certification”: A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in
the form attached hereto as Exhibit Z or (b) provided electronically and executed by such NRSRO by means of a “click-through”
confirmation on the 17g-5 Information Provider’s Website, in either case in favor of the 17g-5 Information Provider that
states that such NRSRO is a Rating Agency under this Agreement, or that such NRSRO has been engaged to rate any securities backed,
in whole or in part, by a Serviced Pari Passu Companion Loan, or that such NRSRO has provided the Depositor with the appropriate
certifications pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act, such NRSRO has access to the Depositor’s 17g-5
website and such NRSRO will keep such information confidential, except to the extent such information has been made available
to the general public.


 


“Officer’s
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a
Vice President (however denominated) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Trust Officer or other officer of the Master Servicer, Special Servicer, Additional Servicer, Operating Advisor or Asset Representations
Reviewer customarily performing functions similar to those performed by any of the above designated officers, any Servicing Officer
and also with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject, or an authorized officer of the Depositor, and delivered to the Depositor,
the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as the case may be.


 


“Offsetting
Modification Fees”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan or Serviced REO
Loan and with respect to any Workout Fee or Liquidation Fee payable by the Trust, any and all Modification Fees collected by the
Special Servicer as additional servicing compensation, but only to the extent that (1) such Modification Fees were earned and
collected by the Special Servicer (A) in connection with the workout or liquidation (including partial liquidation) of a Specially
Serviced Loan or Serviced REO Loan as to which the subject Workout Fee or Liquidation Fee became payable or (B) in connection
with any workout of a Specially Serviced Loan that closed within the prior 18 months (determined as of the closing day of the
workout or liquidation as to which the subject Workout Fee or Liquidation Fee became payable) and (2) such Modification Fees were
earned in connection with a modification, restructure, extension, waiver or amendment of such Mortgage Loan, Serviced Whole Loan
or Serviced REO Loan at a time when such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan was a Specially Serviced Loan.


 


“Operating
Advisor”: Park Bridge Lender Services LLC, a New York limited liability company, or its successors in interest and assigns,
or any successor Operating Advisor appointed as herein provided.


 


“Operating
Advisor Annual Report”: As defined in Section 3.31(c) of this Agreement.


 


“Operating
Advisor Consultation Event”: The event that occurs the earlier of when (i) the aggregate Certificate Balances of the
HRR Certificates (taking into account the application


 






    -95-


    


    

 


of
any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such classes) is 25% or less of the
initial aggregate Certificate Balances of the HRR Certificates and (ii) a Control Termination Event has occurred and is continuing
(or a Control Termination Event would occur and be continuing if not for the last proviso in the definition thereof).


 


“Operating
Advisor Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting rights equal to
$10,000 with respect to any Mortgage Loan or such lesser amount as the related Borrower agrees to pay, payable pursuant to Section
3.06 of this Agreement; provided, no such fee shall be payable unless paid by the related Borrower. The Operating Advisor
may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision. The Master Servicer
or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related
Borrower if it determines that such full or partial waiver is in accordance with the Servicing Standard; provided, that
the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver
or reduction. No Operating Advisor Consulting Fee shall be payable with respect to any Subordinate Companion Loan, any Non-Serviced
Whole Loan or any Servicing Shift Whole Loan.


 


“Operating
Advisor Fee”: With respect to each Mortgage Loan and REO Loan (including Non-Serviced any Mortgage Loans and Servicing
Shift Mortgage Loans, but excluding any Companion Loans) and any Distribution Date, an amount per Interest Accrual Period equal
to the product of (i) the applicable Operating Advisor Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loan as
of the Due Date in the immediately preceding Collection Period (without giving effect to payments of principal on such Mortgage
Loan on such Due Date). Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Operating
Advisor under this Agreement. The Operating Advisor Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC. For the
avoidance of doubt, no Operating Advisor Fee shall accrue on the principal balance of, or be payable with respect to, any Companion
Loan.


 


“Operating
Advisor Fee Rate”: For each Interest Accrual Period, a per annum rate equal to (i) 0.0016% with respect to all
Mortgage Loans and REO Loans (including any Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans, but excluding any
Companion Loans) (except the 90 Hudson Mortgage Loan, the Radisson Blu Aqua Hotel Mortgage Loan and the Lehigh Valley Mall Mortgage
Loan), (ii) 0.0030% with respect to the 90 Hudson Mortgage Loan, (iii) 0.0039% with respect to the Radisson Blu Aqua Hotel Mortgage
Loan, and (iv) 0.0040% with respect to the Lehigh Valley Mall Mortgage Loan. At any time there is no Operating Advisor, the Operating
Advisor Fee Rate shall be 0%.


 


“Operating
Advisor Standard”: The requirement that the Operating Advisor shall act solely on behalf of the Trust and in the best
interest of, and for the benefit of, the Certificateholders and, with respect to any Serviced Whole Loan (other than any Servicing
Shift Whole Loan) for the benefit of the related Companion Loan Noteholders (as a collective whole as if such Certificateholders
and Companion Loan Noteholders constituted a single lender, taking into account the pari passu nature of any related pari
passu Companion Loan (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account
the


 






    -96-


    


    

 


subordinate
nature of such Subordinate Companion Loan)), and not to Holders of any particular Class of Certificateholders (as determined by
the Operating Advisor in the exercise of its good faith and reasonable judgment), and without regard to any conflict of interest
arising from any relationship that the Operating Advisor or any of its affiliates may have with any of the Borrowers, property
managers, any Mortgage Loan Seller, the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer,
the Directing Holder, the Risk Retention Consultation Party, any Certificateholder, or any of their respective affiliates.


 


“Operating
Advisor Surveillance Personnel”: The divisions and individuals of the Operating Advisor who are involved in the performance
of the duties of the Operating Advisor under this Agreement.


 


“Operating
Advisor Termination Event”: As defined in Section 7.07(a) of this Agreement.


 


“Opinion
of Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Special Servicer
or the Master Servicer, as the case may be, acceptable to the Certificate Administrator and the Trustee, except that any opinion
of counsel relating to (a) qualification of any Trust REMIC as a REMIC or the imposition of tax under the REMIC Provisions on
any income or property of any Trust REMIC, (b) compliance with the REMIC Provisions (including application of the definition of
“Independent Contractor”), (c) qualification of the Grantor Trust as a grantor trust or (d) a resignation of
the Master Servicer or the Special Servicer pursuant to Section 6.04(b) of this Agreement, must be an opinion of counsel
who is Independent of the Depositor, the Master Servicer and the Special Servicer.


 


“Originator”:
Any of (i) the Mortgage Loan Sellers and (ii) with respect to any Mortgage Loan acquired by a Mortgage Loan Seller, the originator
of such Mortgage Loan.


 


“Other
17g-5 Information Provider”: The applicable other “17g-5 information provider” under an Other Pooling and
Servicing Agreement relating to a Serviced Companion Loan. The Depositor shall inform the other parties hereto of the name and
contact information for any Other 17g-5 Information Provider existing as of the Closing Date. The name and contact information
of any such Other 17g-5 Information Provider as of the Closing Date is set forth on Schedule VIII hereto. Each party hereto shall
be entitled to conclusively rely upon the information set forth on Schedule VIII until such party receives notice of any change
thereto.


 


“Other
Asset Representations Reviewer”: The applicable other “asset representations reviewer” under an Other Pooling
and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.


 


“Other
Custodian”: The applicable other “custodian” under an Other Pooling and Servicing Agreement relating to
a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable. 


 


“Other
Depositor”: The applicable other “depositor” under an Other Pooling and Servicing Agreement relating to
a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.


 






    -97-


    


    

 


“Other
Indemnified Parties”: As defined in Section 1.04 of this Agreement.


 


“Other
Operating Advisor”: The applicable other “operating advisor” or “trust advisor” under an Other
Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.


 


“Other
Pooling and Servicing Agreement”: A pooling and servicing agreement or other applicable servicing agreement relating
to a Serviced Companion Loan or a Non-Serviced Whole Loan, as applicable. The Other Pooling and Servicing Agreements related to
the Trust as of the Closing Date are (i) with respect to The Woods Whole Loan, The Woods Pooling and Servicing Agreement, (ii)
with respect to the Griffin Portfolio Whole Loan, the Griffin Portfolio Pooling and Servicing Agreement, (iii) with respect to
the Worldwide Plaza Whole Loan, the Worldwide Plaza Trust and Servicing Agreement, (iv) with respect to the Station Place III
Whole Loan, the Station Place III Pooling and Servicing Agreement, (v) with respect to the Atrium Center Whole Loan, on and after
the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium Center Pooling and Servicing Agreement, (vi) with respect
to the Sentinel Square II Whole Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel
Square II Pooling and Servicing Agreement, (vii) with respect to the Gateway Net Lease Portfolio Whole Loan, the Gateway Net Lease
Portfolio Pooling and Servicing Agreement, (viii) with respect to the Rochester Hotel Portfolio Whole Loan, on and after the Rochester
Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio Pooling and Servicing Agreement, (ix) with
respect to the 521-523 East 72nd Street Whole Loan, the 521-523 East 72nd Street Pooling and Servicing Agreement, (x) with respect
to the Marriott Charlotte City Center Whole Loan, on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization
Date, the Marriott Charlotte City Center Pooling and Servicing Agreement, (xi) with respect to the Miracle Mile Shopping Center
Whole Loan, the Miracle Mile Shopping Center Pooling and Servicing Agreement, (xii) with respect to the Towers at University Town
Center Whole Loan, on and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University
Town Center Pooling and Servicing Agreement, (xiii) with respect to the Two Harbor Point Square Whole Loan, on and after the Two
Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Pooling and Servicing Agreement, (xiv)
with respect to the AHIP Northeast Portfolio I Whole Loan, the AHIP Northeast Portfolio I Pooling and Servicing Agreement and
(xv) with respect to the Starwood Capital Group Hotel Portfolio Whole Loan, the Starwood Capital Group Hotel Portfolio Pooling
and Servicing Agreement.


 


“Other
Securitization”: Any commercial mortgage securitization trust that holds a Serviced Companion Loan or Non-Serviced Companion
Loan or any successor REO Loan with respect thereto. The initial Other Securitizations related to the Trust as of the Closing
Date are (i) with respect to The Woods Companion Loan evidenced by promissory note A-1, the Morgan Stanley Capital I Trust 2017-HR2
securitization, (ii) with respect to the Griffin Portfolio Companion Loans evidenced by promissory notes A-1-1 and A-1-3, the
BANK 2017-BNK8 securitization, (iii) with respect to the Griffin Portfolio Companion Loan evidenced by promissory note A-1-2,
the BANK 2017-BNK9 securitization, (iv) with respect to the Griffin Portfolio Companion Loans evidenced by promissory notes A-2-3
and A-2-5, the UBS 2017-C5 securitization (v) with respect to the Griffin Portfolio Companion Loans evidenced by promissory


 






    -98-


    


    

 


notes
A-2-2 and A-2-6, the UBS 2017-C6 securitization (vi) with respect to the Griffin Portfolio Companion Loan evidenced by promissory
note A-3, the UBS 2017-C7 securitization (vii) with respect to the Worldwide Plaza Pari Passu Companion Loans evidenced by promissory
notes A-1-S and A-2-S and the Worldwide Plaza Subordinate Companion Loans evidenced by promissory notes B-1-S and B-2-S, the WPT
2017-WWP securitization, (viii) with respect to the Worldwide Plaza Pari Passu Companion Loan evidenced by promissory note A-1-C1,
the GSMS 2017-GS8 securitization, (ix) with respect to the Station Place III Companion Loan evidenced by promissory note A-1,
the JPMDB 2017-C7 securitization, (x) with respect to the Station Place III Companion Loan evidenced by promissory note A-4, the
CGCMT 2017-C4 securitization, (xi) with respect to the Station Place III Companion Loan evidenced by promissory note A-5, the
CD 2017-CD6 securitization, (xii) with respect to the Gateway Net Lease Portfolio Companion Loan evidenced by promissory note
A-1-3, the JPMDB 2017-C7 securitization, (xiii) with respect to the Gateway Net Lease Portfolio Companion Loan evidenced by promissory
note A-1-2, the JPMCC 2017-JP7 securitization, (xiv) with respect to the Gateway Net Lease Portfolio Companion Loans evidenced
by promissory notes A-2-2 and A-2-3, the BANK 2017-BNK6 securitization, (xv) with respect to the Gateway Net Lease Portfolio Companion
Loan evidenced by promissory note A-2-1, the BANK 2017-BNK5 securitization, (xvi) with respect to the Gateway Net Lease Portfolio
Companion Loan evidenced by promissory note A-1-1, the DBJPM 2017-C6 securitization, (xvii) with respect to the Lehigh Valley
Mall Companion Loan evidenced by promissory note A-1-B, the CSAIL 2017-CX10 securitization, (xviii) with respect to the 521-523
East 72nd Street Companion Loan, the JPMDB 2017-C7 securitization, (xix) with respect to the Miracle Mile Shopping Center Companion
Loans, the CSAIL 2017-CX10 securitization, (xx) with respect to the AHIP Northeast Portfolio I Companion Loan, the JPMDB 2017-C7
securitization, (xxi) with respect to the Starwood Capital Group Hotel Portfolio Companion Loans evidenced by promissory notes
A-1 and A-7, the DBJPM 2017-C6 securitization, (xxii) with respect to the Starwood Capital Group Hotel Portfolio Companion Loans
evidenced by promissory notes A-2-1 and A-16-1, the JPMCC 2017-JP7 securitization, (xxiii) with respect to the Starwood Capital
Group Hotel Portfolio Companion Loan evidenced by promissory note A-3, the BANK 2017-BNK5 securitization, (xxiv) with respect
to the Starwood Capital Group Hotel Portfolio Companion Loan evidenced by promissory note A-4, the BANK 2017-BNK6 securitization,
(xxv) with respect to the Starwood Capital Group Hotel Portfolio Companion Loan evidenced by promissory note A-5, the WFCM 2017-C38
securitization, (xxvi) with respect to the Starwood Capital Group Hotel Portfolio Companion Loan evidenced by promissory note
A-6-1, the WFCM 2017-C39 securitization, (xxvii) with respect to the Starwood Capital Group Hotel Portfolio Companion Loans evidenced
by promissory notes A-11, A-12 and A-13-2, the UBS 2017-C2 securitization, (xxviii) with respect to the Starwood Capital Group
Hotel Portfolio Companion Loans evidenced by promissory notes A-8 and A-10, the CD 2017-CD5 securitization, (xxix) with respect
to the Starwood Capital Group Hotel Portfolio Companion Loans evidenced by promissory notes A-2-2, A-9 and A-14, the JPMDB 2017-C7
securitization, and (xxx) with respect to the Starwood Capital Group Hotel Portfolio Companion Loans evidenced by promissory notes
A-16-2 and A-17, the CGCMT 2017-P8 securitization. With respect to each Servicing Shift Whole Loan, on and after the related Servicing
Shift Securitization Date, the related securitization shall also be an Other Securitization. In addition, with respect to each
Companion Loan that is included in a future securitization, such future securitization shall also be an Other Securitization.


 






    -99-


    


    

 


“Other
Servicer”: The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating
to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.


 


“Other
Special Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement
relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.


 


“Other
Trustee”: The applicable other “trustee” or, if applicable, the other “certificate administrator”
or, if applicable, the other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion
Loan or a Non-Serviced Companion Loan, as applicable.


 


“Ownership
Interest”: Any record or beneficial interest in a Class R Certificate.


 


“P&I
Advance”: As to any Mortgage Loan, any advance made by the Master Servicer or the Trustee pursuant to Section 4.07 of this Agreement. Each reference to the payment or reimbursement of a P&I Advance shall be deemed to include, whether
or not specifically referred to and without duplication, payment or reimbursement of interest thereon at the Reimbursement Rate.
Neither the Master Servicer nor the Trustee will be required to make P&I Advances with respect to any delinquent payment amounts
due on any Companion Loan.


 


“P&I
Advance Determination Date”: With respect to any Distribution Date, the second Business Day prior to such Distribution
Date.


 


“Pass-Through
Rate”: (a) With respect to each Class of Regular Certificates set forth below, the following rates:


 





	Class
	 	Pass-Through
                                         Rate

	Class A-1	 	Class A-1 Pass-Through Rate
	Class A-2	 	Class A-2 Pass-Through Rate
	Class A-3	 	Class A-3 Pass-Through Rate
	Class A-SB	 	Class A-SB Pass-Through Rate
	Class A-4	 	Class A-4 Pass-Through Rate
	Class A-5	 	Class A-5 Pass-Through Rate
	Class X-A	 	Class X-A Pass-Through Rate
	Class X-B	 	Class X-B Pass-Through Rate
	Class X-D	 	Class X-D Pass-Through Rate
	Class X-E	 	Class X-E Pass-Through Rate
	Class A-M	 	Class A-M Pass-Through Rate
	Class B	 	Class B Pass-Through Rate
	Class C	 	Class C Pass-Through Rate
	Class D	 	Class D Pass-Through Rate
	Class E	 	Class E Pass-Through Rate
	Class F-RR	 	Class F-RR Pass-Through Rate
	Class G-RR	 	Class G-RR Pass-Through Rate


 






    -100-


    


    

 


(b)       With
respect to each Class of Class VRR Upper-Tier Regular Interest, the WAC Rate.


 


None
of the Class R, Class S, Class V1 or Class V2 Certificates have Pass-Through Rates.


 


“Paying
Agent”: The paying agent appointed pursuant to Section 5.04 of this Agreement.


 


“PCAOB”:
The Public Company Accounting Oversight Board.


 


“Penalty
Charges”: With respect to any Mortgage Loan or Serviced Companion Loan (or successor REO Loan), any amounts collected
thereon from the Borrower that represent default charges, penalty charges, late fees and/or Default Interest, and excluding any
Yield Maintenance Charge and any Excess Interest.


 


“Percentage
Interest”: As to any Certificate (except the Class R and Class S Certificates), the percentage interest evidenced thereby
in distributions required to be made with respect to the related Class. With respect to any Certificate (except the Class R and
Class S Certificates), the percentage interest is equal to the initial denomination of such Certificate divided by the initial
Certificate Balance or Notional Amount, as applicable, of such Class of Certificates. With respect to the Class R and Class S
Certificate, the percentage interest is set forth on the face thereof.


 


“Performance
Certification”: As defined in Section 10.08 of this Agreement.


 


“Performing
Loan”: A Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan or REO Loan.


 


“Performing
Party”: As defined in Section 10.14 of this Agreement.


 


“Periodic
Payment”: With respect to any Mortgage Loan or Serviced Companion Loan (other than any REO Loan) and any Due Date, the
scheduled monthly payment of principal, if any, and interest at the Mortgage Rate, excluding any Balloon Payment (but not excluding
any constant Periodic Payment due on a Balloon Loan), which is payable by the related Borrower on such Due Date under the related
Mortgage Note. The Periodic Payment with respect to an REO Loan is the monthly payment that would otherwise have been payable
on the related Due Date had the related Mortgage Note not been discharged, determined as set forth in the preceding sentence and
on the assumption that all other amounts, if any, due thereunder are paid when due.


 






    -101-


    


    

 


“Permitted
Investments”: Any one or more of the following obligations or securities payable on demand or having a scheduled maturity
on or before the Business Day preceding the date upon which such funds are required to be drawn, regardless of whether issued
by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective
Affiliates and having at all times the required ratings, if any, provided for in this definition, unless each Rating Agency shall
have provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities:


 


(A)   direct
obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America,
Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed
by the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition;
provided that any obligation of, or guarantee by, any agency or instrumentality of the United States of America shall be a Permitted
Investment only if such investment would not result in the downgrading, withdrawal or qualification of the then-current rating
assigned by each Rating Agency to any Certificate (or, insofar as there is then outstanding any class of Serviced Companion Loan
Securities that are then rated by such Rating Agency, such class of securities) as evidenced in writing, other than (a) unsecured
senior debt obligations of the U.S. Treasury (direct or fully funded obligations), U.S. Department of Housing and Urban Development
public housing agency bonds, Federal Housing Administration debentures, Government National Mortgage Association guaranteed mortgage-backed
securities or participation certificates, RefCorp debt obligations and SBA-guaranteed participation certificates and guaranteed
pool certificates and (b) Farm Credit System consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated
debt obligations, Freddie Mac debt obligations, and Fannie Mae debt obligations rated at least “A-1” by S&P, if
such obligations mature in sixty (60) days or less, or rated at least “AA-”, “A-1+” or (with respect to
money market fund investments only) “AAAm” by S&P, if such obligations mature in 365 days or less;


 


(B)   repurchase
agreements or obligations specified in clause (A) of this definition, with a party agreeing to repurchase such obligations (1)
in the case of such investments with maturities of thirty (30) days or less, (x) the short-term obligations of which are rated
at least “F1” by Fitch or the long-term obligations of which are rated at least “A” by Fitch, and (y)
the short-term obligations of which are rated “A-1+” (or the equivalent) by S&P, (2) in the case of such investments
with maturities of three (3) months or less, but more than thirty (30) days, (x) the short-term obligations of which are rated
at least “F1+” by Fitch or the long-term obligations of which are rated at least “AA-” by Fitch, and (y)
the short-term obligations of which are rated “A-1+” (or the equivalent) by S&P, (3) in the case of such investments
with maturities of six (6) months or less, but more than three (3) months, (x) the short-term obligations of which are rated at
least “F1+” by Fitch and the long-term obligations of which are rated at least “AA-” by Fitch, and (y)
the long-term obligations of which are rated “AAA” (or the equivalent) by


 






    -102-


    


    

 


S&P,
and (4) in the case of such investments with maturities of more than six (6) months, (x) the short-term obligations of which are
rated at least “F1+” by Fitch and the long-term obligations of which are rated “AA-” by Fitch, and (y)
the long-term obligations of which are rated “AAA” (or the equivalent) by S&P (or, in the case of any such Rating
Agency as set forth above, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency relating
to the Certificates and any Companion Loan Securities);


 


(C)   federal
funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any
bank or trust company organized under the laws of the United States or any state thereof, (1) in the case of such investments
with maturities of thirty (30) days or less, (x) the short-term obligations of which are rated at least “F1” by Fitch
or the long-term obligations of which are rated at least “A” by Fitch, and (y) the short-term obligations of which
are rated “A-1+” (or the equivalent) by S&P, (2) in the case of such investments with maturities of three (3)
months or less, but more than thirty (30) days, (x) the short-term obligations of which are rated at least “F1+” by
Fitch or the long-term obligations of which are rated at least “AA-” by Fitch, and (y) the short-term obligations
of which are rated “A-1+” (or the equivalent) by S&P, (3) in the case of such investments with maturities of six
(6) months or less, but more than three (3) months, (x) the short-term obligations of which are rated at least “F1+”
by Fitch and the long-term obligations of which are rated at least “AA-” by Fitch, and (y) the long-term debt obligations
of which are “AAA” (or the equivalent) by S&P, and (4) in the case of such investments with maturities of more
than six (6) months, (x) the short-term obligations of which are rated at least “F1+” by Fitch and the long-term obligations
of which are rated “AA-” by Fitch and (y) the long-term obligations of which are “AAA” (or the equivalent)
by S&P, (or, in the case of any such Rating Agency as set forth above, such lower rating as is the subject of a Rating Agency
Confirmation by such Rating Agency relating to the Certificates and any Companion Loan Securities);


 


(D)   commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated,
provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to
any withholding imposed by any non-United States jurisdiction) (a)(1) in the case of such investments with maturities of thirty
(30) days or less, (x) the short-term obligations of which corporation are rated at least “F1” by Fitch or the long-term
obligations of which corporation are rated at least “A” by Fitch, and (y) the short-term obligations of which corporation
are rated at least “A-1” by S&P, (2) in the case of such investments with maturities of three (3) months or less,
but more than thirty (30) days, the short-term obligations of which are rated at least “A-1+” by S&P (or “A-1”
by S&P if the obligations mature within sixty (60) days) and “F1+” by Fitch, or the long-term obligations of which
are rated at least “AA-” by Fitch (with a short-term rating of “F1” by Fitch) and “AA-” by
S&P (with a short-term rating of “A-1” by S&P), (3)(A) in the case of such investments with maturities of
six (6) months or less, but more than three (3) months, the short-term


 






    -103-


    


    

 


obligations
of which are rated at least “F1+” by Fitch, or the long-term obligations of which corporation are rated at least “AA-”
by Fitch (with a short-term rating of “F1” by Fitch) and (B) the short-term obligations of which are rated at least
“A-1+” (or the equivalent) by S&P, or the long-term obligations of which corporation are rated at least “AA-”
by S&P (with a short-term rating of “A-1” by S&P), and (4)(A) in the case of such investments with maturities
of more than six (6) months, the short-term obligations of which are rated at least “F1+” by Fitch, or the long-term
obligations of which are rated at least “AA-” by Fitch (with a short-term rating of “F1” by Fitch) and
(B) the short-term obligations of which are rated at least “A-1+” (or the equivalent) by S&P, or the long-term
obligations of which corporation are rated at least “AA-” by S&P (with a short-term rating of “A-1”
by S&P), and (b) the short-term obligations of which corporation are rated in the highest short-term debt rating category
of KBRA (or, if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include Fitch)) and, if
it has a term in excess of six months, the long-term debt obligations of which are rated “AAA” (or the equivalent)
by KBRA (or, if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include Fitch)) (or, in
the case of any such Rating Agency as set forth in subclauses (a) – (b) above, such lower rating as is the
subject of a Rating Agency Confirmation by such Rating Agency relating to the Certificates and any Serviced Companion Loan Securities);


 


(E)   (1)
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells Fargo
Money Market Funds) so long as any such fund is rated in the highest short-term unsecured debt ratings category by each of Fitch,
S&P and KBRA (or, if not rated by KBRA, an equivalent rating (or higher) by at least two (2) NRSROs (which may include any
of the Rating Agencies) or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation)
relating to the Certificates and any Serviced Companion Loan Securities, or (2) units of money market funds, which seek to maintain
a constant net asset value per share, that (a) have substantially all of its assets invested continuously in the types of investments
referred to in clause (A) above, and (b) has the highest rating obtainable for money market funds from each of Fitch, S&P
and KBRA (or, if not rated by KBRA, an equivalent rating (or higher) by at least two (2) NRSROs (which may include any of the
Rating Agencies) or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation);


 


(F)   an
obligation or security that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause,
would be listed in clauses (B) – (E) above, and is the subject of a Rating Agency Confirmation relating to the Certificates
and any Serviced Companion Loan Securities from each Rating Agency for which the minimum rating(s) set forth in the applicable
clause is not satisfied with respect to such obligation or security; or


 






    -104-


    


    

 


(G)   any
other obligation or security other than one listed in clauses (A) – (E) above, that is the subject of a Rating Agency
Confirmation relating to the Certificates and any Serviced Companion Loan Securities from each and every Rating Agency;


 


provided,
however, that with respect to any Permitted Investment for which a rating by S&P is required as set forth above, such
rating must be an unqualified rating (i.e., one with no qualifying suffix), with the exception of ratings with regulatory
indicators, such as the (sf) subscript, and unsolicited ratings; provided, further, that each investment described
hereunder shall not (A) evidence either the right to receive (1) only interest with respect to such investment or (2) a yield
to maturity greater than 120% of the yield to maturity at par of the underlying obligations, (B) be purchased at a price greater
than par, (C) be sold prior to stated maturity if such sale would result in a loss of principal on the instrument or a tax on
“prohibited transactions” under Section 860F of the Code or (D) have an “r” highlighter or other comparable
qualifier attached to its rating; and provided, further, that each investment described hereunder must have (X)
a predetermined fixed amount of principal due at maturity (that cannot vary or change), (Y) an original maturity of not more than
365 days and a remaining maturity of not more than thirty (30) days and (Z) except in the case of a Permitted Investment described
in clause (E) of this definition, a fixed interest rate or an interest rate that is tied to a single interest rate index
plus a single fixed spread and moves proportionately with that index; and provided, further, that each investment
described hereunder must be a “cash flow investment” (within the meaning of the REMIC Provisions).


 


“Permitted
Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, customary title
agent fees and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection
with any services performed by such party with respect to any Mortgage Loan, Serviced Whole Loan or REO Property, in each case,
in accordance with Article III of this Agreement.


 


“Permitted
Transferee”: With respect to a Class R Certificate, any Person or agent thereof that is a Qualified Institutional Buyer,
other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide
an Opinion of Counsel (provided at the expense of such Person or the Person requesting the Transfer) to the effect that the Transfer
of an Ownership Interest in any Class R Certificate to such Person will not cause any Trust REMIC to fail to qualify as a REMIC
at any time that the Certificates or the Class VRR Upper-Tier Regular Interests are outstanding, (c) a Person that is a Disqualified
Non-U.S. Person, (d) a Plan or any Person investing the assets of a Plan, (e) an entity treated as a domestic partnership for
U.S. federal income tax purposes, one or more of the direct or indirect beneficial owners (other than through a U.S. corporation)
of which is (or is permitted under the applicable partnership agreement to be) a Disqualified Non-U.S. Person or (f) a U.S. Person
with respect to whom income on the Class R Certificate is attributable to a fixed base or foreign permanent establishment, within
the meaning of an applicable income tax treaty, of such transferee or any other U.S. Person.


 






    -105-


    


    

 


“Person”:
Any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.


 


“Plan”:
As defined in Section 5.02(k) of this Agreement.


 


“Plan
Fiduciary”: As defined in Section 5.02(k) of this Agreement.


 


“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(l)(i).


 


“Prepayment
Assumption”: The assumption that (i) each Mortgage Loan (other than an ARD Loan) does not prepay prior to its respective
Maturity Date and (ii) each ARD Loan prepays on its Anticipated Repayment Date.


 


“Prepayment
Interest Excess”: With respect to any Distribution Date, the aggregate amount, with respect to all Mortgage Loans or
Serviced Companion Loans serviced by the Master Servicer that were subject to Principal Prepayment in full or in part, or as to
which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or
Special Servicer for application to such Mortgage Loans or Serviced Companion Loans, in each case after the Due Date in the month
of such Distribution Date and on or prior to the related Determination Date, the amount of interest accrued at the Mortgage Rate
for such Mortgage Loans or Serviced Companion Loans on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation
Proceeds and Condemnation Proceeds after the Due Date relating to such Collection Period and accruing in the manner set forth
in the related Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without
regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).


 


“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Companion Loan serviced
by the Master Servicer that was subject to a Principal Prepayment in full or in part and which did not include a full month’s
interest, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the
Master Servicer or Special Servicer for application to such Mortgage Loan or Serviced Companion Loan, in each case after the Determination
Date in the calendar month preceding such Distribution Date but prior to the Due Date in the related Collection Period, the amount
of interest that would have accrued at the Net Mortgage Rate for such Mortgage Loan or Serviced Companion Loan on the amount of
such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds during the period commencing on the
date as of which such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable,
were applied to the unpaid principal balance of the Mortgage Loan or Serviced Companion Loan and ending on (and including) the
day immediately preceding such Due Date (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest
actually collected).


 


“Prepayment
Premium”: Any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable on a Mortgage
Loan or Serviced Companion Loan by a Borrower as the result of a Principal Prepayment thereon, not otherwise due thereon, in


 






    -106-


    


    

 


respect
of principal or interest, which is intended to compensate the holder of the related Mortgage Note for prepayment.


 


“Pricing
Date”: January 19, 2018.


 


“Primary
Servicing Fee Rate”: With respect to each Serviced Mortgage Loan (other than any Servicing Shift Mortgage Loans), the
rate per annum set forth on Exhibit B to this Agreement. With respect to a Servicing Shift Mortgage Loan, prior
to the related Servicing Shift Securitization Date, the applicable rate per annum set forth on Exhibit B to this
Agreement. With respect to each Non-Serviced Mortgage Loan, no Primary Servicing Fee Rate will be charged by the Master Servicer,
but the Non-Serviced Mortgage Loan Primary Servicing Fee Rate (which, with respect to each such Non-Serviced Mortgage Loan as
of the Closing Date, is set forth on Exhibit B to this Agreement under the column labeled “Primary Servicing Fee Rate”)
is charged by the applicable Other Servicer pursuant to the related Other Pooling and Servicing Agreement. For the avoidance of
doubt, the Primary Servicing Fee Rate includes any fee rate payable to a Mortgage Loan Seller Sub-Servicer.


 


“Prime
Rate”: The “Prime Rate” as published in the “Money Rates” section of The Wall Street
Journal, Eastern edition (or, if such section or publication is no longer available, such other comparable publication as
determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime
Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion)
as may be in effect from time to time. The Certificate Administrator shall notify in writing the Master Servicer and the Special
Servicer with regard to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.


 


“Principal
Balance Certificate”: The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class
C, Class D, Class E, Class F-RR and Class G-RR Certificates.


 


“Principal
Distribution Amount”: For any Distribution Date and the Principal Balance Certificates, the sum of (i) the Non-VRR Interest
Percentage of the Aggregate Principal Distribution Amount for such Distribution Date and (ii) the Principal Shortfall, if any,
for the prior Distribution Date.


 


“Principal
Prepayment”: Any payment of principal made by a Borrower on a Mortgage Loan or Serviced Companion Loan which is received
in advance of its scheduled due date and which is not accompanied by an amount of interest representing the full amount of scheduled
interest due on any date or dates in any month or months subsequent to the month of prepayment.


 


“Principal
Shortfall”: For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the preceding
Distribution Date exceeds (ii) the aggregate amount actually distributed on such preceding Distribution Date to holders of the
Principal Balance Certificates in respect of such Principal Distribution Amount.


 


“Private
Certificate”: Each of the Class X-B, Class X-D, Class X-E, Class D, Class E, Class F-RR, Class G-RR, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB,


 






    -107-


    


    

 


Class
V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F, Class V1-G, Class V2, Class S and
Class R Certificates, collectively.


 


“Private
Global Certificate”: Each of the Regulation S Global Certificates or Rule 144A Global Certificates with respect to the
Private Certificates if and so long as such class of Certificates is registered in the name of a nominee of the Depository.


 


“Private
Placement Memorandum”: The Depositor’s Private Placement Memorandum, dated January 22, 2018, relating to the offering
of the Private Certificates (other than the Class V1 and Class V2 Certificates).


 


“Privileged
Information”: Any (i) correspondence or other communications between a Directing Holder or the Risk Retention Consultation
Party and the Special Servicer related to any Specially Serviced Loan (other than any applicable Conflicted Loan) or the exercise
of the consent or consultation rights of a Directing Holder or consultation rights of the Risk Retention Consultation Party under
this Agreement or any related Intercreditor Agreement, (ii) strategically sensitive information that the Special Servicer has
reasonably determined could compromise the Trust Fund’s position in any ongoing or future negotiations with the related
Borrower or other interested party and that is labeled or otherwise identified as Privileged Information by the Special Servicer,
(iii) information subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset Status Report. The Master
Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer shall be entitled to rely on any
identification of materials as “attorney-client privileged” without liability for any such reliance hereunder.


 


“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for
the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, arbitration parties, taxing
authorities or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not
otherwise subject to a confidentiality obligation and/or (d) the Restricted Party is required by law, rule, regulation, order,
judgment or decree to disclose such information.


 


“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Non-Conflicted Special Servicer), the Trustee, the
Certificate Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Operating Advisor,
any Affiliate of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any Serviced Companion
Loan Noteholder who provides a certification substantially in the form of Exhibit FF hereto, any Person (including the
Directing Holder) who provides the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating
Agency) that provides the Certificate Administrator with a NRSRO Certification, which Investor Certification and NRSRO Certification
may be submitted electronically via the Certificate Administrator’s Website; provided, however, that in no
event may a Borrower Party (other than a Borrower Party that is a Risk Retention Consultation Party or


 






    -108-


    


    

 




the Special Servicer) be entitled to receive (i) if such party is the Directing Holder or any Controlling Class Certificateholder,
any Conflicted Information via the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed
by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Conflicted Controlling
Class Mortgage Loan(s)), and (ii) if such party is not the Directing Holder or any Controlling Class Certificateholder, any information
other than the Distribution Date Statement.


 


Notwithstanding
anything to the contrary in this Agreement, if the Special Servicer obtains knowledge that it is a Borrower Party, the Special
Servicer shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly
provide any information solely related to the related Conflicted Special Servicer Mortgage Loan (which may include any Asset Status
Reports, Final Asset Status Reports (or summaries thereof)) to (A) the related Borrower Party, (B) any of the Special Servicer’s
employees or personnel or any of its Affiliates involved in the management of any investment in the related Borrower Party or
the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest
in the related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures in
place in order to comply with the obligations described in clause (i) above; provided, further, that nothing in this Agreement
shall be construed as an obligation of the Master Servicer or the Certificate Administrator to restrict the Special Servicer’s
access to any information on the Master Servicer’s website or the Certificate Administrator’s Website and in no case
shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses any of the items listed
in the definition of Conflicted Information relating to the Conflicted Special Servicer Mortgage Loans.


 


“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.


 


“Property
Protection Expenses”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any costs
and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04, Section 3.08(a),
Section 3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c), 0 or
Section 3.24(a) of this Agreement or indicated herein as being payable as a Servicing Advance or as a cost or expense of
the Trust Fund (and, in the case of the Serviced Whole Loans, the Serviced Companion Loan Noteholders but subject to the provisions
of Section 1.02(e)) or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.


 


“Proposed
Course of Action Notice”: As defined in Section 2.03(l)(i).


 


“Prospectus”:
The Depositor’s Prospectus, dated January 22, 2018, relating to the offering of the Publicly Offered Certificates.


 


“PTCE”:
Prohibited Transaction Class Exemption.


 


“Publicly
Offered Certificates”: Each of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class
A-M, Class B and Class C Certificates.


 






    -109-


    


    

 


“Publicly
Offered Global Certificates”: Each of the Publicly Offered Certificates, if and so long as the applicable Class of Publicly
Offered Certificates is registered in the name of the Depository.


 


“Purchase
Price”: With respect to (i) any Mortgage Loan to be repurchased or purchased pursuant to Section 2.03(e) or Section
9.01 of this Agreement, (ii) any Specially Serviced Loan or any Serviced REO Loan to be sold pursuant to Section 3.16
of this Agreement or (iii) any Defaulted Loan that is a Non-Serviced Mortgage Loan to be sold by the Special Servicer in accordance
with the proviso in Section 3.16(b) of this Agreement, an amount, calculated by the Master Servicer (with respect to Performing
Loans) or the Special Servicer (with respect to Specially Serviced Loans or Serviced REO Loans), as applicable, equal to:


 


(a)          the
outstanding principal balance of such Mortgage Loan (or related REO Loan) (including, to the extent required pursuant to the final
sentence of this definition, any related Companion Loan) as of the date of purchase; plus


 


(b)         all
accrued and unpaid interest on such Mortgage Loan (or any related REO Loan) (including, to the extent required pursuant to the
final sentence of this definition, any related Companion Loan) at the related Mortgage Rate in effect from time to time to but
not including the Due Date immediately preceding or coinciding with the Determination Date for the Collection Period of purchase,
but excluding any Default Interest or Excess Interest; plus


 


(c)         all
related unreimbursed Servicing Advances plus accrued and unpaid interest on related Advances at the Reimbursement Rate, and all
Special Servicing Fees (whether paid or unpaid) and Workout Fees allocable to such Mortgage Loan (and, in the case of a Non-Serviced
Mortgage Loan, unpaid fees payable to the applicable servicer, Other Servicer, the Other Special Servicer or the Other Trustee
allocable to such Mortgage Loan); plus


 


(d)         any
Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to such Mortgage Loan (or related REO Loan) (including,
to the extent required pursuant to the final sentence of this definition, any related Companion Loan) (which shall not include
any Liquidation Fees if such affected Mortgage Loan is repurchased prior to the expiration of the additional 90-day period immediately
following the initial 90-day period under Section 2.03 of this Agreement); plus


 


(e)          all
Additional Trust Fund Expenses allocable to such Mortgage Loan; plus


 


(f)          if
such Mortgage Loan (or related REO Loan) is being purchased or substituted by a Mortgage Loan Seller pursuant to the related Mortgage
Loan Purchase Agreement, to the extent not otherwise included in the amount described in clause (c) of this definition, any unpaid
Asset Representations Reviewer Asset Review Fee related to such Mortgage Loan and all reasonable out-of-pocket expenses reasonably
incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the
Trustee in respect of the Breach or Defect giving rise to the repurchase obligation, including any such expenses arising out of
the enforcement of the


 






    -110-


    


    

 


repurchase
obligation, including, without duplication, any such expenses previously reimbursed from the Collection Account or the applicable
Serviced Whole Loan Collection Account, as applicable, plus accrued and unpaid interest thereon at the Reimbursement Rate, to
the extent payable to the Master Servicer, the Special Servicer, the Certificate Administrator, the Asset Representations Reviewer
or the Trustee; provided, however, that such out-of-pocket expenses shall not include expenses incurred by Certificateholders
or Certificate Owners in instituting an Asset Review Vote Election, in taking part in an Asset Review vote or in exercising such
Certificateholder’s or Certificate Owner’s, as applicable, rights under the dispute resolution mechanics pursuant
to Section 2.03(k) hereof.


 


For
purposes of this Agreement, (i) the “Purchase Price” in respect of a Serviced Companion Loan that is purchased by
the related Mortgage Loan Seller shall be the purchase price paid by the related Mortgage Loan Seller under the related Other
Pooling and Servicing Agreement or the applicable servicing agreement, (ii) with respect to a sale of an REO Property securing
a Serviced Whole Loan, the term Mortgage Loan or REO Loan shall be construed to include any related Companion Loans and (iii)
with respect to a Joint Mortgage Loan, the “Purchase Price” for each of the applicable Mortgage Loan Sellers shall
be its respective percentage interest as of the Closing Date of the total Repurchase Price for such Joint Mortgage Loan.


 


“Qualified
Affiliate”: Any Person (a) that is organized and doing business under the laws of any state of the United States or
the District of Columbia, (b) that is in the business of performing the duties of a servicer of mortgage loans (or, in the case
of the Operating Advisor, that is in the business of performing the duties of an operating advisor), and (c) as to which 50% or
greater of its outstanding voting stock or equity ownership interest are directly or indirectly owned by the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, or by any Person or Persons who directly or indirectly own equity
ownership interests in the Master Servicer, the Special Servicer or the Operating Advisor, as applicable.


 


“Qualified
Institutional Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.


 


“Qualified
Insurer”: As used in Section 3.08 of this Agreement,


 


(i)
in the case of each Mortgage Loan or Serviced Pari Passu Whole Loan, an insurance company or security or bonding company qualified
to write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated (a) at least “A”
by Fitch (or, if not rated by Fitch, at least “A-” or an equivalent (or higher) rating by (x) at least two NRSROs
(which may include S&P, and/or KBRA) or (y) one NRSRO (which may include S&P, and/or KBRA) and AM Best) and (b) at least
“A-” by S&P (or, if not rated by S&P, an equivalent rating by (x) at least two NRSROs (which may include Fitch
and/or KBRA) or (y) one NRSRO (which may include Fitch or KBRA) and A.M. Best Company, Inc.), and


 


(ii)
in the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d)
of this Agreement, a company that shall have


 






    -111-


    


    

 


a
claims paying ability rated at least equal to any one of the following: (1) “A-” or better by S&P, (2) “A3”
or better by Moody’s, (3) “A-” or better by Fitch, (4) “A (low)” or better by DBRS or (5) “A-:X”
or better by A.M. Best,


 


or,
in the case of clauses (i) and (ii), such other rating as to which the related Rating Agency (and, if applicable, the related
Serviced Companion Rating Agency) has provided a Rating Agency Confirmation relating to the Certificates and any Serviced Companion
Loan Securities (subject to the foregoing exceptions).


 


“Qualified
Mortgage”: A Mortgage Loan that is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the
Code (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified
mortgage), or any substantially similar successor provision.


 


“Qualified
Replacement Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements
applicable to special servicers in this Agreement, (ii) is not the Operating Advisor, the Asset Representations Reviewer or an
affiliate of the Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated to pay the Operating Advisor
(x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, or (y) for the
appointment of the successor special servicer or the recommendation by the Operating Advisor for the replacement special servicer
to become the special servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than compensation
that is not material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement
special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor special servicer,
in each case, unless expressly approved by 100% of the Certificateholders, (vi) currently has a special servicer rating of at
least “CSS3” from Fitch, (vii) is included on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer and (viii) is not a special servicer that has been cited by KBRA as having servicing concerns as the sole or a material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of
determination.


 


“Qualified
Substitute Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution
shall be permitted) replacing a Mortgage Loan with respect to which a Material Breach or Material Defect exists that must, on
the date of substitution: (i) have an outstanding Stated Principal Balance, after application of all scheduled payments of principal
and/or interest due during or prior to the month of substitution, whether or not received, not in excess of the Stated Principal
Balance of the Removed Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have
a fixed Mortgage Rate not less than the Mortgage Rate of the Removed Mortgage Loan (determined without regard to any prior modification,
waiver or amendment of the terms of the removed Mortgage Loan); (iii) have the same Due Date and a grace period no longer than
that of the Removed Mortgage Loan; (iv) accrue interest on the same basis as the Removed Mortgage Loan (for example, on the basis
of a 360-day year and the actual number of days elapsed); (v) have a remaining term to stated maturity not greater than, and not
more than five years less than, the remaining term to stated maturity of the Removed Mortgage Loan; (vi) have a then-


 






    -112-


    


    

 


current
loan to value ratio equal to or less than the lesser of (1) the loan to value ratio for the Removed Mortgage Loan as of the Closing
Date and (2) 75%, in each case using the “value” for the Mortgaged Property as determined using an Appraisal prepared
in accordance with the requirements of the FIRREA; (vii) comply as of the date of substitution in all material respects with all
of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental
Report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and that will
be delivered as a part of the related Servicing File; (ix) have a then-current Debt Service Coverage Ratio at least equal to the
greater of (1) the original Debt Service Coverage Ratio of the Removed Mortgage Loan as of the Closing Date and (2) 1.25x; (x)
be determined by an Opinion of Counsel (at the applicable Mortgage Loan Seller’s expense) to be a “qualified replacement
mortgage” within the meaning of Section 860G(a)(4) of the Code; (xi) not have a maturity date or an amortization period
that extends to a date that is after the date that is two years prior to the Rated Final Distribution Date; (xii) have comparable
prepayment restrictions to those of the Replaced Mortgage Loan; (xiii) not be substituted for a Removed Mortgage Loan unless the
Certificate Administrator and the Trustee have received a Rating Agency Confirmation from each of the Rating Agencies (the cost,
if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller; (xiv) have been approved,
so long as no Control Termination Event has occurred and is not continuing, by the Directing Holder; (xv) prohibit defeasance
within two years after the Closing Date; (xvi) not be substituted for a Removed Mortgage Loan if it would result in the termination
of the REMIC status of any Trust REMIC or the imposition of tax on any Trust REMIC other than a tax on income expressly permitted
or contemplated to be received by the terms of this Agreement, as determined by an Opinion of Counsel (at the cost of the applicable
Mortgage Loan Seller); (xvii) have an engineering report that indicates no material adverse property condition or deferred maintenance
with respect to the related Mortgaged Property that will be delivered as a part of the related Servicing File; and (xviii) be
current in the payment of all scheduled payments of principal and interest then due. In the event that one or more mortgage loans
are substituted for one or more Removed Mortgage Loans, then the amounts described in clause (i) shall be determined on the basis
of aggregate Stated Principal Balances and each such proposed Qualified Substitute Mortgage Loan must individually satisfy each
of the requirements specified in clauses (ii) through (xviii) above, except the rates referred to in clause (ii) above and the
remaining term to stated maturity referred to in clause (v) above shall be determined on a weighted average basis; provided that no individual Mortgage Rate shall be lower than the highest Pass-Through Rate (that is a fixed rate not subject to a
cap equal to the WAC Rate) of any Class of Principal Balance Certificates having an outstanding Certificate Balance. When a Qualified
Substitute Mortgage Loan is substituted for a Removed Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the
Mortgage Loan meets all of the requirements of the above definition and shall send such certification to the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Trustee and, for so long as no Consultation Termination Event has
occurred and is continuing, the Directing Holder.


 


“RAC
No-Response Scenario”: As defined in Section 3.30(a).


 


“Radisson
Blu Aqua Hotel Companion Loan”: As defined in the Preliminary Statement.


 






    -113-


    


    

 


“Radisson
Blu Aqua Hotel Mortgage Loan”: As defined in the Preliminary Statement.


 


“Radisson
Blu Aqua Hotel Whole Loan”: The Radisson Blu Aqua Hotel Companion Loan, together with the Radisson Blu Aqua Hotel Mortgage
Loan. References herein to the Radisson Blu Aqua Hotel Whole Loan shall be construed to refer to the aggregate indebtedness under
the related notes with respect to the Radisson Blu Aqua Hotel Mortgage Loan and the Radisson Blu Aqua Hotel Companion Loan.


 


“Rated
Final Distribution Date”: The Distribution Date in January 2051. The Class S and Class R Certificates will not have
a Rated Final Distribution Date.


 


“Rating
Agency”: Any of S&P, Fitch or KBRA; provided, that with respect to any matter affecting a Non-Serviced Mortgage
Loan or any Serviced Whole Loan, “Rating Agency” shall also refer to any rating agency engaged to rate the Serviced
Companion Loan Securities related to such Serviced Whole Loan or securities related to such Non-Serviced Mortgage Loan, as applicable.


 


“Rating
Agency Confirmation” shall mean, with respect to any matter, confirmation in writing (which may be in electronic form)
by each applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself,
result in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates if then
rated by the Rating Agency; provided that a written waiver or other acknowledgment from any Rating Agency indicating its
decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement
for the Rating Agency Confirmation from such Rating Agency with respect to such matter. At any time during which no Certificates
are rated by a Rating Agency, no Rating Agency Confirmation shall be required from that Rating Agency. With respect to any matter
affecting any Serviced Pari Passu Companion Loan, any Rating Agency Confirmation shall also refer to a comparable confirmation
from the nationally recognized statistical rating organizations then rating the securities representing an interest in such loan
with respect to such rating organizations’ respective ratings of such securities.


 


“Rating
Agency Q&A Forum and Document Request Tool”: As defined in Section 3.14(d) of this Agreement.


 


“Real
Property”: Land or improvements thereon such as buildings or other inherently permanent structures thereon (including
items that are structural components of the buildings or structures), in each such case as such terms are used in the REMIC Provisions.


 


“Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of
the Principal Balance Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds (ii)
the product of (A) the Non-VRR Interest Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans in the
Mortgage Pool (for purposes of this calculation, the aggregate Stated Principal Balance will not be reduced by the amount of principal
payments received on the Mortgage Loans that were used to reimburse the Master Servicer or the Trustee from general collections
of principal on the


 






    -114-


    


    

 


Mortgage
Loans for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable
Advances), including any REO Loans (but in each case, excluding any Companion Loan), as of the end of the last day of the related
Collection Period.


 


“Reassignment
of Assignment of Leases, Rents and Profits”: As defined in Section 2.01(a)(viii) of this Agreement.


 


“Record
Date”: With respect to each Distribution Date, the close of business on the last Business Day of the calendar month
immediately preceding the month in which such Distribution Date occurs.


 


“Regular
Certificates”: The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D,
Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates.


 


“Regulation
AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as
such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each
case as effective from time to time as of the compliance dates specified therein.


 


“Regulation
D”: Regulation D under the Act.


 


“Regulation
S”: Regulation S under the Act.


 


“Regulation
S Global Certificate”: Each of the Class X-B, Class X-D, Class X-E, Class D, Class E, Class F-RR and Class G-RR Certificates
issued as such on the Closing Date.


 


“Regulation
S Investor”: With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires
such interest pursuant to Regulation S.


 


“Regulation
S Transfer Certificate”: As defined in Section 5.02(c)(i)(B) of this Agreement.


 


“Regulatory
Agencies” As defined in the definition of “Risk Retention Rule”.


 


“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section
3.21(e) and P&I Advances in accordance with Section 4.07(h), which rate per annum shall equal the Prime
Rate. Interest at the Reimbursement Rate will accrue from (and including) the date on which the related Advance is made or the
related expense incurred to (but excluding) the date on which such amounts are recovered out of amounts received on the Mortgage
Loan as to which such Advances were made or servicing expenses incurred or the first Master Servicer Remittance Date after a determination
of non-recoverability, as the case may be, is made; provided that such interest at the Reimbursement Rate will continue
to accrue to the extent funds are not available in the Collection Accounts for such reimbursement of such Advance; provided,
further, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan until after the related
Due Date has passed


 






    -115-


    


    

 


and
any applicable Grace Period has expired or (ii) if the related Periodic Payment is received after the Determination Date but on
or prior to the Business Day immediately prior to the related Distribution Date.


 


“Related
Regular Certificates”: With respect to: (i) the Class V1-A1 Certificates, the Class A-1 Certificates and the Class X-A
Certificates (but only the Component XA-1 Percentage thereof); (ii) the Class V1-A2 Certificates, the Class A-2 Certificates and
the Class X-A Certificates (but only the Component XA-2 Percentage thereof); (iii) the Class V1-A3 Certificates, the Class A-3
Certificates and the Class X-A Certificates (but only the Component XA-3 Percentage thereof); (iv) the Class V1-ASB Certificates,
the Class A-SB Certificates and the Class X-A Certificates (but only the Component XA-SB Percentage thereof); (v) the Class V1-A4
Certificates, the Class A-4 Certificates and the Class X-A Certificates (but only the Component XA-4 Percentage thereof); (vi)
the Class V1-A5 Certificates, the Class A-5 Certificates and the Class X-A Certificates (but only the Component XA-5 Percentage
thereof), (vii) the Class V1-AM Certificates, the Class A-M Certificates and the Class X-A Certificates (but only the Component
XA-M Percentage thereof); (vii) the Class V1-B Certificates, the Class B Certificates and the Class X-B Certificates; (viii) the
Class V1-C Certificates, the Class C Certificates; (ix) the Class V1-D Certificates, the Class D and Class X-D Certificates; (x)
the Class V1-E Certificates, the Class E Certificates and the Class X-E Certificates; (xi) the Class V1-F Certificates, the Class
F-RR Certificates; (xii) the Class V1-G Certificates, the Class G-RR Certificates; and (xiii) the Class V2 Certificates, all of
the Regular Certificates.


 


“Relevant
Distribution Date”: With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and
(b) any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization
holding a Serviced Companion Loan, the “Distribution Date” (or analogous concept) under the related Other Pooling
and Servicing Agreement.


 


“Relevant
Servicing Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee on Schedule II to this Agreement).
For clarification purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing Criteria and
some of the Servicing Criteria will not be applicable to certain Reporting Servicers. With respect to a Servicing Function Participant
engaged by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the term “Relevant Servicing
Criteria” refers to the items of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee that engaged such Servicing Function Participant that are applicable to such Servicing
Function Participant based on the functions it has been engaged to perform.


 


“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code and the REMIC Provisions.


 


“REMIC
Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear
at Section 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including any


 






    -116-


    


    

 


applicable
proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.


 


“Removed
Mortgage Loan”: A Mortgage Loan which is repurchased from the Trust Fund pursuant to the terms hereof or as to which
one or more Qualified Substitute Mortgage Loans are substituted.


 


“Rents
from Real Property”: With respect to any Serviced REO Property, gross income of the character described in Section 856(d)
of the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:


 


(a)          except
as provided in Section 856(d)(4) or Section 856(d)(6) of the Code, any amount received or accrued, directly or indirectly, with
respect to such Serviced REO Property, if the determination of such amount depends in whole or in part on the income or profits
derived by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise
constitutes Rents from Real Property);


 


(b)          any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) and Section
856(d)(5) of the Code;


 


(c)          any
amount received or accrued, directly or indirectly, with respect to such Serviced REO Property if any Person Directly Operates
such Serviced REO Property;


 


(d)          any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as such Serviced REO Property within the meaning of Treasury Regulations Section
1.856-4(b)(1) (whether or not such charges are separately stated); and


 


(e)          rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of such Serviced
REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or
accrued under, or in connection with, the lease.


 


“REO
Account”: As defined in Section 3.15(b) of this Agreement.


 


“REO
Loan”: Any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) or Serviced Whole Loan as to which the related Mortgaged
Property has become an REO Property.


 


“REO
Proceeds”: With respect to any Serviced REO Property and the related Serviced REO Loan, all revenues received by the
Special Servicer with respect to such Serviced REO Property or Serviced REO Loan which do not constitute Liquidation Proceeds.


 






    -117-


    


    

 


“REO
Property”: A Mortgaged Property title to which has been acquired by the Special Servicer on behalf of the Trust Fund
through foreclosure, deed-in-lieu of foreclosure or otherwise, or in the case of a Non-Serviced Mortgage Loan, the Trust Fund’s
beneficial interest in the Mortgaged Property acquired by the Other Trustee pursuant to the Other Pooling and Servicing Agreement.


 


“Replacement
Mortgage Loan”: Any Qualified Substitute Mortgage Loan that is substituted for one or more Removed Mortgage Loans.


 


“Reporting
Servicer”: As defined in Section 10.12 of this Agreement.


 


“Repurchase
Communication”: For purposes of Section 2.03(d) of this Agreement only, any communication, whether oral or written,
which need not be in any specific form.


 


“Repurchase”:
As defined in Section 2.03(d) of this Agreement.


 


“Repurchase
Request”: As defined in Section 2.03(d) of this Agreement.


 


“Repurchase
Request Recipient”: As defined in Section 2.03(d) of this Agreement.


 


“Repurchase
Request Rejection”: As defined in Section 2.03(d) of this Agreement.


 


“Repurchase
Request Withdrawal”: As defined in Section 2.03(d) of this Agreement.


 


“Request
for Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to
this Agreement.


 


“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii).


 


“Requesting
Holders”: As defined in Section 4.08(b) of this Agreement.


 


“Requesting
Investor”: As defined in Section 5.05(a) of this Agreement.


 


“Reserve
Accounts”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, reserve accounts, if
any, established pursuant to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account may be a sub-account
of a related Cash Collateral Account. Any Reserve Account shall be beneficially owned for federal income tax purposes by the Person
who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related
Mortgage Loan or Serviced Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment
income or gain thereon. The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash
Collateral Account, if applicable, or the Collection Account or for the purposes set forth under the related Loan Documents for
the related Mortgage Loan or Serviced Whole Loan.


 






    -118-


    


    

 


“Resolution
Extension Period” shall mean:


 


(a)          for
purposes of remediating a Material Breach with respect to any Mortgage Loan, the 90-day period following the end of the applicable
Initial Resolution Period;


 


(b)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan at the commencement of,
and does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing at the end
of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following the end of
such Initial Resolution Period and (ii) the 45th day following the applicable Mortgage Loan Seller’s receipt of written
notice from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to such
Mortgage Loan subsequent to the end of such Initial Resolution Period;


 


(c)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan as of the commencement of
the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such Initial Resolution Period,
the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the 90th day following
the earlier of the end of such Initial Resolution Period and the applicable Mortgage Loan Seller’s receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and


 


(d)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Specially Serviced Loan as of the commencement
of the applicable Initial Resolution Period, zero (-0-) days; provided that, if the applicable Mortgage Loan Seller did
not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the
commencement of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred
during such Initial Resolution Period and clause (c) of this definition will be deemed to apply.


 


“Resolution
Failure”: As defined in Section 2.03(k).


 


“Resolved”:
With respect to a Repurchase Request, (i) that the related Defect or Breach has been cured, (ii) the related Mortgage Loan has
been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for
the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
made the Loss of Value Payment, (v) a contractually binding agreement entered into between the Enforcing Servicer, on behalf of
the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under the related
Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result of a sale or
other disposition in accordance with this Agreement.


 






    -119-


    


    

 


“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or the
Certificate Administrator, as the case may be, assigned to the Corporate Trust Office of such party; in each case, with direct
responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom
such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the
case of any certification required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears
on a list of corporate trust officers furnished to the Master Servicer by the Trustee and the Certificate Administrator, as such
list may from time to time be amended.


 


“Restricted
Certificate”: As defined in Section 5.02(k) of this Agreement.


 


“Restricted
Mezzanine Holder”: A holder of a related mezzanine loan that has been accelerated or as to which the mezzanine lender
has initiated foreclosure or enforcement proceedings against the equity collateral pledged to secure such mezzanine loan.


 


“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates
are first offered to persons other than the Initial Purchasers and any other distributor (as defined in Regulation S) of the Certificates
and (b) the Closing Date.


 


“Retained
Certificate”: Individually and collectively (i) the HRR Certificates and (ii) any Class V1 and Class V2 Certificate
that comprises the VRR Interest.


 


“Retained
Defeasance Rights and Obligations”: Any of the rights and obligations of GACC and CREFI defined in Section 3.26(i).


 


“Retained
Interest Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be deemed
to be owned by the Holder(s) of the Retained Certificates in proportions equal to their respective Percentage Interests.


 


“Retaining
Parties”: Any Holder of a Retained Certificate and any successor Holder of such Retained Certificate.


 


“Retaining
Sponsor”: GACC.


 


“Revised
Rate”: With respect to those Mortgage Loans on the Mortgage Loan Schedule indicated as having a revised rate, the increased
interest rate after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated
and as set forth in the related Mortgage Loan.


 


“Risk
Retention Affiliate” or “Risk Retention Affiliated”: An “affiliate of” or “affiliated
with”, as such terms are defined in 12 C.F.R. 244.2 of the Risk Retention Rule.


 


“Risk
Retention Consultation Party”: The party selected by DBNY. The Certificate Administrator and the other parties hereto
shall be entitled to assume that the identity of the Risk Retention Consultation Party has not changed until such parties receive
written notice


 






    -120-


    


    

 


of
a replacement of the Risk Retention Consultation Party from DBNY, as confirmed by the Certificate Registrar. Notwithstanding the
foregoing, the Risk Retention Consultation Party shall not have any consultation rights with respect to any related Conflicted
Loan. The initial Risk Retention Consultation Party shall be DBNY.


 


In
the event that no Risk Retention Consultation Party has been appointed or identified to the Master Servicer or the Special Servicer,
as applicable, and the Master Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the
Certificate Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable,
then until such time as a new Risk Retention Consultation Party is identified, the Master Servicer or the Special Servicer, as
applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of any the Risk Retention Consultation
Party, as the case may be.


 


“Risk
Retention Rule”: The Credit Risk Retention regulations, 79 Fed. Reg. 77601, pages 77740-77766 (Dec. 24, 2014), jointly
promulgated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal
Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission, and the Department
of Housing and Urban Development (the “Regulatory Agencies”) to implement the credit risk retention requirements
under Section 15G of the Securities Exchange Act of 1934 (as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act), as such regulations may be amended from time to time by such Regulatory Agencies, and subject to such clarification
and interpretation as have been provided by such Regulatory Agencies, whether in the adopting release, or as may be provided by
any such Regulatory Agency or its staff from time to time, in each case, as effective from time to time as of the applicable compliance
date specified therein.


 


“Rochester
Hotel Portfolio Companion Loans”: As defined in the Preliminary Statement.


 


“Rochester
Hotel Portfolio Mortgage Loan”: As defined in the Preliminary Statement.


 


“Rochester
Hotel Portfolio Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Rochester
Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-1 is not included in the Trust Fund and is pari
passu in right of payment to the Rochester Hotel Portfolio Pari Passu Note A-2 and the Rochester Hotel Portfolio Pari Passu
Note A-4-A, as set forth in the related Intercreditor Agreement. The Rochester Hotel Portfolio Pari Passu Note A-1 is held by
DBNY.


 


“Rochester
Hotel Portfolio Pari Passu Note A-1 Securitization Date”: With respect to the Rochester Hotel Portfolio Whole Loan,
the date on which the Rochester Hotel Portfolio Pari Passu Note A-1 is included in a securitization trust, provided that
the related Companion Loan Noteholder provides each of the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee (in each case only to the extent such party will not also be a party to the related Other Securitization)
with notice in accordance with the terms of the related Intercreditor Agreement that the Rochester Hotel Portfolio Pari Passu
Note


 






    -121-


    


    

 


A-1
is to be included in such Other Securitization, which notice shall include contact information for the related Other Servicer,
the Other Special Servicer and the Other Trustee.


 


“Rochester
Hotel Portfolio Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Rochester
Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-2 is included in the Trust Fund and is pari passu
in right of payment to the Rochester Hotel Portfolio Pari Passu Note A-1, the Rochester Hotel Portfolio Pari Passu Note A-3
and the Rochester Hotel Portfolio Pari Passu Note A-4-B, as set forth in the related Intercreditor Agreement.


 


“Rochester
Hotel Portfolio Pari Passu Note A-3”: The promissory note designated as Note A-3, which evidences a portion of the Rochester
Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-3 is not included in the Trust Fund and is pari
passu in right of payment to the Rochester Hotel Portfolio Pari Passu Note A-2 and the Rochester Hotel Portfolio Pari Passu
Note A-4-A, as set forth in the related Intercreditor Agreement. The Rochester Hotel Portfolio Pari Passu Note A-3 is held by
DBNY.


 


“Rochester
Hotel Portfolio Pari Passu Note A-4-A”: The promissory note designated as Note A-4-A, which evidences a portion of the
Rochester Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-4-A is included in the Trust Fund and is
pari passu in right of payment to the Rochester Hotel Portfolio Pari Passu Note A-1, the Rochester Hotel Portfolio Pari
Passu Note A-3 and the Rochester Hotel Portfolio Pari Passu Note A-4-B, as set forth in the related Intercreditor Agreement.


 


“Rochester
Hotel Portfolio Pari Passu Note A-4-B”: The promissory note designated as Note A-4-B, which evidences a portion of the
Rochester Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-4-B is not included in the Trust Fund and
is pari passu in right of payment to the Rochester Hotel Portfolio Pari Passu Note A-2 and the Rochester Hotel Portfolio
Pari Passu Note A-4-A, as set forth in the related Intercreditor Agreement. The Rochester Hotel Portfolio Pari Passu Note A-4-B
is held by DBNY.


 


“Rochester
Hotel Portfolio Pooling and Servicing Agreement”: This Agreement, for so long as the Rochester Hotel Portfolio Center
Whole Loan is serviced pursuant to this Agreement and, on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization
Date, the related Other Pooling and Servicing Agreement for the Rochester Hotel Portfolio Pari Passu Note A-1.


 


“Rochester
Hotel Portfolio Service Providers”: With respect to the Rochester Hotel Portfolio Whole Loan, (i) prior to the Rochester
Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Trustee, Master Servicer, Special Servicer and any related sub-servicer
hereunder and (ii) on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of the Rochester Hotel Portfolio Companion Loan or property advances in respect of the Rochester
Hotel Portfolio Whole Loan pursuant to the related Other Pooling and Servicing Agreement.


 






    -122-


    


    

 


“Rochester
Hotel Portfolio Whole Loan”: The Rochester Hotel Portfolio Companion Loan, together with the Rochester Hotel Portfolio
Mortgage Loan. References herein to the Rochester Hotel Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness
under the Rochester Hotel Portfolio Pari Passu Note A-1, the Rochester Hotel Portfolio Pari Passu Note A-2, the Rochester Hotel
Portfolio Pari Passu Note A-3, the Rochester Hotel Portfolio Pari Passu Note A-4-A and the Rochester Hotel Portfolio Pari Passu
Note A-4-B.


 


“Rule
144A”: Rule 144A under the Act.


 


“Rule
144A Global Certificate”: Each of the Class X-B, Class X-D, Class X-E, Class D, Class E, Class F-RR and Class G-RR Certificates
issued as such on the Closing Date.


 


“Rule
15Ga-1 Notice”: As defined in Section 2.03(d) of this Agreement.


 


“Rule
15Ga-1 Notice Provider”: As defined in Section 2.03(d) of this Agreement.


 


“S&P”:
S&P Global, a Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or
its successor in interest. If neither such rating agency nor any successor remains in existence, “S&P” shall be
deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of S&P herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.


 


“Sarbanes
Oxley Act”: The Sarbanes Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).


 


“Sarbanes
Oxley Certification”: As defined in Section 10.08 of this Agreement.


 


“Schedule
AL Additional File”: With respect to each CREFC® Schedule AL File prepared by the Master Servicer pursuant
to Section 3.13(a), any data file containing additional information or schedules regarding data points in such CREFC®
Schedule AL File required by Items 1111(h)(4) and/or 1111(h)(5) of Regulation AB and Item 601(b)(103) of Regulation S-K.


 


“Scheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal
portions of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Mortgage Loans due during
or, if and to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution
Date (and not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled
Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the
Borrower as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending
after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received
by the Master Servicer as of the Business Day preceding the Master Servicer Remittance Date) or (ii) advanced by the Master Servicer
or the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and


 






    -123-


    


    

 


(b)
all Balloon Payments with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or,
with respect to each Mortgage Loan with a Due Date occurring or a grace period ending after the related Determination Date, the
related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business
Day preceding the Master Servicer Remittance Date), and to the extent not included in clause (a) above.


 


“Secure
Data Room”: The “Secure Data Room” tab, which shall initially be located within the Certificate Administrator’s
Website (initially “www.ctslink.com”) on the page relating to this transaction.


 


“Securities
Legend”: As defined in Section 5.02(c)(iii) of this Agreement.


 


“Sentinel
Square II Companion Loan”: As defined in the Preliminary Statement.


 


“Sentinel
Square II Mortgage Loan”: As defined in the Preliminary Statement.


 


“Sentinel
Square II Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Sentinel
Square II Whole Loan. The Sentinel Square II Pari Passu Note A-1 is not included in the Trust Fund and is pari passu in
right of payment to the Sentinel Square II Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. The Sentinel
Square II Pari Passu Note A-1 is held by DBNY.


 


“Sentinel
Square II Pari Passu Note A-1 Securitization Date”: With respect to the Sentinel Square II Whole Loan, the date on which
the Sentinel Square II Pari Passu Note A-1 is included in a securitization trust, provided that the related Companion Loan
Noteholder provides each of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee
(in each case only to the extent such party will not also be a party to the related Other Securitization) with notice in accordance
with the terms of the related Intercreditor Agreement that the Sentinel Square II Pari Passu Note A-1 is to be included in such
Other Securitization, which notice shall include contact information for the related Other Servicer, the Other Special Servicer
and the Other Trustee.


 


“Sentinel
Square II Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Sentinel
Square II Whole Loan. The Sentinel Square II Pari Passu Note A-2 is included in the Trust Fund and is pari passu in right
of payment to the Sentinel Square II Pari Passu Note A-2, as set forth in the related Intercreditor Agreement.


 


“Sentinel
Square II Pooling and Servicing Agreement”: This Agreement, for so long as the Sentinel Square II Center Whole Loan
is serviced pursuant to this Agreement and, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the related
Other Pooling and Servicing Agreement for the Sentinel Square II Pari Passu Note A-1.


 


“Sentinel
Square II Service Providers”: With respect to the Sentinel Square II Whole Loan, (i) prior to the Sentinel Square II
Pari Passu Note A-1 Securitization Date, the Trustee, Master Servicer, Special Servicer and any related sub-servicer hereunder
and (ii) on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the related Other Trustee, Other Servicer,
Other Special Servicer and any related sub-servicer, as applicable, and any other


 






    -124-


    


    

 


Person
that makes principal and/or interest advances in respect of the Sentinel Square II Companion Loan or property advances in respect
of the Sentinel Square II Whole Loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Sentinel
Square II Whole Loan”: The Sentinel Square II Companion Loan, together with the Sentinel Square II Mortgage Loan. References
herein to the Sentinel Square II Whole Loan shall be construed to refer to the aggregate indebtedness under the Sentinel Square
II Pari Passu Note A-1 and the Sentinel Square II Pari Passu Note A-2.


 


“Serviced
Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that is
serviced under this Agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment
to the related Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The 90 Hudson
Companion Loan, the Radisson Blu Aqua Hotel Companion Loan and the Lehigh Valley Mall Companion Loans are the Serviced Companion
Loans. With respect to the Atrium Center Companion Loans, (i) prior to the Atrium Center Pari Passu Note A-3 Securitization Date,
each Atrium Center Companion Loan shall be a Serviced Companion Loan and (ii) on and after the Atrium Center Pari Passu Note A-3
Securitization Date, each Atrium Center Companion Loan shall be a Non-Serviced Companion Loan. With respect to the Sentinel Square
II Companion Loan, (i) prior to the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Companion
Loan shall be a Serviced Companion Loan and (ii) on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date,
the Sentinel Square II Companion Loan shall be a Non-Serviced Companion Loan. With respect to the Rochester Hotel Portfolio Companion
Loan, (i) prior to the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio Companion
Loan shall be a Serviced Companion Loan and (ii) on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization
Date, the Rochester Hotel Portfolio Companion Loan shall be a Non-Serviced Companion Loan. With respect to the Marriott Charlotte
City Center Companion Loans, (i) prior to the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, each Marriott
Charlotte City Center Companion Loan shall be a Serviced Companion Loan and (ii) on and after the Marriott Charlotte City Center
Pari Passu Note A-3 Securitization Date, each Marriott Charlotte City Center Companion Loan shall be a Non-Serviced Companion
Loan. With respect to the Towers at University Town Center Companion Loan, (i) prior to the Towers at University Town Center Pari
Passu Note A-1 Securitization Date, the Towers at University Town Center Companion Loan shall be a Serviced Companion Loan and
(ii) on and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town
Center Companion Loan shall be a Non-Serviced Companion Loan. With respect to the Two Harbor Point Square Companion Loans, (i)
prior to the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, each Two Harbor Point Square Companion Loan shall
be a Serviced Companion Loan and (ii) on and after the Two Harbor Point Square Pari Passu Note A-1 Securitization Date, each Two
Harbor Point Square Companion Loan shall be a Non-Serviced Companion Loan.


 


“Serviced
Companion Loan Noteholder”: Any holder of a Serviced Companion Loan; provided that for so long as a Serviced
Companion Loan is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices
or other


 






    -125-


    


    

 


information
required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion Loan Noteholder”
shall also include the related Other Servicer.


 


“Serviced
Companion Loan Noteholder Register”: As defined in Section 3.27(b) of this Agreement.


 


“Serviced
Companion Loan Rating Agency”: With respect to any Serviced Companion Loan, any rating agency that was engaged by a
participant in the securitization of such Serviced Companion Loan to assign a rating to the related Serviced Companion Loan Securities.


 


“Serviced
Companion Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of
a Serviced Companion Loan or Serviced REO Loan as to which any Serviced Companion Loan Securities exist, confirmation in writing
(which may be in electronic form) by each applicable Serviced Companion Loan Rating Agency that a proposed action, failure to
act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current
rating assigned to any class of such Serviced Companion Loan Securities (if then rated by such Serviced Companion Loan Rating
Agency); provided that upon receipt of a written waiver or other acknowledgment from a Serviced Companion Loan Rating Agency
indicating its decision not to review or declining to review the matter for which the Serviced Companion Loan Rating Agency Confirmation
is sought (such written notice, a “Serviced Companion Loan Rating Agency Declination”), or as otherwise provided
in Section 3.30 of this Agreement, the requirement for the Serviced Companion Loan Rating Agency Confirmation from
the applicable Serviced Companion Loan Rating Agency with respect to such matter shall not apply.


 


“Serviced
Companion Loan Securities”: With respect to any Serviced Companion Loan so long as the related Mortgage Loan or any
successor Serviced REO Loan is part of the Mortgage Pool, any class of securities backed by such Serviced Companion Loan. Any
reference herein to a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one
or more of the Serviced Companion Loans.


 


“Serviced
Companion Loan Service Provider”: With respect to any Serviced Pari Passu Companion Loan that has been deposited into
a securitization trust, the related Other Trustee, Other Servicer, Other Special Servicer, any sub-servicer and any other Person
that makes principal and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing
Agreement.


 


“Serviced
Mortgage Loan”: Any Mortgage Loan that is included in the Trust and serviced under this Agreement. For the avoidance
of doubt, “Serviced Mortgage Loans” exclude any Non-Serviced Mortgage Loan.


 


“Serviced
Pari Passu Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust
that is serviced under this Agreement and that is generally payable on a pari passu basis with the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement. The 90 Hudson Companion Loan, the Radisson
Blu Aqua Hotel Companion Loan and the Lehigh Valley Mall Companion Loans are the Serviced Pari Passu Companion Loans related to
the Trust. With respect to the


 






    -126-


    


    

 


Atrium
Center Companion Loans, (i) prior to the Atrium Center Pari Passu Note A-3 Securitization Date, each Atrium Center Companion Loan
shall be a Serviced Pari Passu Companion Loan and (ii) on and after the Atrium Center Pari Passu Note A-3 Securitization Date,
each Atrium Center Companion Loan shall be a Non-Serviced Pari Passu Companion Loan. With respect to the Sentinel Square II Companion
Loan, (i) prior to the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Companion Loan shall
be a Serviced Pari Passu Companion Loan and (ii) on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date,
the Sentinel Square II Companion Loan shall be a Non-Serviced Pari Passu Companion Loan. With respect to the Rochester Hotel Portfolio
Companion Loan, (i) prior to the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio
Companion Loan shall be a Serviced Pari Passu Companion Loan and (ii) on and after the Rochester Hotel Portfolio Pari Passu Note
A-1 Securitization Date, the Rochester Hotel Portfolio Companion Loan shall be a Non-Serviced Pari Passu Companion Loan. With
respect to the Marriott Charlotte City Center Companion Loans, (i) prior to the Marriott Charlotte City Center Pari Passu Note
A-3 Securitization Date, each Marriott Charlotte City Center Companion Loan shall be a Serviced Pari Passu Companion Loan and
(ii) on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, each Marriott Charlotte City Center
Companion Loan shall be a Non-Serviced Pari Passu Companion Loan. With respect to the Towers at University Town Center Companion
Loan, (i) prior to the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town
Center Companion Loan shall be a Serviced Pari Passu Companion Loan and (ii) on and after the Towers at University Town Center
Pari Passu Note A-1 Securitization Date, the Towers at University Town Center Companion Loan shall be a Non-Serviced Pari Passu
Companion Loan. With respect to the Two Harbor Point Square Companion Loans, (i) prior to the Two Harbor Point Square Pari Passu
Note A-1-A Securitization Date, each Two Harbor Point Square Companion Loan shall be a Serviced Pari Passu Companion Loan and
(ii) on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, each Two Harbor Point Square Companion
Loan shall be a Non-Serviced Pari Passu Companion Loan.


 


“Serviced
Pari Passu Companion Loan Noteholder”: Any holder of a Serviced Pari Passu Companion Loan.


 


“Serviced
Pari Passu Whole Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes
a mortgage note that is included in the Trust and one or more pari passu mortgage notes not included in the Trust.
References herein to a Serviced Pari Passu Whole Loan shall be construed to refer to the aggregate indebtedness under the related
notes. The 90 Hudson Whole Loan, the Radisson Blu Aqua Hotel Whole Loan and the Lehigh Valley Mall Whole Loan are Serviced Pari
Passu Whole Loans related to the Trust. With respect to the Atrium Center Whole Loan, (i) prior to the Atrium Center Pari Passu
Note A-3 Securitization Date, the Atrium Center Whole Loan shall be a Serviced Pari Passu Whole Loan and (ii) on and after the
Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium Center Whole Loan shall be a Non-Serviced Whole Loan. With respect
to the Sentinel Square II Whole Loan, (i) prior to the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel
Square II Whole Loan shall be a Serviced Pari Passu Whole Loan and (ii) on and after the Sentinel Square II Pari Passu Note A-1
Securitization Date, the Sentinel Square II Whole Loan shall be a Non-Serviced Whole Loan. With respect to the Rochester Hotel
Portfolio Whole Loan, (i) prior to the Rochester Hotel Portfolio Pari Passu Note


 






    -127-


    


    

 


A-1
Securitization Date, the Rochester Hotel Portfolio Whole Loan shall be a Serviced Pari Passu Whole Loan and (ii) on and after
the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio Whole Loan shall be a Non-Serviced
Whole Loan. With respect to the Marriott Charlotte City Center Whole Loan, (i) prior to the Marriott Charlotte City Center Pari
Passu Note A-3 Securitization Date, the Marriott Charlotte City Center Whole Loan shall be a Serviced Pari Passu Whole Loan and
(ii) on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, the Marriott Charlotte City Center
Whole Loan shall be a Non-Serviced Whole Loan. With respect to the Towers at University Town Center Whole Loan, (i) prior to the
Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town Center Whole Loan shall
be a Serviced Pari Passu Whole Loan and (ii) on and after the Towers at University Town Center Pari Passu Note A-1 Securitization
Date, the Towers at University Town Center Whole Loan shall be a Non-Serviced Whole Loan. With respect to the Two Harbor Point
Square Whole Loan, (i) prior to the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square
Whole Loan shall be a Serviced Pari Passu Whole Loan and (ii) on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization
Date, the Two Harbor Point Square Whole Loan shall be a Non-Serviced Whole Loan.


 


“Serviced
REO Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.


 


“Serviced
REO Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.


 


“Serviced
Subordinate Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the
Trust that is serviced under this Agreement and that is generally subordinated in right of payment to the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement. There are no Serviced Subordinate Companion
Loans related to the Trust.


 


“Serviced
Whole Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes a mortgage
note that is included in the Trust and (a) one or more Subordinate Companion Loans not included in the Trust and/or (b) one
or more pari passu mortgage notes not included in the Trust. References herein to a Serviced Whole Loan shall be construed
to refer to the aggregate indebtedness under the related notes. The 90 Hudson Whole Loan, the Radisson Blu Aqua Hotel Whole Loan
and the Lehigh Valley Mall Whole Loan are Serviced Whole Loans related to the Trust. With respect to the Atrium Center Whole Loan,
(i) prior to the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium Center Whole Loan shall be a Serviced Whole
Loan and (ii) on and after the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium Center Whole Loan shall be a
Non-Serviced Whole Loan. With respect to the Sentinel Square II Whole Loan, (i) prior to the Sentinel Square II Pari Passu Note
A-1 Securitization Date, the Sentinel Square II Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Sentinel Square
II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Whole Loan shall be a Non-Serviced Whole Loan. With respect
to the Rochester Hotel Portfolio Whole Loan, (i) prior to the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date,
the Rochester Hotel Portfolio Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Rochester Hotel Portfolio Pari
Passu Note A-1 Securitization Date,


 






    -128-


    


    

 


the
Rochester Hotel Portfolio Whole Loan shall be a Non-Serviced Whole Loan. With respect to the Marriott Charlotte City Center Whole
Loan, (i) prior to the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, the Marriott Charlotte City Center
Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization
Date, the Marriott Charlotte City Center Whole Loan shall be a Non-Serviced Whole Loan. With respect to the Towers at University
Town Center Whole Loan, (i) prior to the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers
at University Town Center Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Towers at University Town Center
Pari Passu Note A-1 Securitization Date, the Towers at University Town Center Whole Loan shall be a Non-Serviced Whole Loan. With
respect to the Two Harbor Point Square Whole Loan, (i) prior to the Two Harbor Point Square Pari Passu Note A-1-A Securitization
Date, the Two Harbor Point Square Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Two Harbor Point Square
Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Whole Loan shall be a Non-Serviced Whole Loan. 


 


“Serviced
Whole Loan Collection Account”: With respect to each Serviced Whole Loan, the separate account or sub-account created
and maintained by the Master Servicer pursuant to Section 3.05(g) on behalf of the Certificateholders and the
related Serviced Companion Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Master
Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage
& Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1,
Serviced Whole Loan Collection Account.” Amounts in any Serviced Whole Loan Collection Account applicable to the related
Serviced Companion Loans shall not be assets of the Trust Fund, but instead shall be held by the Master Servicer on behalf of
the Trust Fund (in respect of amounts reimbursable therefrom) and, the related Serviced Companion Loan Noteholders. Any such account
or sub-account shall be an Eligible Account or a sub-account of an Eligible Account (including a sub-account of the Collection
Account).


 


“Serviced
Whole Loan Remittance Amount”: For each distribution date that a Master Servicer is required to make a distribution
to a Serviced Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and
related Mortgaged Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect
to a Serviced REO Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion
Loan Noteholder(s) pursuant to the related Intercreditor Agreement or to be remitted to the Collection Account.


 


“Serviced
Whole Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced
Companion Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified,
the Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization,
the earlier of (A) the Master Servicer Remittance Date or (B) the Business Day immediately succeeding the “determination
date” set forth in the related Other Pooling and Servicing Agreement, or such earlier date as required by the related Intercreditor
Agreement; provided, however, that, unless otherwise required under the related


 






    -129-


    


    

 


Intercreditor
Agreement, no remittance is required to be made until two (2) Business Days after receipt of the related Periodic Payment with
respect to the related Serviced Whole Loan.


 


“Serviced
Whole Loan REO Account”: As defined in Section 3.15(b) of this Agreement.


 


“Serviced
Whole Loan Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect
to a Serviced Whole Loan or any related Serviced REO Property.


 


“Service(s)(ing)”:
In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by
an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is referenced in the
disclosure requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this
term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.


 


“Servicer
Termination Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.


 


“Servicing
Advance”: All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’
fees and expenses and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator,
or the Trustee, as applicable, in connection with the servicing and administering of (a) a Serviced Mortgage Loan and any
related Serviced Companion Loan, in respect of which a default, delinquency or other unanticipated event has occurred or as to
which a default is reasonably foreseeable or (b) a Mortgaged Property securing a Serviced Mortgage Loan or an REO Property,
including, in the case of each of such clause (a) and clause (b), but not limited to, (x) the cost
of (i) compliance with the Master Servicer’s obligations set forth in Section 3.04, (ii) the preservation,
restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance and Condemnation Proceeds or any Liquidation
Proceeds of the nature described in clauses (i) – (vi) of the definition of “Liquidation Proceeds,”
(iv) any enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and (v) the
operation, leasing, management, maintenance and liquidation of any REO Property and (y) any amount specifically designated
herein to be paid as a “Servicing Advance”. Notwithstanding anything to the contrary, “Servicing Advances”
shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space, office equipment,
supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses
incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property. None of the Master Servicer, the
Special Servicer or the Trustee shall make any Servicing Advance in connection with the exercise of any cure rights or purchase
rights granted to the holder of a Companion Loan under the related Intercreditor Agreement or this Agreement.


 


“Servicing
Compensation”: With respect to any Collection Period, the related Servicing Fee, Net Prepayment Interest Excess, if
any, and any other fees, charges or other amounts payable to the Master Servicer under this Agreement for such period.


 






    -130-


    


    

 


“Servicing
Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time
to time.


 


“Servicing
Fee”: With respect to each Mortgage Loan or Serviced Companion Loan and for any Distribution Date, an amount per Interest
Accrual Period equal to the product of (i) the respective Servicing Fee Rate (adjusted to a monthly rate) and (ii) the
Stated Principal Balance of such Mortgage Loan or Serviced Companion Loan as of the Due Date in the immediately preceding Collection
Period (without giving effect to payments of principal on such Mortgage Loan or Serviced Pari Passu Companion Loan on such Due
Date). The Servicing Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement.
For the avoidance of doubt, with respect to each Mortgage Loan, the Servicing Fee shall be deemed payable from the Lower-Tier
REMIC.


 


“Servicing
Fee Amount”: With respect to the Master Servicer and any date of determination, the aggregate of the products obtained
by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan, (a) the Stated Principal Balance of such Mortgage
Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the difference
between the Servicing Fee Rate for such Mortgage Loan or Serviced Pari Passu Companion Loan over the servicing fee rate (if any)
applicable to such Mortgage Loan or Serviced Pari Passu Companion Loan as specified in any Sub-Servicing Agreement related to
such Mortgage Loan or Serviced Pari Passu Companion Loan. With respect to each Sub-Servicer and any date of determination, the
aggregate of the products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan serviced by such
Sub-Servicer, (a) the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end
of the immediately preceding Collection Period and (b) the servicing fee rate specified in the related Sub-Servicing Agreement
for such Mortgage Loan or the Serviced Pari Passu Whole Loan.


 


“Servicing
Fee Rate”: (A) With respect to each Mortgage Loan, the sum of the Master Servicing Fee Rate and the related Primary
Servicing Fee Rate, if any, which rates per annum are set forth on Exhibit B to this Agreement, (B) with respect
to the 90 Hudson Companion Loan, 0.0025%, (C) with respect to the Radisson Blu Aqua Hotel Companion Loan, 0.0125%, (D) with respect
to each Lehigh Valley Mall Companion Loan, 0.0025%, (E) with respect to each Companion Loan that is part of a Servicing Shift
Whole Loan (other than the Atrium Center Companion Loan), 0.0025% prior to the related Servicing Shift Securitization Date, and
(F) with respect to the Atrium Center Companion Loan, 0.0125% prior to the related Servicing Shift Securitization Date.


 


“Servicing
File”: As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement
comfort letter related to any hospitality property following receipt thereof by the Master Servicer.


 


“Servicing
Function Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor or the Asset Representations Reviewer, that, within the meaning of Item 1122 of Regulation
AB, is performing activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or


 






    -131-


    


    

 


less
of the Mortgage Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing
activity, as provided for under Regulation AB. No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function
Participant retained by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing
Function Participant in connection with its servicing obligations under this Agreement.


 


“Servicing
Officer”: Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible
for, the administration and servicing of the Mortgage Loans and/or Serviced Companion Loans, or this Agreement and also, with
respect to a particular matter, any other officer to whom such matter is referred because of such officer’s or employee’s
knowledge of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Servicing
Officer, such an officer or employee whose name and specimen signature appears on a list of servicing officers furnished to the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee by the Master Servicer or
the Special Servicer, as applicable, as such list may from time to time be amended.


 


“Servicing
Shift Lead Note”: With respect to any Servicing Shift Whole Loan, as of any date of determination, the note or other
evidence of indebtedness and/or agreements evidencing the indebtedness of a Borrower under such Servicing Shift Whole Loan including
any amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Other
Securitization will cause servicing to shift from this Agreement to the related Other Pooling and Servicing Agreement pursuant
to the terms of the related Intercreditor Agreement for such Servicing Shift Whole Loan. The Atrium Center Pari Passu Note A-3,
Sentinel Square II Pari Passu Note A-1, Rochester Hotel Portfolio Pari Passu Note A-1, Marriot Charlotte City Center Pari Passu
Note A-1, Towers at University Town Center Pari Passu Note A-1 and Two Harbor Point Square Pari Passu Note A-1-A are the only
Servicing Shift Lead Notes related to the Trust.


 


“Servicing
Shift Mortgage Loan” With respect to any Servicing Shift Whole Loan, a Mortgage Loan included in the Trust Fund that
will be serviced under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the pooling and
servicing agreement entered into in connection with the securitization of the related Controlling Companion Loan on and after
the date of such securitization. The Atrium Center Mortgage Loan, Sentinel Square II Mortgage Loan, Rochester Hotel Portfolio
Mortgage Loan, Marriot Charlotte City Center Mortgage Loan, Towers at University Town Center Mortgage Loan and Two Harbor Point
Square Mortgage Loan are the only Servicing Shift Mortgage Loans related to the Trust.


 


“Servicing
Shift Securitization Date”: With respect to any Servicing Shift Whole Loan, the date on which the related Servicing
Shift Lead Note is included in a related Other Securitization, provided that such holder of a Servicing Shift Lead Note
provides each of the parties to this Agreement (in each case only to the extent such party will not also be a party to the related
Other Securitization) with notice in accordance with the terms of the related Intercreditor Agreement that such Servicing Shift
Lead Note is to be included in such Other Securitization, which notice shall include contact information for each party to the
related Other Pooling and Servicing Agreement and the identity of the other related “controlling class representative”
(or analogous term). The Atrium Center Pari Passu Note A-3 Securitization Date, Sentinel Square II


 






    -132-


    


    

 


Pari
Passu Note A-1 Securitization Date, Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, Marriot Charlotte City
Center Pari Passu Note A-1 Securitization Date, Towers at University Town Center Pari Passu Note A-1 Securitization Date and Two
Harbor Point Square Pari Passu Note A-1-A Securitization Date are the only Servicing Shift Securitization Dates related to the
Trust.


 


“Servicing
Shift Whole Loan”: Any Whole Loan serviced under this Agreement as of the Closing Date, which includes the related Servicing
Shift Mortgage Loan included in the Trust Fund and one or more Pari Passu Companion Loans not included in the Trust Fund, but
the servicing of which is expected to shift to the pooling and servicing agreement entered into in connection with the securitization
of the related Controlling Companion Loan on and after the date of such securitization. The Atrium Center Whole Loan, Sentinel
Square II Whole Loan, Rochester Hotel Portfolio Whole Loan, Marriot Charlotte City Center Whole Loan, Towers at University Town
Center Whole Loan and Two Harbor Point Square Whole Loan are the only Servicing Shift Whole Loans related to the Trust.


 


“Servicing
Standard”: With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable
Serviced Mortgage Loans and any related Serviced Companion Loans, Specially Serviced Loans and Serviced REO Loans for which each
is responsible in the best interests of and for the benefit of all of the Certificateholders and, in the case of any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and Serviced
Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with any related Subordinate
Companion Loan(s), taking into account the subordinate nature of such Subordinate Companion Loan(s)), as determined by the Master
Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment) in accordance with applicable
law, the terms of this Agreement, the applicable Loan Documents and any related Intercreditor Agreement, and to the extent consistent
with the foregoing, in accordance with the higher of the following standards of care:


 


(a)          the
same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer,
as the case may be, services and administers similar mortgage loans for other third-party portfolios, and


 


(b)          the
same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services
and administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be.


 


In
either case, with a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans
or Serviced Whole Loans or, in the case of a Specially Serviced Loan or an REO Property, the maximization of timely recovery of
principal and interest on a net present value basis (determined in accordance with the Loan Documents or, if the Loan Documents
are silent, at the Calculation Rate) on the applicable Mortgage Loans or Serviced Whole Loans, and the best interests of the Trust
and the Certificateholders and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a
collective whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender
(and with respect to any Serviced Whole Loan with a


 






    -133-


    


    

 


related
Subordinate Companion Loan, taking into account the pari passu or subordinate nature of such Subordinate Companion Loan), as determined
by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment in either case, giving due consideration
to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured housing community
mortgage loan servicers, but without regard to any potential conflict of interest arising from (a) any relationship that
the Master Servicer or the Special Servicer, as the case may be, or any Affiliate of the Master Servicer or the Special Servicer,
may have with the related Borrower, any Mortgage Loan Seller, any other party to this Agreement or any Affiliate of the foregoing;
(b) the ownership of any Certificate or any interest in any Non-Serviced Companion Loan, Serviced Companion Loan or any mezzanine
loan or subordinate debt relating to a Mortgage Loan by the Master Servicer or the Special Servicer, as the case may be, or any
Affiliate thereof; (c) the Master Servicer’s obligation, if any, to make Advances; (d) the Master Servicer’s
or the Special Servicer’s, as the case may be, right to receive compensation or reimbursement of costs for its services
hereunder or with respect to any particular transaction; (e) the ownership, servicing or management for others of any other
mortgage loans, subordinate debt, mezzanine loans or mortgaged properties not covered by this Agreement or held by the Trust Fund
by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable;
(f) any debt that the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer,
as applicable, has extended to any Borrower or an Affiliate of any Borrower (including, without limitation, any mezzanine financing);
(g) any option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer or Special Servicer, as the case
may be, or any of its affiliates may have; (h)  any obligation of the Master Servicer, the Special Servicer or one of their
respective Affiliates, to repurchase or substitute for a Mortgage Loan as Mortgage Loan Seller (if the Master Servicer or the
Special Servicer or one of their respective affiliates is a Mortgage Loan Seller).


 


“Servicing
Transfer Event”: An event specified in the definition of Specially Serviced Loan.


 


“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage
Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance
as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or group
of cross-collateralized and/or cross-defaulted Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage
Pool (by principal balance as of the Cut-off Date. For the avoidance of doubt, as of the Closing Date, there are no Significant
Obligors relating to the Trust.


 


“Significant
Obligor NOI Quarterly Filing Deadline”:  With respect to each calendar quarter (other than the fourth calendar
quarter of any calendar year), the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately
following the date on which financial statements for such calendar quarter are required to be delivered to the related lender
under the related Loan Documents. The parties to this Agreement acknowledge that in the event the Mortgaged Property securing
any related Serviced Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB)
with respect to an Other Securitization that includes such Serviced Companion Loan, the date on which such quarterly financial
statements are required to be delivered to the related lender under the related


 






    -134-


    


    

 


Mortgage
Loan documents is, with respect to net operating income information, for (A) the 90 Hudson Companion Loan, 45 days following the
end of each fiscal quarter, (B) each Atrium Center Companion Loan, 30 days following the end of each fiscal quarter, (C) the Sentinel
Square II Companion Loan, 30 days following the end of each fiscal quarter, (D) the Radisson Blu Aqua Hotel Companion Loan, 45
days following the end of each fiscal quarter, (E) each Lehigh Valley Mall Companion Loan, 45 days following the end of each fiscal
quarter, (F) the Rochester Hotel Portfolio Companion Loan, 30 days following the end of each fiscal quarter, (G) each Marriott
Charlotte City Center Companion Loan, 45 days following the end of each fiscal quarter, (H) the Towers at University Town Center
Companion Loan, 45 days following the end of each fiscal quarter and (I) each Two Harbor Point Square Companion Loan, 30 days
following the end of each fiscal quarter.


 


“Significant
Obligor NOI Yearly Filing Deadline”:  With respect to each calendar year, the date that is the 90th day after the
end of such calendar year.


 


“Similar
Law”: As defined in Section 5.02(k) of this Agreement.


 


“Small
Loan Appraisal Estimate”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan having
a Stated Principal Balance of less than $2,000,000, the Special Servicer’s good faith estimate of the value of the Mortgaged
Property securing such Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.


 


“Sole
Certificateholder”: Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding Certificates
(including Certificates with Certificate Balances that have been actually or notionally reduced by any Realized Losses or VRR
Realized Losses, as applicable, or Appraisal Reduction Amounts, but excluding the Class S and Class R Certificates)
or an assignment of the Voting Rights thereof; provided, that the Notional Amounts or the Certificate Balances, as applicable,
of the Class X-A, Class X-B and Class X-D Certificates and the Certificate Balances of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D
Certificates have been reduced to zero.


 


“Special
Notice”: Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement,
(b) notice of any request by at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer
pursuant to Section 3.22(d) of this Agreement, (c) notice of any request by at least 15% of the Voting Rights
of the Certificates to terminate and replace the Operating Advisor pursuant to Section 7.07(b) of this Agreement and
(d) notice transmitted to Certificateholders pursuant to Section 3.22(c) of this Agreement.


 


“Special
Servicer”: With respect to (i) each of the Serviced Mortgage Loans (other than any Conflicted Special Servicer Mortgage
Loan) and any related Serviced Companion Loans, Midland Loan Services, a Division of PNC Bank, National Association, or its successor
in interest, or any successor special servicer appointed as provided herein and (ii) with respect to any Conflicted Special Servicer
Mortgage Loan, if any, the related Non-Conflicted Special Servicer appointed pursuant to Section 3.22(j) of this Agreement,
as applicable and as the context may require.


 






    -135-


    


    

 


“Special
Servicer Major Decision”: Any Major Decision under clauses (a)(i), (a)(ii), (a)(iii)(C), and (e) through (n) of the
definition of “Major Decision”.


 


“Special
Servicer Servicing Personnel”: The divisions and individuals of any Special Servicer who are involved in the performance
of the duties of such Special Servicer under this Agreement.


 


“Special
Servicer Termination Event”: As defined in Section 7.01(b) of this Agreement.


 


“Special
Servicing Compensation”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any of
the Special Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due to the
Special Servicer that are expressly provided for in Section 3.12 of this Agreement.


 


“Special
Servicing Fee”: With respect to each Specially Serviced Loan (or Serviced REO Loan) for each calendar month (or portion
thereof), the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same
interest accrual methodology that is applied with respect to the Mortgage Rate for such Mortgage Loan for such month) multiplied
by the Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to all payments of principal
on such Specially Serviced Loan or Serviced REO Loan on such Due Date) in the Collection Period prior to such Distribution Date
(or, in the event that a Principal Prepayment in full or an event described in clauses (i)-(vii) under the definition
of Liquidation Proceeds has occurred with respect to any such Specially Serviced Loan or Serviced REO Loan on a date that is not
a Due Date, on the basis of the actual number of days to elapse from and including the most recently preceding related Due Date
to but excluding the date of such Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days). For
the avoidance of doubt, the Special Servicing Fee shall be deemed to be paid from the Lower-Tier REMIC with respect to the Mortgage
Loans.


 


“Special
Servicing Fee Rate”: A rate equal to 0.25% per annum.


 


“Specially
Serviced Loan”: Subject to Section 3.23 of this Agreement, any Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Companion Loan with respect to which:


 


(a)          either
(i) with respect to such Mortgage Loan or Serviced Companion Loan, other than a Balloon Loan, a payment default shall have
occurred on such Mortgage Loan or Serviced Companion Loan at its Maturity Date or, if the Maturity Date of such Mortgage Loan
or Serviced Companion Loan has been extended in accordance herewith, a payment default occurs on such Mortgage Loan or Serviced
Companion Loan at its extended Maturity Date or (ii) with respect to a Balloon Loan, a payment default shall have occurred
with respect to the related Balloon Payment; provided, that if (A) the related Borrower is diligently seeking a refinancing
or sale of the related Mortgaged Property or Mortgaged Properties and delivers, on or prior to the related Maturity Date or extended
Maturity Date, a statement to that effect, and delivers, within 30 days following the related Maturity Date or extended Maturity
Date, a refinancing commitment, letter of


 






    -136-


    


    

 


intent
or otherwise binding application for refinancing from an acceptable lender or a signed purchase agreement reasonably acceptable
to the Master Servicer (who shall promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Holder
(but only for so long as no Consultation Termination Event has occurred and is continuing), (B) the related Borrower continues
to make its Assumed Scheduled Payment, and (C) no other Servicing Transfer Event shall have occurred with respect to such
Mortgage Loan or Serviced Companion Loan, then a Servicing Transfer Event will not occur until the earlier of (1) 120 days
beyond the related Maturity Date or extended Maturity Date and (2) the termination of the refinancing commitment;


 


(b)          any
Periodic Payment (other than a Balloon Payment or any other payment due under clause (a)(i) above in this definition), or any
amount due on a monthly basis as an Escrow Payment or reserve funds, is 60 days or more delinquent;


 


(c)          the
Master Servicer determines in its reasonable business judgment, exercised in accordance with the Servicing Standard, that (x) a
default consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant
risk of such default or (y) any other default that is likely to impair the use or marketability of the related Mortgaged
Property or the value of the Mortgaged Property as security for the Mortgage Loan or, if applicable, Serviced Companion Loan is
reasonably foreseeable or there is a significant risk of such default, which monetary or other default, in either case, would
likely continue unremedied beyond the applicable grace period (or, if no grace period is specified, for a period of 60 days)
and is not likely to be cured by the related Borrower within 60 days or, except as provided in clause (a)(ii) above,
in the case of a Balloon Payment, for at least 30 days;


 


(d)          the
related Borrower has become the subject of a decree or order of a court or agency or supervisory authority having jurisdiction
in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or
the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs;


 


(e)          the
related Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshaling of assets and liabilities or similar proceedings of or relating to such Borrower of or relating to all or substantially
all of its property;


 


(f)           the
related Borrower admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations;


 


(g)          a
default, of which the Master Servicer or Special Servicer has notice (other than a failure by such related Borrower to pay principal
or interest) and which in the opinion of the Master Servicer materially and adversely affects the interests of the Certificateholders
or any holder of a Serviced Companion Loan, if applicable, occurs and


 






    -137-


    


    

 


remains
unremedied for the applicable grace period specified in the Loan Documents for such Mortgage Loan or Serviced Companion Loan (or
if no grace period is specified for those defaults which are capable of cure, 60 days); or


 


(h)          the
Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the related Mortgaged
Property (each of clause (a) through (h), a “Servicing Transfer Event”);


 


provided, that such Mortgage Loan or Serviced Companion Loan will cease to be a Specially Serviced Loan (each, a “Corrected
Mortgage Loan”) (i) with respect to the circumstances described in clauses (a) and (b) above, when the related
Borrower thereunder has brought such Mortgage Loan or Serviced Companion Loan current and thereafter made three consecutive full
and timely Periodic Payments, including pursuant to any workout of such Mortgage Loan or Serviced Companion Loan, (ii) with
respect to the circumstances described in clauses (c), (d), (e), (f) and (h) above, when such circumstances cease to exist
in the good faith judgment of the Special Servicer, or (iii) with respect to the circumstances described in clause (g)
above, when such default is cured (as determined by the Special Servicer in accordance with the Servicing Standard) or waived
by the Special Servicer; provided, in each case, that at that time no circumstance exists (as described above) that would
cause such Mortgage Loan or Serviced Companion Loan to continue to be characterized as a Specially Serviced Loan.


 


Notwithstanding
the foregoing, the Special Servicer may elect to deliver a written notice to the Master Servicer that a Mortgage Loan should be
a Specially Serviced Loan as a result of reasonably foreseeable default under clause (c) above. Upon receipt of any such written
notice, the Master Servicer shall deliver an Officer’s Certificate to each of the depositor and the special servicer with
its determination of whether to transfer such Mortgage Loan to special servicing under clause (c) above and the reasons for such
determination, and such determination will be conclusive with respect to a servicing transfer at that time.


 


If
a Servicing Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed
to exist with respect to the related Serviced Companion Loans, and vice versa.


 


“Specific
Grantor Trust Assets”: The Class S Specific Grantor Trust Assets, the Class V1-A1 Specific Grantor Trust Assets, the
Class V1-A2 Specific Grantor Trust Assets, the Class V1-A3 Specific Grantor Trust Assets, the Class V1-ASB Specific Grantor Trust
Assets, the Class V1-A4 Specific Grantor Trust Assets, the Class V1-A5 Specific Grantor Trust Assets, the Class V1-AM Specific
Grantor Trust Assets, the Class V1-B Specific Grantor Trust Assets, the Class V1-C Specific Grantor Trust Assets, the Class V1-D
Specific Grantor Trust Assets, the Class V1-E Specific Grantor Trust Assets, the Class V1-F Specific Grantor Trust Assets,
the Class V1-G Specific Grantor Trust Assets, and the Class V2 Specific Grantor Trust Assets.


 


“Startup
Day”: In the case of the Upper-Tier REMIC and the Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a) of this Agreement.


 






    -138-


    


    

 


“Starwood
Capital Group Hotel Portfolio Companion Loans”: As defined in the Preliminary Statement.


 


“Starwood
Capital Group Hotel Portfolio Mortgage Loan”: As defined in the Preliminary Statement.


 


“Starwood
Capital Group Hotel Portfolio Service Providers”: With respect to the Starwood Capital Group Hotel Portfolio Companion
Loans, the related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any
other Person that makes principal and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling
and Servicing Agreement.


 


“Starwood
Capital Group Hotel Portfolio Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of June
1, 2017 among Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator
and as trustee, and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer, and entered into in connection
with the DBJPM 2017-C6 Mortgage Trust.


 


“Starwood
Capital Group Hotel Portfolio Whole Loan”: The Starwood Capital Group Hotel Portfolio Companion Loans, together with
the Starwood Capital Group Hotel Portfolio Mortgage Loan. References herein to the Starwood Capital Group Hotel Portfolio Whole
Loan shall be construed to refer to the aggregate indebtedness under the related notes with respect to the Starwood Capital Group
Hotel Portfolio Mortgage Loan and the Starwood Capital Group Hotel Portfolio Companion Loans.


 


“Stated
Principal Balance”: With respect to any Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable,
on any date of determination, the principal balance as of the Cut-off Date of such Mortgage Loan, Serviced Companion Loan or Serviced
Whole Loan (or in the case of a Replacement Mortgage Loan, the outstanding principal balance as of the related date of substitution
and after application of all scheduled payments of principal and interest due on or before the related Due Date in the month of
substitution, whether or not received), as reduced (to not less than zero) on each Distribution Date by (i) all payments
(or P&I Advances in lieu thereof) of, and all other collections allocated as provided in Section 1.02 of this
Agreement to, principal of or with respect to such Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable,
that are distributed to the Certificateholders on such Distribution Date or Serviced Companion Loan Noteholders on the related
remittance date in the same calendar month as such Distribution Date or applied to any other payments required under this Agreement
or related Intercreditor Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special
Servicer (or with respect to a Non-Serviced Mortgage Loan, by the related Other Special Servicer or other applicable servicer)
and other principal losses realized in respect of such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan during the
related Collection Period (or with respect to a Non-Serviced Mortgage Loan, other principal losses realized in respect of such
Non-Serviced Mortgage Loan


 






    -139-


    


    

 


during
the related Collection Period as determined in accordance with the terms of the Other Pooling and Servicing Agreement).


 


A
Mortgage Loan or any related REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal
Balance until the Distribution Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are
received, would have been) distributed to Certificateholders. The Stated Principal Balance of any Mortgage Loan or Serviced Whole
Loan with respect to which the Master Servicer or Special Servicer has made a Final Recovery Determination is zero.


 


“Station
Place III Companion Loans”: As defined in the Preliminary Statement.


 


“Station
Place III Mortgage Loan”: As defined in the Preliminary Statement.


 


“Station
Place III Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of October 1, 2017 between
J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator
and as trustee, and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer and entered into in connection
with the JPMDB Commercial Mortgage Securities Trust 2017-C7.


 


“Station
Place III Service Providers”: With respect to the Station Place III Companion Loans, the related Other Trustee, Other
Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or
interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Station
Place III Whole Loan”: The Station Place III Companion Loans, together with the Station Place III Mortgage Loan. References
herein to the Station Place III Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes with
respect to the Station Place III Mortgage Loan and the Station Place III Companion Loans.


 


“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller
Sub-Servicer and any primary servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Loans.


 


“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Mortgage Loans as provided in Section 3.01(c) of
this Agreement.


 


“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete
functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority
of the Master Servicer or a Servicing Function Participant.


 






    -140-


    


    

 


“Subject
Loans”: As defined in Section 11.02(a).


 


“Subordinate
Companion Loan”: With respect to any Whole Loan, any related subordinated loan not included in the Trust, which is subordinated
in right of payment to the related Mortgage Loan to the extent set forth in the related Intercreditor Agreement. The Worldwide
Plaza Subordinate Companion Loans and the Gateway Net Lease Portfolio Subordinate Companion Loans are the only Subordinate Companion
Loans related to the Trust.


 


“Subsequent
Asset Status Report”: As defined in Section 3.23(e).


 


“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed
Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed
Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be,
of such Replacement Mortgage Loan(s).


 


“Tax
Returns”: The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income
Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss
Allocation, or any successor forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and
the Lower-Tier REMIC due to its classification as a REMIC under the REMIC Provisions and the federal income tax return to be filed
by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E,
part I of subchapter J of the Code, together with any and all other information, reports or returns that may be required
to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any applicable
provisions of federal law or Applicable State and Local Tax Law.


 


“Terminated
Party”: As defined in Section 7.01(e) of this Agreement.


 


“Terminating
Party”: As defined in Section 7.01(e) of this Agreement.


 


“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.


 


“Test”:
As defined in Section 11.01(b)(iii).


 


“The
Woods Companion Loans”: As defined in the Preliminary Statement.


 


“The
Woods Mortgage Loan”: As defined in the Preliminary Statement.


 


“The
Woods Service Providers”: With respect to The Woods Companion Loans, the related Other Trustee, Other Servicer, Other
Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances
in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.


 






    -141-


    


    

 


“The
Woods Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of December 1, 2017 among Morgan
Stanley Capital I Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special
servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator,
custodian, certificate registrar and authenticating agent, and Park Bridge Lender Services LLC, as operating advisor and as asset
representations reviewer, and entered into in connection with the Morgan Stanley Capital I Trust 2017-HR2.


 


“The
Woods Whole Loan”: The Woods Companion Loans, together with The Woods Mortgage Loan. References herein to The Woods
Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes with respect to The Woods Mortgage
Loan and The Woods Companion Loans.


 


“Third
Party Appraiser”: A Person performing an Appraisal.


 


“Third-Party
Purchaser”: Eightfold Real Estate Capital Fund V, L.P., or any Person that purchases the HRR Certificates in accordance
with this Agreement and applicable laws and regulations.


 


“Third
Party Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II
environmental report, seismic report, engineering report, structural report, property condition report or similar report, if any.


 


“Towers
at University Town Center Companion Loan”: As defined in the Preliminary Statement.


 


“Towers
at University Town Center Mortgage Loan”: As defined in the Preliminary Statement.


 


“Towers
at University Town Center Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion
of the Towers at University Town Center Whole Loan. The Towers at University Town Center Pari Passu Note A-1 is not included in
the Trust Fund and is pari passu in right of payment to the Towers at University Town Center Pari Passu Note A-2, as set
forth in the related Intercreditor Agreement. The Towers at University Town Center Pari Passu Note A-1 is held by JPMCB.


 


“Towers
at University Town Center Pari Passu Note A-1 Securitization Date”: With respect to the Towers at University Town Center
Whole Loan, the date on which the Towers at University Town Center Pari Passu Note A-1 is included in a securitization trust,
provided that the related Companion Loan Noteholder provides each of the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee (in each case only to the extent such party will not also be a party to the related
Other Securitization) with notice in accordance with the terms of the related Intercreditor Agreement that the Towers at University
Town Center Pari Passu Note A-1 is to be included in such Other Securitization, which notice shall include contact information
for the related Other Servicer, the Other Special Servicer and the Other Trustee.


 






    -142-


    


    

 


“Towers
at University Town Center Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion
of the Towers at University Town Center Whole Loan. The Towers at University Town Center Pari Passu Note A-2 is included in the
Trust Fund and is pari passu in right of payment to the Towers at University Town Center Pari Passu Note A-1, as set forth
in the related Intercreditor Agreement.


 


“Towers
at University Town Center Pooling and Servicing Agreement”: This Agreement, for so long as the Towers at University
Town Center Whole Loan is serviced pursuant to this Agreement and, on and after the Towers at University Town Center Pari Passu
Note A-1 Securitization Date, the related Other Pooling and Servicing Agreement for the Towers at University Town Center Pari
Passu Note A-1.


 


“Towers
at University Town Center Service Providers”: With respect to the Towers at University Town Center Whole Loan, (i) prior
to the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Trustee, Master Servicer, Special Servicer
and any related sub-servicer hereunder and (ii) on and after the Towers at University Town Center Pari Passu Note A-1 Securitization
Date, the related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other
Person that makes principal and/or interest advances in respect of the Towers at University Town Center Companion Loan or property
advances in respect of the Towers at University Town Center Whole Loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Towers
at University Town Center Whole Loan”: The Towers at University Town Center Companion Loan, together with the Towers
at University Town Center Mortgage Loan. References herein to the Towers at University Town Center Whole Loan shall be construed
to refer to the aggregate indebtedness under the Towers at University Town Center Pari Passu Note A-1 and the Towers at University
Town Center Pari Passu Note A-2.


 


“Transaction
Parties”: As defined in Section 5.02(k)(1) of this Agreement.


 


“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.


 


“Transfer
Restriction Period”: The period from the Closing Date to the earlier of:


 


(a) the
latest of (i) the date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced
to 33.0% of the aggregate Cut-off Date Balance of the Mortgage Loans; (ii) the date on which the aggregate outstanding principal
balance of the Principal Balance Certificates has been reduced to 33.0% of the aggregate outstanding principal balance of the
Principal Balance Certificates as of the Cut-off Date; and (iii) two years after the Closing Date; and


 


(b) such
time as when the Risk Retention Rule ceases to require the retention of risk with respect to the securitization of the Mortgage
Loans contemplated by this Agreement, resulting from the repeal, amendment or modification of all or any portion of the Risk Retention
Rule.


 






    -143-


    


    

 


“Transferee
Affidavit”: As defined in Section 5.02(l)(ii) of this Agreement.


 


“Transferor
Letter”: As defined in Section 5.02(l)(ii) of this Agreement.


 


“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion
Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage
Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans; (vii) a security interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the
Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts,
any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO Account, including any
amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in
any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies
with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase
Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the
Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). For the avoidance of doubt, no Retained Defeasance Rights and Obligations will be an asset of the Trust.


 


“Trust
Ledger”: Amounts deposited in the Collection Account or a Serviced Whole Loan Collection Account and attributable to
the Mortgage Loans or related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06(a)
and Section 3.06(b) of this Agreement, as applicable, and held on behalf of the Trustee on behalf of the Certificateholders
or held on behalf of the Trustee on behalf of the Certificateholders and related Companion Loan Noteholders, as applicable.


 


“Trust
REMICs”: The Lower-Tier REMIC and the Upper-Tier REMIC.


 


“Trustee”:
Wilmington Trust, National Association, in its capacity as Trustee, or its successor in interest, or any successor Trustee appointed
as herein provided.


 


“Trustee
Personnel”: The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee
under this Agreement.


 


“Two
Harbor Point Square Companion Loans”: As defined in the Preliminary Statement.


 






    -144-


    


    

 


“Two
Harbor Point Square Mortgage Loan”: As defined in the Preliminary Statement.


 


“Two
Harbor Point Square Pari Passu Note A-1-A”: The promissory note designated as Note A-1-A, which evidences a portion
of the Two Harbor Point Square Whole Loan. The Two Harbor Point Square Pari Passu Note A-1-A is not included in the Trust Fund
and is pari passu in right of payment to the Two Harbor Point Square Pari Passu Note A-1-B and the Two Harbor Point Square
Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. The Two Harbor Point Square Pari Passu Note A-1-A is
held by CREFI.


 


“Two
Harbor Point Square Pari Passu Note A-1-A Securitization Date”: With respect to the Two Harbor Point Square Whole Loan,
the date on which the Two Harbor Point Square Pari Passu Note A-1-A is included in a securitization trust, provided that
the related Companion Loan Noteholder provides each of the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee (in each case only to the extent such party will not also be a party to the related Other Securitization)
with notice in accordance with the terms of the related Intercreditor Agreement that the Two Harbor Point Square Pari Passu Note
A-1-A is to be included in such Other Securitization, which notice shall include contact information for the related Other Servicer,
the Other Special Servicer and the Other Trustee.


 


“Two
Harbor Point Square Pari Passu Note A-1-B”: The promissory note designated as Note A-1-B, which evidences a portion
of the Two Harbor Point Square Whole Loan. The Two Harbor Point Square Pari Passu Note A-1-B is included in the Trust Fund and
is pari passu in right of payment to the Two Harbor Point Square Pari Passu Note A-1-A and the Two Harbor Point Square
Pari Passu Note A-2, as set forth in the related Intercreditor Agreement.


 


“Two
Harbor Point Square Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the
Two Harbor Point Square Whole Loan. The Two Harbor Point Square Pari Passu Note A-2 is not included in the Trust Fund and is pari
passu in right of payment to the Two Harbor Point Square Pari Passu Note A-1-A and the Two Harbor Point Square Pari Passu
Note A-1-B, as set forth in the related Intercreditor Agreement. The Two Harbor Point Square Pari Passu Note A-2 is held by DBNY.


 


“Two
Harbor Point Square Pooling and Servicing Agreement”: This Agreement, for so long as the Two Harbor Point Square Center
Whole Loan is serviced pursuant to this Agreement and, on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization
Date, the related Other Pooling and Servicing Agreement for the Two Harbor Point Square Pari Passu Note A-1-A.


 


“Two
Harbor Point Square Service Providers”: With respect to the Two Harbor Point Square Whole Loan, (i) prior to the Two
Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Trustee, Master Servicer, Special Servicer and any related
sub-servicer hereunder and (ii) on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the related
Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes
principal and/or interest advances in respect of the Two Harbor Point Square Companion Loans or property advances in


 






    -145-


    


    

 


respect
of the Two Harbor Point Square Whole Loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Two
Harbor Point Square Whole Loan”: The Two Harbor Point Square Companion Loans, together with the Two Harbor Point Square
Mortgage Loan. References herein to the Two Harbor Point Square Whole Loan shall be construed to refer to the aggregate indebtedness
under the Two Harbor Point Square Pari Passu Note A-1-A, the Two Harbor Point Square Pari Passu Note A-1-B and the Two Harbor
Point Square Pari Passu Note A-2.


 


“UCC”:
Uniform Commercial Code.


 


“Underwriters”:
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Academy Securities, Inc. and their
respective successors in interest.


 


“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to Section 3.06(a) of this Agreement, as applicable, but that has not been recovered from the related Borrower
or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole Loan or Serviced REO Property
in respect of which the Advance was made.


 


“Unscheduled
Payments”: With respect to a Mortgage Loan and a Collection Period, all Net Liquidation Proceeds, Net Condemnation Proceeds
and Net Insurance Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased
pursuant to Section 2.03(e), Section 3.16 or Section 9.01 of this Agreement, the Substitution
Shortfall Amount with respect to any substitution pursuant to Section 2.03(g) of this Agreement and any other payments
under or with respect to such Mortgage Loan not scheduled to be made, including Principal Prepayments received by the Master Servicer
(but excluding Prepayment Premiums or Yield Maintenance Charges, if any) during such Collection Period.


 


“Updated
Appraisal”: An Appraisal of a Mortgaged Property or Serviced REO Property, as the case may be, conducted subsequent
to any appraisal performed on or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of
which shall be paid as a Servicing Advance by the Master Servicer. Updated Appraisals shall be conducted by an Independent MAI
appraiser selected by the Special Servicer.


 


“Updated
Valuation”: With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having
a Stated Principal Balance of $2,000,000 or higher, an Updated Appraisal. With respect to a Mortgage Loan having a Stated Principal
Balance of less than $2,000,000, an updated Small Loan Appraisal Estimate or an Updated Appraisal.


 


“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal
portion of any other collections (exclusive of payments by Borrowers) received on the Mortgage


 






    -146-


    


    

 


Loans
and any REO Properties on or prior to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds
and Condemnation Proceeds, net income, rents, and profits from REO Property or otherwise, that were identified and applied by
the master servicer as recoveries of previously unadvanced principal of the related Mortgage Loan; provided, that all such
Liquidation Proceeds and Insurance Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation
Fees, any amount related to the Loss of Value Payments to the extent that such amount was transferred into the Collection Account
during the related Collection Period, accrued interest on Advances and other additional trust fund expenses incurred in connection
with the related Mortgage Loan, thus reducing the Unscheduled Principal Distribution Amount.


 


“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee,
for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1,
Upper-Tier Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier
Distribution Account shall be an asset of the Upper-Tier REMIC.


 


“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
Distribution Account and amounts held therein from time to time.


 


“U.S.
Person”: A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable
Treasury Regulations), or other entity created or organized in or under the laws of the United States, any state thereof or the
District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, an estate
whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United
States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Persons have the
authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, certain
trusts in existence on August 20, 1996 that have elected to be treated as U.S. Persons).


 


“Voting
Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or Class
of Certificateholders. At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class
shall be: (a) 98% to be allocated among the Certificateholders of the respective Classes of Principal Balance Certificates
and Classes of Exchangeable Certificates in proportion to the Certificate Balances (and solely in connection with any vote for
purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(a) and the Operating Advisor
pursuant to Section 7.07(a), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction
Amounts allocated to the Certificates pursuant to Section 4.08(a) hereof) of their Certificates, (b) 2% to be allocated
among the Certificateholders of the Class X-A, Class X-B, Class X-D and Class X-E Certificates (allocated to the Class X-A,
Class X-B, Class X-D and Class X-E Certificates on a


 






    -147-


    


    

 


pro
rata basis based on their respective outstanding Notional Amounts at the time of determination) and (c) 0%, in the case
of the Class S and Class R Certificates.


 


“VRR
Allocation Percentage”: A fraction, expressed as a percentage, equal to the VRR Interest Percentage divided by the Non-VRR
Interest Percentage.


 


“VRR
Available Funds”: With respect to any Distribution Date, an amount equal to the VRR Interest Percentage of the Aggregate
Available Funds for such Distribution Date.


 


“VRR
Interest”: All of the Class V1 and Class V2 Certificates collectively. The VRR Interest represents undivided beneficial
interests in the VRR Specific Grantor Trust Assets.


 


“VRR
Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the
VRR Allocation Percentage and (B) the aggregate amount of interest distributed to the Holders of the Non-VRR Certificates pursuant
to Section 4.01(b)(i), (iv), (vii), (x), (xiii), (xvi), (xix) and (xxii) on such Distribution Date.


 


“VRR
Interest Percentage”: As of any date of determination, a fraction, expressed as a percentage, the numerator of which
is the aggregate Certificate Balance of the Class VRR Upper-Tier Regular Interests, and the denominator of which is the aggregate
Certificate Balance of all of the Classes of Principal Balance Certificates and the Certificate Balance of the Class VRR Upper-Tier
Regular Interests.


 


“VRR
Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the
VRR Allocation Percentage and (B) the aggregate amount of principal distributed to the Holders of the Non-VRR Certificates pursuant
to Section 4.01(b)(ii), (v), (viii), (xi), (xiv), (xvii), (xx) and (xxiii) and the last paragraph of Section 4.01(b) on such Distribution Date.


 


“VRR
Realized Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance
of the Class V1 and Class V2 Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds
(ii) the product of (A) the VRR Interest Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans
(for purposes of this calculation, the aggregate Stated Principal Balance will not be reduced by the amount of principal payments
received on the Mortgage Loans that were used to reimburse the Master Servicer, the Special Servicer or the Trustee from general
collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent those amounts are
not otherwise determined to be Nonrecoverable Advances), including any REO Loans (but in each case, excluding any Companion Loan),
as of the end of the last day of the related Collection Period.


 


“VRR
Retained Prepayment Premiums and Yield Maintenance Charges”: As defined in Section 4.01(d) of this Agreement.


 


“VRR
Specific Grantor Trust Assets”: The Specific Grantor Trust Assets other than the Class S Specific Grantor Trust Assets.


 






    -148-


    


    

 


“WAC
Rate”: With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage)
the numerator of which is the sum for all Mortgage Loans of the product of (i) the Net Mortgage Rate for each such Mortgage
Loan as of the first day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan
as of the first day of the related Collection Period, and the denominator of which is the sum of the Stated Principal Balances
of all Mortgage Loans as of the first day of the related Collection Period (after giving effect to any payments received during
any applicable grace period).


 


“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations 1.671-5(b)(22) or successor
provisions.


 


“WHFIT
Regulations”: Treasury Regulations Section 1.671-5, as amended.


 


“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations 1.671-5(b)(23) or successor provisions.


 


“Whole
Loan”: Each of the 90 Hudson Whole Loan, The Woods Whole Loan, the Griffin Portfolio Whole Loan, the Worldwide Plaza
Whole Loan, the Station Place III Whole Loan, the Atrium Center Whole Loan, the Sentinel Square II Whole Loan, the Radisson Blu
Aqua Hotel Whole Loan, the Gateway Net Lease Portfolio Whole Loan, , the Lehigh Valley Mall Whole Loan, the Rochester Hotel Portfolio
Whole Loan, the 521-523 East 72nd Street Whole Loan, the Marriott Charlotte City Center Whole Loan, the Miracle Mile Shopping
Center Whole Loan, the Towers at University Town Center Whole Loan, the Two Harbor Point Square Whole Loan, the AHIP Northeast
Portfolio I Whole Loan and the Starwood Capital Group Hotel Portfolio Whole Loan.


 


“Withheld
Amount”: With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution
Date occurring in January of each calendar year that is not a leap year and February of each calendar year, unless
in either case such Distribution Date is the final Distribution Date, an amount equal to one day’s interest at the Net Mortgage
Rate on the respective Stated Principal Balance as of the Due Date in the month preceding the month in which such Distribution
Date occurs, to the extent that a Periodic Payment or a P&I Advance is made in respect thereof.


 


The
Withheld Amount for each applicable Distribution Date for each Mortgage Loan that does not accrue interest on a 30/360 basis will
be equal to 1/31 of the interest accrued in respect of the immediately preceding Due Date, to the extent a Periodic Payment or
P&I Advance is made in respect thereof.


 


“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or, with respect to Servicing Advances, any Serviced Whole
Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan on or before the date such Mortgage
Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute)
a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that
(i) such Advance is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage
Loan or Serviced Whole Loan becomes a Corrected Mortgage


 






    -149-


    


    

 


Loan
and (ii) the amount of such Advance becomes an obligation of the related Borrower to pay such amount under the terms of the
modified Loan Documents.


 


“Workout
Fee”: An amount equal to the lesser of (1) 1.0% (or 0.5% in the case of the Mortgage Loan identified on the Mortgage
Loan Schedule as Radisson Blu Aqua Hotel) of each collection of interest and principal (including scheduled payments, prepayments
(provided that a repurchase or substitution by a Mortgage Loan Seller of a Mortgage Loan due to a Material Defect or a
Material Breach shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments at maturity,
but excluding late payment charges, Default Interest and Excess Interest) received on a Specially Serviced Loan that becomes a
Corrected Mortgage Loan for so long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(c) of this Agreement
and (2) $1,000,000, in the aggregate with respect to any particular workout of a Specially Serviced Loan; provided
that in the event the Workout Fee with respect to a Corrected Mortgage Loan is less than $25,000, then the Special Servicer shall
be entitled to an amount from the final payment on the related Corrected Mortgage Loan (including any related Serviced Companion
Loan) that would result in the total Workout Fees payable to the Special Servicer in respect of that Corrected Mortgage Loan (including
any related Serviced Companion Loan) to be equal to $25,000; provided, further, that the Workout Fee with respect
to any Corrected Mortgage Loan shall be capped in accordance with Section 3.12(c) of this Agreement; provided,
further that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan if and to the extent
that the Corrected Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition of “Specially
Serviced Loan” (and no other clause of such definition) and no event of default actually occurs, unless the Mortgage
Loan or Serviced Companion Loan is modified by the Special Servicer in accordance with the terms of this Agreement; provided,
further that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Loan only because of an event described
in clause (a) of the definition of “Specially Serviced Loan” and the related collection of principal
and interest is received within 4 months following the related maturity date as a result of the related Mortgage Loan or Serviced
Companion Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect a Workout Fee
out of the proceeds received in connection with such workout if such fee would reduce the amount available for distributions to
Certificateholders, but the Special Servicer may collect from the related Borrower and retain (x) a workout fee, (y) such
other fees as are provided for in the related Loan Documents and (z) other appropriate fees in connection with such workout. After
receipt by the Special Servicer of Workout Fees with respect to a Corrected Mortgage Loan in an amount equal to $25,000, the total
amount of Workout Fees in excess of such $25,000 payable by the Trust with respect to such Corrected Mortgage Loan and with respect
to any particular workout (assuming, for the purposes of this calculation, that such Corrected Mortgage Loan continues to perform
throughout its term in accordance with the terms of the related workout) shall be reduced by the amount of any and all related
Offsetting Modification Fees received by the Special Servicer as additional servicing compensation relating to such Corrected
Mortgage Loan; provided that the Special Servicer shall be entitled to collect such Workout Fees from the Trust until such
time it has been fully paid such reduced amount. For the avoidance of doubt, the Mortgage Loan Seller will be required to pay
a Workout Fee in connection with a repurchase or substitution to the extent the Special Servicer was entitled to such a fee and
such fee was unpaid immediately prior to such repurchase or substitution or was previously paid by the Trust and was not reimbursed
by the related Borrower immediately prior to such repurchase or substitution. In furtherance of the foregoing, upon a Specially
Serviced Loan


 






    -150-


    


    

 


becoming
a Corrected Mortgage Loan, the Special Servicer shall provide the Master Servicer with a calculation of the total amount of Workout
Fees expected to be payable by the Trust with respect to such Corrected Mortgage Loan throughout its term (which calculation shall
be reasonably acceptable to the Master Servicer) and the total amount of related Offsetting Modification Fees received by the
Special Servicer.


 


“Worldwide
Plaza Companion Loans”: As defined in the Preliminary Statement.


 


“Worldwide
Plaza Mortgage Loan”: As defined in the Preliminary Statement.


 


“Worldwide
Plaza Pari Passu Companion Loans”: As defined in the Preliminary Statement.


 


“Worldwide
Plaza Service Providers”: With respect to the Worldwide Plaza Companion Loans, the related Other Trustee, Other Servicer,
Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest
advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Worldwide
Plaza Subordinate Companion Loans”: As defined in the Preliminary Statement.


 


“Worldwide
Plaza Trust and Servicing Agreement”: The trust and servicing agreement, dated as of November 10, 2017 between GS Mortgage
Securities Corporation II, as depositor, Wells Fargo Bank, National Association, as servicer, Cohen Financial, a Division of SunTrust
Bank, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator and custodian and Park Bridge Lender Services LLC, as operating advisor, and entered into in connection with the
Worldwide Plaza Trust 2017-WWP.


 


“Worldwide
Plaza Whole Loan”: The Worldwide Plaza Companion Loans, together with the Worldwide Plaza Mortgage Loan. References
herein to the Worldwide Plaza Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes with
respect to the Worldwide Plaza Mortgage Loan and the Worldwide Plaza Companion Loans.


 


“Yield
Maintenance Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set
forth in the related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the
allocation set forth under Section 1.02(f) or Section 1.02(g), as applicable.


 


Section 1.02       
Certain Calculations. Unless otherwise specified herein, the following provisions shall apply:


 





(a)          All
calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360 Loans) and
of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.
All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided for herein
shall be made as set forth in the Loan Documents


 






    -151-


    


    

 


for
such Mortgage Loans and, if applicable, Serviced Companion Loans, with respect to the calculation of the related Mortgage Rate.
The Servicing Fee, the Certificate Administrator/Trustee Fee, the CREFC® Intellectual Property Royalty License
Fee and the Operating Advisor Fee for each Mortgage Loan or Serviced Whole Loan, as applicable, shall accrue on the same basis
as interest accrues on such Mortgage Loan or Serviced Whole Loan, as applicable.


 


(b)          Any
Mortgage Loan or Serviced Whole Loan payment is deemed to be received on the date such payment is actually received by the Master
Servicer or the Certificate Administrator; provided, that for purposes of calculating distributions on the Certificates,
Principal Prepayments with respect to any Mortgage Loan or Serviced Whole Loan are deemed to be received on the date they are
applied in accordance with Section 3.01(b) of this Agreement to reduce the Stated Principal Balance of such Mortgage Loan
or Serviced Whole Loan on which interest accrues.


 


(c)          Except
as otherwise provided in the related Loan Documents or Intercreditor Agreement, any amounts received in respect of a Mortgage
Loan or Serviced Whole Loan as to which a default has occurred and is continuing in excess of Periodic Payments shall be applied
to Default Interest and other amounts due on such Mortgage Loan or Serviced Whole Loan prior to the application to late fees.


 


(d)          Allocations
of payments between a Mortgage Loan and the related Serviced Companion Loans in a Whole Loan shall be made in accordance with
the related Intercreditor Agreement.


 


(e)          If
an expense under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, any Trust REMIC
or the Grantor Trust or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions
or the actual payment of any REMIC tax or expense, or Grantor Trust tax or expense or this Agreement states that any expense is
solely “an expense of the Trust Fund” or words of similar import, then such expense shall not be allocated to, deducted
or reimbursed from, or otherwise charged against any Serviced Companion Loan Noteholder and such Serviced Companion Loan Noteholder
shall not suffer any adverse consequences as a result of the payment of such expense.


 


(f)           All
amounts collected by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO Loan) in the form of
payments from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive, if
applicable, in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the
related Serviced Companion Loan,
pursuant to the related Intercreditor Agreement) shall be allocated to amounts due and owing under the related Loan Documents
(including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Loan Documents
and, with respect to any Mortgage Loan that is part of a Serviced Whole Loan, the related Intercreditor Agreement; provided that, absent such express provisions, all such amounts collected (exclusive, if applicable, in the case of a Mortgage Loan
that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion


 






    -152-


    


    

 


Loan pursuant to the related Intercreditor
Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order
of priority:


 


(i)         as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;


 


(ii)        as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed
from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution
Amount);


 


(iii)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such
Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest
Accrual Period, over (B) the sum of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances
for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal
Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant
to clause (v) below on earlier dates) and (y) Accrued AB Loan Interest;


 


(iv)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due and
owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if such Mortgage Loan has
been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);


 


(v)        as
a recovery of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if
any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts and (ii) Accrued AB Loan Interest (in each of clause
(i) and (ii), to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this
clause (v) on earlier dates);


 


(vi)       as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating to such Mortgage Loan;


 


(vii)      as
a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;


 


(viii)     as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;


 






    -153-


    


    

 


(ix)         as
a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under such Mortgage Loan;


 


(x)          as
a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;


 


(xi)         as
a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated
to Operating Advisor Consulting Fees);


 


(xii)        as
a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and


 


(xiii)       in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;


 


provided that, to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Mortgage
Loan Seller’s rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including
in connection with a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan (or Serviced Whole Loan)
exceeds 125% or would exceed 125% following any partial release (based solely on the value of real property and excluding personal
property and going concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the Mortgage
Loan (or Serviced Whole Loan) in the manner permitted by the REMIC Provisions.


 


(g)        Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs
of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of an REO Property
related to a Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Serviced Companion Loan pursuant
to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage
Loan in the following order of priority:


 


(i)          as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;


 


(ii)         as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated to
principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution
Amount);


 


(iii)        to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related
Mortgage Loan (exclusive of


 






    -154-


    


    

 


Default
Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such Mortgage Loan at the related
Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest Accrual Period, over (B) the
sum of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that
have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the
extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below or clause
(v) of Section 1.02(f) on earlier dates) and (y) Accrued AB Loan Interest;


 


(iv)        to
the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the related Mortgage Loan
to the extent of its entire unpaid principal balance;


 


(v)         as
a recovery of (i) accrued and unpaid interest on the related Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts and (ii) Accrued AB Loan Interest (in each of clause
(i) and (ii), to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest
pursuant to this clause (v) or clause (v) of Section 1.02(f) on earlier dates);


 


(vi)        as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;


 


(vii)       as
a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under the related Mortgage
Loan;


 


(viii)      as
a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;


 


(ix)        as
a recovery of any other amounts then due and owing under the related Mortgage Loan other than remaining unpaid principal (if both
consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then,
allocated to Operating Advisor Consulting Fees); and


 


(x)         in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.


 


(h)         The
applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (f) of this Section 1.02 shall be
determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of
any Mortgage Loan, or any REO Property pursuant to paragraph (g) of this Section 1.02 shall be determined by the Special
Servicer in accordance with the Servicing Standard.


 


(i)          All
net present value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property or
REO Property (including for


 






    -155-


    


    

 


purposes
of the definition of “Servicing Standard”) shall be made in accordance with the Loan Documents or, if the Loan
Documents are silent, using the Calculation Rate.


 


(j)          For
purposes of calculations required herein, Excess Interest shall not be added to the outstanding principal balance of the Mortgage
Loans notwithstanding that the related Loan Documents may provide otherwise.


 


Section 1.03     Certain
Constructions. For purposes of this Agreement, references to the most or next most subordinate Class of Non-VRR Certificates
outstanding at any time shall mean the most or next most subordinate Class of Non-VRR Certificates then outstanding as among the
Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M,
Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates. For purposes of this
Agreement, each Class of Principal Balance Certificates and the Class V2 Certificates shall be deemed to be outstanding only to
the extent its respective Certificate Balance has not been reduced to zero. For purposes of this Agreement, the Excess Interest
Certificates shall be outstanding so long as any of the ARD Loans are outstanding. For purposes of this Agreement, the Class R
Certificates shall be outstanding so long as the Trust Fund has not been terminated pursuant to Section 9.01 of this
Agreement or any other Class of Certificates remains outstanding. For purposes of this Agreement, each of the Class X-A,
Class X-B, Class X-D and Class X-E Certificates shall be deemed to be outstanding until their respective Notional Amounts
have been reduced to zero. For purposes of this Agreement, in the case of a Class of Exchangeable Certificates, assuming that
the maximum related Certificate Balance is issued on the Closing Date and no exchanges in accordance with Section 5.09 subsequently occur, each of the Class of Exchangeable Certificates shall be deemed to be outstanding until the respective
Certificate Balances or Notional Amounts, as applicable, of each of their Related Regular Certificates has been reduced to zero.


 


Notwithstanding
anything to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer
or Special Servicer that is subject to the consent or approval of the Directing Holder, or consultation with the Directing Holder,
the Risk Retention Consultation Party or the Operating Advisor, shall in each case be further subject to the determination by
the Master Servicer or Special Servicer that taking or refraining from taking the action as proposed by the Directing Holder,
the Risk Retention Consultation Party or the Operating Advisor or not taking such action as proposed by the Master Servicer or
Special Servicer if the Directing Holder fails to grant its consent or approval, or if the Directing Holder, the Risk Retention
Consultation Party or the Operating Advisor, as applicable, fail to express their concurrence, to any action proposed to be taken
by the Master Servicer or Special Servicer, in each case, is consistent with the Servicing Standard. In each case, (a) if
the response by the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor hereunder is inconsistent
with the Servicing Standard, the Master Servicer or the Special Servicer shall take such action as is consistent with the Servicing
Standard, and (b) if the Master Servicer or Special Servicer determines that immediate action is necessary to protect the
interests of the Certificateholders and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders,
(as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single
lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate
nature of such Subordinate Companion Loan)), and the Master Servicer or Special Servicer, as


 






    -156-


    


    

 


applicable,
has made a reasonable effort to contact the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor,
as applicable, it may take such action without waiting for a response from the Directing Holder, the Risk Retention Consultation
Party or the Operating Advisor, as applicable; provided that the Special Servicer or Master Servicer, as applicable, shall
provide the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor, if applicable) with prompt written
notice following such action including a reasonably detailed explanation of the basis for such action.


 


Section 1.04     Certain
Matters Relating to the Non-Serviced Mortgage Loans. Each Other Servicer, Other Special Servicer, Other Depositor, Other Operating
Advisor, Other Asset Representations Reviewer and Other Trustee, and any of their respective directors, officers, employees or
agents (as and to the same extent the securitization trust formed under the related Other Pooling and Servicing Agreement is required
to indemnify such parties in respect of other Mortgage Loans in the securitization trust formed under the related Other Pooling
and Servicing Agreement pursuant to the terms of the Other Pooling and Servicing Agreement) and each Other Securitization (collectively,
the “Other Indemnified Parties”), shall be indemnified by the Trust and held harmless against the Trust’s
pro rata share (subject to the related Intercreditor Agreement) of any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in
connection with servicing and administration of or any actual or threatened legal action or claim relating to the related Non-Serviced
Mortgage Loan and the related non-serviced Mortgaged Property under the related Other Pooling and Servicing Agreement, this Agreement
or the related Intercreditor Agreement (but excluding any such losses allocable to the related Companion Loans); provided
that such indemnification will not extend to any losses, liabilities, costs or expenses: (i) specifically required to be borne
by such party, without right of reimbursement, pursuant to the terms of the related Other Pooling and Servicing Agreement; (ii)
incurred in connection with any legal action or claim against such party resulting from any breach of a representation or warranty
made by such person under the related Other Pooling and Servicing Agreement or (iii) incurred in connection with any legal action
or claim against such party resulting from any willful misfeasance, bad faith or negligence in the performance of such Person’s
obligations and duties under the related Other Pooling and Servicing Agreement or the related Intercreditor Agreement or resulting
from negligent disregard of such obligations and duties.


 


In
connection with the securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and
at the expense of) the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in
attempting to cause the related Borrower to provide information relating to the related Serviced Whole Loan and the related notes,
and that such holders reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating
to such Other Securitization.


 


On
and after the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium Center Whole Loan shall be a “Non-Serviced
Whole Loan”, each Atrium Center Companion Loan shall be a “Non-Serviced Companion Loan” and the Atrium Center
Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.


 






    -157-


    


    

 


On
and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Whole Loan shall be a “Non-Serviced
Whole Loan”, the Sentinel Square II Companion Loan shall be a “Non-Serviced Companion Loan” and the Sentinel
Square II Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.


 


On
and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio Whole Loan shall
be a “Non-Serviced Whole Loan”, the Rochester Hotel Portfolio Companion Loan shall be a “Non-Serviced Companion
Loan” and the Rochester Hotel Portfolio Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.


 


On
and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, the Marriott Charlotte City Center Whole
Loan shall be a “Non-Serviced Whole Loan”, each Marriott Charlotte City Center Companion Loan shall be a “Non-Serviced
Companion Loan” and the Marriott Charlotte City Center Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.


 


On
and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town Center Whole
Loan shall be a “Non-Serviced Whole Loan”, the Towers at University Town Center Companion Loan shall be a “Non-Serviced
Companion Loan” and the Towers at University Town Center Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.


 


On
and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Whole Loan shall
be a “Non-Serviced Whole Loan”, each Two Harbor Point Square Companion Loan shall be a “Non-Serviced Companion
Loan” and the Two Harbor Point Square Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.


 


On
each Servicing Shift Securitization Date (i) the Custodian shall, upon receipt of a Request for Release transfer the related Mortgage
File (other than the note(s) designating the related Servicing Shift Mortgage Loan), the original of which shall be retained by
the Custodian) for the related Servicing Shift Whole Loan to the related Other Trustee under the related Other Pooling and Servicing
Agreement and retain a copy of such Mortgage File and (ii) the Master Servicer shall, upon receipt of notice from the applicable
Mortgage Loan Seller or the holder of the applicable Controlling Companion Loan that the applicable Servicing Shift Lead Note
has been or is being securitized on the related Servicing Shift Securitization Date, transfer (and cooperate with reasonable requests
in connection with such transfer of) the Servicing File for the related Servicing Shift Whole Loan, and any Escrow Payments, reserve
funds and originals of items specified in Sections 2.01(a)(xix) and (xx) for the related Servicing Shift Whole Loan,
to the related Other Servicer on the related Servicing Shift Securitization Date.


 


Upon
receipt of notice from the applicable Mortgage Loan Seller or the holder of the applicable Controlling Companion Loan that the
applicable Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, the
Master Servicer shall provide the Custodian with a Request for Release of the Mortgage File on the related Servicing Shift Securitization
Date and transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File to the related
Other Servicer identified to it


 






    -158-


    


    

 


pursuant
to the related notice from the related Mortgage Loan Seller on the related Servicing Shift Securitization Date.


 


Article II


 


CONVEYANCE
OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES


 


Section 2.01     Conveyance
of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements. (a)  The Depositor, concurrently with the execution
and delivery hereof on the Closing Date, does hereby establish a trust designated as “Benchmark 2018-B1 Mortgage Trust,”
appoint the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the Trustee without
recourse (except to the extent herein provided) all the right, title and interest of the Depositor in and to the Mortgage Loans,
including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in
real or personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in all Reserve
Accounts, Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included in the Trust
Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with
respect to the Mortgage Loans after the Cut-off Date and, in the case of a Mortgage Loan included in a Whole Loan, is subject
to the related Intercreditor Agreement. Transfer and assignment of a Non-Serviced Mortgage Loan and the right to service a Non-Serviced
Mortgage Loan is further subject to the terms and conditions of the Other Pooling and Servicing Agreement and the related Intercreditor
Agreement. The Depositor, concurrently with the execution and delivery hereof, does also hereby transfer, assign, set over and
otherwise convey to the Trustee without recourse (except to the extent provided herein), for the benefit of the Certificateholders
and the Serviced Companion Loan Noteholders, all the right, title and interest of the Depositor in, to and under the Mortgage
Loan Purchase Agreements as provided therein (excluding Sections 6(e)-(g) of each Mortgage Loan Purchase Agreement, the representations,
warranties and covenants in favor of the Depositor set forth in clause (viii) of Section 4(b) of each Mortgage
Loan Purchase Agreement and the Depositor’s rights and remedies with respect to a breach thereof, and excluding the Depositor’s
rights and remedies under the Indemnification Agreements) to the extent related to any Mortgage Loan. The Depositor shall cause
the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Mortgage Loans to be transferred to and held
in the name of the Master Servicer on behalf of the Trustee as successor to the Mortgage Loan Sellers.


 


With
respect to any Mortgage Loan that is subject to an Intercreditor Agreement, the parties hereto intend that the provisions of this
Section 2.01(a) serve as an assignment and assumption agreement between the Depositor, as the assignor, and the
Trustee on behalf of the Trust, as the assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all
other applicable provisions of this Agreement) assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee
all right, title and interest of the Depositor in, to and arising out of the related Intercreditor Agreement and the Trustee on
behalf of the Trust hereby accepts (subject to applicable provisions of this Agreement) the foregoing assignment and assumes all
of the rights and obligations of the Depositor with respect to related Intercreditor Agreement from


 






    -159-


    


    

 


and
after the Closing Date. In addition, the Trustee acknowledges that any such Mortgage Loan that is part of a Serviced Whole Loan
shall be serviced pursuant to the terms of this Agreement.


 


In
connection with such transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies
to the Master Servicer and the Special Servicer, the following documents or instruments with respect to each Mortgage Loan and
each Serviced Companion Loan (which, except for the Mortgage Note referred to in clause (i) below, relate to the Serviced
Whole Loan) so assigned (provided, the original of documents specified in clauses (xix) and (xx) shall be delivered
to the Master Servicer):


 


(i)          (A)
the original Mortgage Note, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee
prior to the Trustee or, if none, by the Originator, without recourse, either in blank and further showing a complete, unbroken
chain of endorsement from the Originator or to the order of the Trustee in the following form: “Pay to the order of Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2018-B1, without recourse”; and (B) in the case of each related Serviced Companion Loan,
a copy of the executed Mortgage Note for such Serviced Companion Loan;


 


(ii)         (A)
the original (or a copy thereof certified from the applicable recording office) of the Mortgage and, (B) if applicable, the originals
(or copies thereof certified from the applicable recording office) of any intervening assignments thereof showing a complete chain
of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior
to the Trustee, if any, in each case with evidence of recording indicated thereon;


 


(iii)        an
original or copy (if the related Mortgage Loan Seller or its designee, rather than the Custodian and its designee, is responsible
for the recording thereof) of an Assignment of Mortgage, in recordable form (except for missing recording information and, if
delivered in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the
Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wilmington Trust,
National Association, as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2018-B1” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced
Companion Loan Noteholders);


 


(iv)        (A)
an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originator of the
related Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an original
assignment of any related security agreement (if such item is a document separate from the related Mortgage) executed by the most
recent assignee thereof prior to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the
following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of Benchmark 2018-


 






    -160-


    


    

 


B1
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1” (in such capacity and, with respect to any
Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders), which assignment may be included as part of
the corresponding Assignment of Mortgage referred to in clause (iii) above;


 


(v)        (A)
stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and
maintain the perfection of) any security interest held by the Originator of the Mortgage Loan or Serviced Whole Loan (and each
assignee of record prior to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in each case with
evidence of filing or recording thereon) and which were in the possession of the related Mortgage Loan Seller (or its agent) at
the time the Mortgage Files were delivered to the Custodian, together with original UCC-3 assignments of financing statements
showing a complete chain of assignment from the secured party named in such UCC-1 financing statement to the most recent assignee
of record thereof prior to the Trustee, if any, and (B) if any such security interest is perfected and the earlier UCC financing
statements and continuation statements were in the possession of the related Mortgage Loan Seller, an assignment of UCC financing
statement by the most recent assignee of record prior to the Trustee or, if none, by the Originator, evidencing the transfer of
such security interest, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-B1” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders); provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered
in lieu of delivering such UCC financing statements including, without limitation, evidence of such filed or recorded UCC Financing
Statement as shown on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation
Service Company, CT Corporation System and the like or printouts of on-line confirmations from such UCC filing or recording offices
or authorized agents thereof;


 


(vi)       the
original or a copy of the Loan Agreement relating to such Mortgage Loan, if any;


 


(vii)      the
original or a copy of the lender’s title insurance policy (which may be in electronic form) issued in connection with the
origination of the Mortgage Loan, together with all endorsements or riders (or copies thereof) that were issued with or subsequent
to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property, or, subject to
Section 2(d) of the applicable Mortgage Loan Purchase Agreement, a “marked up” commitment to insure marked as binding
and countersigned by the related insurer or its authorized agent (which may be a pro forma or specimen title insurance
policy which has been accepted or approved as binding in writing by the related title insurance company), or, subject to Section
2(d) of the applicable Mortgage Loan Purchase Agreement, an agreement to provide the same pursuant to binding escrow instructions
executed by an authorized representative of the title company;


 






    -161-


    


    

 


(viii)      (A)
the original or a copy of the related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage)
and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from
the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee,
if any, in each case with evidence of recording thereon; and (B) an original or copy (if the related Mortgage Loan Seller or its
designee, rather than the Custodian and its designee, is responsible for the recording thereof) of an assignment of any related
Assignment of Leases, Rents and Profits (a “Reassignment of Assignment of Leases, Rents and Profits”) (if such
item is a document separate from the Mortgage), in recordable form (except for missing recording information and, if delivered
in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or,
if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National
Association, as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-B1” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause
(iii) above;


 


(ix)        the
original or copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to the
related Mortgaged Property required in connection with origination of the related Mortgage Loan or Serviced Whole Loan and copies
of Environmental Reports;


 


(x)         copies
of the currently effective Management Agreements, if any, for the Mortgaged Properties;


 


(xi)        if
the Borrower has a leasehold interest in the related Mortgaged Property, the original or copy of the ground lease (or, with respect
to a leasehold interest where the Borrower is a lessee and that is a space lease or an air rights lease, the original of such
space lease or air rights lease), and any related lessor estoppel or similar agreement or a copy thereof; if any;


 


(xii)       if
the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts
and the assignment thereof, if any, to the Trustee;


 


(xiii)      if
any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof;
with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a stamped or certified copy of the
UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest in the
Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments of financing
statements assigning such UCC-1 financing statements to the Trustee in the following form: “Wilmington Trust, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through


 






    -162-


    


    

 


Certificates,
Series 2018-B1” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders));


 


(xiv)      originals
or copies of all assumption, modification, written assurance and substitution agreements, if any, with evidence of recording thereon
if appropriate, in those instances where the terms or provisions of the Mortgage, the Mortgage Note or any related security document
have been modified or the Mortgage Loan or Serviced Whole Loan has been assumed;


 


(xv)       the
original or a copy of any guaranty of the obligations of the Borrower under the Mortgage Loan or Serviced Whole Loan together
with, as applicable, (A) the original or copies of any intervening assignments of such guaranty showing a complete chain of assignment
from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any,
and (B) an original assignment of such guaranty executed by the most recent assignee thereof prior to the Trustee or, if none,
by the Originator;


 


(xvi)      the
original or a copy of the power of attorney (with evidence of recording thereon, if appropriate) granted by the related Borrower
if the Mortgage, Mortgage Note or other document or instrument referred to above was signed on behalf of the Borrower pursuant
to such power of attorney;


 


(xvii)     with
respect to each Whole Loan, a copy of the related Intercreditor Agreement and, if applicable, a copy of the related Other Pooling
and Servicing Agreement;


 


(xviii)    with
respect to hospitality properties, a copy of the franchise agreement, if any, an original or copy of the comfort letter, if any,
and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer
or assign the benefits of such comfort letter to the Trust, a copy of the notice to the franchisor of the transfer of such Mortgage
Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Trust (in each case, as and to the
extent required pursuant to the terms of such comfort letter), with the original of any replacement comfort letter to be included
in the Mortgage File following receipt thereof by the Master Servicer;


 


(xix)      the
original (or copy, if the original is held by the Master Servicer or applicable Other Servicer pursuant to (c) of this
Agreement) of any letter of credit held by the lender as beneficiary or assigned as security for such Mortgage Loan or Serviced
Whole Loan;


 


(xx)       the
appropriate assignment or amendment documentation related to the assignment to the Trust of any letter of credit securing such
Mortgage Loan or Serviced Whole Loan (or copy thereof, if the original is held by the Master Servicer or applicable Other Servicer
pursuant to Section 2.01(c) of this Agreement) which entitles the Master Servicer on behalf of the Trust and the Companion
Loan Noteholders (with respect to any Serviced Whole Loan) to draw thereon; and


 






    -163-


    


    

 


(xxi)       with
respect to any Mortgage Loan with related mezzanine debt or other subordinate debt (other than a Companion Loan), a copy of the
related co-lender agreement, subordination agreement or other intercreditor agreement. 





 


The
original assignments referred to in clauses (iii), (iv)(B), (viii)(B) and (xv)(B), may be in the form
of one or more instruments in recordable form in any applicable filing or recording offices.


 


Notwithstanding
anything to the contrary contained in this Section 2.01(a) or in Section 2.01(b), Section 2.01(c), or Section 2.02,
in connection with a Servicing Shift Whole Loan (1) instruments of assignment to the Trustee may be in blank and need not be recorded
or filed pursuant to this Agreement until the earliest of (i) the related Servicing Shift Securitization Date, in which case
such instruments shall be assigned and recorded in accordance with the related Other Pooling and Servicing Agreement, (ii) the
date such Servicing Shift Whole Loan becomes a Specially Serviced Loan, in which case assignments and recordations shall be effected
in accordance with this Section 2.01(a), and (iii) 90 days following the Closing Date, in which case assignments
and recordations shall be effected in accordance with this Section 2.01(a), (2) no letter of credit need be amended
(including, without limitation, to change the beneficiary thereon) until the earliest of (i) the related Servicing Shift
Securitization Date, in which case such amendment shall be in accordance with the related Other Pooling and Servicing Agreement
and (ii) the date such Servicing Shift Whole Loan becomes a Specially Serviced Loan, in which case such amendment shall be
effected in accordance with the terms of this Section 2.01, and (iii) 90 days following the closing Date, in
which case such amendment shall be effected in accordance with the terms of this Section 2.01, and (3) on and following
such Servicing Shift Securitization Date, the Person selling the related Servicing Shift Lead Note to the related Other Depositor,
at its own expense, shall be (a) entitled to direct in writing, which may be conclusively relied upon by the Custodian, the Custodian
to deliver the originals of all the Loan Documents relating to such Servicing Shift Whole Loan in its possession (other than the
original Note(s) evidencing such Servicing Shift Mortgage Loan) to the related Other Trustee or the related Other Custodian, (b)
if the right under clause (a) is exercised, required to cause the retention by or delivery to the Custodian of photocopies
of Loan Documents related to such Servicing Shift Whole Loan so delivered to such Other Trustee or such Other Custodian, (c) entitled
to cause the completion (or, in the event of a recordation as contemplated by clause (1)(ii) of this paragraph, the preparation,
execution and delivery) and recordation of instruments of assignment in the name of the related Other Trustee or related Other
Custodian, (d) if the right under clause (c) is exercised, required to deliver to the Trustee or Custodian photocopies
of any instruments of assignment so completed and recorded, and (e) entitled to require the Master Servicer to transfer, and to
cooperate with all reasonable requests in connection with the transfer of, the Servicing File, and any Escrow Payments, reserve
funds and items specified in clauses (xix) and (xx) of (a) for such Servicing Shift Whole Loan to the related
Other Servicer.


 


With
respect to Serviced Whole Loans, except for the Mortgage Note referred to in clause (i)(B) of the second preceding
paragraph, only a single original set of the Loan Documents specified above is required to be delivered. Notwithstanding anything
herein to the contrary, with respect to a Non-Serviced Mortgage Loan, any assignments or other transfer documents referred to
in the third preceding paragraph as being in favor of the Trustee shall


 






    -164-


    


    

 


instead
be in favor of the applicable Other Trustee and (1) if the Custodian is not also the related Non-Serviced Whole Loan Custodian,
the preceding document delivery requirements will be met by the delivery by the applicable Mortgage Loan Seller to the Custodian
of copies of the documents specified above (other than the Mortgage Note and intervening endorsements evidencing a Non-Serviced
Mortgage Loan, with respect to which the originals shall be required), including a copy of the Mortgage securing the applicable
Non-Serviced Mortgage Loan and copies of the companion notes or (2) if the Custodian is also the related Non-Serviced Whole Loan
Custodian, the preceding document delivery requirements shall be met by the delivery by the Mortgage Loan Seller to the Custodian
of only the original Mortgage Note and intervening endorsements evidencing such Non-Serviced Mortgage Loan (and, if any document
specified in Section 2.01(a) of this Agreement was not required to be delivered in connection with the related Other Securitization,
a copy of such document); provided that with respect to such Non-Serviced Mortgage Loan, if Wells Fargo Bank, National
Association ceases to be Custodian with respect to such Non-Serviced Mortgage Loan, it shall, upon receipt of a request for release,
provide the original note, allonge and intercreditor agreement and copies of all other Loan Documents specified above to the successor
Custodian.


 


With
respect to the Mortgage Loans, within 45 days after the Closing Date or, without limiting the requirements of the third paragraph
of (b), after such later date on which the Mortgage Loan Seller has received all the missing recording/filing information,
each Mortgage Loan Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to, except in
the case of any Mortgage Loan that is a Non-Serviced Mortgage Loan, (1) complete (to the extent necessary) and submit for
recording in favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit
of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1” (and with
respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in the appropriate public recording office
(a) each Assignment of Mortgage referred to in Section 2.01(a)(iii) which has not yet been submitted for recording and
(b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(a)(viii)(B) (if
not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) complete
(to the extent necessary) and file in the appropriate public filing office each UCC assignment of financing statement referred
to in Section 2.01(a)(v)(B) and (xiii) which has not yet been submitted for filing or recording. Each such document
shall reflect that the recorded original should be returned by the public recording office to the Custodian or its designee (or
to the Mortgage Loan Seller or its designee as an alternative) following recording, and each such document shall reflect that
the file copy thereof should be returned to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an
alternative) following filing; provided that in those instances where the public recording office retains the original
Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, the Custodian shall use commercially reasonable
efforts to obtain therefrom a certified copy of the recorded original, at the expense of the Depositor. In the event that any
such document or instrument in respect of any Mortgage Loan is lost or returned unrecorded or unfiled, as the case may be, because
of a defect therein, the related Mortgage Loan Seller shall promptly prepare or cause the preparation of a substitute thereof
or cure or cause the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document
to or at the direction of the Custodian or such other third party vendor as retained by the Mortgage Loan Seller for recording
or filing, as appropriate, at such Mortgage Loan Seller’s expense (as set forth in the


 






    -165-


    


    

 


related
Mortgage Loan Purchase Agreement). In the event that any Mortgage Loan Seller receives the original recorded or filed copy, each
Mortgage Loan Seller will, promptly upon receipt of the original recorded or filed copy (and in no event later than five Business
Days following such receipt) deliver such original to the Custodian, with evidence of filing or recording thereon. Notwithstanding
anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains
the original Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases,
Rents and Profits, if applicable, after any has been recorded, the obligations of the related Mortgage Loan Seller under the applicable
Mortgage Loan Purchase Agreement shall be deemed to have been satisfied upon delivery to the Custodian of a copy of the recorded
original of such Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases,
Rents and Profits, if applicable.


 


If
a Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related
lender’s title insurance policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been
issued, the delivery requirements of this Section 2.01 will be deemed to be satisfied as to such missing item, and
such missing item will be deemed to have been included in the related Mortgage File by delivery to the Custodian of a binder marked
as binding and countersigned by the title insurer or its authorized agent (which may be a pro forma or specimen title insurance
policy which has been accepted or approved as binding in writing by the related title insurance company) or an acknowledged closing
instruction or escrow letter, and the Mortgage Loan Seller will be required to deliver to the Custodian, promptly following the
receipt thereof, the original related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments
of Mortgage, Reassignments of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall be held
by the Custodian.


 


Subject
to the third preceding paragraph, all original documents relating to the Mortgage Loans which are not delivered to the Custodian
are and shall be held by the Depositor or the Master Servicer (or a sub-servicer on its behalf), as the case may be, in trust
for the benefit of the Certificateholders and, insofar as they also relate to the Serviced Companion Loans, on behalf of and for
the benefit of the related Serviced Companion Loan Noteholders. In the event that any such original document, or in the case of
a Serviced Companion Loan, the original Mortgage Note, is required pursuant to the terms of this Section to be a part of
a Mortgage File in order to effectuate the purposes of this Agreement, such document shall be delivered promptly to the Custodian.


 


(b)          In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby
represents and warrants that it has directed, each of the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase
Agreement to deliver to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before
the Closing Date, subject to Section 2.01(a), for each Mortgage Loan so assigned the Mortgage Note (or a copy of the
Mortgage Note evidencing each related Serviced Companion Loan), the original or a copy of the related Mortgage, the original or
a copy of the title policy for each Mortgage Loan (subject to the second-to-last paragraph under Section 2.01(a)),
a copy of the related ground lease (or, with respect to a leasehold interest with respect to a space lease or air rights, a copy
of the related space lease or air rights lease), if applicable, for each Mortgage


 






    -166-


    


    

 


Loan
and an original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c) or the Mortgage
Loan is a Non-Serviced Mortgage Loan) of any letters of credit held by the lender as beneficiary or assigned as security for the
Mortgage Loan, and, except as otherwise provided in the following paragraph, within 30 days following the Closing Date, the
remaining applicable documents referred to in Section 2.01(a) for each such Mortgage Loan or Serviced Companion
Loan, in each case, with copies to the Master Servicer and (ii) the Master Servicer, on or before the Closing Date, all documents
and records that are part of each applicable Servicing File. If the applicable Mortgage Loan Seller cannot deliver, or cause to
be delivered, as to any Mortgage Loan, the original Mortgage Note, such Mortgage Loan Seller shall deliver a copy or duplicate
original of such Mortgage Note, together with an affidavit certifying that the original thereof has been lost or destroyed and
an indemnification in favor of the Certificate Administrator, the Trustee and the Custodian.


 


If
the applicable Mortgage Loan Seller or the Depositor cannot deliver, or cause to be delivered, as to any Mortgage Loan (subject
to any qualifications provided for herein or in the related Mortgage Loan Purchase Agreement with respect to a Non-Serviced Mortgage
Loan), the original or a copy of any of the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(iii),
(a)(v), Section 2.01(a)(viii), Section 2.01(a)(xiv) and Section 2.01(a)(xvi) and the
UCC financing statements and UCC assignments of financing statements referred to in Section 2.01(a)(xiii), with evidence
of recording or filing thereon, solely because of a delay caused by the public recording or filing office where such document
or instrument has been delivered for recordation or filing, or because such original recorded or filed document has been lost
or returned from the recording or filing office and subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included
in the related Mortgage File, provided that a copy of such document or instrument (without evidence of recording or filing
thereon, but certified (which certificate may relate to multiple documents and/or instruments) by the applicable public recording
or filing office, the applicable title insurance company or the related Mortgage Loan Seller to be a true and complete copy of
the original thereof submitted for recording or filing, as the case may be) has been delivered to the Custodian within 60 days
after the Closing Date, and either the original of such missing document or instrument, or a copy thereof, with evidence of recording
or filing, as the case may be, thereon, is delivered to the Custodian within 180 days after the Closing Date (or within such
longer period after the Closing Date so long as the related Mortgage Loan Seller has provided the Custodian with evidence of such
recording or filing, as the case may be, or has certified to the Custodian as to the occurrence of such recording or filing, as
the case may be, and is, as certified to the Custodian no less often than quarterly, in good faith attempting to obtain from the
appropriate county recorder’s or filing office such original or copy, provided such extensions do not exceed 24 months in
the aggregate).


 


(c)          Notwithstanding
anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix) and Section 2.01(a)(xx) of this Agreement, the Master Servicer shall hold (or the applicable Other Servicer with respect to any Non-Serviced Mortgage
Loan will hold) the original of each such document in trust on behalf of the Trust (or the applicable Other Trust with respect
to any Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust
with respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller shall be deemed to have satisfied the
delivery requirements of the related Mortgage Loan Purchase Agreement and this


 






    -167-


    


    

 


Section 2.01 of this Agreement by delivering the original of each such document to the Master Servicer (or the applicable Other Servicer
with respect to any Non-Serviced Mortgage Loan) who shall forward a copy of the applicable document to the Custodian (or the custodian
in the applicable Other Securitization with respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller shall
pay any costs of assignment or amendment of such letter of credit (which amendment shall change the beneficiary of the letter
of credit to the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) in care of the Master Servicer
(or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan)) required in order for the Master Servicer (or
the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan) to draw on such letter of credit on behalf of the
Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan). In the event that the documents specified
in Section 2.01(a)(xx) of this Agreement are missing with respect to any Serviced Mortgage Loan because the related
assignment or amendment documents have not been completed, the applicable Mortgage Loan Seller shall take all necessary steps
to enable the Master Servicer to draw on the related letter of credit on behalf of the Trust including, if necessary, drawing
on the letter of credit in its own name pursuant to written instructions from the Master Servicer and immediately remitting such
funds (or causing such funds to be remitted) to the Master Servicer.


 


(d)          With
respect to the Serviced Mortgage Loans secured by the Mortgaged Properties identified as Loan Nos. 10, 14, 34, 35, 37 and 42 on
the Mortgage Loan Schedule, each of which is subject to a franchise agreement with a related comfort letter in favor of the respective
Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter
to the Trust or otherwise have a new comfort letter issued in the name of the Trust, the related Mortgage Loan Seller or its designee
will be required to provide any such required notice or make any such required request to the related franchisor, with a copy
of such notice or request to the Master Servicer, or take any such other required action, in any event, within 45 days of the
Closing Date (or any shorter period if required by the applicable comfort letter), notify the related franchisor that such Mortgage
Loan has been transferred to the Trust and request a replacement comfort letter (or any such new document or acknowledgement as
may be contemplated under the existing comfort letter), and the Master Servicer shall use reasonable efforts in accordance with
the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter).


 


(e)          Notwithstanding
anything to the contrary contained herein, with respect to any Joint Mortgage Loan, the obligations of the related Mortgage Loan
Seller to deliver a Note to the Trustee, or a Custodian on its behalf, shall be limited to delivery of only the Note held by such
party to the Trustee, or Custodian on its behalf. With respect to any Joint Mortgage Loan, the obligations of each Mortgage Loan
Seller to deliver the remaining portion of the related Mortgage File or any document required to be delivered with respect thereto
shall be joint and several, provided that either of the related Mortgage Loan Sellers may deliver one Mortgage File or one of
any other document required to be delivered with respect to any Joint Mortgage Loan hereunder and such delivery shall satisfy
such delivery requirements for each of the related Mortgage Loan Sellers.


 






    -168-


    


    

 


(f)          Each
Mortgage Loan Purchase Agreement shall provide that within 60 days after the Closing Date, each Mortgage Loan Seller shall deliver
or cause to be delivered an electronic copy of the Diligence File for each of its Mortgage Loans to (or as instructed by) the
Depositor, together with an index identifying each such document delivered, each such Diligence File being organized and categorized
in accordance with the electronic file structure reasonably agreed to by the Depositor and the related Mortgage Loan Seller. Each
Mortgage Loan Purchase Agreement shall further provide that within 60 days after the Closing Date, the applicable Mortgage Loan
Seller shall provide to the Depositor (together with copies (which may be sent by electronic mail) to the Master Servicer, the
Special Servicer, the Trustee, the Certificate Administrator and the Asset Representations Reviewer) with a certificate stating
that (i) the applicable Mortgage Loan Seller has delivered or caused to be delivered an electronic copy of the Diligence File
for each of its Mortgage Loans, (ii) the Diligence File contains all documents and information required under the definition of
“Diligence File” and (iii) the Diligence File is organized and categorized in accordance with the electronic file
structure reasonably agreed to by the Depositor and the related Mortgage Loan Seller (the “Diligence File Certification”).


 


(g)          Within
3 Business Days of the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Schedule AL File and the Initial
Schedule AL Additional File in XML Format and Excel format and the Annex A-1 to the Prospectus at the following email address:
ssreports@wellsfargo.com.


 


Section 2.02     Acceptance
by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the assignment to
it of the Mortgage Loans in good faith without notice of adverse claims and declares that the Custodian holds and will hold such
documents and all others delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage
File are actually delivered to the Custodian) for any Mortgage Loan assigned to the Trustee hereunder in trust, upon the conditions
herein set forth, for the use and benefit of all present and future Certificateholders and Serviced Companion Loan Noteholders.


 


The
Custodian hereby certifies to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master
Servicer, the Special Servicer, the Operating Advisor and each Mortgage Loan Seller that except as identified in the Custodian’s
closing date certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the
form attached as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to
any Serviced Companion Loan) is in its possession and has been reviewed by the Custodian and (A) appears regular on its face
(handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears
to have been executed (where appropriate) and (C) purports to relate to such Mortgage Loan and (ii) each of the documents
specified in Section 2.01(a)(ii), Section 2.01(a)(vii), Section 2.01(a)(xi) and Section 2.01(a)(xix) of this Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or
filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such
documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule. If the Custodian does not send a closing date
certification on the Closing Date, it shall send an email confirmation to the Trustee


 






    -169-


    


    

 


that
it has received all of the Mortgage Notes (or copies or lost note affidavits as permitted), subject to any exceptions noted therein,
on the Closing Date.


 


On
or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the
Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day
on which all material exceptions have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased
or substituted for the last affected Mortgage Loan), the Custodian shall review each Mortgage File and shall certify to each of
the Controlling Class Representative, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller in the form attached
as Exhibit N-2 to this Agreement that all documents (other than documents referred to in clauses (xix) and (xx) of
Section 2.01(a) of this Agreement, which shall be delivered to the Master Servicer, and the documents referred
to in clauses (iii), (iv)(B), (v)(B) and (viii)(B) of Section 2.01(a) of this
Agreement and the assignments of financing statements referred to in clause (xiii) of Section 2.01(a) of
this Agreement, which shall be delivered for filing or recording by the related Mortgage Loan Seller as provided herein) referred
to in Section 2.01(a) above (in the case of the documents referred to in Section 2.01(a)(iv), Section
2.01(a)(vi), Section 2.01(a)(viii), Section 2.01(a)(ix), Section 2.01(a)(x), Section 2.01(a)(xi),
Section 2.01(a)(xii) through Section 2.01(a)(xvi) and Section 2.01(a)(xviii) through Section
2.01(a)(xx) of this Agreement, as identified to it in writing as a document required to be delivered by the related Mortgage
Loan Seller) and any original recorded documents included in the delivery of a Mortgage File have been received, have been executed,
appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially
adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage
Loan Schedule. In so doing, the Custodian may rely on the purported due execution and genuineness of any such document and on
the purported genuineness of any signature thereon. With respect to any Non-Serviced Mortgage Loan, the Custodian shall only be
required to certify to each of the Controlling Class Representative, the Depositor, the Certificate Administrator, the Trustee,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller
that the document set forth in Section 2.01(a)(i) has been received, subject to the preceding provisions of this Section
2.02.


 


If
at the conclusion of such review any document or documents constituting a part of a Mortgage File have not been executed or received,
have not been recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear
not to be what they purport to be or have been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian
shall promptly so notify (in the form attached as Exhibit M to this Agreement) the Trustee, the Directing Holder (but
only if no Consultation Termination Event has occurred and is continuing), the Depositor, the Certificate Administrator, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the related Mortgage Loan Seller
by providing a written report, setting forth for each affected Mortgage Loan, with particularity, the nature of the defective
or missing document. The Depositor shall or shall cause the related Mortgage Loan Seller to deliver to the Custodian an executed,
recorded or undamaged document, as applicable, or, if the failure to deliver such document in such form constitutes a Material
Defect, the Depositor shall cause the related Mortgage Loan Seller to cure, repurchase or substitute for the related Mortgage
Loan in the manner provided in Section 2.03(e)


 






    -170-


    


    

 


of
this Agreement. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee
shall be responsible for any loss, cost, damage or expense to the Trust Fund resulting from any failure to receive any document
constituting a portion of a Mortgage File noted on such a report or for any failure by the Depositor to use its best efforts to
deliver any such document.


 


Contemporaneously
with its execution of this Agreement, the Depositor shall cause each Mortgage Loan Seller to deliver a power of attorney substantially
in the form of Exhibit C to the applicable Mortgage Loan Purchase Agreement to the Master Servicer and Special Servicer,
that permits such parties to take such other action as is necessary to effect the delivery, assignment and/or recordation of any
documents and/or instruments relating to any Mortgage Loan which have not been delivered, assigned or recorded at the time required
for enforcement by the Trust Fund. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers
will be required to effect (at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of its respective
Loan Documents until the assignment and recordation of all such Loan Documents has been completed.


 


In
reviewing any Mortgage File pursuant to the third preceding paragraph or Section 2.01 of this Agreement, the Master
Servicer shall have no responsibility to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility
to, examine any opinions or determine whether any document is legal, valid, binding, sufficient, duly authorized or enforceable,
whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine if the
Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any applicable
jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing any document
or rendering any opinion is authorized to do so or whether any signature thereon is genuine.


 


The
Custodian shall hold that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such
term is defined in Section 9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota
and, except as otherwise specifically provided in this Agreement, shall not remove such instruments from Minnesota unless it receives
an Opinion of Counsel (obtained and delivered at the expense of the Person requesting the removal of such instruments from Minnesota)
that if the transfer of the Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess
a first priority perfected security interest in such instruments.


 


Section 2.03       
Representations, Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans. (a)  The
Depositor hereby represents and warrants that:


 


(i)         The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;


 


(ii)        The
Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has
the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby,


 






    -171-


    


    

 


including,
but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this Agreement;


 


(iii)       This
Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and
delivery of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are
the legal, valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except
as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws
relating to or affecting creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law);


 


(iv)       The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provision of its certificate of incorporation or bylaws, or any law or regulation to which the Depositor is subject, or conflict
with, result in a breach of or constitute a default under (or an event which with notice or lapse of time or both would constitute
a default under) any of the terms, conditions or provisions of any agreement or instrument to which the Depositor is a party or
by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation or imposition of any
lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the Depositor
to carry out the transactions contemplated by this Agreement;


 


(v)        The
certificate of incorporation of the Depositor provides that the Depositor is permitted to engage in only the following activities:


 


(A)          to
acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through”
certificates (“GNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by
the Government National Mortgage Association (“GNMA”), a wholly-owned corporate instrumentality of the United
States within the Department of Housing and Urban Development organized and existing under Title III of the National Housing Act
of 1934; (II) Guaranteed Mortgage Pass-Through Certificates (“FNMA Certificates”) issued and guaranteed as
to timely payment of principal and interest by FNMA; (III) Mortgage Participation Certificates (“FHLMC Certificates”)
issued and guaranteed as to timely payment of interest and ultimate or full payment of principal by FHLMC; (IV) any other participation
certificates, pass-through certificates or other obligations or interests backed directly or indirectly by mortgage loans and
issued or guaranteed by GNMA, FNMA or FHLMC (collectively with the GNMA Certificates, FNMA Certificates and FHLMC Certificates,
the “Agency Securities”); (V) mortgage-backed securities, which securities need not be issued or guaranteed,
in whole or in part, by any governmental entity, issued by one or more private entities (hereinafter referred to as “Private
Securities”); (VI) mortgage loans secured by first, second or more junior liens on one-to-four family residential properties,
multifamily properties that are either rental apartment buildings or projects containing five or more residential


 






    -172-


    


    

 


units
or commercial properties, regardless of whether insured or guaranteed in whole or in part by any governmental entity, or participation
interests or stripped interests in such mortgage loans (“Mortgage Loans”); (VII) conditional sales contracts
and installment sales or loan agreements or participation interests therein secured by manufactured housing (“Contract”);
and (VIII) receivables of third-parties or other financial assets of third-parties, either fixed or revolving, that by their terms
convert into cash within a finite time period (“Other Assets”);


 


(B)          to
loan its funds to any person under loan agreements and other arrangements which are secured by Agency Securities, Private Securities,
Mortgage Loans, Contracts and/or Other Assets;


 


(C)          to
authorize, issue, sell and deliver bonds or other evidences of indebtedness that are secured by Agency Securities, Private Securities,
Mortgage Loans, Contracts and/or Other Assets;


 


(D)          to
authorize, issue, sell and deliver certificates evidencing beneficial ownership interests in pools of Agency Securities, Private
Securities, Mortgage Loans, Contracts and/or Other Assets; and


 


(E)          to
engage in any activity and to exercise any powers permitted to corporations under the laws of the State of Delaware that are incident
to the foregoing and necessary or convenient to accomplish the foregoing.


 


Capitalized
terms defined in this clause (v) shall apply only to such clause;


 


(vi)       There
is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other
governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;


 


(vii)      No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and


 


(viii)     The
Trustee, if not the owner of the related Mortgage Loan, will have a valid and perfected security interest of first priority in
each of the Mortgage Loans and any proceeds thereof.


 


(b)        The
Depositor hereby represents and warrants with respect to each Mortgage Loan that:


 


(i)         Immediately
prior to the transfer and assignment to the Trustee by the Depositor, the Mortgage Note and the Mortgage were not subject to an
assignment or pledge, and the Depositor had good title to, and was the sole owner of, the Mortgage Loan and had full right to
transfer and sell the Mortgage Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security
interest; provided, that, in


 






    -173-


    


    

 


the
case of a Non-Serviced Mortgage Loan, the related Mortgage has been (or will be) assigned to the Other Trustee under the Other
Pooling and Servicing Agreement for the benefit of the holders of securities issued in connection with the related Other Securitization,
as applicable;


 


(ii)        The
Depositor is transferring such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any
nature encumbering such Mortgage Loan;


 


(iii)       The
related Assignment of Mortgage constitutes the legal, valid and binding assignment of such Mortgage from the Depositor to the
Trustee, and any related Reassignment of Assignment of Leases, Rents and Profits constitutes the legal, valid and binding assignment
from the Depositor to the Trustee; and


 


(iv)       No
claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything
which would impair the coverage of such lender’s title insurance policy.


 


(c)        It
is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery
of the respective Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to the benefit of the
Certificateholders, any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian, the Master
Servicer and the Special Servicer.


 


(d)        If
the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement
of a Mortgage Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase
Request”, and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request,
the “Repurchase Request Recipient” with respect to such Repurchase Request); (ii) receives a Repurchase Communication
of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
(iii) receives a Repurchase Communication that any Mortgage Loan that was subject to a Repurchase Request has been repurchased
or replaced (a “Repurchase”), or (iv) receives a Repurchase Communication of the rejection of a Repurchase
Request (a “Repurchase Request Rejection”), then such Person shall deliver written notice of such Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection (each such notice, a “Rule 15Ga-1
Notice”) to the Depositor, the Master Servicer, the Special Servicer and the related Mortgage Loan Seller, in each case
within ten Business Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable; provided however, if the Master Servicer or the
Special Servicer receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer
or the Master Servicer, as applicable, then such receiving party shall have no obligation to deliver such notice to any other
party. 





 


Each
Rule 15Ga-1 Notice shall include (i) the identity of the related Mortgage Loan, (ii) the date the Repurchase
Communication of the Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable,
was received


 






    -174-


    


    

 


and
(iii) in the case of a Repurchase Request, (A) the identity of the Person making such Repurchase Request, (B) if
known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (C) a statement from the Repurchase
Request Recipient as to whether it currently plans to pursue such Repurchase Request.


 


No
Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1
Notice Provider”) shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client
privilege or attorney work product doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1
Notice provided pursuant to this Section 2.03(d) is so provided only to assist the related Mortgage Loan Seller, the
Depositor and its Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB
and any other requirement of law or regulation and (ii) (A) no action taken by, or inaction of, a Rule 15Ga-1
Notice Provider and (B) no information provided pursuant to this Section 2.03(d) by a Rule 15Ga-1 Notice
Provider, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice
Provider may have with respect to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase Request
that is the subject of a Rule 15Ga-1 Notice.


 


In
the event that the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Custodian receives a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party
shall promptly forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Master
Servicer, if relating to a Performing Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property,
and include the following statement in the related correspondence: “This is a “Repurchase Request [Withdrawal]”
under Section 2.03(d) of the Pooling and Servicing Agreement relating to the Benchmark 2018-B1 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2018-B1 requiring action by you as the recipient of such Repurchase Request or Repurchase
Request Withdrawal thereunder”. Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request
Withdrawal by the Master Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request
Recipient of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply
with the procedures set forth in this Section 2.03(d) with respect to such Repurchase Request or Repurchase Request
Withdrawal. In no event shall the Custodian, by virtue of this provision, be required to provide any notice other than as set
forth in Section 2.02 of this Agreement in connection with its review of the Mortgage File.


 


(e)          A
“Defect” shall exist with respect to a Mortgage Loan if any document constituting a part of the related Mortgage File
has not been delivered within the time periods provided for in the related Mortgage Loan Purchase Agreement, has not been properly
executed, is missing, does not appear to be regular on its face or contains information that does not conform in any material
respect with the corresponding information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a
breach of any representation or warranty of any Mortgage Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement
with respect to any Mortgage Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect
is a Material Defect or such Breach is a Material Breach, as applicable, then such


 






    -175-


    


    

 


party,
on behalf of the Trust Fund, shall give prompt written notice thereof (which notice shall be accompanied by a written demand to
cure, repurchase or substitute in accordance with the applicable Mortgage Loan Purchase Agreement) to the related Mortgage Loan
Seller, the other parties hereto, the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Serviced Companion Loan Noteholder
(if any) and, for so long as no Consultation Termination Event has occurred and is continuing, the Directing Holder. If any such
Defect or Breach materially and adversely affects the value of any Mortgage Loan, the value of the related Mortgaged Property
or the interests of the Trustee in any Mortgage Loan or Mortgaged Property, or causes the related Mortgage Loan to be other than
a Qualified Mortgage, then such Defect shall constitute a “Material Defect” or such Breach shall constitute a “Material
Breach,” as the case may be; provided, that if any of the documents specified in Section 2.01(a)(i),
Section 2.01(a)(ii), Section 2.01(a)(vii), Section 2.01(a)(xi) and Section 2.01(a)(xix) of this Agreement are not delivered as required in the related Mortgage Loan Purchase Agreement, it shall be deemed a Material
Defect. The Custodian, the Certificate Administrator and the Trustee shall not be required to make any such determination. Promptly
upon receiving written notice of any such Material Defect or Material Breach with respect to a Mortgage Loan, accompanied by a
written demand to take the actions contemplated by this sentence from the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian, on behalf
of the Trust Fund, the applicable Mortgage Loan Seller shall, not later than 90 days from the applicable Mortgage Loan Seller’s
receipt of such notice of such Material Defect or Material Breach, as the case may be (or, in the case of a Material Defect or
Material Breach relating to a Mortgage Loan not being a Qualified Mortgage, not later than 90 days after the Mortgage Loan
Seller or any party hereto discovering such Material Defect or Material Breach, provided that the related Mortgage Loan Seller
has received notice in accordance with the terms of the related Mortgage Loan Purchase Agreement) (any such 90-day period, the
“Initial Resolution Period”), (i) cure the same in all material respects, (ii) repurchase the affected
Mortgage Loan at the applicable Purchase Price in conformity with the applicable Mortgage Loan Purchase Agreement or (iii) substitute
a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, as applicable, for which no substitution will
be permitted) for such affected Mortgage Loan (provided that, in no event shall such substitution occur later than the
second anniversary of the Closing Date) and pay to the Master Servicer for deposit into the Collection Account (or, with respect
to any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account) any Substitution Shortfall Amount in connection
therewith; provided that if (i) such Material Defect or Material Breach is capable of being cured but not within the
Initial Resolution Period or, with respect to the immediately preceding proviso, the time period set forth therein, (ii) such
Material Defect or Material Breach is not related to any Mortgage Loan’s not being a Qualified Mortgage, (iii) the
Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such Material Defect or Material Breach within
the Initial Resolution Period and (iv) the Mortgage Loan Seller has delivered to the Master Servicer, the Special Servicer, the
Asset Representations Reviewer, the Certificate Administrator (who will promptly deliver a copy of such officer’s certificate
to the 17g-5 Information Provider), the Trustee, the Operating Advisor and, prior to the occurrence of a Consultation Termination
Event, the Directing Holder, an officer’s certificate that describes the reason the cure was not effected within the initial
90-day period, then the Mortgage Loan Seller shall have an additional period equal to the applicable Resolution Extension Period
to complete such cure or, failing such cure, to repurchase the Mortgage Loan or substitute a Qualified Substitute Mortgage Loan.


 






    -176-


    


    

 


Notwithstanding
the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated
by a Borrower), healthcare facility, nursing home, assisted living facility, theatre or fitness center (operated by a Borrower),
then the failure to deliver to the Custodian copies of the UCC financing statements with respect to such Mortgage Loan shall not
be a Material Defect. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be
such Mortgage Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage interest as of the date
of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage Loan. With respect to the Non-Serviced Mortgage Loans,
the related Mortgage Loan Seller agrees that any Defect as such term is defined in the related Other Pooling and Servicing Agreement
(other than a Defect related to the promissory note for the related Companion Loan) will constitute a Defect under the related
Mortgage Loan Purchase Agreement.


 


Notwithstanding
the foregoing, if there is a Material Breach or Material Defect with respect to one or more Mortgaged Properties with respect
to a Mortgage Loan, the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage Loan and such Material
Breach or Material Defect will be considered Resolved if (i) the affected Mortgaged Property may be released pursuant to
the terms of any partial release provisions in the related Loan Documents (and such Mortgaged Property is, in fact, released),
(ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth in the Loan Documents and the Mortgage
Loan Seller provides an Opinion of Counsel to the effect that such release would not cause an Adverse REMIC Event to occur and
(iii) each applicable Rating Agency has provided a Rating Agency Confirmation.


 


If
a Mortgage Loan Seller, in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a
Material Breach) pertaining to a Mortgage Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable
Mortgage Loan Seller and the Special Servicer on behalf of the Trust (and with the consent of the Directing Holder if no Control
Termination Event has occurred and is continuing) (each such payment, a “Loss of Value Payment”) with respect
to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied
in accordance with Section 3.06(e) of this Agreement. In connection with any such determination with respect to any
Performing Loan, the Master Servicer shall promptly provide the Special Servicer, but in any event within the time frame and in
the manner set forth in Section 3.23, with the Servicing File and all information, documents (but excluding the original
documents constituting the Mortgage File) and records (including records stored electronically) relating to such Mortgage Loan
or Serviced Whole Loan, as applicable, and reasonably requested by the Special Servicer pursuant to Section 2.03 in
order to permit the Special Servicer to calculate the Loss of Value Payment. If such Loss of Value Payment is made, the Loss of
Value Payment shall serve as the sole remedy available to the Certificateholders and the Trustee on their behalf regarding any
such Material Breach or Material Defect in lieu of any obligation of the Mortgage Loan Seller to otherwise cure such Material
Breach or Material Defect or repurchase or substitute for the affected Mortgage Loan based on such Material Breach or Material
Defect under any circumstances. This paragraph is intended to apply only to a mutual agreement or settlement between the applicable
Mortgage Loan Seller and the Trust, provided, that (i) prior to any such agreement or settlement nothing in this paragraph
shall preclude the Mortgage Loan Seller or the Trustee from exercising any of its rights related to a Material Defect or a Material
Breach in the


 






    -177-


    


    

 


manner
and timing set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding this paragraph)
(including any right to cure, repurchase or substitute for such Mortgage Loan); (ii) such Loss of Value Payment shall not
be greater than the Purchase Price of the affected Mortgage Loan; and (iii) a Material Defect or a Material Breach as a result
of a Mortgage Loan not constituting a Qualified Mortgage may not be cured by a Loss of Value Payment. With respect to any Joint
Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata
share based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase
Agreement in such Joint Mortgage Loan.


 


If
any Breach pertains to a representation or warranty to the effect that the related Mortgage Loan documents or any particular Mortgage
Loan document requires the related Borrower to bear the costs and expenses associated with any particular action or matter under
such Mortgage Loan document(s), then the related Mortgage Loan Seller may cure such Breach within the applicable cure period (as
the same may be extended) by reimbursing the Trust Fund (by wire transfer of immediately available funds) the reasonable amount
of any such costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee
or the Trust Fund that are incurred as a result of such Breach and have not been reimbursed by the related Borrower; provided,
however, that in the event any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the
option to either repurchase or substitute for the related Mortgage Loan as provided above or pay such costs and expenses. Except
as provided in the proviso to the immediately preceding sentence, the related Mortgage Loan Seller shall remit the amount of such
costs and expenses and upon its making such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach
in all respects. To the extent any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently
obtained from the related Borrower, the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees
or expenses obtained from the related Borrower shall promptly be returned to the related Mortgage Loan Seller. With respect to
any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro
rata share based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase
Agreement in such Joint Mortgage Loan.


 


(f)          In
connection with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.03, (A) the
Custodian, the Master Servicer (with respect to any Performing Loan) and the Special Servicer (with respect to any Specially Serviced
Loan) shall each tender to the applicable Mortgage Loan Seller all portions of the Mortgage File (in the case of the Custodian)
and the Servicing File (in the case of the Master Servicer and the Special Servicer, as applicable) and other documents pertaining
to such Mortgage Loan possessed by it (other than attorney-client communications that are privileged communications), upon delivery
(i) to each of the Master Servicer or the Special Servicer, as applicable, of a trust receipt and (ii) to the Custodian
by the Master Servicer or the Special Servicer, as applicable, of a Request for Release and an acknowledgement by the Master Servicer
or Special Servicer, as applicable, of its receipt of the Purchase Price or the Substitution Shortfall Amount from the applicable
Mortgage Loan Seller, (B) each document that constitutes a part of the Mortgage File that was endorsed or assigned to the
Trustee shall be endorsed or assigned without recourse in the form of endorsement or assignment provided to the Custodian by the
applicable Mortgage Loan Seller, as


 






    -178-


    


    

 


the
case may be, to the applicable Mortgage Loan Seller as shall be necessary to vest in the applicable Mortgage Loan Seller the legal
and beneficial ownership of such Mortgage Loan to the extent such ownership was transferred to the Trustee (provided, that
the Master Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate in furnishing necessary information
to the extent in its possession to the Mortgage Loan Seller in connection with such Mortgage Loan Seller’s preparation of
such endorsement or assignment) and (C) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer
shall release, or cause a release of, any escrow payments and reserve funds held by the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer, as applicable, or on the Trustee’s, the Certificate Administrator’s,
the Master Servicer’s and the Special Servicer’s, as applicable, behalf, in respect of such Mortgage Loan to the applicable
Mortgage Loan Seller.


 


(g)          The
Enforcing Servicer shall, for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations
of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such enforcement,
including, without limitation, the legal prosecution of claims, shall be carried out in accordance with the Servicing Standard.
The Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed
for the reasonable costs of such enforcement: first, pursuant to Section 3.06 of this Agreement (with respect
to the related Mortgage Loan), out of the related Purchase Price or Substitution Shortfall Amount, as applicable, to the extent
that such expenses are a specific component thereof; and second, if at the conclusion of such enforcement action it is
determined that the amounts described in clause first are insufficient, then pursuant to Section 3.06
of this Agreement, out of general collections on the Mortgage Loans on deposit in the Collection Account in each case with interest
thereon at the Reimbursement Rate from the time such expense was incurred to, but excluding, the date such expense was reimbursed.
To the extent the applicable Mortgage Loan Seller prevails in such proceeding, such Mortgage Loan Seller shall be entitled to
reimbursement from the Trust for all necessary and reasonable costs and expenses incurred in connection with such proceeding,
including reasonable attorneys’ fees.


 


So
long as document exceptions are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward
to the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Controlling Class Representative (as identified to the Custodian by the Certificate
Administrator) and the applicable Mortgage Loan Seller, a document exception report setting forth the then current status of any
Defects related to the Mortgage Files pertaining to the Mortgage Loans sold by such Mortgage Loan Seller.


 


As
to any Qualified Substitute Mortgage Loan, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with
respect to Specially Serviced Loans and REO Properties) shall direct the related Mortgage Loan Seller to deliver to the Custodian
for such Qualified Substitute Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage
Note endorsed as required by Section 2.01(a)(i) hereof. Periodic Payments due with respect to Qualified Substitute
Mortgage Loans in or prior to the month of substitution shall not be part of the Trust Fund and, if received by the Master Servicer,
shall be remitted by the Master Servicer to the related Mortgage Loan Seller on the next succeeding Distribution Date. For the
month of repurchase or substitution, distributions to Certificateholders


 






    -179-


    


    

 


will
include the Periodic Payment(s) due on the related Removed Mortgage Loan, if and to the extent received by the Master Servicer
or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase or substitution, as applicable, and
such Mortgage Loan Seller shall be entitled to retain all amounts received thereafter in respect of such Removed Mortgage Loan.


 


In
any month in which a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed
Mortgage Loans, the Master Servicer will determine the applicable Substitution Shortfall Amount and promptly notify the Certificate
Administrator thereof. Promptly upon receipt of such notice, the Certificate Administrator shall direct such Mortgage Loan Seller
to deposit into the Collection Account and/or the applicable Serviced Whole Loan Collection Account, as applicable, cash equal
to such amount concurrently with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any
reimbursement thereof. The Certificate Administrator shall also direct such Mortgage Loan Seller to give written notice to the
Depositor, the Trustee and the Master Servicer of such deposit. The Certificate Administrator shall cause its Distribution Date
Statement to reflect the removal of each Removed Mortgage Loan and, if applicable, the substitution of the Qualified Substitute
Mortgage Loan. Upon any such substitution, the Qualified Substitute Mortgage Loans shall be subject to the terms of this Agreement
in all respects.


 


It
is understood and agreed that Section 6 of the Mortgage Loan Purchase Agreements provides the sole remedy available to the
Certificateholders and the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect
to a Mortgage Loan failing to constitute a Qualified Mortgage) or any Defect.


 


(h)          In
the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach
of any of the Depositor’s representations and warranties relating to the Mortgage Loans, the Depositor hereby reserves the
right to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Master
Servicer, the Special Servicer or the Directing Holder, unless such defense results in any liability of the Master Servicer, the
Special Servicer or the Directing Holder, as applicable.


 


(i)          If
for any reason a Mortgage Loan Seller fails to fulfill its obligations under the related Mortgage Loan Purchase Agreement with
respect to any Mortgage Loan, the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to
Specially Serviced Loans) shall use reasonable efforts in enforcing any obligation of such Mortgage Loan Seller (including but
not limited to) to cure, repurchase or substitute for such Mortgage Loan under the terms of the related Mortgage Loan Purchase
Agreement all at the expense of such Mortgage Loan Seller.


 


(j)          Notwithstanding
anything to the contrary contained in this Agreement, for the purposes of Section 2.03 of this Agreement and any provision
relating to repurchase and substitution obligations for a Material Breach or Material Defect, with respect to any Joint Mortgage
Loan, the obligations of each of the applicable Mortgage Loan Sellers to repurchase or substitute such Joint Mortgage Loan shall
be limited to a repurchase, substitution or Loss of Value Payment with respect to the Note it sold to the Depositor in accordance
with the related Mortgage Loan Purchase Agreement. With respect to any Joint Mortgage Loan, any cure by


 






    -180-


    


    

either
of the applicable Mortgage Loan Sellers with respect to the Note sold by it to the Depositor in accordance with the related Mortgage
Loan Purchase Agreement that also cures the Material Defect or Material Breach with respect to the entire related Joint Mortgage
Loan shall satisfy the cure obligations of both Mortgage Loan Sellers with respect to such Joint Mortgage Loan.


 


(k)        (i) In
the event an Initial Requesting Certificateholder delivers a written request to the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator or the Operating Advisor (solely in its capacity as Operating Advisor) that
a Mortgage Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Breach or Material
Defect with respect to such Mortgage Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase
Request”), such party shall promptly forward that Certificateholder Repurchase Request to the Master Servicer and the
Special Servicer, and the Enforcing Servicer shall promptly forward that Repurchase Request to the related Mortgage Loan Seller
and each other party to this Agreement and take the actions required under Section 2.03(e). Subject to Section 2.03(l), the Enforcing Servicer shall be the Enforcing Party with respect to the Certificateholder Repurchase Request. If a Resolution
Failure occurs with respect to the Certificateholder Repurchase Request, the provisions described below under Section 2.03(l) shall apply.


 


(ii)        In
the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating
Advisor (solely in its capacity as Operating Advisor) has knowledge of a Material Breach or Material Defect with respect to a
Mortgage Loan, that party shall deliver prompt written notice of such Material Breach or Material Defect to the Master Servicer
and the Special Servicer, and the Enforcing Servicer shall promptly forward to each other party to this Agreement and the related
Mortgage Loan Seller, identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA
Party Repurchase Request” and, each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, a “Repurchase
Request”). Subject to Section 2.03(l), the Enforcing Servicer shall be the Enforcing Party with respect to the
PSA Party Repurchase Request. If a Resolution Failure occurs with respect to the PSA Party Repurchase Request, the provisions
described below under Section 2.03(l) shall apply.


 


(iii)       In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(such event, a “Resolution Failure”), and for all purposes herein, such Resolution Failure shall be deemed
to have occurred. Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase
Request is sent to the related Mortgage Loan Seller.


 


(iv)       Within
two (2) Business Days after a Resolution Failure occurs with respect to a PSA Party Repurchase Request made by any party other
than the Special Servicer or a Certificateholder Repurchase Request made by any Certificateholder other than the Controlling Class
Representative or a Controlling Class Certificateholder, in each case, related to a Performing Loan, the Master Servicer
shall send a written notice (a “Master Servicer Proposed Course of Action Notice”) to the Special Servicer,
indicating the Master Servicer’s analysis and recommended course of action with respect to such Repurchase Request, along
with the Servicing File and all information, documents (but excluding the


 






    -181-


    


    

 


original
documents constituting the Mortgage File) and records (including records stored electronically on computer tapes, magnetic discs
and the like) relating to such Performing Loan and, if applicable, the related Serviced Companion Loan, either in the Master Servicer’s
possession or otherwise reasonably available to the Master Servicer, and reasonably requested by the Special Servicer to enable
it to assume its duties hereunder to the extent set forth hereunder for such Performing Loan. Upon receipt of such Master Servicer
Proposed Course of Action Notice and such Servicing File, the Special Servicer shall become the Enforcing Servicer with respect
to such Repurchase Request.


 


(l)         (i)  After
a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request was
initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall send a notice
(a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address
specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator, who shall
make such notice available to all other Certificateholders and Certificate Owners (by posting such notice on the Certificate Administrator’s
Website) indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request (the “Proposed
Course of Action”). If the Master Servicer is the Enforcing Servicer, the Master Servicer may (but shall not be obligated
to) consult with the Special Servicer and (for so long as no Consultation Termination Event has occurred and is continuing) the
Directing Holder regarding any Proposed Course of Action. Such notice shall include (a) a request to Certificateholders to
indicate their agreement with or dissent from such Proposed Course of Action by clearly marking “agree” or “disagree”
to the Proposed Course of Action on such notice within 30 days of the date of such notice and a disclaimer that responses received
after such 30-day period will not be taken into consideration, (b) a statement that in the event any Certificateholder disagrees
with the Proposed Course of Action, the Enforcing Servicer (either as the Enforcing Party or as the Enforcing Servicer in circumstances
where a Certificateholder is acting as the Enforcing Party) shall be compelled to follow the course of action agreed to and/or
proposed by the majority of the responding Certificateholders that involves referring the matter to mediation or arbitration,
as the case may be, (c) a statement that responding Certificateholders will be required to certify their holdings in connection
with such response, (d) a statement that only responses clearly marked “agree” or “disagree” with such
Proposed Course of Action will be taken into consideration and (e) instructions for responding Certificateholders to send their
responses to the applicable Enforcing Servicer and the Certificate Administrator. The Certificate Administrator shall within three (3)
Business Days after the expiration of the 30-day response period, tabulate the responses received from the Certificateholders
and share the results with the Enforcing Servicer. The Certificate Administrator shall only count responses timely received and
clearly indicating agreement or dissent with the related Proposed Course of Action and additional verbiage or qualifying language
shall not be taken into consideration for purposes of determining whether the related Certificateholder agrees or disagrees with
the Proposed Course of Action. The Certificate Administrator shall be under no obligation to answer any questions from Certificateholders
regarding such Proposed Course of Action. For the avoidance of doubt, the Certificate Administrator’s obligations in connection
with this Section 2.03(l) shall be limited solely to tabulating Certificateholder responses of “agree” or “disagree”
to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement obligation on the Certificate
Administrator. The Enforcing Servicer may conclusively rely (without investigation) on the Certificate Administrator’s tabulation
of the majority of the responding Certificateholders.


 






    -182-


    


    

 


If
(a) the Enforcing Servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing
further action to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request and the Initial
Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner wishes to exercise its right to refer
the matter to mediation (including nonbinding arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course
of action is to pursue further action to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase
Request but the Initial Requesting Certificateholder, if any, or any other Certificateholder (other than a Holder of the Class
V1 or Class V2 Certificate) or Certificate Owner does not agree with the dispute resolution method selected by the Enforcing Servicer,
then the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver to the
Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days from
the date the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute
Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation or arbitration.
In the event any Certificateholder or Certificate Owner entitled to do so delivers a Preliminary Dispute Resolution Election Notice,
and the Enforcing Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing
Servicer’s initial Proposed Course of Action, such responses shall be considered Preliminary Dispute Resolution Election
Notices supporting the Proposed Course of Action for purposes of determining the course of action proposed by the majority of
Certificateholders.


 





(ii)        If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner entitled to do
so delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder
or Certificate Owner otherwise entitled to do so shall have the right to refer the Repurchase Request to mediation or arbitration,
and the Enforcing Servicer shall be the sole party obligated and entitled to determine a course of action, including but not limited
to, enforcing the Trust’s rights against the related Mortgage Loan Seller, subject to any consent or consultation rights
of the Directing Holder pursuant to Section 6.08.


 


(iii)       Promptly
and in any event within 10 Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the Initial
Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses (a) and (b), a
“Requesting Certificateholder”, provided that a Holder of a Class V1 or Class V2 Certificate may not
be a Requesting Certificateholder), the Enforcing Servicer will be required to consult with each Requesting Certificateholder
regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding arbitration) or
arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution Consultation”)
so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase
Request and possible dispute resolution methods, such discussions to occur and be completed no later than 10 Business Days following
the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish procedures the Enforcing Servicer deems
to be in accordance with the Servicing Standard relating to the timing and extent of such consultations. No later than 5 Business
Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide a final notice to the


 






    -183-


    


    

 


Enforcing
Servicer indicating its decision to exercise its right to refer the matter to either mediation or arbitration (“Final
Dispute Resolution Election Notice”).


 


(iv)       If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action, including but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.


 


(v)        If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely delivers a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders will collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders will be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within 30 days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer,
then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or
Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed
Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request,
then the related Material Breach or Material Defect shall be deemed waived for all purposes under this Agreement and the related
Mortgage Loan Purchase Agreement; provided, however, that such Material Breach or Material Defect shall not be deemed
waived with respect a Requesting Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer
to the extent there is a material change in the facts and circumstances known to such party at the time when the Proposed Course
of Action Notice is posted on the Certificate Administrator’s Website and (iii) if the Proposed Course of Action Notice
had indicated a course of action other than the course of action under clause (ii), then the Enforcing Servicer shall again become
the Enforcing Party and, as such, shall be the sole party obligated and entitled to determine a course of action including, but
not limited to, enforcing the Trust’s rights against the related Mortgage Loan Seller.


 


(vi)       Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) will not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation
with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.


 


(vii)      In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings


 






    -184-


    


    

 


against
the related Mortgage Loan Seller; provided that the degree and extent to which the Enforcing Servicer actively prepares
for and participates in such proceeding shall be determined by such Enforcing Servicer (in consultation with the Directing Holder
for so long as no Consultation Termination Event has occurred and is continuing), and in accordance with the Servicing Standard.
For the avoidance of doubt, the Depositor, the Mortgage Loan Sellers and any of their respective Affiliates shall not be entitled
to be an Initial Requesting Certificateholder or a Requesting Certificateholder.


 


(viii)    The
Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the
Requesting Certificateholder may not elect to then utilize the alternative method in the event that the initial method is unsuccessful.


 


(ix)       If
(i) a Repurchase Request is made with respect to any Mortgage Loan based on any particular alleged Material Breach or Material
Defect, (ii) a Resolution Failure is deemed to occur with respect to such Repurchase Request, and (iii) if either (A) a mediation
or arbitration is undertaken with respect to such Repurchase Request or (B) the Certificateholders and Certificate Owners cease
to have a right to refer such Repurchase Request to mediation or arbitration, in either case in accordance with the provisions
of this Agreement, then no Certificateholder or Certificate Owner may make any subsequent Repurchase Request with respect to such
Mortgage Loan based on the same alleged Material Breach or Material Defect unless there is a material change in the facts and
circumstances known to such party.


 


(x)        The
Depositor, the Mortgage Loan Seller and any of their respective Affiliates shall not be entitled to be an Initial Requesting Certificateholder
or a Requesting Certificateholder.


 


(m)       If
the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:


 


(i)         The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
in accordance with published mediation procedures (the “Mediation Rules”) promulgated by a nationally recognized
mediation services provider selected by the Mortgage Loan Seller (such provider, the “Meditation Services Provider”).


 


(ii)        The
mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and commercial real estate finance or commercial mortgage-backed securitization matters or other complex
commercial transactions, and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon
being supplied a list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the
right to exercise two peremptory challenges within 14 days and to rank the remaining potential mediators in order of preference.
The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.


 






    -185-


    


    

 


(iii)       The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business
Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.


 


(iv)       The
expenses of any mediation shall be allocated among the parties to the mediation, including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.


 


(n)        If
the Enforcing Party selects third-party arbitration, the following provisions will apply:


 


(i)         The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller in accordance with published arbitration procedures (the “Arbitration Rules”) promulgated by a nationally
recognized arbitration services provider selected by the Mortgage Loan Seller (such provider, the “Arbitration Services
Provider”).


 


(ii)        The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation and commercial real estate finance or commercial mortgage-backed securitization matters or other complex
commercial transactions, and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon
being supplied a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right
to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The
Arbitration Services Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.


 


(iii)       Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.


 


(iv)       After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of
Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post
hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.


 


(v)        Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to be


 






    -186-


    


    

 


relevant
to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding Rule 30b-6 witnesses), and
(C) expert witness depositions, provided, that the arbitrator shall have the ability to grant the parties, or either of
them, additional discovery to the extent that the arbitrator determines good cause is shown that such additional discovery is
reasonable and necessary.


 


(vi)       The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those
agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the
Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’
fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination of the
arbitrator shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties. The final
determination of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted
under federal or state law, and may be enforced in any court of competent jurisdiction.


 


(vii)      By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.


 


(viii)     No
person may bring a putative or certificated class action to arbitration.


 


(o)        The
following provisions will apply to both mediation and third-party arbitration:


 


(i)         Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties.


 


(ii)        If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District if such court shall have subject matter
jurisdiction, or if the Southern District has no jurisdiction, then it the Supreme Court of the State of New York for the County
of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.


 


(iii)       The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course
of the parties’ attempt to informally resolve any Repurchase Request, will be


 






    -187-


    


    

 


confidential,
privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding
(including any proceeding under this Section 2.03). Such information will be kept strictly confidential and will not be
disclosed or shared with any third party (other than a party’s attorneys, experts, accountants and other agents and representatives,
as reasonably required in connection with any resolution procedure under this Section 2.03), except as otherwise required
by law, regulatory requirement or court order. If any party to a resolution procedure receives a subpoena or other request for
information from a third party (other than a governmental regulatory body) for such confidential information, the recipient will
promptly notify the other party to the resolution procedure and will provide the other party with a reasonable opportunity to
object to the production of its confidential information.


 


(iv)       In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to any
arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing Party;
provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such proceedings
shall be determined by such Enforcing Servicer in consultation with the Directing Holder, provided that a Consultation
Termination Event has not occurred and is continuing, and in accordance with the Servicing Standard. All amounts recovered by
the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection Account.
The agreement with the arbitrator or mediation, as the case may be, will provide that in the event a Requesting Certificateholder
is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached
in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses
allocated to the Requesting Certificateholder.


 


(v)        In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder shall be required to pay any
expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear
in the mediation proceedings.


 


(vi)       The
Trust (or the Trustee or the Enforcing Party acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally identifiable customer information included in any information provided for purposes of any mediation
or arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such procedures; provided, however, that the Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.


 


(vii)     For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of a Directing Holder (including
without limitation, a liquidation,


 






    -188-


    


    

 


foreclosure,
negotiation of a loan modification or workout, acceptance of a discounted pay off or deed in lieu, or bankruptcy or other litigation).


 


(viii)    For
the avoidance of doubt, any expenses required to be borne by or allocated to the Enforcing Servicer in mediation or arbitration
or related responsibilities under this Agreement shall be reimbursable as Additional Trust Fund Expenses.


 


Section
2.04     Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Operating Advisor and the Asset Representations Reviewer. (a) The Master Servicer,
as Master Servicer, hereby represents and warrants with respect to itself to the Trustee, for its own benefit and the benefit
of the Certificateholders, and to the Depositor, the Certificate Administrator, the Special Servicer, the Asset Representations
Reviewer and the Operating Advisor and the Serviced Companion Loan Noteholders, as of the Closing Date, that:


 


(i)        The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each state (within the United States of America)
in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;


 


(ii)        The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations
under this Agreement or its financial condition;


 


(iii)       The
Master Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly
executed and delivered this Agreement;


 


(iv)      This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Depositor, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity
or at law;


 


(v)       The
Master Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or


 






    -189-


    


    

 


governmental
agency, which default, in the Master Servicer’s reasonable judgment is likely to materially and adversely affect the financial
condition or operations of the Master Servicer or its properties taken as a whole or its ability to perform its duties and obligations
hereunder;


 


(vi)      No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment
is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement
or the financial condition of the Master Servicer;


 


(vii)     No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation of the
transactions of the Master Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which
has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Master Servicer
to perform its obligations hereunder;


 


(viii)    Each
officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement; and


 


(ix)       To
the actual knowledge of the Master Servicer, the Master Servicer is not a Risk Retention Affiliate of the Third-Party Purchaser.


 


(b)       The
Special Servicer, as Special Servicer, hereby represents and warrants to and covenants with the Trustee, for its own benefit and
the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator, the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:


 


(i)        The
Special Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Special Servicer is in compliance with the laws of each state (within the United States of America)
in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;


 


(ii)        The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any
material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C)
violate any law, rule, regulation, order, judgment or decree to which the Special


 






    -190-


    


    

 


Servicer
or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability
of the Special Servicer to perform its obligations under this Agreement or its financial condition;


 


(iii)       The
Special Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly
executed and delivered this Agreement;


 


(iv)      This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation
of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to applicable bankruptcy,
insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally,
and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;


 


(v)       The
Special Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Special Servicer’s reasonable judgment is
likely to materially and adversely affect the financial condition or operations of the Special Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;


 


(vi)      No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable
judgment is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under
this Agreement or the financial condition of the Special Servicer;


 


(vii)     No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement or the consummation of
the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval, authorization or order
which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Special Servicer
to perform its obligations hereunder; and


 


(viii)    Each
officer and employee of the Special Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Special Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.


 


(c)       [Reserved].


 






    -191-


    


    

 


(d)       The
Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator and the Serviced Companion Loan Noteholders as of the Closing Date,
that:


 


(i)        The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;


 


(ii)        This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law);


 


(iii)       Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with
such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation,
judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms
of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;


 


(iv)       The
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on
the Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would
materially and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties;


 


(v)        No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse
effect on the Trustee’s ability to perform its obligations hereunder;


 






    -192-


    


    

 


(vi)       To
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated and effective the Pricing Date, between the Trustee, the Depositor, the Underwriters and the Initial Purchasers;
and


 


(vii)      To
the actual knowledge of the Trustee, the Trustee is not a Risk Retention Affiliate of the Third-Party Purchaser.


 


(e)        The
Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date,
that:


 


(i)         The
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America and has full power, authority and legal right to own its properties and conduct its business as
presently conducted and to execute, deliver and perform the terms of this Agreement;


 


(ii)        This
Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate
Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law);


 


(iii)       Neither
the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator
of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions
of any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its
properties or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument
or indenture to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement;


 


(iv)       The
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which,
in any such


 






    -193-


    


    

 


event,
would have consequences that are likely to affect materially and adversely the ability of the Certificate Administrator to perform
its obligations under this Agreement;


 


(v)        No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not
obtained, would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder;


 


(vi)       To
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated and effective the Pricing Date, between the Certificate Administrator, the Depositor,
the Underwriters and the Initial Purchasers; and


 


(vii)      To
the actual knowledge of the Certificate Administrator, the Certificate Administrator is not a Risk Retention Affiliate of the
Third-Party Purchaser.


 


(f)         The
Operating Advisor hereby represents and warrants to the Trustee, the Depositor, the Certificate Administrator, the Master Servicer,
the Special Servicer, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date,
that:


 


(i)         The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the
State of New York and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;


 


(ii)        The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents or (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any
material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C)
violate any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject, which,
in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or its financial condition;


 


(iii)       The
Operating Advisor has the full limited liability company power and authority to enter into and consummate all transactions to
be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement,
and has duly executed and delivered this Agreement;


 






    -194-


    


    

 


(iv)       This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer, and the Depositor, constitutes a valid, legal and binding obligation of the Operating Advisor, enforceable
against the Operating Advisor in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization,
receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;


 


(v)        The
Operating Advisor is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Operating Advisor’s reasonable judgment,
is likely to materially and adversely affect the financial condition or operations of the Operating Advisor or its properties
taken as a whole or its ability to perform its duties and obligations hereunder;


 


(vi)       No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor which
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations
under this Agreement or the financial condition of the Operating Advisor;


 


(vii)      No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Operating Advisor, or compliance by the Operating Advisor with, this Agreement or the consummation of the
transactions of the Operating Advisor contemplated by this Agreement, except for any consent, approval, authorization or order
which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Operating
Advisor to perform its obligations hereunder;


 


(viii)     The
Operating Advisor possesses sufficient financial strength to fulfill its duties and responsibilities pursuant to this Agreement
over the life of the Trust Fund; and


 


(ix)       The
Operating Advisor is an Eligible Operating Advisor.


 


(g)        The
Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of
the Closing Date, that:


 


(i)         The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in which any
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;


 






    -195-


    


    

 


(ii)        The
execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms
of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s organizational
documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under,
or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable
to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Asset Representations
Reviewer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or its financial condition;


 


(iii)       The
Asset Representations Reviewer has the full limited liability company power and authority to enter into and consummate all transactions
to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this
Agreement, and has duly executed and delivered this Agreement;


 


(iv)      This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;


 


(v)       The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;


 


(vi)      No
litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the Asset Representations
Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement or, in the Asset Representations
Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Asset Representations
Reviewer to perform its obligations under this Agreement;


 


(vii)     No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer
with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement,
except for any


 






    -196-


    


    

 


consent,
approval, authorization or order which has been obtained or can be obtained prior to the actual performance by the Asset Representations
Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the
ability of the Asset Representations Reviewer to perform its obligations hereunder; and


 


(viii)     The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer.


 


(h)       It
is understood and agreed that the representations and warranties set forth in this Section shall survive delivery of the respective
Mortgage Files to the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the benefit
of the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Serviced
Companion Loan Noteholders and the Master Servicer or Special Servicer, as the case may be. Upon discovery by the Depositor, the
Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
or a Responsible Officer of the Trustee (or upon written notice thereof from any Certificateholder) of a breach of any of the
representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders,
the Certificate Administrator, the Master Servicer, Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Serviced Companion Loan Noteholders or the Trustee in any Mortgage Loan, the party discovering such breach shall give prompt
written notice to the other parties hereto, the Serviced Companion Loan Noteholders and the Mortgage Loan Sellers.


 


Section
2.05     Execution and Delivery of Certificates; Issuance of Upper-Tier Regular Interests; Issuance
of Lower-Tier Regular Interests. The Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery of the
Mortgage Files to the Custodian (to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian),
subject to the provisions of Section 2.01 and Section 2.02 of this Agreement and, concurrently with such delivery,
(i) acknowledges and hereby declares that it holds the Mortgage Loans (excluding the Excess Interest) for the benefit of (y) the
Holders of the Class R Certificates (in respect of the Class LTR Interest) and (z) the Holder of the Lower-Tier Regular Interests;
(ii) acknowledges and hereby declares that it holds the Excess Interest for the benefit of the Holders of the Excess Interest
Certificates; (iii) in exchange for the Mortgage Loans, acknowledges the issuance of the Lower-Tier Regular Interests and the
Class LTR Interest represented by the Class R Certificates; (iv) acknowledges the contribution by the Depositor of the Lower-Tier
Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular Interests on behalf of the
Upper-Tier REMIC and the Holders of the Regular Certificates and the Class VRR Upper-Tier Regular Interests; and (v) in exchange
for the Lower-Tier Regular Interests, has caused to be executed and caused to be authenticated and delivered to or upon the order
of the Depositor, or as directed by the terms of this Agreement, the Class VRR Upper-Tier Regular Interests, the Regular Certificates
and the Class UTR Interest represented by the Class R Certificates, in authorized denominations; and the Depositor hereby acknowledges
the receipt by it or its designees of the Certificates, which Certificates evidence ownership of the entire Trust Fund.


 






    -197-


    


    

 





The Depositor, as of
the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the
right, title and interest of the Depositor in and to the Class VRR Upper-Tier Regular Interests, the Excess Interest and any other
property constituting the Grantor Trust to the Trustee for the benefit of the Holders of the Grantor Trust Certificates. The Trustee
(i) acknowledges the assignment to it of the VRR Specific Grantor Trust Assets and the Class S Specific Grantor Trust Assets,
(ii) declares that it holds and will hold such VRR Specific Grantor Trust Assets and the Class S Specific Grantor Trust
Assets in trust for the exclusive use and benefit of all present and future Holders of the Grantor Trust Certificates, and (iii) has
caused to be executed and caused to be authenticated and delivered to or upon the order of the Depositor, in exchange for the VRR
Specific Grantor Trust Assets and the Class S Specific Grantor Trust Assets, and the Depositor hereby acknowledges the receipt
by it or its designees of, the Grantor Trust Certificates in authorized Denominations.


 


Section 2.06     Miscellaneous REMIC and Grantor Trust Provisions. (a)  The Lower-Tier Regular Interests issued hereunder are
hereby designated as the “regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1)
of the Code, and the Class LTR Interest, represented by the Class R Certificates, is hereby designated as the sole class
of “residual interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(2) of the Code. The Regular
Certificates are hereby designated as “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1)
of the Code, and the Class UTR Interest, represented by the Class R Certificates, is hereby designated as the sole class
of “residual interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code. The Closing
Date is hereby designated as the “Startup Day” of each Trust REMIC within the meaning of Section 860G(a)(9) of
the Code. The “latest possible maturity date” of the Lower-Tier Regular Interests and the Regular Certificates for
purposes of Section 860G(a)(l) of the Code is the Rated Final Distribution Date.


 


(b)          None of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter
into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated
herein.


 


(c)          Each Class of Grantor Trust Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust
consisting of the Specific Grantor Trust Assets with the corresponding alphabetic or alphanumeric designation. The Grantor Trust
shall be treated as a “grantor trust” within the meaning of the Grantor Trust Provisions.


 


Article III



ADMINISTRATION AND SERVICING

OF THE TRUST FUND


 


Section 3.01     The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage
Loans and the Serviced Companion Loans. (a) The Master Servicer (generally with respect to Serviced Mortgage Loans and any
related Serviced Companion Loans that are not Specially Serviced Loans) and the Special


 






    -198-


    


    

 


Servicer (generally with respect to Specially
Serviced Loans and Serviced REO Loans), each as an independent contractor servicer, shall service and administer the Serviced Mortgage
Loans and any related Serviced Companion Loans on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders)
and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholder(s), (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholder(s), as applicable, constituted a single lender (and with respect to any
Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced
Subordinate Companion Loan)), in each case, in accordance with the Servicing Standard.


 


The Master Servicer’s
or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the
case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof).
To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer
and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Notes; provided,
that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or Special Servicer
of the collectability of the Mortgage Loans or the Serviced Companion Loans. Subject only to the Servicing Standard, the Master
Servicer and Special Servicer shall have full power and authority, acting alone or through sub-servicers (subject to paragraph (c)
of this Section 3.01, to the related sub-servicing agreement with each sub-servicer and to Section 3.02
of this Agreement), to do or cause to be done any and all things in connection with such servicing and administration that it may
deem consistent with the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders, including,
without limitation, with respect to each Serviced Mortgage Loan and, in the case of any Serviced Whole Loan, in the best interests
of the Certificateholders and the Serviced Companion Loan Noteholder(s), as a collective whole as if such Certificateholders and
(with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder(s) constituted a single lender (and with respect to
any Serviced Whole Loan with any related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such
Serviced Subordinate Companion Loan)) to prepare, execute and deliver, on behalf of the Certificateholders and Serviced Companion
Loan Noteholders and the Trustee or any of them: (i) any and all financing statements, continuation statements and other documents
or instruments necessary to maintain the lien on each Mortgaged Property and related collateral; (ii) any modifications, waivers,
consents or amendments to or with respect to any documents contained in the related Mortgage File; and (iii) any and all instruments
of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect
to such Mortgage Loans and the Mortgaged Properties. Notwithstanding the foregoing, neither the Master Servicer nor the Special
Servicer shall modify, amend, waive or otherwise consent to any change of the terms of any Mortgage Loan except under the circumstances
described in Section 3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25,
Section 3.26 and Section 3.27 hereof. The Master Servicer (with respect to Serviced Mortgage Loans and
any related Serviced Companion Loans that are non-Specially Serviced Loans) and the Special Servicer (with respect to Specially
Serviced Loans and Serviced REO Loans) shall provide to the Borrowers related to such Mortgage Loans that it is servicing any reports
required to be provided to them pursuant to the related Loan Documents. Subject to Section 3.11 of this Agreement,
the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver to the Master Servicer and
Special Servicer, as applicable, any powers of attorney (in the form


 






    -199-


    


    

 


attached hereto as Exhibit DD, or such other form
as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other documents (including
but not limited to other powers of attorney) prepared by the Master Servicer and Special Servicer, as applicable, and necessary
or appropriate (as certified in such written request) to enable the Master Servicer and Special Servicer, as applicable, to carry
out their servicing and administrative duties hereunder. The Trustee shall not be held liable for any misuse of any such power
of attorney or such other documents by the Master Servicer and Special Servicer, as applicable. Notwithstanding anything contained
herein to the contrary, none of the Master Servicer or the Special Servicer shall, without the Trustee’s written consent:
(i) initiate any action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s
or the Special Servicer’s, as the case may be, representative capacity (unless prohibited by any requirement of the applicable
jurisdiction in which any such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction
(provided that the Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business Days’ written
notice to the Trustee of the initiation of such action, suit or proceeding (or such shorter time period as is reasonably required
in the judgment of the Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard)
prior to filing such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate the
Master Servicer’s or the Special Servicer’s, as applicable, representative capacity); or (ii) take any action
with the intent to cause, and that actually causes, the Trustee to be registered to do business in any state.


 


(b)          Unless
otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any partial
Principal Prepayment received on a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, on a date other than a Due
Date to the Stated Principal Balance of such Serviced Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date
immediately following the date of receipt of such partial Principal Prepayment. Unless otherwise provided in the related Mortgage
Note or related Intercreditor Agreement, the Master Servicer shall apply any amounts received on U.S. Treasury obligations in
respect of a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, being defeased pursuant to its terms to the Stated
Principal Balance of and interest on such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately
following the receipt of such amounts.


 


(c)          The
Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its
respective obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all
material respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions
of this Agreement, the terms of the respective Loan Documents and, in the case of a Serviced Companion Loan, the related Intercreditor
Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides
that (x) the failure of such Sub-Servicer to comply with any of the requirements under Article X of this Agreement
applicable to such Sub-Servicer, including the failure to deliver any reports or certificates at the time such report or certification
is required under Article X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver
any items required by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to any other
series of certificates offered by the Depositor shall constitute an event of


 






    -200-


    


    

 


default by such Sub-Servicer upon the occurrence
of which (following the expiration of any applicable grace period) the Master Servicer shall (and the Depositor may) immediately
terminate the related Sub-Servicer under the related Sub-Servicing Agreement, which termination shall be deemed for cause, (iii) no
Sub-Servicer retained by the Master Servicer or the Special Servicer, as applicable, shall grant any modification, waiver or amendment
to any Mortgage Loan or Serviced Companion Loan, as applicable, or foreclose any Mortgage without the approval of the Master Servicer
or the Special Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures set forth
in Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26,
Section 3.27, (as applicable), (iv) such Sub-Servicing Agreement shall be consistent with the Servicing Standard,
(v) such Sub-Servicing Agreement shall be terminable if at any time the related Sub-Servicer is a Risk Retention Affiliate of
the Third-Party Purchaser and such Sub-Servicer is a servicer as contemplated by Item 1108(a)(2) of Regulation AB, and (vi) with
respect to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant
or an Additional Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited
Party. Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate its duties to agents or Subcontractors so long
as the related agreements or arrangements with such agents or Subcontractors are consistent with the provisions of this Section 3.01(c)
(including, for the avoidance of doubt, that no such agent or Subcontractor is a Prohibited Party, if such agent or Subcontractor
would be a Servicing Function Participant, at the time the related sub-servicing agreement is entered into). Any monies received
by a Sub-Servicer pursuant to a Sub-Servicing agreement (other than sub-servicing fees) shall be deemed to be received by the
Master Servicer on the date received by such Sub-Servicer.


 


Any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed or terminated
by the Trustee (in its sole discretion, but must be assumed with respect to any Mortgage Loan Seller Sub-Servicer so long as such
Mortgage Loan Seller Sub-Servicer is not in default under the applicable Sub-Servicing Agreement) if the Trustee has assumed the
duties of the Master Servicer or the Special Servicer, respectively, or any successor Master Servicer or Special Servicer, as applicable,
without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations, except
to the extent they arose prior to the date of assumption, of the Master Servicer or the Special Servicer, as applicable, pursuant
to Section 7.02 (it being understood that any such obligations shall be the obligations of the terminated Master Servicer
or Special Servicer, as applicable, only).


 


Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans or the Serviced Companion Loans involving a Sub-Servicer,
shall be deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the
Trustee, the Certificate Administrator, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer, the Certificateholders
and, if applicable, Serviced Companion Loan Noteholders shall not be deemed parties thereto and shall have no claims, rights (except
as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section 3.01(c)(ii)
and Section 3.01(d).


 


Any Sub-Servicing Agreement
as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master Servicer (and any successor
Master


 






    -201-


    


    

 


Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause pursuant to such Sub-Servicing
Agreement and as otherwise specified in such Sub-Servicing Agreement.


 


Notwithstanding any other
provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for the performance
by third parties of any or all of its obligations herein, without the consent of the Directing Holder for so long as no Control
Termination Event has occurred and is continuing, except to the extent necessary for the Special Servicer to comply with applicable
regulatory requirements.


 


The Master Servicer or
the Special Servicer, as applicable, shall monitor the performance and enforce the obligations of each Mortgage Loan Seller Sub-Servicer
and each Sub-Servicer that it retains under a related Sub-Servicing Agreement, except that the Master Servicer shall only be required
to use commercially reasonable efforts to cause any Mortgage Loan Seller Sub-Servicer to comply with Article X hereof. No Sub-Servicer
shall be permitted under any Sub-Servicing Agreement to make material servicing decisions, such as loan modifications or determinations
as to the manner or timing of enforcing remedies under the Mortgage Loan documents, without the consent of the Master Servicer
or Special Servicer, as applicable. The Master Servicer’s consent may also be required for certain other servicing decisions as
provided in the related Sub-Servicing Agreement.


 


Except with respect to
the Special Servicer, no party shall enter into a Sub-Servicing Agreement with a Sub-Servicer that is a Risk Retention Affiliate
of the Third-Party Purchaser if such Sub-Servicer would be a servicer as contemplated by Item 1108(a)(2) of Regulation AB. Notwithstanding
the preceding sentence, the parties to this Agreement, absent actual knowledge to the contrary, may conclusively rely upon a representation
of any Mortgage Loan Seller Sub-Servicer that such Sub-Servicer is not, to its actual knowledge, a Risk Retention Affiliate of
the Third-Party Purchaser. If at any time a party to this transaction obtains actual knowledge that such Sub-Servicer is a servicer
as contemplated by Item 1108(a)(2) of Regulation AB and is a Risk Retention Affiliate of the Third-Party Purchaser, such party
shall terminate such Sub-Servicer in accordance with the related Sub-Servicing Agreement.


 


(d)          If the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any
successor Special Servicer assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02,
the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit
the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02,
shall, without act or deed on the part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable,
succeed to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing
Agreement entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c).
In such event, such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s
interest, as applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer
or the Special Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special
Servicer, as applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been
assigned to


 






    -202-


    


    

 


such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved
of any liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.


 


If the Trustee or any
successor Master Servicer or Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer or the Special
Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable, shall at
its own expense (except (i) in the event that the Special Servicer is terminated pursuant to Section 3.22(b),
at the expense of the Certificateholders effecting such termination, as applicable; or (ii) in the event that the Master Servicer
or the Special Servicer is terminated pursuant to Section 6.04(c), at the expense of the Trust) deliver to such successor
all documents and records relating to any Sub-Servicing Agreement and the Mortgage Loans and/or the Serviced Companion Loans, as
applicable, then being serviced hereunder or thereunder and an accounting of amounts collected and held by it, if any, and shall
otherwise use commercially reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to such
successor. The Master Servicer shall not be required to assume the obligations of the Special Servicer and nothing in this paragraph
shall imply otherwise.


 


(e)          
The parties hereto acknowledge that each Whole Loan is subject to the terms and conditions of the related Intercreditor
Agreement and, with respect to a Non-Serviced Mortgage Loan, further subject to the servicing under and all other terms and conditions
of the Other Pooling and Servicing Agreement. The parties hereto further recognize the respective rights and obligations of each
Companion Loan Noteholder under the related Intercreditor Agreement, including, without limitation with respect to (A) the
allocation of collections (and all other amounts received in connection with the related Whole Loan) on or in respect of the related
Mortgage Loan and (B) the allocation of Default Interest on or in respect of the related Mortgage Loan.


 


Notwithstanding anything
herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to the Serviced Whole Loans are limited by and subject to the terms of the related Intercreditor Agreement and, with respect to
any Non-Serviced Mortgage Loan, the rights of the Other Servicer and the Other Special Servicer under the Other Pooling and Servicing
Agreement. The Master Servicer shall, consistent with the applicable Servicing Standard, enforce the rights of the Trustee (as
holder of a Non-Serviced Mortgage Loan) under the related Intercreditor Agreement and the Other Pooling and Servicing Agreement.
The parties hereto acknowledge that each Non-Serviced Whole Loan and any related REO Property are being serviced and administered
under the related Other Pooling and Servicing Agreement and the Other Servicer will make any Servicing Advances required thereunder
in respect of such Non-Serviced Whole Loan and remit collections on the Non-Serviced Mortgage Loan to or on behalf of the Trust.
None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any obligation or authority
to supervise the related Other Servicer, the related Other Special Servicer or the related Other Trustee or to make Servicing Advances
with respect to any such Non-Serviced Whole Loan. Although each Non-Serviced Whole Loan is being serviced under the related Other
Pooling and Servicing Agreement, the Controlling Class Representative may have certain information and consultation rights
relating to the servicing of the Non-Serviced Whole


 






    -203-


    


    

 


Loan pursuant to the terms of the related Intercreditor Agreement and the related
Other Pooling and Servicing Agreement. Any obligation of the Master Servicer or Special Servicer, as applicable, to provide information
and collections to the Trustee, the Certificate Administrator and the Certificateholders with respect to any Non-Serviced Whole
Loan shall be dependent on its receipt of the corresponding information and collections from the related Other Servicer or the
related Other Special Servicer. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect
to the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations
with respect to such Non-Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or
conditions of an Intercreditor Agreement related to a Non-Serviced Whole Loan and the provisions, terms or conditions of this Agreement,
the related Intercreditor Agreement shall govern.


 


If any Mortgage Loan
included in any Serviced Whole Loan is no longer part of the Trust Fund and the servicing and administration of such Serviced Whole
Loan is to be governed by a separate servicing agreement and not by this Agreement, the Master Servicer and, if such Serviced Whole
Loan is then being specially serviced hereunder, the Special Servicer, shall continue to act in such capacities under such separate
servicing agreement, which agreement shall be reasonably acceptable to the Master Servicer and/or the Special Servicer, as the
case may be, and shall contain servicing and administration, limitation of liability, indemnification and servicing compensation
provisions substantially similar to the corresponding provisions of this Agreement, except that such Serviced Whole Loan and the
related Mortgaged Property shall be serviced as if they were the sole assets serviced and administered thereunder and the sole
source of funds thereunder and except that there shall be no further obligation of any Person to make P&I Advances. All amounts
due the Master Servicer, the Trustee and the Special Servicer (including Advances and interest thereon) pursuant to this Agreement
and the applicable Intercreditor Agreement shall be paid to the Master Servicer, the Trustee and the Special Servicer by the successor
Master Servicer or Special Servicer, as applicable, or as an Additional Trust Fund Expense on the first Master Servicer Remittance
Date following termination. In addition, until such time as a separate servicing agreement with respect to such Serviced Whole
Loan and any related Serviced REO Property has been entered into and, notwithstanding that neither such Mortgage Loan nor any related
Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage File and the Master Servicer
and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue to service such Serviced Whole Loan
or any related Serviced REO Property, as the case may be, under this Agreement as if it were a separate servicing agreement. Nothing
herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to the rights of the related noteholders
thereunder and with respect to the servicing and administrative duties and obligations with respect to such Serviced Whole Loans.
In the event of any inconsistency or discrepancy between the provisions, terms or conditions of an Intercreditor Agreement related
to a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Intercreditor Agreement shall govern,
and as to any matter on which such Intercreditor Agreement is silent or makes reference to this Agreement, this Agreement shall
govern.


 


(f)           Except
as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity hereunder
will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity that


 






    -204-


    


    

 


is unrelated
to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in any other capacity
hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations performed
in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National Association,
or where the groups or divisions responsible for performing the obligations in such capacities have one or more of the same Responsible
Officers, provided in any event, however, the knowledge of employees performing special servicing functions shall not be
imputed to employees performing master servicing functions, and the knowledge of employees performing master servicing functions
shall not be imputed to employees performing special servicing functions.


 


Section 3.02    
Liability of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement,
any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer,
as applicable, and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through
any Person acting as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated
and primarily liable to the Trustee (on behalf of the Certificateholders), the Certificateholders the Certificateholders and, with
respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of the Mortgage
Loans and Serviced Companion Loans in accordance with the provisions of this Agreement without diminution of such obligation or
liability by virtue of such sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor or any
other Person acting as sub-servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions
as if the Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans and
Serviced Companion Loans. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with
any sub-servicer providing for indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer,
and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification
shall be deemed to limit or modify this Agreement.


 


Section 3.03    
Collection of Mortgage Loan and Serviced Companion Loan Payments. The Master Servicer (with respect to all the Serviced
Mortgage Loans and any related Serviced Companion Loans (other than Specially Serviced Loans) that the Master Servicer is servicing)
and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts to collect all payments called
for under the terms and provisions of the Serviced Mortgage Loans and any related Serviced Companion Loans each is obligated to
service hereunder, and shall follow the Servicing Standard with respect to such collection procedures; provided, that nothing
herein contained shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectability
of the Mortgage Loans or the Serviced Companion Loans; provided, further, that with respect to such Serviced Mortgage
Loans and any related Serviced Companion Loans, as applicable, that have Anticipated Repayment Dates, so long as the related Borrower
is in compliance with each provision of the related Loan Documents, the Master Servicer and Special Servicer (including the Special
Servicer in its capacity as a Certificateholder, if applicable) shall not take any enforcement action with respect to the failure
of the related Borrower to make any payment of Excess Interest, other than requests for collection, until the final maturity date
of such Mortgage Loan or Serviced Whole Loan, as applicable, or the


 






    -205-


    


    

 


outstanding principal balance of such Mortgage Loan or Serviced
Whole Loan, as applicable, has been paid in full, however, consistent with the applicable Servicing Standard, the Master Servicer,
or the Special Servicer each may in its discretion waive the Excess Interest (even at the final maturity date) in connection with
any Mortgage Loan it is obligated to service hereunder if taking such action is in the best interest of the Certificateholders
as a collective whole. With respect to each Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall
use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers
as required by the Loan Documents and the terms hereof. The Master Servicer shall provide at least 90 days’ notice (with
a copy to the Special Servicer) to the Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced
Mortgage Loan). Consistent with the foregoing, the Master Servicer (with respect to each Performing Loan) or the Special Servicer
(with respect to Specially Serviced Loans) may in their discretion waive any late payment charge or Default Interest it is entitled
to receive in connection with any delinquent Periodic Payment or Balloon Payment with respect to any Mortgage Loan or Serviced
Companion Loan that it is servicing. In addition, the Special Servicer shall be entitled to take such actions with respect to the
collection of payments on the Mortgage Loans and the Serviced Companion Loans as are permitted or required under this Agreement.


 


Section 3.04    
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a)  The Master Servicer, in the case
of all Serviced Mortgage Loans that it is servicing, shall maintain accurate records with respect to each related Mortgaged Property
reflecting the status of taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance
premiums payable with respect thereto. With respect to each Specially Serviced Loan, the Special Servicer shall use its reasonable
efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the
Loan Documents. The Special Servicer, in the case of Serviced REO Loans, and the Master Servicer, in the case of all Serviced Mortgage
Loans that it is servicing, shall use reasonable efforts consistent with the Servicing Standard to, from time to time, (i) obtain
all bills for the payment of such items (including renewal premiums), and (ii) effect, or, if the Special Servicer, to use
reasonable efforts to cause the Master Servicer to effect, payment of all such bills with respect to such Mortgaged Properties
prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the
terms of the related Loan Documents for the related Mortgage Loan or Serviced Companion Loan. If a Borrower under a Serviced Mortgage
Loan fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before
the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Servicing Advance
unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance
(provided that with respect to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply
with the provisions of the second to last paragraph in Section 3.21(d) of this Agreement). The Master Servicer shall
be entitled to reimbursement of Servicing Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant to
this Section 3.04 of this Agreement from amounts received on or in respect of the related Mortgage Loan or Serviced
Whole Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted
by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments
on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders or Serviced Companion Loan
Noteholders, be added to the amount owing


 






    -206-


    


    

 


under the related Mortgage Loans or Serviced Companion Loans, notwithstanding that the
terms of such Mortgage Loans or Serviced Companion Loans so permit.


 


The parties acknowledge
that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service provider provided
for in the related Other Pooling and Servicing Agreement may make) Servicing Advances with respect to such Non-Serviced Mortgage
Loans pursuant to the related Other Pooling and Servicing Agreement. The Other Servicer (or other service provider) shall be entitled
to reimbursement for nonrecoverable Servicing Advances (as such term or similar term may be defined in the related Other Pooling
and Servicing Agreement) with, in each case, any accrued and unpaid interest thereon provided for under the related Other Pooling
and Servicing Agreement in the manner set forth in such Other Pooling and Servicing Agreement, the related Intercreditor Agreement
and Section 3.06(a)(v) of this Agreement.


 


(b)         
The Master Servicer shall segregate and hold all funds collected and received pursuant to any Serviced Mortgage Loan or
any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and
general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”)
into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds
and maintained in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and in accordance
with the Servicing Standard. The Master Servicer shall also deposit into each Escrow Account any amounts representing losses on
Permitted Investments to the extent required pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds
or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the
related Mortgage Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Loan
Documents require it to be held in an account that is not an Eligible Account); provided, if the ratings of the financial
institution holding such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the
related Loan Documents require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30
days (or such longer time as confirmed by a Rating Agency Confirmation, obtained at the expense of the Master Servicer relating
to the Certificates and any related Serviced Companion Loan Securities) to transfer such account to an Eligible Account. Escrow
Accounts shall be entitled, “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2018-B1
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 and Various Borrowers and, if applicable, Serviced
Companion Loan Noteholders”. Withdrawals from an Escrow Account may be made by the Master Servicer only:


 


(i)          
to effect timely payments of items constituting Escrow Payments for the related Mortgage;


 


(ii)          to
transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Collection Account (or any sub-account thereof)
to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the Reimbursement Rate) relating
to Escrow Payments, but only from amounts received with


 






    -207-


    


    

 


respect to the related Mortgage Loan and/or Serviced Whole Loan, as applicable,
which represent late collections of Escrow Payments thereunder;


 


(iii)         for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan
and/or Serviced Whole Loan, as applicable, and the Servicing Standard;


 


(iv)         to clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan
and/or Serviced Whole Loan, as applicable;


 


(v)          to pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow
Account if such income is required to be paid to the related Borrower under law or by the terms of the Loan Documents for such
Mortgage Loan or Serviced Whole Loan, or otherwise to the Master Servicer; or


 


(vi)         to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrowers
determined to be overages.


 


(c)          The Master Servicer shall, as to each Serviced Mortgage Loan and each Serviced Companion Loan that it is servicing, (i) maintain
accurate records with respect to the related Mortgaged Property reflecting the status of real estate taxes, assessments and other
similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable in respect
thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm) the payment of
such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the related Borrower
to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting
any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed under the terms of the
related Loan Documents for such Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or Serviced Companion Loan
does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents
(if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the Servicing Standard to cause
the related Borrower to comply with the requirement of the related Loan Documents that the Borrower make payments in respect of
such items at the time they first become due and, in any event, prior to the institution of foreclosure or similar proceedings
with respect to the related Mortgaged Property for nonpayment of such items). Subject to Section 3.21 of this Agreement,
the Master Servicer shall timely make a Servicing Advance with respect to the Serviced Mortgage Loans and any related Serviced
Companion Loans that it is servicing, if any, to cover any such item which is not so paid, including any penalties or other charges
arising from the Borrower’s failure to timely pay such items.


 


Section 3.05      
Collection Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole
Loan Collection Accounts. (a)  The Master Servicer shall establish and maintain a Collection Account, for the benefit
of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests with respect


 






    -208-


    


    

 


to the Mortgage Loans
that it is servicing. The Collection Account shall be established and maintained as an Eligible Account. Amounts attributable
to Excess Interest will be assets of the Grantor Trust. Amounts attributable to the Companion Loans will not be assets of the
Trust Fund.


 


Within two (2) Business
Days following receipt of properly identified funds, the Master Servicer shall deposit or cause to be deposited in the Collection
Account the following payments and collections received or made by or on behalf of it on or with respect to the Mortgage Loans
subsequent to the Cut-off Date:


 


(i)          
all payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan),
including the principal component of all Unscheduled Payments;


 


(ii)         
all payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan)
(net of the related Servicing Fees), including Prepayment Premiums, Default Interest, Yield Maintenance Charges, Excess Interest
and the interest component of all Unscheduled Payments;


 


(iii)        
any amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses
realized on Permitted Investments with respect to funds held in the Collection Account;


 


(iv)        
all Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to
Section 3.15(b) of this Agreement;


 


(v)          any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the
Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by the
Master Servicer as provided herein;


 


(vi)         all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other than
any Mortgage Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related to a Serviced
Whole Loan), other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all the
Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account pursuant
to Section 9.01 of this Agreement, together with any amounts representing recoveries of Nonrecoverable Advances, including
any recovery of Unliquidated Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan related to a Serviced
Whole Loan); provided, that any Liquidation Proceeds related to a sale, pursuant to Section 3.16 hereof or pursuant
to the related Intercreditor Agreement, of a Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into the
Collection Account and applied solely to pay expenses relating to that Mortgage Loan and to Aggregate Available Funds;


 



    -209-


    


    

 


(vii)         Penalty Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required to
offset interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(d) of this Agreement;


 


(viii)        any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of
this Agreement in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in
respect of the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan);


 


(ix)          any
other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred from the
Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion Loans
or any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or
reimbursement obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable,
other than in respect of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special
Servicer;


 


(x)           any
Compensating Interest Payments in respect of the Mortgage Loans that the Master Servicer is servicing (other than any Non-Serviced
Mortgage Loan or any Mortgage Loan related to a Serviced Whole Loan) pursuant to Section 3.17(c) of this Agreement;


 


(xi)          any Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and


 


(xii)         in the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced
Whole Loan Collection Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).


 


In the case of Gain-on-Sale
Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which the Master Servicer shall
hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests, (ii) for the benefit of the Certificateholders
(other than the Class S Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests and (iii) for the
benefit of any Serviced Companion Loan Noteholder entitled thereto. Any Gain-on-Sale Proceeds shall be identified separately from
any other amounts held in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion
Loan also identified separately).


 


The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the related Intercreditor
Agreement), Assumption Fees, assumption application fees, Modification Fees and consent fees, loan service transaction fees, extension
fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master
Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special
Servicer, as applicable in accordance with Section 3.12 hereof, shall be


 






    -210-


    


    

 


entitled to retain any such charges and fees
received with respect to the Mortgage Loans that it is servicing as additional compensation.


 


If the Master Servicer
deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from
the Collection Account, any provision herein to the contrary notwithstanding.


 


Upon receipt of any of
the amounts described in clauses (i), (ii), (v) and (vi) above with respect to any Specially Serviced Loan which is not a Serviced
REO Loan, the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except, if such amounts
are not properly identified, the Special Servicer shall promptly identify such amounts and shall remit such amounts within one
Business Day after such identification) to the Master Servicer for deposit into the Collection Account in accordance with the second
paragraph of this Section 3.05 of this Agreement, unless the Special Servicer determines, consistent with the Servicing
Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. Any
such amounts received by the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO Property related
to the Serviced Whole Loans) shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer
for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any related
Serviced Whole Loan, the Special Servicer shall comply with Section 3.05(g) of this Agreement. With respect to any such
amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such
check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.


 


(b)          The Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit
of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the Trustee
as the Holder of the Lower-Tier Regular Interests. The Lower-Tier Distribution Account shall be established and maintained as an
Eligible Account or as a sub-account of an Eligible Account.


 


(c)          With respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before
the Master Servicer Remittance Date the funds then on deposit in the Collection Account after giving effect to withdrawals of funds
pursuant to Section 3.06(a) of this Agreement and deposits from the Serviced Whole Loan Collection Account pursuant
to Section 3.06 of this Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection Account,
the Certificate Administrator shall deposit in (A) the Lower-Tier Distribution Account (i) the amount of Aggregate Available
Funds to be distributed pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of
Gain-on-Sale Proceeds allocable to any Mortgage Loan to be deposited into the Lower-Tier Distribution Account (which the Certificate
Administrator shall then deposit in the Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (B)
the Interest Reserve Account as part of the Lower-Tier REMIC, the amount of any Withheld Amounts to be deposited pursuant to Section 3.05(e)
of this Agreement and (C) in the Excess Interest Distribution Account, the Excess Interest to be distributed to the Holders of
the Excess Interest Certificates.


 



    -211-


    


    

 


(d)          If
any Loss of Value Payments are received in connection with a Material Defect or Material Breach, as the case may be, pursuant
to or as contemplated by Section 2.03(e) of this Agreement, the Special Servicer shall establish and maintain one
or more non-interest bearing accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit
of the Certificateholders, for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value
Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt, deposit
in the Loss of Value Reserve Fund all Loss of Value Payments received by it. The Certificate Administrator shall account for the
Loss of Value Reserve Fund as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and
not an asset of any Trust REMIC or the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator
shall (i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders
as contributed to and distributed by the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund
through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to such Mortgage Loan Seller as beneficial
owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial owner of the Loss of Value
Reserve Fund for all federal income tax purposes, and shall be taxable on all income earned thereon.


 


(e)          The
Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit of the Trustee,
for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the Trustee as the Holder of
the Lower-Tier Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible Account or as
a sub-account of an Eligible Account.


 


On each Master Servicer
Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of
each calendar year, unless in either case such Master Servicer Remittance Date is the final Master Servicer Remittance Date, the
Certificate Administrator shall calculate the Withheld Amounts. On each such Master Servicer Remittance Date, the Certificate Administrator
shall, with respect to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve 30-day months,
withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest
Reserve Account an amount equal to the aggregate of the Withheld Amounts calculated in accordance with the previous sentence. If
the Certificate Administrator shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it
may at any time withdraw such amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On
or prior to the Master Servicer Remittance Date in March of each calendar year (or in February if the final Distribution
Date will occur in such month), the Certificate Administrator shall transfer to the Lower-Tier Distribution Account the aggregate
of all Withheld Amounts on deposit in the Interest Reserve Account.


 


With respect to the Distribution
Date in March 2018, for each Mortgage Loan that accrues interest based on an Actual/360 Basis, the related Mortgage Loan Seller
shall remit to the Depositor on the Closing Date for deposit into the Interest Reserve Account an amount equal to one day of interest
at the related Net Mortgage Rate (the “Interest Deposit Amount”). The


 






    -212-


    


    

 


Interest Deposit Amount shall be included
in the Withheld Amounts for the Distribution Date in March 2018.


 


(f)          
The Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit
of the Trustee and for the benefit of the Certificateholders (other than the Holders of the Class S Certificates). The Upper-Tier
Distribution Account shall be established and maintained as an Eligible Account or a sub-account of an Eligible Account. Promptly
on each Distribution Date, the Certificate Administrator shall withdraw or be deemed to withdraw from the Lower-Tier Distribution
Account and deposit or be deemed to deposit in the Upper-Tier Distribution Account on or before such date the Lower-Tier Distribution
Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date to be distributed in
respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a) and Section 4.01(d) of this Agreement
on such date.


 


(g)          With
respect to each Serviced Whole Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause to be maintained,
a Serviced Whole Loan Collection Account in which the Master Servicer shall deposit or cause to be deposited within two Business
Days following receipt of properly identified funds the following payments and collections received or made by or on behalf of
it on such Serviced Whole Loan or Serviced REO Property subsequent to the Cut-off Date:


 


(i)          
all payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;


 


(ii)          all
payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment Premiums,
Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;


 


(iii)         any amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on
Permitted Investments with respect to funds held in such Serviced Whole Loan Collection Account;


 


(iv)         all Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);


 


(v)          any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such
Serviced Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;


 


(vi)         all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan or any related
Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase
of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution
Account pursuant to Section 9.01), together with any amounts representing recoveries of Nonrecoverable Advances, including
any recovery of Unliquidated Advances, in respect of such Serviced Whole Loan; provided, that any Liquidation Proceeds
related to a sale pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement of a Mortgage
Loan


 






    -213-


    


    

 


included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses
relating to that Mortgage Loan and to Aggregate Available Funds and any Liquidation Proceeds related to a sale of a related Serviced
Companion Loan included in a Serviced Whole Loan shall be deposited into the Serviced Whole Loan Collection Account and applied
solely to pay expenses relating to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion Loan
Noteholder;


 


(vii)        Penalty
Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances made by a
Serviced Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);


 


(viii)       any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) in
connection with losses resulting from a deductible clause in a blanket or master force placed policy in respect of such Serviced
Whole Loan;


 


(ix)         any
other amounts required by the provisions of this Agreement (including with respect to the Companion Loans or any mezzanine indebtedness
that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations set
forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable) to be deposited into the applicable
Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer;


 


(x)          any cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement; and


 


(xi)         any Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).


 


The foregoing
requirements for deposits into the applicable Serviced Whole Loan Collection Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section 3.12
hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service transaction fees, extension
fees, demand fees, beneficiary statement charges and similar fees need not be deposited into the applicable Serviced Whole Loan
Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law,
the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled
to retain any such charges and fees received with respect to the Serviced Whole Loans as additional compensation. If the Master
Servicer deposits in the applicable Serviced Whole Loan Collection Account any amount not required to be deposited therein, it
may at any time withdraw such amount from such Serviced Whole Loan Collection Account, any provision herein to the contrary notwithstanding.


 


Each Serviced
Whole Loan Collection Account shall be maintained as a segregated account, separate and apart from any trust fund created for mortgage
backed securities of other series and the other accounts of the Master Servicer; provided, that such Serviced Whole Loan
Collection Account may be a sub-account of the Master


 






    -214-


    


    

 


Servicer’s Collection Account or may be maintained on a ledger basis
but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan Collection Account shall
be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.


 


Upon receipt
of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to each Serviced Whole Loan for
so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall remit within one Business
Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account in accordance with
the first paragraph of this Section 3.05(g), unless the Special Servicer determines, consistent with the applicable
Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason.
Any such amounts received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall
initially be deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer
for deposit into the applicable Serviced Whole Loan Collection Account pursuant to Section 3.15(b). With respect to
any such amounts paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially
Serviced Loan shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver
any such check to the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check into
the applicable Whole Loan REO Account.


 


(h)           Except as otherwise set forth in Section 3.06(b), with respect to each Due Date and any related Serviced Companion
Loan, on each Serviced Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable Serviced
Whole Loan Collection Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion Loan Noteholder
by wire transfer in immediately available funds to the account of such Serviced Companion Loan Noteholder or an agent therefor
appearing on the Serviced Companion Loan Noteholder Register on the related date such amounts as are required to be remitted (or,
if no such account so appears or information relating thereto is not provided at least five (5) Business Days prior to the date
such amounts are required to be remitted, by check sent by first class mail to the address of such Serviced Companion Loan Noteholder
or its agent appearing on the Serviced Companion Loan Noteholder Register) the portion of the applicable Serviced Whole Loan Remittance
Amount allocable to such Serviced Companion Loan Noteholder.


 


(i)            Prior
to the Master Servicer Remittance Date relating to any Collection Period in which Gain-on-Sale Proceeds are received, the Certificate
Administrator shall establish and maintain the Gain-on-Sale Reserve Account, which may have one or more sub-accounts, to be held
in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class
S Certificates), and with respect to each Serviced Whole Loan, the related Serviced Companion Loan Noteholders, and the Trustee
as holder of the Lower-Tier Regular Interests. Each account that constitutes a Gain-on-Sale Reserve Account shall be an Eligible
Account or a sub-account of an Eligible Account. On each Master Servicer Remittance Date, the Master Servicer shall withdraw from
the Collection Account or, if allocable to any Serviced Whole Loan, the Master Servicer shall withdraw from the applicable Serviced


 






    -215-


    


    

 


Whole Loan Collection Account, and remit to the Certificate Administrator (i) in the case of the Mortgage Loans (other than
the Serviced Whole Loans), for deposit in the Lower-Tier Distribution Account, as applicable (which the Certificate Administrator
shall then deposit in the Gain-on-Sale Reserve Account), and (ii) in the case of the Serviced Whole Loans, for deposit in
the Gain-on-Sale Reserve Account, all Gain-on-Sale Proceeds received during the Collection Period ending on the Determination
Date immediately prior to such Master Servicer Remittance Date which are allocable to a Mortgage Loan or Serviced Whole Loan;
provided that on the Business Day prior to the final Distribution Date, the Certificate Administrator shall withdraw from
the Gain-on-Sale Reserve Account and deposit in the Lower-Tier Distribution Account (after allocation to any related Serviced
Companion Loan as provided in Section 4.01(e)), for distribution on such Distribution Date, any and all amounts then
on deposit in the Gain-on-Sale Reserve Account attributable to the Mortgage Loans.


 


(j)           
Funds in the Collection Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Interest Reserve
Account, the Gain-on-Sale Reserve Account and the REO Account may be invested in Permitted Investments in accordance with the provisions
of Section 3.07 of this Agreement; provided, however, that for so long as Wells Fargo Bank, National
Association is the Certificate Administrator, funds on deposit in the Distribution Accounts, the Interest Reserve Account and the
Gain-on-Sale Reserve Account shall not be invested.


 


The Master Servicer shall
give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account and, if applicable, the Serviced Whole Loan Collection Accounts as of the Closing Date and shall
notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, in writing on or prior
to the Closing Date and prior to any subsequent change thereof. In addition, the Master Servicer shall provide notice to each affected
holder of a Serviced Companion Loan of the location and account number of the relevant Serviced Whole Loan Collection Account as
well as notice in writing on or prior to the Closing Date and prior to any subsequent change thereof. The Certificate Administrator
shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account
number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date and shall notify the Depositor, the
Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.


 


(k)           The Certificate Administrator shall establish and maintain the Excess Interest Distribution Account, in its own name, for
the benefit of the Holders of the Excess Interest Certificates, with respect to the Excess Interest, which shall be an asset of
the Grantor Trust and beneficially owned by the Holders of the Excess Interest Certificates and shall not be an asset of any Trust
REMIC. The Excess Interest Distribution Account shall be established and maintained as an Eligible Account or as a subaccount of
an Eligible Account. Following the distribution of the applicable portions of Excess Interest to the Holders of the Excess Interest
Certificates, as applicable, on the first Distribution Date after which there are no longer any Mortgage Loans outstanding which
pursuant to their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess Interest Distribution
Account.


 



    -216-


    


    

 


(l)           
The Certificate Administrator shall establish and maintain the Legal Fee Reserve Account. On the Closing Date, the Depositor
shall deposit $250,000 with the Certificate Administrator, to be credited to the Legal Fee Reserve Account. Funds held in the Legal
Fee Reserve Account shall remain uninvested. Annually, on or about April 1, beginning 2018, upon receipt by the Certificate Administrator
from the Depositor of a legal invoice related to Commission compliance matters, the Certificate Administrator shall pay such legal
invoice from and solely to the extent of funds then on deposit in the Legal Fee Reserve Account. Any such instruction shall be
sent by email to cts.cmbs.bond.admin@wellsfargo.com, along with a copy of the invoice, and a subject line reference of “Benchmark
2018-B1 - Legal Fee Reserve Account”. The Legal Fee Reserve Account will not be a part of the Trust Fund, either Trust REMIC
or the Grantor Trust. The Depositor will be the beneficial owner of the Legal Fee Reserve Account for all federal income tax purposes,
and shall be taxable on all income earned therefrom.


 


Upon the depletion of
the Legal Fee Reserve Account, or if there are insufficient funds to pay any invoice, the Certificate Administrator shall notify
the Depositor, and thereafter the Depositor shall pay any additional legal invoices from its own funds and the Certificate Administrator
shall have no responsibility in connection therewith.


 


The Certificate Administrator
shall have no responsibility for verifying the accuracy, reasonableness, or appropriateness of any invoice received. On the final
Distribution Date, the Certificate Administrator shall pay to the Depositor any funds then remaining in the Legal Fee Reserve Account
in accordance with directions provided by the Depositor.


 


(m)          The
Certificate Administrator shall establish and maintain the Class V Distribution Account in its own name for the benefit of the
Trustee, for the benefit of the Holders of the Exchangeable Certificates, which shall be an asset of the Grantor Trust and beneficially
owned by the Holders of the Exchangeable Certificates and shall not be an asset of any Trust REMIC. The Class V Distribution Account
shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.


 


Section 3.06     Permitted
Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust Ledger.
(a)  The Master Servicer shall maintain a separate Trust Ledger with respect to the Mortgage Loans that it is servicing
on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On
each Master Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose
as specified below), with respect to each Mortgage Loan (other than any Mortgage Loan related to a Serviced Whole Loan unless
otherwise specified in clauses (i), (ii), (v), (vi), (x), (xi), (xii), (xiii),
(xv), (xvi) and (xvii) of this (a)), the Master Servicer shall make withdrawals from amounts allocated
thereto in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order set forth below not
constituting an order of priority for such withdrawals):


 


(i)          
on or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, to remit to the Certificate Administrator
the amounts to be deposited into the Lower-Tier Distribution Account (including any amount transferred from the Serviced Whole
Loan Collection Account in respect of each Mortgage Loan that is part of a


 






    -217-


    


    

 


Serviced Whole Loan) (including without limitation the
aggregate of the Available Funds, Prepayment Premiums, Yield Maintenance Charges and Gain-on-Sale Proceeds) which the Certificate
Administrator shall then deposit into the Upper-Tier Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve
Account, pursuant to Section 3.05(f), Section 3.05(e) and Section 3.05(i) of this Agreement,
respectively;


 


(ii)          
to pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing
Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); the Operating
Advisor, unpaid Operating Advisor Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees
in respect of each Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO
Loan included in a Serviced Whole Loan), as applicable, the Master Servicer’s, the Operating Advisor’s or Special Servicer’s,
as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees, Liquidation Fees and Workout
Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced Loan or Serviced REO Loan
(exclusive of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, being limited to amounts
received on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether in the form of payments,
Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) the
Special Servicer, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan
or Serviced REO Loan, as applicable, remaining unpaid out of general collections on the Mortgage Loans, Specially Serviced Loans
and REO Properties, but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced
Whole Loan Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment
from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain
reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion
Loan Noteholders), (C) each month to the Other Servicer or Other Special Servicer (or Other Indemnified Party under Section
1.04 of this Agreement), as applicable, the Trust’s pro rata portion (based on the related Mortgage Loan’s Stated
Principal Balance) of any unpaid special servicing fees, liquidation fees, workout fees and additional trust expenses in respect
of a Non-Serviced Mortgage Loan remaining unpaid (including amounts payable to such parties and Other Indemnified Parties under
Section 1.04 of this Agreement), out of general collections on the Mortgage Loans, Specially Serviced Loans and REO
Properties, (D) the Operating Advisor, any unpaid Operating Advisor Consulting Fees (but only to the extent such Operating
Advisor Consulting Fees were received from the related Borrower) and (E) the Asset Representations Reviewer, the unpaid Asset Representations
Reviewer Asset Review Fee (to the extent such fee is to be paid by the Trust Fund) payable in connection with any Asset Review
that was performed as a result of an Affirmative Asset Review Vote;


 


(iii)          to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than Nonrecoverable Advances,
which are reimbursable pursuant to


 






    -218-


    


    

 


clause (v) below, and exclusive of the Mortgage Loans or Serviced REO Loans included in
the Serviced Whole Loans) the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii)
being limited to amounts received which represent Late Collections for the applicable Mortgage Loan (exclusive of the Mortgage
Loan or Serviced REO Loan included in the Serviced Whole Loan; provided, that to the extent such amounts are insufficient to repay
such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances
may be reimbursed, on a pro rata basis with any reimbursement to the related Serviced Companion Loan Service Provider for
unreimbursed principal and/or interest advances with respect to any related Serviced Pari Passu Companion Loan, from collections
on the related Serviced Whole Loan allocable to such Serviced Subordinate Companion Loan) during the applicable period; provided,
further, that if such P&I Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter
be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse
such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of all
of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries
of principal to the extent provided in clause (v) below;


 


(iv)         to
reimburse the Trustee or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property) (exclusive of the
Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing any Serviced Whole
Loan), for unreimbursed Servicing Advances, the Master Servicer’s or the Trustee’s respective rights to receive payment
pursuant to this clause (iv) with respect to any Mortgage Loan or Serviced REO Property being limited to, as applicable,
payments received from the related Borrower which represent reimbursements of such Servicing Advances, Liquidation Proceeds, Insurance
Proceeds, Condemnation Proceeds and REO Proceeds with respect to the applicable Mortgage Loan or Serviced REO Property; provided,
that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be
reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse
such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of
the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries
of principal to the extent provided in clause (v) below;


 


(v)          (A) to
reimburse the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), (1) with respect
to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds,
if any, received on the related Mortgage Loan and related REO Properties, second, out of the principal portion of general
collections on the Mortgage Loans and REO Properties, and then, to the extent the principal portion of general collections
is insufficient and with respect to such deficiency only, subject to any election at its sole discretion (or at the Trustee’s
sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this Section 3.06(a) of this Agreement, out of other collections on the Mortgage Loans and REO Properties and (2) with respect to the Workout-Delayed
Reimbursement Amounts, out of the principal portion of the general collections on the


 






    -219-


    


    

 


Mortgage Loans and REO Properties, net of
such amounts being reimbursed pursuant to the preceding clause (1) above, but in the case of either clause (1) or (2)
above with respect to each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan
Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement
(provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if
any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise
on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion
(or such other amount as may be set forth in the related Intercreditor Agreement) of such amount representing Servicing Advances
allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders), and (B) to pay itself or
the Special Servicer out of general collections on the Mortgage Loans and REO Properties, with respect to any Mortgage Loan or
Serviced REO Property any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable,
that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to such
Mortgage Loan or Serviced REO Property and the deposit into the Collection Account of all amounts received in connection therewith,
but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan
Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts
on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain
reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related
Companion Loan Noteholders) and (C) to reimburse the related Other Servicer, the related Other Special Servicer and the related
Other Trustee, as applicable, out of general collections on the Mortgage Loans and REO Properties for the Trust’s pro
rata portion (based on the related Non-Serviced Mortgage Loan’s Stated Principal Balance) of nonrecoverable servicing
advances previously made with respect to the related Non-Serviced Mortgage Loans;


 


(vi)         (A)
at such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property),
for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement
Amount) made with respect to a Mortgage Loan pursuant to clause (iii) above, to pay itself or the Trustee, as applicable,
any Advance Interest Amounts accrued and payable thereon, (2) any unreimbursed Servicing Advances (including any such Advance
that constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan or Serviced REO Property pursuant
to clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable
thereon or (3) any Nonrecoverable P&I Advances made with respect to a Mortgage Loan or Serviced REO Property and any Nonrecoverable
Servicing Advances made with respect to a Mortgage Loan or REO Property or any Workout-Delayed Reimbursement Amounts pursuant
to clause (v) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon,
in each case, first, from Penalty Charges as provided in Section 3.12(d) and then, from general collections, but in the case
of a


 






    -220-


    


    

 


Serviced Whole Loan only to the extent that such Nonrecoverable Advance has been reimbursed and only to the extent that amounts
on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation
set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from
amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain
reimbursement for a pro rata portion of such amount representing Advance Interest Amounts on Servicing Advances allocable
to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (B) at such time as it reimburses
the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, for any nonrecoverable
servicing advances made with respect to any related Non-Serviced Mortgage Loan or the related REO Property pursuant to clause (v)
above, to pay the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, any
interest accrued and payable thereon;


 


(vii)         to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any
unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase or substitution
obligation of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section 6
of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance
of its duties under Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution obligation
of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section 6 of
the applicable Mortgage Loan Purchase Agreement, together with interest thereon at the Reimbursement Rate, each such Person’s
right to reimbursement pursuant to this clause (vii) with respect to any Mortgage Loan exclusive of any Mortgage Loan included
in the Serviced Whole Loan) subject to the following: (a) if the Purchase Price is paid for such Mortgage Loan, then such
Person’s right to reimbursement shall be limited to that portion of the Purchase Price that represents such expense in accordance
with clause (f) of the definition of Purchase Price, or (b) if no Purchase Price is paid or if an amount less than the
Purchase Price is paid and proceedings are instituted to enforce the related Mortgage Loan Seller’s payment or performance
pursuant to the applicable Mortgage Loan Purchase Agreement or if a Loss of Value Payment is made, then such Person shall be entitled
to reimbursement from the Trust following the adjudication of such proceedings in favor of such Mortgage Loan Seller, settlement
of the Breach or Defect claim, or payment of such Loss of Value Payment, as the case may be;


 


(viii)        to pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan
included in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(c) of this Agreement;


 


(ix)          (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement, (1) interest
and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in


 






    -221-


    


    

 


Section 3.12(b) of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for any period
from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty Charges on the
Mortgage Loans that are non-Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in a Serviced
Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable
with respect to the related Mortgage Loan have been paid and are not needed to pay interest on Advances in accordance with Section 3.12 and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred with respect to such Mortgage Loan during or
prior to the related Collection Period (including Special Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay
the Special Servicer, as additional servicing compensation in accordance with Section 3.12(b), Net Default Interest
and any other Penalty Charges on Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in the
Serviced Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then
due and payable with respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances
or Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees or Liquidation Fees), all in accordance with
Section 3.12;


 


(x)          
to pay itself, the Special Servicer, the Depositor, the Operating Advisor or any of their respective directors, officers,
members, managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a)
of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable
Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related
Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the
Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable
efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro
rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders));
provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed
allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular
Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;


 


(xi)          to pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a),
3.15(b) and 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts
on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation
set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from
amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain
reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion
Loan Noteholders)); provided, that for the purposes of allocating Additional Trust Fund


 






    -222-


    


    

 


Expenses, (i) any amounts so
paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related
to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of
the Mortgage Loans;


 


(xii)         to pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed
on the Lower-Tier REMIC, the Upper-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses,
to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement,
except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts will be reimbursed, first,
out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Companion Loan and the related
Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain
unreimbursed, out of the Collection Account; provided, that for the purposes of allocating Additional Trust Fund Expenses,
(i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan
and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective
Stated Principal Balances of the Mortgage Loans;


 


(xiii)        to reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage
Loans and REO Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts
relate solely to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced
Whole Loan Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on
the Mortgage Loans; provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so
paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related
to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of
the Mortgage Loans;


 


(xiv)        to pay any Person permitted to purchase a Mortgage Loan under Section 3.16 of this Agreement with respect to
each Mortgage Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person
pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date
of purchase;


 


(xv)         (A) to pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor,
the Asset Representations Reviewer or the Depositor, as the case may be, any amount specifically required to be paid to such Person
at the expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of
this Section 3.06(a) of this Agreement and (B) to reimburse or pay any party to this Agreement any unpaid expenses
specifically reimbursable from the Collection Account under this Agreement (and, in the case of an amount specifically related
to a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account
are insufficient therefor after taking into account any allocation set forth in the related Intercreditor


 






    -223-


    


    

 


Agreement (provided
that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly
notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust
any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable
to the related Serviced Companion Loans from the related Companion Loan Noteholders)), it being acknowledged that this clause (xv)
shall not be construed to modify any limitation or requirement otherwise set forth in this Agreement as to the time at which any
Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement is
permitted to be made; provided, that (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular
Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage
Loans based on the respective Stated Principal Balances of the Mortgage Loans;


 


(xvi)        to withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto
(including any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);


 


(xvii)       to
pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment income
earned on funds deposited in the Collection Account;


 


(xviii)      to transfer Gain-on-Sale Proceeds allocable to Mortgage Loans to the Lower-Tier Distribution Account for deposit by the
Certificate Administrator into the Gain-on-Sale Reserve Account in accordance with Section 3.05(i) of this Agreement;


 


(xix)         to pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be, with respect to each Mortgage
Loan, if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this
Agreement, all amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a
substitution, with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior
to the month of substitution, in accordance with the third paragraph of Section 2.03(g) of this Agreement;


 


(xx)          to
pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d)
of this Agreement; provided, that any amounts so paid shall be deemed allocated, (a) if relating to a particular
Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage
Loans based on the respective Stated Principal Balances of the Mortgage Loans;


 


(xxi)         pursuant to the CREFC® License Agreement, to pay the CREFC® Intellectual Property Royalty
License Fee to CREFC® on a monthly basis; and


 


(xxii)        to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.


 



    -224-


    


    

 


The Master Servicer shall
also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments
or reimbursement of amounts required to be paid to the applicable Non-Serviced Mortgage Loan Service Providers and the related
trust of the applicable Other Securitization by the holder of a Non-Serviced Mortgage Loan pursuant to the applicable Intercreditor
Agreement and the applicable Other Pooling and Servicing Agreement.


 


The Master Servicer shall
pay to the Special Servicer from the Collection Account amounts permitted to be paid to it therefrom promptly upon receipt of a
certificate of a Servicing Officer of the Special Servicer describing the item and amount to which the Special Servicer is entitled.
The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein.
The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and Serviced REO Loan and any
related Serviced Companion Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for
withdrawal from the Collection Account.


 


The Master Servicer shall
keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts allocable to each
Mortgage Loan, and on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal, debit or credit
from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the Certificate Administrator
such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator to determine
the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii) the Excess Interest and (iii) the
Companion Loans.


 


The Master Servicer shall
pay to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special Servicer,
the Other Trustee, the Other Servicer or the Other Special Servicer, from the Collection Account amounts permitted to be paid to
such Person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee, a responsible officer of
the Other Trustee, a Responsible Officer of the Certificate Administrator, a certificate of an officer of the Operating Advisor,
a certificate of an officer of the Asset Representations Reviewer, a certificate of a Servicing Officer or a certificate of the
Other Servicer or Other Special Servicer, as applicable, describing the item and amount to which such Person is entitled (unless
such payment to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special
Servicer, the Other Trustee, the Other Servicer or Other Special Servicer, as the case may be, is specifically required pursuant
to this Agreement and the timing and the amount of payment is specified in, or calculable pursuant to, this Agreement, in which
case a certificate is not required). The Master Servicer may rely conclusively on any such certificate and shall have no duty to
recalculate the amounts stated therein.


 


The Trustee, the Certificate
Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC®, the Operating Advisor, the Asset
Representations Reviewer and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section 12.12)
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to
time for the reimbursement or payment of the Servicing Compensation


 






    -225-


    


    

 


(including investment income), Certificate Administrator/Trustee
Fees, Special Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty License
Fee, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are
actually received from the Borrowers), the Asset Representations Reviewer Asset Review Fee (to the extent owed by the Trust pursuant
to Section 11.02(c) of this Agreement), Advances, Advance Interest Amounts (for each of such Persons other than CREFC®),
their respective indemnification payments (if any) pursuant to Section 6.03, Section 8.05 or Section 12.02
of this Agreement (for each of such Persons other than CREFC®), their respective expenses hereunder to the extent
such fees and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement.
For the avoidance of doubt, any fees or expenses (including legal fees) for which a party is to be indemnified pursuant to Section 6.03
herein may be submitted directly to the Trust Fund and paid from amounts on deposit in the Collection Account on behalf of such
party pursuant to this Agreement. In addition, the Certificate Administrator, the Trustee, the Special Servicer, the Master Servicer,
the Operating Advisor and the Asset Representations Reviewer shall in all cases have a right prior to the Certificateholders to
any funds on deposit in the Collection Account from time to time for the reimbursement and payment of any federal, state or local
taxes imposed on any Trust REMIC.


 


Upon the determination
that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full
amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances, the Serviced
Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the Master Servicer
or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining
amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement
immediately, may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the Collection
Period ending on the then-current Determination Date for successive one-month periods for a total period not to exceed 12 months
(with the consent of the Directing Holder, for so long as no Control Termination Event has occurred and is continuing, for any
deferral in excess of 6 months). If the Master Servicer or the Trustee makes such an election at its sole option and in its sole
discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon),
then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in
the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in such
a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described above
prior to payment from other collections). In connection with a potential election by the Master Servicer or the Trustee to refrain
from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month Collection Period ending
on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized (in
its sole discretion) to wait for principal collections on the Mortgage Loans and Serviced Companion Loans to be received before
making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion thereof)
until the end of such Collection Period; provided, the Master Servicer or the Trustee shall use reasonable efforts to give
notice of its election to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s


 






    -226-


    


    

 


Website pursuant to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to it of Nonrecoverable
Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer
or the Trustee determines in its sole discretion that waiting 15 days after such a notice could jeopardize its ability to recover
Nonrecoverable Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer or
the Trustee that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement
of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer or the Trustee has not
timely received from the Certificate Administrator information requested by the Master Servicer or the Trustee to consider in determining
whether to defer reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Master
Servicer or the Trustee shall give notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the
Collection Account allocable to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances to the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement). Neither the Master Servicer nor the Trustee shall have any liability for any loss, liability or expense resulting
from any notice provided to each Rating Agency contemplated by the immediately preceding sentence.


 


The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section 3.06(a)
and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer or the
Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances without deferral
as described above, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable
Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Accounts for such Distribution Date.
Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance
or portion thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Reimbursement
Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master
Servicer’s or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set
forth above is an accommodation to the Certificateholders and, as applicable, the Serviced Companion Loan Noteholders and shall
not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders
or the Serviced Companion Loan Noteholders. Nothing herein shall be deemed to create in the Certificateholders or the Serviced
Companion Loan Noteholders a right to prior payment of distributions over the Master Servicer’s or the Trustee’s, as
applicable, right to reimbursement for Advances (deferred or otherwise). In all events, the decision to defer reimbursement or
to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and
neither the Master Servicer, the Trustee nor the other parties to this Agreement shall have any liability to one another or to
any of the Certificateholders or any of the Serviced Companion Loan Noteholders for any such election that such party makes as
contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic or other effects that may
arise from such an election.


 



    -227-


    


    

 


None of the Master Servicer,
the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination, or to prohibit any such
other authorized Person from making a determination, that an Advance constitutes, or would constitute a Nonrecoverable Advance.


 


If the Master Servicer,
the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general collections for any
unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest Amount), then (for
purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been
made: first, out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance
and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date and, second,
out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay the Advance Interest
Amount, would be included in Available Funds for any subsequent Distribution Date.


 


If and to the extent
that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable Advance or to pay
the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced, to not less than
zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable Advance,
(ii) such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated
above and (iii) the particular item for which such Advance was originally made is subsequently collected out of payments or
other collections in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date that
corresponds to the Collection Period in which such item was recovered shall be increased by an amount equal to the lesser of (A) the
amount of such item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution Date as contemplated
in the paragraph above resulting from the reimbursement of the subject Advance and/or the payment of the Advance Interest Amount.


 


(b)          The
Master Servicer shall maintain a separate Trust Ledger with respect to each Serviced Whole Loan that it is servicing on which
it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master
Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified
below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in
the related Serviced Whole Loan Collection Account (and may debit the Trust Ledger) for any of the following purposes (the order
set forth below not constituting an order of priority for such withdrawals):


 


(i)          
to make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of the
applicable Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders within the time frame
specified in, and otherwise in accordance with Section 3.05(h) and (B) to the Collection Account for the benefit of
the Trust in respect of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Intercreditor
Agreement (after taking into account the amounts permitted to be withdrawn from the


 






    -228-


    


    

 


Serviced Whole Loan Collection Account pursuant
to this Section 3.06(b)) provided that Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan by
the related seller thereof shall be remitted solely to the holder of such Serviced Companion Loan, as the case may be, and Liquidation
Proceeds relating to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by the related Mortgage Loan Seller shall
be remitted solely to the Collection Account;


 


(ii)          
to pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess
Servicing Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and
to the Special Servicer unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan
or related Serviced REO Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights
to payment of Servicing Fees, Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with
respect to such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect
of such Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds),
or such Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds),
that are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the extent not covered by
clause (ii)(A) above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole
Loan or related Serviced REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account as provided
in Section 3.06(a)(ii) of this Agreement;


 


(iii)          to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage
Loan and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances
with respect to the applicable Serviced Companion Loan, the Master Servicer’s, the Trustee’s and the applicable Serviced
Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received
in the applicable Serviced Whole Loan Collection Account which represent Late Collections received in respect of such Mortgage
Loan or Serviced Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor
Agreement), during the applicable period; provided, that to the extent such amounts are insufficient to repay such P&I
Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be
reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided,
further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;


 


(iv)          to reimburse the Trustee or itself, in that order, as applicable (with respect to such Serviced Whole Loan or Serviced REO
Property), for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO Property, the Master
Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) being limited
to, as applicable, related payments by the applicable Borrower


 






    -229-


    


    

 


with respect to such Servicing Advance, Liquidation Proceeds, Insurance
Proceeds and Condemnation Proceeds and REO Proceeds with respect to such Serviced Whole Loan; provided, that if such Servicing
Advance becomes a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter
be reimbursed in accordance with clause (v) below;


 


(v)          (A) to
reimburse the Trustee or itself, in that order, (with respect to such Serviced Whole Loan or related REO Property), as applicable
(x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation
Proceeds and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second, out of general
collections in the Collection Account as provided in Section 3.06(a) and (y) with respect to the Workout-Delayed
Reimbursement Amounts, first, out of the principal portion of the general collections on the Serviced Whole Loan and related
REO Properties, net of such amounts being reimbursed pursuant to the subclause first in the preceding clause (x)
above and second out of general collections in the Collection Account as provided in Section 3.06(a); provided that in the case of both clause (x) and clause (y) of this clause (v), prior to making any reimbursement
from general collections, such reimbursements shall be made first, from collections on, and proceeds of the applicable Subordinate
Companion Loan, if any, and then from collections on, and proceeds of the related Mortgage Loan, or in the case of a Serviced
Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the Mortgage Loan and any
related Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari
Passu Companion Loan’s principal balance) and then from general collections of the Trust (provided that, in the case
of a Servicing Advance that is a Nonrecoverable Advance, the Master Servicer shall, after receiving payment from amounts on deposit
in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement
for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan
Noteholders) or (B) to pay itself or the Special Servicer out of general collections on such Serviced Whole Loan and related
REO Properties, any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained
unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to such Serviced Whole
Loan or related REO Property and the deposit into the applicable Serviced Whole Loan Collection Account of all amounts received
in connection therewith; provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant
to this clause (v) with respect to any such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount that is a
P&I Advance, being limited (except to the extent set forth in Section 3.06(a)) to amounts on deposit in the applicable
Serviced Whole Loan Collection Account that were received in respect of the particular Mortgage Loan (as allocable thereto pursuant
to the related Loan Documents and the related Intercreditor Agreement) in the related Serviced Whole Loan as to which such Nonrecoverable
Advance or such Workout-Delayed Reimbursement Amount were incurred (provided, that to the extent such amounts are insufficient
to repay such Advances on any Mortgage Loan as to which there is a related Subordinate Companion Loan, such


 






    -230-


    


    

 


P&I Advances may
be reimbursed from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan);


 


(vi)         at such time as it reimburses the Trustee or itself, in that order, as applicable, for (A) any unreimbursed P&I
Advance with respect to the applicable Mortgage Loan (including any such Advance that constitutes a Workout-Delayed Reimbursement
Amount) or any unreimbursed principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to clause (iii)
above, to pay itself, the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance Interest Amounts
accrued and payable thereon, (B) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed
Reimbursement Amount) pursuant to clause (iv) above, to pay itself, the Special Servicer or the Trustee, as the case may be,
any Advance Interest Amounts accrued and payable thereon or (C) any Nonrecoverable Advances pursuant to clause (v) above,
to pay itself, the Special Servicer, the Trustee or any Serviced Companion Loan Service Provider, as the case may be, any Advance
Interest Amounts accrued and payable thereon, with such amounts payable in the case of clauses (A), (B) and (C) above, first,
from Penalty Charges pursuant to Section 3.12(d), then, from collections on, and proceeds of the applicable Subordinate
Companion Loan, if any, and then, from collections on, and proceeds of on a pro rata basis as between the Mortgage Loan and any
related other Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related Serviced
Pari Passu Companion Loan’s principal balance), provided that, notwithstanding the foregoing, such party’s rights
to reimbursement pursuant to this clause (vi) with respect to any such interest on P&I Advances (including any such P&I
Advance that is a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount) being limited to amounts on deposit in the
applicable Serviced Whole Loan Collection Account that were received in respect of the particular Mortgage Loan (as allocable thereto
pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related Serviced Whole Loan as to which
such advance relates (provided, that any Mortgage Loan as to which there is a related Subordinate Companion Loan, such interest
on P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable to such Subordinate Companion
Loan);


 


(vii)         to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, as applicable,
for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect to the Mortgage
Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage
Loan Purchase Agreement or, with respect to a Serviced Companion Loan, under the related mortgage loan purchase agreement, including,
without limitation, any expenses arising out of the enforcement of the repurchase obligation, each such Person’s right to
reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited to that portion of the
Purchase Price paid for the related Mortgage Loan that represents such expense in accordance with clause (e) of the definition
of Purchase Price (or, with respect to a Serviced Companion Loan, a comparable expense);


 



    -231-


    


    

 


(viii)        to pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the Serviced
Whole Loans not required to be used pursuant to Section 3.17(c) of this Agreement;


 


(ix)          (A) to
pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest and investment
income earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole Loan Collection
Account as provided in Section 3.07(b) (but only to the extent of the net investment earnings with respect to such
Serviced Whole Loan Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer
Remittance Date) and (2) any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent
prohibited by the related Intercreditor Agreement and other than Specially Serviced Loans) but only to the extent collected from
the related Borrower and to the extent that all amounts then due and payable with respect to the Serviced Whole Loans have been
paid and are not needed to pay Advance Interest Amounts, interest on debt service advances made by the related Serviced Companion
Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor
Agreement; and (B) to pay the Special Servicer, as additional servicing compensation in accordance with the second paragraph
of Section 3.12, the portion of any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except
to the extent prohibited by the related Intercreditor Agreement), during the period it is a Specially Serviced Loan (but only
to the extent collected from the related Borrower and to the extent that all amounts then due and payable with respect to the
related Specially Serviced Loan have been paid and are not needed to pay interest on Advances, interest on debt service advances
made by the related Serviced Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor Agreement);


 


(x)          
to recoup any amounts deposited in such Serviced Whole Loan Collection Account in error;


 


(xi)          to pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees
and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) or 6.03(b),
to the extent that such amounts relate to such Serviced Whole Loan;


 


(xii)         to pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), 3.10(e), 3.15(a),
3.15(b) and 12.08 to the extent that such opinions specifically relate to such Serviced Whole Loan;


 


(xiii)        to pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state
and local taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all
incidental costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer, the Certificate
Administrator nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts relate to
the


 






    -232-


    


    

 


related Mortgage Loan or to the related Serviced Companion Loans (but only to the extent that any related Serviced Companion
Loan is included in a REMIC);


 


(xiv)        to reimburse the Trustee and the Certificate Administrator out of general collections on such Serviced Whole Loan and related
REO Properties for expenses incurred by and reimbursable to it by the Trust Fund specifically related to such Serviced Whole Loan;


 


(xv)         to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 with respect to the Mortgage Loan included
in such Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon
subsequent to the date of purchase relating to periods after the date of purchase;


 


(xvi)        to deposit in the Interest Reserve Account the amounts with respect to the Mortgage Loan included in such Serviced Whole
Loan required to be deposited in the Interest Reserve Account pursuant to Section 3.05(e);


 


(xvii)       to pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the
case may be, to the extent that such amounts relate to the Mortgage Loan included in such Serviced Whole Loan, any amount specifically
required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is
not made in any other clause of this Section 3.06(b), it being acknowledged that this clause (xvii) shall
not be construed to modify any limitation or requirement otherwise set forth in this Agreement or in the related Intercreditor
Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which
any such payment or reimbursement is permitted to be made;


 


(xviii)      to pay the related Mortgage Loan Seller with respect to the Mortgage Loan included in such Serviced Whole Loan, if any,
previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all
amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution,
with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month
of substitution, in accordance with the third paragraph of Section 2.03(g); and


 


(xix)         to clear and terminate such Serviced Whole Loan Collection Account at the termination of this Agreement pursuant to Section 9.01.


 


In the case of the amounts
payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan, if such amount is not specifically
payable, pursuant to the terms of this Agreement or the related Intercreditor Agreement, out of collections or proceeds allocable
to any particular note that is a part of such Serviced Whole Loan, such amount shall be paid from collections on, and proceeds
of the related Serviced Subordinate Companion Loan, if any, and then, from collections on, and proceeds of, on a pro rata
basis as between, the related Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the related Mortgage
Loan’s principal balance or the related Serviced Pari Passu Companion Loan’s principal balance), and then, to the extent
provided for in this Agreement, from general collections.


 



    -233-


    


    

 


The Master Servicer shall
keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate, for the purpose
of justifying any withdrawal from any Serviced Whole Loan Collection Account. All withdrawals with respect to any Serviced Whole
Loan shall be made first, from the applicable Serviced Whole Loan Collection Account and then, from the Master Servicer’s
Collection Account to the extent permitted by Section 3.06(a). Upon request, the Master Servicer shall provide to the
Certificate Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate
Administrator to determine the amounts attributable to the Lower-Tier REMIC and the Companion Loans.


 


The Master Servicer shall
pay to the Special Servicer from the Serviced Whole Loan Collection Accounts amounts permitted to be paid to it therefrom promptly
upon receipt of a certificate of a Servicing Officer of such Special Servicer describing the item and amount to which the Special
Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the
amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan included
in the Serviced Whole Loan and related REO Loan, on a loan by loan and property by property basis, for the purpose of justifying
any request for withdrawal from any Serviced Whole Loan Collection Account.


 


Any permitted withdrawals
under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable to an Other Trustee
shall, if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent of the Other Trustee,
if any.


 


Notwithstanding anything
to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from the related
Serviced Whole Loan Collection Account and remit to the related Serviced Companion Loan Noteholders, within (x) with respect
to any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Intercreditor Agreement, two (2) Business
Days of receipt of properly identified funds and (y) with respect to any Serviced Pari Passu Companion Loan, one (1) Business
Day of receipt of properly identified funds, any amounts that represent Late Collections or Principal Prepayments on such Serviced
Companion Loan or any successor REO Loan with respect thereto, that are received by the Master Servicer prior to 3:00 p.m. (New
York City time) on any given Business Day (and to the extent any such amounts are received after 3:00 p.m. Eastern time on any
given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such Late Collections or Principal Prepayments
to the related Serviced Companion Loan Noteholders within one (1) Business Day of receipt of properly identified funds but, in
any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified funds) (exclusive
of any portion of such amount payable or reimbursable to any third party in accordance with the related Intercreditor Agreement
or this Agreement), unless such amount would otherwise be included in the monthly remittance to the holder of such Serviced Companion
Loan for such month.


 


If the Master Servicer
fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date, any related Serviced Whole Loan Remittance
Date or any other date a


 






    -234-


    


    

 


remittance is required to be made, as applicable, to remit to the Certificate Administrator (in respect
of the related Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of any related Serviced Companion Loan) any
amounts required to be so remitted hereunder by such date (including any P&I Advance pursuant to Section 4.07 and
any Gain-on-Sale Proceeds allocable to the Serviced Companion Loans pursuant to Section 4.01(d)(i)), the Master Servicer
shall pay to the Certificate Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect
of the Serviced Companion Loan), for the account of the Certificate Administrator (in respect of the Mortgage Loan) or the Serviced
Companion Loan Noteholders (in respect of the Serviced Companion Loans), interest, calculated at the Prime Rate, on such amount(s)
not timely remitted, from the time such payment was required to be made (without regard to any grace period) until (but not including)
the date such late payment is received by the Certificate Administrator or the Serviced Companion Loan Noteholders, as applicable.


 


(c)          
On each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer
or the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by
the Master Servicer or the Special Servicer, as applicable.


 


(d)           With
respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion Loan
exceed amounts on deposit in the Serviced Whole Loan Collection Account, the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable
to such Serviced Companion Loan. The Master Servicer or Special Servicer, as applicable, shall seek (on behalf of the Trust Fund,
subject to the related Intercreditor Agreement) payment or reimbursement from the holder of the related Serviced Subordinate Companion
Loan, if any, and then for the pro rata portion of such expenses allocable to a related Serviced Pari Passu Companion Loan
from the related Serviced Companion Loan Noteholder or, if such Serviced Companion Loan has been deposited into a securitization,
out of general collections in the collection account established pursuant to the related Other Pooling and Servicing Agreement.


 


(e)          
If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any
related Serviced REO Property, then the Special Servicer shall (provided that, (1) with respect to clause (iv) below, the
Special Servicer shall have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with respect
to clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with five
Business Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion
thereof) from the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following purposes:


 


(i)           
to reimburse the Master Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement, for any
Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with
the Advance Interest Amount);


 



    -235-


    


    

 


(ii)          
to pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment
of, any expense relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such
Loss of Value Payments, would constitute an Additional Trust Fund Expense;


 


(iii)          to offset any portion of Realized Losses and VRR Realized Losses that are attributable to such Mortgage Loan or related
REO Property, as the case may be (as calculated without regard to the application of such Loss of Value Payments), incurred with
respect to such Mortgage Loan or any related successor REO Loan;


 


(iv)          following the occurrence of a liquidation event with respect to such Mortgage Loan or any related Serviced REO Property
and any related transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding
clauses (i)-(iii) as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii)
in respect of any other Mortgage Loan or Serviced REO Loan; and


 


(v)           On the final Distribution Date after all distributions have been made as set forth in clauses (i)-(iv) above,
to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed
by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses and
VRR Realized Losses, that are attributable to such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any
Nonrecoverable Advances incurred with respect to the Mortgage Loan related to such contribution.


 


Any Loss of Value Payments
transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be treated as Liquidation
Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan with respect thereto for which
such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant to clause (iv)
of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage Loan or REO Loan
for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated by clauses (i)-(iv)
of the prior paragraph.


 


(f)           
The Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any
of the following purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not
previously paid from the Collection Account:


 


(i)           
to make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges
distributable pursuant to Section 4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions
on the Class R Certificates in respect of the Class LTR Interest pursuant to Section 4.01(a) of this Agreement;


 


(ii)          
to pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator
Fees;


 



    -236-


    


    

 


(iii)         
to pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution
Account pursuant to Section 3.07(b) of this Agreement;


 


(iv)         
to pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents,
as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c)
and Section 8.05(d) of this Agreement;


 


(v)          
to recoup any amounts deposited in the Lower-Tier Distribution Account in error; and


 


(vi)         
to clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.


 


(g)          
The Certificate Administrator may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:


 


(i)          
to make (A) distributions to Certificateholders (other than Holders of the Grantor Trust Certificates) on each
Distribution Date pursuant to Section 4.01 or Section 9.01 of this Agreement (in the case of Holders of
the Class R Certificates, in respect of the Class UTR Interest), as applicable, and (B) deposits of the VRR Available
Funds and any VRR Retained Prepayment Premiums and Yield Maintenance Charges into the Class V Distribution Account on each Distribution
Date pursuant to Section 4.01 of this Agreement;


 


(ii)          
to recoup any amounts deposited in the Upper-Tier Distribution Account in error; and


 


(iii)         
to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.


 


(h)          
The Certificate Administrator may make withdrawals from the Class V Distribution Account for any of the following purposes:


 


(i)           
to make distributions to Holders of Class V1 and Class V2 Certificates on each Distribution Date pursuant to Section 4.01
or Section 9.01 of this Agreement, as applicable;


 


(ii)          
to recoup any amounts deposited in the Class V Distribution Account in error;


 


(iii)         
to clear and terminate the Class V Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.


 


Section 3.07   
Investment of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts,
the Interest Reserve Account, the



 



    -237-


    


    

 


Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts
and the Reserve Accounts. (a)  The Master Servicer (with respect to the Collection Account, and any Serviced Whole
Loan Collection Account and any Borrower Accounts (as defined below and subject to the second succeeding sentence)), the Special
Servicer (with respect to any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator (with respect to
the Distribution Accounts, the Interest Reserve Account and the Gain-on-Sale Reserve Account) may direct any depository institution
maintaining the Collection Account, any Serviced Whole Loan Collection Account, the Gain-on-Sale Reserve Account, any Borrower
Accounts, any REO Account, any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution Accounts (each such
account, for purposes of this Section 3.07, an “Investment Account”), to invest the funds in such
Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable
on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment
Account pursuant to this Agreement. Any investment of funds on deposit in an Investment Account by the Master Servicer, the Special
Servicer or the Certificate Administrator shall be documented in writing and shall provide evidence that such investment is a Permitted
Investment which matures at or prior to the time required hereby or is payable on demand. In the case of any Escrow Account, Lock-Box
Account, Cash Collateral Account or Reserve Account (the “Borrower Accounts”), the Master Servicer shall act
upon the written request of the related Borrower or Manager to the extent that the Master Servicer is required to do so under the
terms of the respective Loan Documents, provided that in the absence of appropriate written instructions from the related
Borrower or Manager meeting the requirements of this Section 3.07, the Master Servicer shall have no obligation to,
but will be entitled to, direct the investment of funds in such accounts in Permitted Investments. All such Permitted Investments
shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name
of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Certificate Administrator shall have sole
control (except with respect to investment direction which shall be in the control of the Master Servicer or the Special Servicer,
with respect to any REO Accounts, as an independent contractor to the Trust Fund) over each such investment and any certificate
or other instrument evidencing any such investment shall be delivered directly to the Certificate Administrator or its agent (which
shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer title to such investment
to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee shall have any responsibility or liability
with respect to the investment directions of the Master Servicer, the Special Servicer, any Borrower or Manager or any losses resulting
therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility or liability with
respect to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, any Borrower or Manager
or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility
or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator, the Trustee, any
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on
deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (or
the Special Servicer or the Certificate Administrator, as applicable) shall:


 


(x)           consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise


 






    -238-


    


    

 


mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the
amount required to be withdrawn on such date; and


 


(y)          demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer or the Certificate
Administrator, as applicable) that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter
on deposit in the related Investment Account.


 


(b)          All income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the
Master Servicer (except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for
the benefit of the related Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable
law, (ii) any REO Account and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the
Gain-on-Sale Reserve Account, the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the
Certificate Administrator) and, if held in the Collection Account, any Serviced Whole Loan Collection Account, REO Account or Distribution
Account shall be subject to withdrawal by the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable,
in accordance with Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer,
or with respect to any REO Account or Loss of Value Reserve Fund, the Special Servicer, or with respect to the Gain-on-Sale Reserve
Account or the Distribution Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account,
applicable Serviced Whole Loan Collection Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account,
the Interest Reserve Account or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such
Permitted Investment immediately upon realization of such loss; provided, that the Master Servicer, the Special Servicer
or the Certificate Administrator, as applicable, may reduce the amount of such payment to the extent it forgoes any investment
income in such Investment Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower
Account immediately upon realization of such loss the amount of any loss incurred in respect of Permitted Investments, except to
the extent that amounts are invested at the direction of or for the benefit of the Borrower under the terms of the related Loan
Documents for the Mortgage Loan, Serviced Whole Loan or applicable law; provided that neither the Master Servicer nor the
Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred
solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such
Investment Account, so long as such depository institution or trust company has satisfied the qualifications set forth in the definition
of Eligible Account both (x) at the time the investment was made and (y) 30 days prior to such insolvency.


 


(c)          
Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any
Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, in either case as
a result of an action or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable,
the Trustee may, and upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class
shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution
of appropriate


 






    -239-


    


    

 


proceedings. If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was
for the benefit of the Master Servicer, (ii) the Special Servicer, if such Permitted Investment was for the benefit of the
Special Servicer or (iii) the Certificate Administrator, if such Permitted Investment was for the benefit of the Certificate
Administrator, shall pay or reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred
or made by the Trustee in connection therewith.


 


Section 3.08    
Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a)  In the case of each
Serviced Mortgage Loan and any related Serviced Companion Loan, as applicable (but excluding any REO Loan), the Master Servicer
shall use commercially reasonable efforts consistent with the Servicing Standard to cause the related Borrower, with respect to
the Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing, to maintain the following insurance
coverage (including identifying the extent to which such Borrower is maintaining insurance coverage and, if such Borrower does
not so maintain, the Master Servicer will itself cause to be maintained with Qualified Insurers) for the related Mortgaged Property:
(x) except where the Loan Documents permit a Borrower to rely on self-insurance provided by a tenant, a fire and casualty
extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal
to the lesser of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced Whole Loan and (ii) the
Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable, but, in any event, in an amount sufficient
to avoid the application of any co-insurance clause and (y) all other insurance coverage (including, but not limited
to, coverage for acts of terrorism) that is required, subject to applicable law, under the related Loan Documents; provided,
that:


 


(i)           
the Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged
Property unless the Trustee has an insurable interest and (x) such insurance policy was in effect at the time of the origination
of the related Mortgage Loan or Serviced Whole Loan, as applicable, or (y) such insurance policy was required by the related
Loan Documents and is available at commercially reasonable rates, provided that the Master Servicer shall require the related
Borrower to maintain such insurance in the amount, in the case of clause (x), maintained at origination, and in the case of
clause (y), required by such Mortgage Loan or Serviced Whole Loan, in each case, to the extent such amounts are available
at commercially reasonable rates and to the extent the Trustee has an insurable interest;


 


(ii)          
if and to the extent that any Loan Document grants the lender thereunder any discretion (by way of consent, approval or
otherwise) as to the insurance provider from whom the related Borrower is to obtain the requisite insurance coverage, the Master
Servicer shall (to the extent consistent with the Servicing Standard) require the related Borrower to obtain the requisite insurance
coverage from Qualified Insurers;


 


(iii)         
the Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard
to cause any Borrower to maintain the insurance required to be maintained under the Loan Documents; provided, that this
clause shall not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided
herein;


 



    -240-


    


    

 


(iv)        
except as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to
cause the Borrower to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain
insurance coverage is an Acceptable Insurance Default (as determined by the Master Servicer or the Special Servicer, as applicable);


 


(v)          
to the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the
Master Servicer will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed
basis at commercially reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and


 


(vi)          any
explicit terrorism insurance requirements contained in the related Loan Documents shall be enforced by the Master Servicer in
accordance with the Servicing Standard (unless the Master Servicer or the Special Servicer, as applicable, with the consent of,
if no Control Termination Event has occurred and is continuing, the Directing Holder, and after consultation with the Risk Retention
Consultation Party and the Operating Advisor pursuant to Section 6.07, has consented to a waiver (including a waiver to
permit the Master Servicer to accept insurance that does not comply with specific requirements contained in the Loan Documents)
in writing of that provision in accordance with the Servicing Standard); provided that the Master Servicer or the Special
Servicer, as applicable, shall promptly notify the Other Servicer in writing of such waiver.


 


The Master Servicer shall
notify the Special Servicer, the Certificate Administrator, the Trustee and the Directing Holder if the Master Servicer determines
in accordance with the Servicing Standard that a Borrower under a Serviced Mortgage Loan has failed to maintain insurance required
under the Loan Documents and such failure materially and adversely affects the interests of the Certificateholders or if a Borrower
under a Serviced Mortgage Loan has notified the Master Servicer in writing that the Borrower does not intend to maintain such insurance
and that the Master Servicer has determined in accordance with the Servicing Standard that such failure materially and adversely
affects the interests of the Certificateholders.


 


Subject to Section 3.15(b)
of this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable efforts and only if the
Trustee has an insurable interest, consistent with the Servicing Standard, to maintain (subject to the right of the Special Servicer
to direct the Master Servicer to make a Servicing Advance for the costs associated with coverage that the Special Servicer determines
to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified Insurers to the extent reasonably
available at commercially reasonable rates and to the extent the Trustee has an insurable interest, (a) a fire and casualty
extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal
to the lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of the Mortgage Loan, Serviced
REO Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage required by the related Loan Documents (unless
such amount is not available or, if no Control Termination Event has occurred and is continuing, the Directing Holder has consented
to a lower amount)), but, in


 






    -241-


    


    

 


any event, in an amount sufficient to avoid the application of any co-insurance clause, (b) a
comprehensive general liability insurance policy with coverage comparable to that which would be required under prudent lending
requirements and in an amount not less than $1.0 million per occurrence, and (c) to the extent consistent with the Servicing
Standard, a business interruption or rental loss insurance covering revenues or rents for a period of at least 12 months; provided,
that the Special Servicer shall not be required in any event to maintain or obtain insurance coverage described in this paragraph
beyond what is reasonably available at a commercially reasonable rate and consistent with the Servicing Standard.


 


All such insurance policies
maintained as described above shall contain (if they insure against loss to property) a “standard” mortgagee clause,
with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured, with loss payable to the
Special Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced Whole Loan, the related
Serviced Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property). Any amounts collected
by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied to the restoration
or repair of the related Mortgaged Property or Serviced REO Property or amounts to be released to the related Borrower, in each
case in accordance with the Servicing Standard) shall be deposited in the Collection Account (or, in the case of the Serviced Whole
Loans, in the applicable Serviced Whole Loan Collection Account), subject to withdrawal pursuant to Section 3.06 of
this Agreement, in the case of amounts received in respect of a Serviced Mortgage Loan and any related Serviced Companion Loan,
or in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant to Section 3.15 of this Agreement,
in the case of amounts received in respect of a Serviced REO Property. Any cost incurred by the Master Servicer or the Special
Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly distributions to Certificateholders
or Serviced Companion Loan Noteholders, be added to the Stated Principal Balance of the related Mortgage Loan or Serviced Whole
Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan so permit; provided, that this sentence
shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust Fund to enforce any obligations of
the related Borrower under such Serviced Mortgage Loan and any related Serviced Companion Loan. Any costs incurred by the Master
Servicer in maintaining any such insurance policies in respect of the Mortgage Loans or Specially Serviced Loans (other than REO
Properties) (i) if the Borrower defaults on its obligation to do so, shall be advanced by the Master Servicer as a Servicing
Advance and will be charged to the related Borrower and (ii) shall not, for purposes of calculating monthly distributions
to Certificateholders, be added to the Stated Principal Balance of the related Mortgage Loan, notwithstanding that the terms of
such Mortgage Loan so permit. Any cost incurred by the Special Servicer in maintaining any such insurance policies with respect
to Serviced REO Properties shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall
be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) payable out of the related REO
Account (or Serviced Whole Loan REO Account, as applicable) or, if the amount on deposit therein is insufficient therefor, advanced
by the Master Servicer as a Servicing Advance (or paid from the Collection Account if the Master Servicer determines such Advance
would be a Nonrecoverable Advance, subject to Section 3.21(d) of this Agreement).


 



    -242-


    


    

 


(b)         
If either:


 


(x) the
Master Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master
force-placed policy insuring against hazard losses on all of the Serviced Mortgage Loans and any related Serviced Companion Loans
or Serviced REO Properties, as applicable, then, to the extent such policy


 


(i)      
is obtained from a Qualified Insurer, and


 


(ii)      provides protection equivalent to the individual policies otherwise required, or


 


(y) the
Master Servicer or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt obligations
or deposit accounts that are rated not lower than “A-” by Fitch and “A-” or its equivalent by S&P and
the Master Servicer or Special Servicer self-insures for its obligation to maintain the individual policies otherwise required,


 


then the Master Servicer
or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained
on the related Mortgaged Properties or Serviced REO Properties, as applicable.


 


Such a blanket or master
force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the Master Servicer
or Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained on any Mortgaged
Property securing a Serviced Mortgage Loan or Serviced REO Property thereunder a hazard insurance policy complying with the requirements
of Section 3.08(a) of this Agreement, and there shall have been one or more losses that would have been covered by
such an individual policy, promptly deposit into the Collection Account (or, in the case of a Serviced Whole Loan, in the related
Serviced Whole Loan Collection Account), from its own funds, the amount not otherwise payable under the blanket or master force-placed
policy in connection with such loss or losses because of such deductible clause to the extent that any such deductible exceeds
the deductible limitation that pertained to the related Mortgage Loan or the related Serviced Whole Loan, as applicable (or, in
the absence of any such deductible limitation, the deductible limitation for an individual policy which is consistent with the
Servicing Standard). The Master Servicer and Special Servicer shall prepare and present, on behalf of itself, the Trustee, Certificateholders
and, if applicable the Serviced Companion Loan Noteholders, claims under any such blanket or master force-placed policy maintained
by it in a timely fashion in accordance with the terms of such policy. If the Master Servicer or Special Servicer, as applicable,
causes any Mortgaged Property securing a Serviced Mortgage Loan or Serviced REO Property to be covered by such “force-placed”
insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property or Serviced REO Property (i.e.,
other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or Serviced REO Property
is covered thereby) shall be paid as a Servicing Advance.


 


(c)          
With respect to each Serviced Mortgage Loan and any related Serviced Companion Loan that is subject to an Environmental
Insurance Policy, if the Master Servicer has


 






    -243-


    


    

 


actual knowledge of any event giving rise to a claim under an Environmental Insurance
Policy, the Master Servicer shall notify the Special Servicer to such effect and the Master Servicer shall take reasonable actions
as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance Policy to make a
claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder. With respect to each Specially
Serviced Loan and Serviced REO Property that is subject to an Environmental Insurance Policy, if the Special Servicer has actual
knowledge of any event giving rise to a claim under an Environmental Insurance Policy, such Special Servicer shall take reasonable
actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance Policy to
make a claim thereunder and achieve the payment of all amounts to which the Trust, on behalf of the Certificateholders and, if
applicable, the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate Companion
Loan, if any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing Standard
in connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer or Special
Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Servicing Advance.


 


(d)           The Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the
Special Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties
as to which it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity
bond in such form and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable,
shall be deemed to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by the
terms of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the case
may be. Such fidelity bond shall provide that it may not be canceled without ten days’ prior written notice to the Trustee.
So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such
insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than
“A-” by Fitch, “A-” or its equivalent by S&P), the Master Servicer or the Special Servicer, as applicable,
may self-insure with respect to the fidelity bond coverage required as described above, in which case it shall not be required
to maintain an insurance policy with respect to such coverage.


 


The Master Servicer and
Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of the Special Servicer,
at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties exist as part
of the Trust Fund) also keep in force with a Qualified Insurer a policy or policies of insurance covering loss occasioned by the
errors and omissions of its officers and employees in connection with their servicing obligations hereunder, which policy or policies
shall be in such form and amount as are consistent with the Servicing Standard. The Master Servicer or the Special Servicer, as
applicable, shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has such insurance and, by the
terms of such policy or policies, the coverage afforded thereunder extends to the Master Servicer or Special Servicer, as the case
may be. Any such errors and omissions policy shall provide that it may not be canceled without ten days’ prior written notice
to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate
parent if such insurance is guaranteed by its


 






    -244-


    


    

 


parent) or the Special Servicer (or its corporate parent), as applicable, are rated
not lower than “A-” by Fitch, “A-” or its equivalent by S&P, the Master Servicer or the Special Servicer,
as applicable, may self-insure with respect to the errors and omissions coverage required as described above, in which case it
shall not be required to maintain an insurance policy with respect to such coverage.


 


Section 3.09   
Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a) If any Serviced Mortgage Loan
and any related Serviced Companion Loan contains a provision in the nature of a “due-on-sale” clause (including,
without limitation, sales or transfers of Mortgaged Properties (in full or part) or the sale, transfer, pledge or hypothecation
of direct or indirect interests in the Borrower or its owners), which by its terms:


 


(i)          
provides that such Serviced Mortgage Loan and any related Serviced Companion Loan will (or may at the mortgagee’s
option) become due and payable upon the sale or other transfer of an interest in the related Mortgaged Property (including, without
limitation, the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners),


 


(ii)           provides
that such Serviced Mortgage Loan and any related Serviced Companion Loan may not be assumed without the consent of the related
mortgagee in connection with any such sale or other transfer, or


 


(iii)          provides that such Serviced Mortgage Loan and any related Serviced Companion Loan may be assumed or transferred without
the consent of the mortgagee, provided certain conditions set forth in the Loan Documents are satisfied,


 


then, the Master Servicer (with
respect to Performing Loans (other than Non-Serviced Mortgage Loans), to the extent such action is not a Special Servicer Major
Decision) or the Special Servicer (with respect to Specially Serviced Loans and, to the extent such action is a Special Servicer
Major Decision, Performing Loans (other than Non-Serviced Mortgage Loans)) shall determine, in each case in a manner consistent
with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise any right it may have
with respect to such Serviced Mortgage Loan or Serviced Whole Loan (x) to accelerate the payments thereon or (y) to grant or withhold
its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive any right to exercise such rights; provided
that, (i) with respect to such consent or waiver of rights that is a Major Decision, prior to itself taking such an action, the
Master Servicer or the Special Servicer, as applicable, shall obtain, prior to the occurrence and continuance of a Control Termination
Event, the prior written consent (or deemed consent) of the Directing Holder pursuant to Section 6.07 (or (A)(1) after the
occurrence and during the continuance of a Control Termination Event, but prior to a Consultation Termination Event and (2) other
than with respect to any applicable Conflicted Loan, upon consultation with the Directing Holder and the Risk Retention Consultation
Party pursuant to Section 6.07 and (B) after the occurrence and during the continuance of an Operating Advisor Consultation
Event, upon consultation with the Operating Advisor pursuant to Section 6.07), and (ii) the Master Servicer or the Special
Servicer processing such action, prior to consenting to such action, shall obtain, a Rating Agency Confirmation from each Rating
Agency with respect to the Certificates and Serviced Companion Loan Securities, if any, in the case of any such Mortgage Loan that
(1) represents more than 5%


 






    -245-


    


    

 


of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal
Balance of at least $10,000,000, (2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten
largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance and has a Stated Principal
Balance of at least $10,000,000, or (4) is a Mortgage Loan as to which the related Serviced Companion Loan (A) represents one of
the ten largest mortgage loans in the related Other Securitization based on outstanding principal balance and has an outstanding
principal balance of at least $10,000,000, (B) represents more than 5% of the aggregate outstanding principal balance of the mortgage
loans then outstanding in the related Other Securitization and has an outstanding principal balance of at least $10,000,000 or
(C) has an outstanding principal balance that is more than $35,000,000 (provided that the Master Servicer or Special Servicer,
as applicable, shall be entitled to request and reasonably rely upon the written notification provided by the master servicer,
special servicer, trustee or certificate administrator of the applicable Other Securitization as to whether any condition in clause
(4)(A) or (B) is met, or if no timely response is received, entitled to reasonably rely on the most recent CREFC® reports related
to the applicable Other Securitization).


 


The Master Servicer or
the Special Servicer processing such action shall notify the Trustee, the Certificate Administrator, the Directing Holder and the
Master Servicer or the Special Servicer, as applicable, that any such assumption or substitution agreement has been completed by
forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee and the Directing Holder,
as applicable) the original copy of such agreement, which copies shall be added to the related Mortgage File and shall, for all
purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part
thereof. To the extent not precluded by the Loan Documents, neither the Master Servicer nor the Special Servicer shall approve
an assumption or substitution without requiring the related Borrower to pay any fees owed to the Rating Agencies associated with
the approval of such assumption or substitution. However, if the related Borrower is required but fails to pay such fees, such
fees shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance
with the allocation provisions of the related Intercreditor Agreement); provided that in the case of a Serviced Whole Loan
the Master Servicer or the Special Servicer processing such action shall be required, after receiving payment from amounts on deposit
in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loan from the
holders of such Serviced Companion Loan.


 


Notwithstanding anything
herein to the contrary, with respect to any applicable Conflicted Loan relating to the Controlling Class Representative (regardless
of whether an Operating Advisor Consultation Event has occurred and is continuing), the Master Servicer or the Special Servicer,
as applicable, shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving
proposed Major Decisions that it is processing and consider alternative actions recommended by the Operating Advisor, in respect
thereof, in accordance with the procedures set forth in Section 6.07 for consulting with the Operating Advisor.


 



    -246-


    


    

 


(b)           If any Serviced Mortgage Loan and any related Serviced Companion Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms:


 


(i)           
provides that such Serviced Mortgage Loan and any related Serviced Companion Loan shall (or may at the mortgagee’s
option) become due and payable upon the creation of any lien or other encumbrance on the related Mortgaged Property or any direct
or indirect ownership interest in the borrower (including, unless specifically permitted, any mezzanine financing of the Borrower
or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its owners),


 


(ii)          
requires the consent of the related mortgagee to the creation of any such lien or other encumbrance on the related Mortgaged
Property (including, without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer
of preferred equity in the Borrower or its owners), or


 


(iii)          provides
that such Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any
mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its
owners), provided certain conditions set forth in the Loan Documents are satisfied,


 


then, the Master Servicer (with
respect to Performing Loans (other than Non-Serviced Mortgage Loans), to the extent such action is not a Special Servicer Major
Decision) or the Special Servicer (with respect to Specially Serviced Loans and, to the extent such action is a Special Servicer
Major Decision, Performing Loans (other than Non-Serviced Mortgage Loans)) shall determine, in each case in a manner consistent
with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise any right it may have
with respect to such Serviced Mortgage Loan or Serviced Whole Loan (x) to accelerate the payments thereon or (y) to withhold its
consent to the creation of any additional lien or other encumbrance, consistent with the Servicing Standard or (b) grant or waive
its right to exercise such rights; provided that, (i) with respect to such consent or waiver of rights that is a Major Decision,
prior to itself taking such an action, the Master Servicer or the Special Servicer, as applicable, shall obtain, prior to the occurrence
and continuance of a Control Termination Event, the prior written consent (or deemed consent) of the Directing Holder pursuant
to Section 6.07 (or (A)(1) after the occurrence and during the continuance of a Control Termination Event, but prior to
a Consultation Termination Event and (2) other than with respect to any applicable Conflicted Loan, upon consultation with the
Directing Holder and Risk Retention Consultation Party pursuant to Section 6.07 and (B) after the occurrence and during
the continuance of an Operating Advisor Consultation Event, upon consultation with the Operating Advisor pursuant to Section
6.07), and (ii) the Master Servicer or the Special Servicer processing such action, prior to consenting to such action, shall
obtain, a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and Serviced Companion Loan Securities,
if any, in the case of any such Mortgage Loan that (1) represents more than 2% of the aggregate Stated Principal Balance of the
Mortgage Loans then outstanding, (2) has a Stated Principal Balance that is more than $20,000,000, (3) represents one of the ten
largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance, (4) has an aggregate
loan-to-value ratio (including any existing and


 






    -247-


    


    

 


proposed additional debt) that is equal to or greater than 85%, (5) has an aggregate
Debt Service Coverage Ratio (in each case, determined based upon the aggregate of the Stated Principal Balance of the related Mortgage
Loan, any existing additional debt and the principal amount of the proposed additional lien) that is less than 1.20x or (6) is
a Mortgage Loan as to which the related Serviced Companion Loan (A) represents one of the ten largest mortgage loans in the related
Other Securitization based on outstanding principal balance, (B) represents more than 2% of the aggregate outstanding principal
balance of the mortgage loans then outstanding in the related Other Securitization or (C) has an outstanding principal balance
that is more than $20,000,000 (provided, that the Special Servicer shall be entitled to request and reasonably rely upon the written
notification provided by the master servicer, special servicer, trustee or certificate administrator of the applicable Other Securitization
as to whether any condition in clause (6)(A) or (B) is met, or if no timely response is received, entitled to reasonably rely on
the most recent CREFC® reports related to the applicable Other Securitization); provided that with respect to clauses (1),
(3), (4) and (5), such Mortgage Loan shall have a Stated Principal Balance of at least $10,000,000 for the requirement of a Rating
Agency Confirmation to apply.


 


The Master Servicer or
the Special Servicer processing such action shall notify the Trustee, the Certificate Administrator, the Directing Holder and the
Master Servicer or the Special Servicer, as applicable, that the creation of any lien or other encumbrance has been completed by
forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee and the Directing Holder,
as applicable) the original copy (if available, and otherwise, a copy) of the document creating such lien or encumbrance, which
copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the
same extent as all other documents and instruments constituting a part thereof. To the extent not precluded by the Loan Documents,
neither the Master Servicer nor the Special Servicer shall approve the creation of any lien or other encumbrance without requiring
the related Borrower to pay any fees owed to the Rating Agencies associated with the approval of such lien or encumbrance. However,
if the related Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund (and in the case
of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement); provided that in the case of a Serviced Whole Loan the Master Servicer or the Special Servicer processing such
action shall be required, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly
notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the
Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement for a pro rata
portion of such amount allocable to the related Serviced Companion Loan from the holders of such Serviced Companion Loan.


 


Notwithstanding anything
herein to the contrary, with respect to any applicable Conflicted Loan relating to the Controlling Class Representative (regardless
of whether an Operating Advisor Consultation Event has occurred and is continuing), the Master Servicer or the Special Servicer,
as applicable, shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving
proposed Major Decisions that it is processing and consider alternative actions recommended by the Operating Advisor, in respect
thereof, in accordance with the procedures set forth in Section 6.07 for consulting with the Operating Advisor.


 



    -248-


    


    

 


(c)          
Notwithstanding any other provision of this Agreement, neither the Master Servicer nor the Special Servicer may waive its
rights or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause relating to any Mortgage
Loan without, if no Control Termination Event has occurred and is continuing, the consent of the Directing Holder. The Directing
Holder shall have 10 Business Days (or longer period provided by the related Intercreditor Agreement) after receipt of notice along
with the Special Servicer’s recommendation and analysis with respect to such waiver and any additional information the Directing
Holder may reasonably request from the Special Servicer of a proposed waiver or consent under any “due-on-sale” or
“due-on-encumbrance” clause in which to grant or withhold its consent (provided that if the Special Servicer fails
to receive a response to such notice from the Directing Holder in writing within such period, then the Directing Holder shall be
deemed to have consented to such proposed waiver or consent).


 


(d)           The Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers it effects pursuant to
Section 3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly
post such waivers to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement)
and the related Other 17g-5 Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.


 


(e)          
Nothing in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record,
to receive notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation
of any lien or other encumbrance with respect to such Mortgaged Property.


 


(f)           
In connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special
Servicer shall not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
of this Agreement shall contain any terms that are different from, any term of any Serviced Mortgage Loan and any related Serviced
Companion Loan or the related Mortgage Note, other than pursuant to Section 3.26 hereof, as applicable.


 


(g)           With
respect to any Serviced Mortgage Loan and any related Serviced Companion Loan which permits release of Mortgaged Properties through
defeasance:


 


(i)           
Subject to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions, the Master
Servicer shall process all defeasances of Serviced Mortgage Loans and Serviced Companion Loans in accordance with the terms of
the related Loan Documents, and shall be entitled to any defeasance fees paid relating thereto (provided that for the avoidance
of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees
in connection with a defeasance that the Special Servicer is entitled to under this Agreement).


 


(ii)           If
such Serviced Mortgage Loan and any related Serviced Companion Loan requires that the lender purchase the required government
securities, then the Master Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust,
at the related Borrower’s expense, in accordance with the terms of such Mortgage


 






    -249-


    


    

 


Loan; provided that the Master Servicer
shall not accept the amounts paid by the related Borrower to effect defeasance until acceptable government securities have been
identified.


 


(iii)          To the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related
Borrower to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee has
a first priority perfected security interest in the defeasance collateral (including the government securities) and the assignment
of the defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required
in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.


 


(iv)          To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require a certificate at
the related Borrower’s expense from an Independent certified public accountant certifying to the effect that the government
securities will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on
such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Loan Documents.


 


(v)           Prior to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, at the related
Borrower’s expense, a Rating Agency Confirmation; provided, the Master Servicer shall not be required to obtain such
Rating Agency Confirmation from any Rating Agency if such Mortgage Loan at the time of such defeasance is not (x) a Mortgage
Loan that (together with any Mortgage Loans cross-collateralized with such Mortgage Loan) is one of the ten largest Mortgage Loans
by Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or greater than $20,000,000 or (z)
a Mortgage Loan that represents 5% or more of the Stated Principal Balance of all Mortgage Loans.


 


(vi)          Prior to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of
Counsel to the effect that such release will not cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificates
are outstanding or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; provided that to the extent not
inconsistent with the Mortgage Loan or Serviced Whole Loan, the related Borrower shall pay the cost related to the Opinion of Counsel
(and shall otherwise be a Servicing Advance).


 


(vii)         No
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs, or in the case of any Companion
Loan, the later of the second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup day
of any REMIC holding such Companion Loan.


 


(viii)        The Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents)
hold the U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion
Loan Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government obligations
to the Collection Account (or Serviced


 






    -250-


    


    

 


Whole Loan Collection Account) in respect of the defeased Mortgage Loan or Serviced Whole
Loan according to the payment schedule existing immediately prior to the defeasance.


 


(ix)          The
Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing
requiring Borrowers to pay all reasonable expenses associated with a defeasance.


 


(x)          
To the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion,
the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government
securities related to one or more of the Mortgage Loans, to act as a successor borrower.


 


(xi)          The Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of
Treasury Regulation’s Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents;
provided, that the Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will
not cause an Adverse REMIC Event.


 


(xii)         Neither
the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan Documents
in the event that the Loan Documents provide for such a fee limitation.


 


(h)           When the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed
given 15 Business Days (or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than
five (5) Business Days after the time period set forth therein for Directing Holder approval) after receipt (unless earlier objected
to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect
to such proposed action together with such other information reasonably requested by the Special Servicer.


 


Section 3.10    
Appraisals; Realization upon Defaulted Loans. (a)  Other than with respect to a Non-Serviced Mortgage Loan,
contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date or extended
Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan or Serviced Whole Loan or any other
term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity Date or extended Maturity Date of a Mortgage
Loan or Serviced Whole Loan as described below in Section 3.26 of this Agreement, or (C) consent to the release
of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan or
Serviced Whole Loan, (ii) the occurrence of an Appraisal Reduction Event, (iii) a default in the payment of a Balloon
Payment for which an extension is not granted, or (iv) the date on which the Special Servicer, consistent with the Servicing
Standard, requests an Updated Valuation, the Special Servicer shall use commercially reasonable efforts to obtain an Updated Valuation
(or a letter update for an existing appraisal which is less than two years old) within 60 days of such request, the cost of
which shall constitute a Servicing Advance; provided, that the Special Servicer shall not be required to obtain an Updated
Valuation pursuant to


 






    -251-


    


    

 


clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an Appraisal,
Updated Appraisal or Small Loan Appraisal Estimate which is less than nine months old unless the Special Servicer has actual knowledge
of a material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity
of such Appraisal, Updated Appraisal or Small Loan Appraisal Estimate. For so long as such Mortgage Loan or Serviced Whole Loan
is a Specially Serviced Loan, (i) the Special Servicer shall, within 30 days of the end of each 9-month period following the
related Appraisal Reduction Event, use commercially reasonable efforts to order an Appraisal (which may be an update of a prior
Appraisal), the cost of which shall constitute a Servicing Advance and (ii) the Master Servicer shall recalculate the Appraisal
Reduction Amount prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a
one year extension with respect to the same Mortgage Loan or Serviced Whole Loan. Subject to any required consent from the Directing
Holder and consultation with the Risk Retention Consultation Party and Operating Advisors pursuant to Section 6.07, nothing
herein is intended to limit the Special Servicer’s ability to pursue multiple strategies contemporaneously if the Special
Servicer deems such actions appropriate under the Servicing Standard. The Special Servicer shall update, in accordance with the
timing described above, each Small Loan Appraisal Estimate or Updated Appraisal for so long as an Appraisal Reduction Event exists
with respect to the related Mortgage Loan or Serviced Whole Loan and the Master Servicer shall recalculate the Appraisal Reduction
Amount based on such updated Small Loan Appraisal Estimate or Updated Appraisal and receipt of information reasonably requested
by the Master Servicer from the Special Servicer to the extent such information is in the possession of the Special Servicer, reasonably
necessary to calculate the Appraisal Reduction Amount. The Special Servicer shall send all such letter updates and Updated Valuations
to the Master Servicer, the Trustee, the Operating Advisor, the 17g-5 Information Provider (who shall promptly post such materials
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Serviced
Companion Loan Noteholder (if any), the Risk Retention Consultation Party and, for so long as no Consultation Termination Event
has occurred and is continuing, the Directing Holder.


 


The Special Servicer
shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period
without significant impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the
Borrower if, in the Special Servicer’s judgment, cure is likely, and take such other actions (including without limitation,
negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent with the Servicing Standard.
If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be
made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant
to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and 3.09(b) of this
Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of the Directing
Holder, if no Control Termination Event has occurred and is continuing, and after consultation with the Risk Retention Consultation
Party pursuant to Section 6.07) and with the Servicing Standard, accelerate such Specially Serviced Loan and commence
a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided that the Special
Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders
and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan


 






    -252-


    


    

 


Noteholders, constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) on a present value basis (discounting
at the related Calculation Rate) than would a waiver of such default or an extension or modification in accordance with the provisions
of Section 3.26 hereof. In connection with causing the Trust to foreclose on collateral that consists of multiple properties
held for sale to customers by the related Borrower (such as unsold condominium units in a single project), the Special Servicer
directing such foreclosure shall consider the effect of the bidding price for the properties on the tax basis of such properties
if such properties are likely to be treated in the hands of the Trust as properties held for sale to customers. The Master Servicer
shall pay the costs and expenses in any such proceedings as a Servicing Advance unless the Master Servicer or the Special Servicer,
as applicable, determines, in its good faith judgment, that such Servicing Advance would constitute a Nonrecoverable Advance; provided,
if such Servicing Advance would constitute a Nonrecoverable Advance but the Special Servicer determines that such payment would
be in the best interests of the Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole
as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect
to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such
Serviced Subordinate Companion Loan) (with the Master Servicer permitted to conclusively rely upon any such determination by the
Special Servicer), the Special Servicer shall direct the Master Servicer to make such payment from the Collection Account (or,
if applicable, the applicable Serviced Whole Loan Collection Account), which payment shall be an Additional Trust Fund Expense.
The Trustee shall be entitled to conclusively rely upon any determination of the Master Servicer or Special Servicer that a Servicing
Advance, if made, would constitute a Nonrecoverable Advance. If the Master Servicer does not make such Servicing Advance in violation
of the second preceding sentence, the Trustee shall make such Servicing Advance, unless the Trustee determines that such Servicing
Advance would be a Nonrecoverable Advance. The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement
of Servicing Advances (with interest at the Reimbursement Rate) made pursuant to this paragraph to the extent permitted by Section 3.06
of this Agreement.


 


(b)          If the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where
the Mortgaged Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related
Borrower or any other liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial
foreclosure or (ii) if the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment
is obtained will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such
determination is evidenced by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.


 


(c)          
In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed
or certificate of sale shall be issued to the Trustee (on behalf of the Trust Fund), or to its nominee (which shall not include
the Special Servicer) or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests
and the Certificateholders and, if applicable, the Serviced Companion Loan Noteholders. Notwithstanding any such acquisition of
title and cancellation of the related Mortgage Loan or Serviced Whole Loan, as applicable, such Mortgage Loan or Serviced Whole
Loan, as applicable, 


 






    -253-


    


    

 


shall (except for purposes of Section 9.01 of this Agreement) be considered to be a Serviced REO
Loan until such time as the related Serviced REO Property shall be sold by the Trust Fund and shall be reduced only by collections
net of expenses. Consistent with the foregoing, for purposes of all calculations hereunder, so long as such Mortgage Loan or Serviced
Whole Loan, as applicable, shall be considered to be an outstanding Mortgage Loan or Serviced Whole Loan, as applicable:


 


(i)           it shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule in
effect at the time of any such acquisition of title shall remain in effect; and


 


(ii)          subject to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts
that would have been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable
Intercreditor Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this Agreement,
be deemed to have been received first, in payment of the accrued interest that remained unpaid on the date that the related
Serviced REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments that remained
unpaid on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment of installments
of principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be due and payable
in accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has been paid in full
and then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net REO Proceeds exceed
the Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage Loan
or Serviced Companion Loan, as applicable.


 


(d)          Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:


 


(i)          
such personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired
by the Special Servicer for the benefit of the Trust Fund; or


 


(ii)          the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier
REMIC) to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause the imposition of a tax
on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate
is outstanding (and such Opinion of Counsel may be premised on the designation hereby of any such personal property as being deemed
part of an “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) with the owner
of such personal property for federal income tax purposes to be designated at such time).


 



    -254-


    


    

 


(e)          
Notwithstanding any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust
Fund, obtain title to any direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to
any pledge agreement unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be
an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the
allocation provisions of the related Intercreditor Agreement)) to the effect that the holding of such partnership interest or other
equity interest by the Trust Fund will not cause the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause
any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding.


 


(f)          
Notwithstanding any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee,
on behalf of the Trust Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to
obtain title to any direct or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby
be the beneficial owner of a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause
the Trustee to acquire possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such
action, the Trustee, for the Trust Fund, the Certificateholders or Serviced Companion Loan Noteholders, if applicable, would be
considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with the
Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts
environmental audits (which report shall be an expense of the Trust), performed within six months prior to any such acquisition
of title or other action that:


 


(i)          
such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental
consultant, that it would be in the best economic interest of the Certificateholders (and with respect to the Serviced Whole Loans,
the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion
Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary
to bring such Mortgaged Property in compliance therewith, and


 


(ii)           there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous
Materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently
effective federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action
could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Serviced Companion Loan holders), as a collective whole as if such Certificateholders
and, if applicable,


 






    -255-


    


    

 


Serviced Companion Loan holders constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), to take such
actions with respect to the affected Mortgaged Property.


 


In the event that the
environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged
Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively
establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person
who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and,
if applicable, the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the environmental assessment obtained
by the Special Servicer for purposes of this Section 3.10.


 


(g)           The
environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or
as soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly
conducts environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by
the Special Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and
delivery by the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the
cost of preparation of such environmental assessments as a Servicing Advance unless the Master Servicer determines, in its good
faith judgment, that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement
of Servicing Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence to the extent permitted
by Section 3.06. The Special Servicer shall provide written reports and a copy of any environmental assessments in
electronic format to the Directing Holder (if no Consultation Termination Event has occurred and is continuing), the Risk Retention
Consultation Party, the Operating Advisor, the Master Servicer, the related Serviced Companion Loan Noteholder (if any) and the
17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement), monthly regarding any actions taken by the Special Servicer with respect to
any Mortgaged Property securing a Defaulted Loan or defaulted Serviced Companion Loan as to which the environmental testing contemplated
by Section 3.10(f) of this Agreement has revealed that either of the conditions set forth in clauses (i) and
(ii) of the first sentence thereof has not been satisfied, in each case until the earlier to occur of (i) satisfaction
of both such conditions, (ii) repurchase of the related Mortgage Loan by the Mortgage Loan Seller or (iii) release of
the lien of the related Mortgage on such Mortgaged Property.


 


(h)          If the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property
is not in compliance with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with
respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan
with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion
Loan), to take such actions as are necessary to bring such Mortgaged Property in


 






    -256-


    


    

 


compliance therewith, or if the Special Servicer
determines pursuant to Section 3.10(f)(ii) of this Agreement that the circumstances referred to therein relating to
Hazardous Materials are present but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced
Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced
Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such
action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is
required by law or regulation, the Special Servicer shall (with the consent of the Directing Holder (if no Control Termination
Event has occurred and is continuing) and after consultation with the Risk Retention Consultation Party and the Operating Adviser
pursuant to Section 6.07) take such action as it deems to be in the best economic interest of the Trust Fund (and with respect
to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and,
if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with
a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion
Loan), but only if the Certificate Administrator has mailed notice to the Holders of the Regular Certificates, the Exchangeable
Certificates and the related Serviced Companion Loan Noteholders of such proposed action, which notice shall be prepared by the
Special Servicer, and only if the Certificate Administrator does not receive, within 30 days of such notification, instructions
from the Holders of Regular Certificates and Exchangeable Certificates entitled to a majority of the Voting Rights and, with respect
to Serviced Whole Loans, the applicable Serviced Companion Loan Noteholders directing the Special Servicer not to take such action.
Notwithstanding the foregoing, if the Special Servicer reasonably determines that it is likely that within such 30-day period irreparable
environmental harm to such Mortgaged Property would result from the presence of such Hazardous Materials and provides a prior written
statement to the Trustee and the Certificate Administrator setting forth the basis for such determination, then the Special Servicer
may take or cause to be taken such action to remedy such condition as may be consistent with the Servicing Standard. None of the
Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be obligated to take any action or not
take any action pursuant to this Section 3.10(g) at the direction of the Certificateholders or with respect to any
Serviced Whole Loan, at the direction of the Certificateholders and the related Serviced Companion Loan Noteholders unless the
Certificateholders and, with respect to any Serviced Companion Loan, the Serviced Companion Loan Noteholders agree to indemnify
the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer with respect to such action or inaction.
The Master Servicer shall advance the cost of any such compliance, containment, clean-up or remediation as a Servicing Advance
unless the Master Servicer determines, in its good faith judgment, that such Advance would constitute a Nonrecoverable Advance.


 


(i)           
The Special Servicer shall notify the Master Servicer of any Mortgaged Property (other than a Mortgaged Property securing
a Non-Serviced Mortgage Loan) which is abandoned or foreclosed that requires reporting to the IRS and shall provide the Master
Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect to any Serviced Mortgage
Loan and any related Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report to the IRS and
the related Borrower, in the manner required by applicable law, such information and the Master Servicer


 






    -257-


    


    

 


shall report, via Form 1099C
or Form 1099A, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer by
the Special Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.


 


(j)           
The costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer
as a Servicing Advance and shall be reimbursable from the Collection Account or, with respect to the Serviced Whole Loans, first,
from the applicable Serviced Whole Loan Collection Account and second, to the extent amounts in the Serviced Whole Loan
Collection Accounts are insufficient therefor, from the Collection Account in accordance with Section 3.06(a); provided
that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly
notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust
any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable
to the related Serviced Companion Loans from the related Companion Loan Noteholders.


 


Section 3.11    
Custodian to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan or Serviced Whole
Loan, or the receipt by the Master Servicer of a notification that payment in full has been escrowed in a manner customary for
such purposes, the Master Servicer shall immediately notify the Custodian by a certification (which certification shall include
a statement to the effect that all amounts received or to be received in connection with such payment which are required to be
deposited in the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, pursuant to Section 3.05
of this Agreement have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the related Mortgage
File. Any expense incurred in connection with any instrument of satisfaction or deed of reconveyance that is not paid by the related
Borrower shall be chargeable to the Trust Fund. The Master Servicer agrees to use reasonable efforts in accordance with the Servicing
Standard to enforce any provision in the relevant Loan Documents that require the Borrower to pay such amounts. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance shall be an expense of the Custodian.


 


From time to time upon
request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the Custodian shall
promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the
Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion
of the Mortgage Loan or the Serviced Whole Loan into a Serviced REO Property, or in the event of a substitution of a Mortgage Loan
pursuant to Section 2.03 of this Agreement, or receipt by the Custodian of a certificate of a Servicing Officer stating
that such Mortgaged Property was liquidated and that all amounts received or to be received in connection with such liquidation
which are required to be deposited into the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable,
have been so deposited, or that such Mortgage Loan or Serviced Whole Loan has become a Serviced REO Property, or that the Master
Servicer has received a Qualified Substitute Mortgage Loan and the applicable Substitution Shortfall Amount, the Custodian shall
deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable. If from time to time,
pursuant to the terms of the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement, and as appropriate for
enforcing the terms of the related Non-Serviced


 






    -258-


    


    

 


Mortgage Loan, the Other Servicer or the Other Special Servicer requests delivery
to it of the original Mortgage Note by providing the Trustee and the Custodian a Request for Release, then the Custodian shall
release or cause the release of such original Mortgage Note to the Other Servicer or the Other Special Servicer or its designee.


 


Within five (5) Business
Days (or, in case of an emergency, within such shorter period as is reasonable under the circumstances) after receipt of a written
certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to Performing
Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings, requests for a trustee’s
sale or other documents prepared by the Special Servicer, its agents or attorneys, necessary to the foreclosure or trustee’s
sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Borrower on the Mortgage
Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or
Mortgage or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents
be executed by the Trustee and a statement as to the reason such documents or pleadings are required, that the proposed action
is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee will not invalidate or otherwise
affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s
sale.


 


With respect to each
Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, if pursuant to the related Intercreditor
Agreement and the related Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of such Servicing Shift
Whole Loan, as applicable, the related Other Servicer requests in writing delivery to it of the original Note, then the Custodian
shall release or cause the release of such original Note to the related Other Servicer or its designee.


 


Section 3.12      
Servicing Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation. (a) As compensation for
its activities hereunder, the Master Servicer shall be entitled to the Servicing Fee with respect to each Mortgage Loan and Serviced
Companion Loan. The Master Servicer’s rights to the Servicing Fee may not be transferred in whole or in part except in connection
with the transfer of all of the Master Servicer’s responsibilities and obligations under this Agreement or as provided in
the second succeeding paragraph with respect to the Excess Servicing Fee.


 


In addition, the Master
Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent not prohibited by applicable law and
the related Loan Documents and any related Intercreditor Agreement, (i) all investment income earned on amounts on deposit
in the Collection Account (and with respect to each Serviced Whole Loan, the related Serviced Whole Loan Collection Account) and
certain Reserve Accounts (to the extent consistent with the related Loan Documents); (ii) any Net Default Interest and any
other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any Performing
Loan (and the related Serviced Companion Loan, if applicable), in each case, remaining after application thereof during such Collection
Period to pay the Advance Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed
Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to


 






    -259-


    


    

 


such Performing
Loan incurred during or prior to such Collection Period, and, in the case of the Serviced Whole Loans, to the extent allocated
to the related Mortgage Loan in the related Intercreditor Agreement and as further described in Section 3.12(d); (iii) any
amounts collected for checks returned for insufficient funds (with respect to any Performing Loan or Specially Serviced Loan);
and (iv) 100% of any Modification Fees and consent fees (or similar fees) related to any consents, modifications, waivers,
extensions or amendments of any Serviced Mortgage Loans (and any related Serviced Companion Loan) that are non-Specially Serviced
Loans that do not involve a Special Servicer Major Decision, 50% of any Modification Fees and consent fees (or similar fees) related
to any consents, modifications, waivers, extensions or amendments of any Serviced Mortgage Loans (and any related Serviced Companion
Loan) that are non-Specially Serviced Loans that involve one or more Special Servicer Major Decisions (whether or not processed
by the Special Servicer), 100% of any defeasance fees (provided that for the avoidance of doubt, any such defeasance fee shall
not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance that the
Special Servicer is entitled to under this Agreement), 100% of Assumption Fees with respect to Serviced Mortgage Loans (and any
related Serviced Companion Loan) that do not involve a Special Servicer Major Decision, 50% of Assumption Fees with respect to
Serviced Mortgage Loans (and any related Serviced Companion Loan) that involve one or more Special Servicer Major Decisions (whether
or not processed by the Special Servicer), 100% of beneficiary statement charges to the extent such beneficiary statements are
prepared by the Master Servicer (but not including Prepayment Premiums or Yield Maintenance Charges), 100% of assumption application
fees with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan) for which the Master Servicer is processing
the underlying assumption-related transaction (whether or not the consent of the Special Servicer is required), and 0% of assumption
application fees with respect to Specially Serviced Loans, in each case to the extent received and not required to be deposited
or retained in the Collection Account (or Serviced Whole Loan Collection Account), in each case pursuant to Section 3.05
of this Agreement. The Master Servicer shall also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii)
or 3.07(b) of this Agreement, as applicable, to withdraw from the Collection Account and to receive from any Borrower Accounts
(to the extent not payable to the related Borrower under the Mortgage Loan or applicable law), Net Prepayment Interest Excess,
if any, that accrue on the Mortgage Loans that it is servicing and any interest or other income earned on deposits therein. In
addition, the Master Servicer shall be entitled to the portion of Net Default Interest and any late payment fees or penalty charges
collected by the Other Servicer servicing a Non-Serviced Mortgage Loan that are allocated to such Non-Serviced Mortgage Loan remaining
after application thereof to reimburse interest on related P&I Advances and to reimburse the Trust for certain expenses of
the Trust, if applicable, as provided in this Agreement. Except as specified in the preceding sentence and except with respect
to clause (i) in this paragraph, the Master Servicer will not be entitled to the compensation set forth in clauses (iii)
and (iv) in this paragraph with respect to a Non-Serviced Mortgage Loan.


 


Notwithstanding anything
to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review
fees in connection with any borrower request to the extent such fees are not prohibited under the related Loan Documents and are
actually paid by or on behalf of the related Borrower.


 


With respect to any of
the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the
Master Servicer and the Special


 






    -260-


    


    

 


Servicer shall each have the right, in their sole discretion, but not any obligation, to reduce
or elect not to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer
shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either
the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any
such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share
in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer
shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled
if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special
Servicer.


 


The Master Servicer and
any successor holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor REO Loans with respect
to such Mortgage Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such
Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited
Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment shall be made unless (i) that
transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Act and any
applicable state securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the
prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit AA-1
hereto and (iii) the prospective transferee shall have delivered to the Master Servicer and the Depositor a certificate substantially
in the form attached as Exhibit AA-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar is obligated to register or qualify an Excess
Servicing Fee Right under the Act or any other securities law or to take any action not otherwise required under this Agreement
to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. The
Master Servicer and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment
of such Excess Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an Excess Servicing Fee
Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such
Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Underwriters,
the Certificate Administrator, the Trustee, the Master Servicer, the Certificate Registrar, the Operating Advisor, the Asset Representations
Reviewer and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or
qualification under the Act or other applicable federal and state securities laws or is not made in accordance with such federal
and state laws or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing Fee Right,
the holder thereof shall be deemed to have agreed not to use or disclose such information in any manner that could result in a
violation of any provision of the Act or other applicable securities laws or that would require registration of such Excess Servicing
Fee Right or any Certificate pursuant to the Act. From time to time following any transfer, sale, pledge or assignment of an Excess
Servicing Fee Right, the Master Servicer with respect to the related Mortgage Loan or successor REO Loan with respect thereto to
which the Excess Servicing Fee Right relates, shall pay, out of each amount paid to the Master Servicer as Servicing Fee with respect
to such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing


 






    -261-


    


    

 


Fees to the holder of such Excess Servicing
Fee Right within one Business Day following the payment of such Servicing Fee to the Master Servicer, in each case in accordance
with payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right
shall not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Special
Servicer or the Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or
transfer of the Excess Servicing Fee Right.


 


As compensation for its
activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect to each Mortgage Loan
to its portion of the Certificate Administrator/Trustee Fee, which shall be payable from amounts on deposit in the Lower-Tier Distribution
Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Certificate Administrator/Trustee
Fee. The Certificate Administrator’s rights to the Certificate Administrator/Trustee Fee may not be transferred in whole
or in part except in connection with the transfer of all of its responsibilities and obligations under this Agreement.


 


Except as otherwise provided
herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing activities hereunder,
including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers). Except as otherwise
provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it in connection with its
activities hereunder.


 


(b)          As compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced
Loan and Serviced REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection
Account or the Serviced Whole Loan Collection Account, as applicable, as set forth in Section 3.06 of this Agreement.
The Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole or in part except in connection
with the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the
Special Servicer shall be entitled to receive, as Special Servicing Compensation, to the extent permitted by applicable law and
the related Loan Documents, (i) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or
the Special Servicer during a Collection Period accrued on any Specially Serviced Loan remaining after application thereof during
such Collection Period (and in the case of the Serviced Whole Loans, as set forth in and subject to the terms of the related Intercreditor
Agreement and Section 3.12(d) herein) to pay the Advance Interest Amount relating to such Specially Serviced Loan and
any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred
during or prior to such Collection Period on such related Specially Serviced Loan (but not nonsufficient funds check fees and the
like, which shall be paid to the Master Servicer) as further described below in this subsection (b); (ii) 100% of any
Modification Fees and consent fees (or similar fees) related to any Specially Serviced Loan or Serviced REO Loan; (iii) 50% of
any Modification Fees and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments
of any Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially Serviced Loans that involve one or more
Special Servicer Major Decisions (whether or not processed by the Special Servicer); (iv) 100% of Assumption Fees on any Specially
Serviced


 






    -262-


    


    

 


Loan or Serviced REO Loan; (v) 50% of Assumption Fees and consent fees with respect to Serviced Mortgage Loans (and any
related Serviced Companion Loan) that involve one or more Special Servicer Major Decisions (whether or not processed by the Special
Servicer); (vi) any interest or other income earned on deposits in the REO Accounts; (vii) 100% of assumption application
fees received with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan) that are Performing Loans for which
the Special Servicer is processing the underlying assumption-related transaction and 100% of assumption application fees received
with respect to Specially Serviced Loans; and (viii) 100% of beneficiary statement charges to the extent such beneficiary
statements are prepared by the special servicer (but not including Prepayment Premiums or Yield Maintenance Charges).


 


Notwithstanding anything
to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review
fees in connection with any borrower request.


 


With respect to any of
the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the
Master Servicer and the Special Servicer shall each have the right, in their sole discretion, but not any obligation, to reduce
or elect not to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer
shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either
the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any
such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share
in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer
shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled
if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special
Servicer.


 


Except as otherwise provided
herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including
all fees of any sub-servicers retained by it.


 


In addition, the Special
Servicer shall be entitled to the portion of Net Default Interest and any other Penalty Charges collected by the Other Special
Servicer servicing the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage Loan remaining after
application thereof during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced Mortgage
Loan and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees)
incurred during or prior to such Collection Period on such related Non-Serviced Mortgage Loan (but not nonsufficient funds check
fees and similar fees, which shall be paid to the Master Servicer) as provided in this Agreement. Except as specified in the preceding
sentence, the Special Servicer will not be entitled to the compensation set forth in this Section 3.12(b) with respect
to a Non-Serviced Mortgage Loan.


 


(c)          
In addition, a Workout Fee will be payable to the Special Servicer with respect to each Serviced Mortgage Loan and any related
Serviced Companion Loan that ceases to


 






    -263-


    


    

 


be a Specially Serviced Loan pursuant to the definition thereof. As to each such Mortgage
Loan or Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including scheduled
payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan for so
long as it remains a Corrected Mortgage Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole Loan will
cease to be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes a Serviced
REO Property; provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced Whole Loans
again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with respect
to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the
Mortgage Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing such Specially
Serviced Loan (or for any Specially Serviced Loan that had not yet become a Corrected Mortgage Loan because as of the time that
the Special Servicer is terminated the borrower has not made three consecutive monthly debt service payments and subsequently the
Specially Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation (and the successor Special
Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such loan ceases
to be payable in accordance with the preceding sentence.


 


A Liquidation Fee will
be payable to the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased by a Mortgage
Loan Seller after the Initial Resolution Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(e)
of this Agreement, (ii) each Specially Serviced Loan as to which the Special Servicer obtains a full, partial or discounted
payoff from the related Borrower, (iii) any Specially Serviced Loan or Serviced REO Property as to which the Special Servicer
recovered any Liquidation Proceeds and (iv) each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer
in accordance with the proviso in Section 3.16(b) of this Agreement as to which the Special Servicer recovered any
Liquidation Proceeds; provided, however, for clarification, in the case of clause (iv), should the Non-Serviced Mortgage Loan
be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer. As to each such Mortgage
Loan repurchased by a Mortgage Loan Seller after the Initial Resolution Period (and giving effect to any Resolution Extension Period)
in accordance with Section 2.03(e) of this Agreement or Specially Serviced Loan and Serviced REO Property, the Liquidation
Fee will be payable from the related payment or proceeds. Notwithstanding anything to the contrary described above, no Liquidation
Fee will be payable based on, or out of, Liquidation Proceeds to the extent set forth in the definition of “Liquidation Fee”
herein. With respect to any future mezzanine debt, to the extent not prohibited by the Loan Documents, the Master Servicer or Special
Servicer, as applicable, shall require that the related mezzanine intercreditor agreement provide that if a Mortgage Loan is purchased
by the related mezzanine lender on a date that is more than 90 days following the date that the related option first becomes
exercisable, such mezzanine lender shall be required to pay a Liquidation Fee equal to the amount that the Special Servicer would
otherwise be entitled to under this Agreement with respect to a liquidation of such Mortgage Loan (provided, that such Liquidation
Fee shall in all circumstances be payable by the related mezzanine lender and shall not, under any circumstances, be payable out
of the Trust unless the Master Servicer fails to require the related mezzanine intercreditor agreement to require the mezzanine
lender to pay such amounts in breach of its obligation to do so under this


 






    -264-


    


    

 


paragraph). If Liquidation Proceeds are received with
respect to any Specially Serviced Loan as to which the Special Servicer is properly entitled to a Workout Fee, such Workout Fee
will be payable based on and out of the portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding
anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but
not both, with respect to Liquidation Proceeds received on any Mortgage Loan or any Specially Serviced Loan. If (i) the Special
Servicer resigns or has been terminated, and (ii) either prior or subsequent to such resignation or termination, either (A) a
Specially Serviced Loan was liquidated or modified pursuant to an action plan submitted by the initial Special Servicer and approved
(or deemed approved) by the Directing Holder or the Special Servicer has determined to grant a forbearance, or (B) a Specially
Serviced Loan being monitored by the Special Servicer subsequently became a Corrected Mortgage Loan, then in either such event
the Special Servicer shall be paid the related Workout Fee or Liquidation Fee, as applicable.


 


The total amount of Workout
Fees and Liquidation Fees that are payable by the Trust with respect to each Mortgage Loan, Serviced Whole Loan or Serviced REO
Loan through the period such Mortgage Loan is an asset of the Trust shall be subject to an aggregate cap of $1,000,000. For the
purposes of determining whether any such cap has been reached with respect to a Special Servicer and a Mortgage Loan, Serviced
Whole Loan or Serviced REO Loan, only the Workout Fees and Liquidation Fees paid to such Special Servicer with respect to such
Mortgage Loan, Serviced Whole Loan or Serviced REO Loan shall be taken into account, and any Workout Fees or Liquidation Fees for
any other Mortgage Loans, Serviced Whole Loans or Serviced REO Loans shall not be taken into account (and any Workout Fees or Liquidation
Fees paid to a predecessor or successor special servicer or Other Special Servicer shall also not be taken into account).


 


The Special Servicer
shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder
(including, without limitation, any amounts, other than management fees in respect of REO Properties, due and owing to any of its
sub-servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy obtained by
it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums are
reimbursable pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable
directly out of the Collection Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Collection Account
or the applicable REO Account or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement therefor
except as expressly provided in this Agreement.


 


The Special Servicer
and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without
limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any
Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of a Mortgage
Loan or Serviced Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection with
the disposition, workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any REO Property,
or the performance of any other special servicing duties under


 






    -265-


    


    

 


this Agreement, other than as expressly provided in this Section 3.12;
provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.


 


(d)         
In determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges,
on any Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Intercreditor
Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default
Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”)
to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such
Mortgage Loan that accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced
Companion Loan Service Provider for any debt service advance made by such party with respect to any related Serviced Companion
Loan that accrued in the period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances
with respect to such Mortgage Loan or Serviced Whole Loan previously paid to the Master Servicer, the Trustee or to any Serviced
Companion Loan Service Provider pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement
and (iii) the Trust Fund for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation
Fees) with respect to such Mortgage Loan or Serviced Whole Loan paid in the Collection Period that such Penalty Charges were collected
and not previously paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata
to the Master Servicer and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer
would otherwise have been entitled to receive during such period with respect to such Mortgage Loan without any such application.
Except as set forth in this Agreement, the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or
Liquidation Fees with respect to any Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion
of Penalty Charges allocated to a Mortgage Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Intercreditor
Agreement and, if applicable, the Other Pooling and Servicing Agreement) shall be allocated in accordance with clauses (i),
(ii) and (iii) above (except that, Advances in clauses (i) and (ii) shall mean P&I Advances).


 


If a Servicing Shift
Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization Date, the Special Servicer
shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially
Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced
Whole Loan as Special Servicer of such Serviced Whole Loan. With respect to a Servicing Shift Mortgage Loan, prior to the applicable
Servicing Shift Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and
obligations. If a Servicing Shift Whole Loan is still a Specially Serviced Loan on the applicable Servicing Shift Securitization
Date, the Other Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift
Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole
Loan and the Other Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such
Servicing Shift Whole Loan.


 



    -266-


    


    

 


If a Servicing Shift
Whole Loan is being specially serviced on the applicable Servicing Shift Securitization Date, the Special Servicer shall be entitled
to compensation for the period during which it acted as Special Servicer with respect to such Whole Loan, including its share of
any liquidation or workout fees and any additional servicing compensation as well as all surviving indemnity and other rights in
respect of such special servicing role under this Agreement.


 


(e)          
The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement
from the Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related
Intercreditor Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if
any, and second, to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection
Account, or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced
Whole Loan Collection Account from collections on the related Serviced Pari Passu Companion Loan and the related Mortgage Loan
on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed,
out of the Collection Account) for the costs and expenses incurred by them in the performance of their duties under this Agreement
which are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii).
Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and
appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly
identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as
costs and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.


 


(f)          
No provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee to expend or risk their own funds or
otherwise incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of
any of their rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as the case may be, repayment of such
funds would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections
on or in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk
or liability.


 


If the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee receives
a request or inquiry from a Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, the cost of which would not be an expense of the Trust Fund or any


 






    -267-


    


    

 


Serviced Companion Loan Noteholder hereunder,
then the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless
such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s reasonable expenses associated with such counsel (including, without limitation, posting an advance payment
for such expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee, as the case may be, in its sole discretion. Unless such arrangements have been
made, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request or
inquiry.


 


Section 3.13    
Reports to the Certificate Administrator; Collection Account Statements. (a) The Master Servicer shall deliver to
the Certificate Administrator no later than 3:00 p.m. (New York City time) one Business Day prior to the Master Servicer Remittance
Date prior to each Distribution Date (beginning February 2018), the CREFC® Appraisal Reduction Template, if any
for such Distribution Date and the CREFC® Loan Periodic Update File with respect to all of the Mortgage Loans that
it is servicing for the related Distribution Date (which shall include, without limitation, the amount of Available Funds allocable
to the Mortgage Loans) including information therein that states the anticipated P&I Advances for the related Distribution
Date. The Master Servicer’s responsibilities under this Section 3.13(a) with respect to Serviced REO Loans shall
be subject to the satisfaction of the Special Servicer’s obligations under Section 3.23 of this Agreement. The
Master Servicer shall (no later than the applicable Serviced Whole Loan Remittance Date) make available to each Serviced Companion
Loan Noteholder with respect to the related Whole Loan or, if such Serviced Companion Loan is securitized, the respective Other
Servicer and Other Trustee, the CREFC® Investor Reporting Package (CREFC® IRP) (excluding any templates)
pursuant to the terms of this Agreement on a monthly basis.


 


Not later than 5:00 p.m.
(New York City time) on the Master Servicer Remittance Date beginning December 2017, the Master Servicer shall deliver to the Certificate
Administrator the CREFC® Schedule AL File in EDGAR-Compatible Format and Excel format; provided, that the Master Servicer shall
have no obligation to prepare or deliver any such CREFC® Schedule AL File unless the Depositor has delivered the items required
by Section 2.01(f); and provided, further, that, if the Master Servicer has not received the items required pursuant to Section
2.01(f) from the Depositor prior to the time it would need such items in order for the Master Servicer to prepare the CREFC®
Schedule AL File with respect to the first Distribution Date, the Master Servicer shall request such items from the Depositor,
including by email to the email addresses for the Depositor set forth in Section 12.05. If the CREFC® Schedule AL File is not
provided by the date specified in the immediately preceding sentence, the Certificate Administrator shall request such CREFC®
Schedule AL File from the Master Servicer via email at ssreports@wellsfargo.com, with a copy to the Depositor to the email addresses
for the Depositor set forth in Section 12.05. In preparing the CREFC® Schedule AL File and any Schedule AL Additional File
for any given Distribution Date, and without any due diligence, investigation or verification, the Master Servicer shall be entitled
to conclusively rely, absent manifest error, on the content, completeness, accuracy and compliance with any applicable requirements
of Items


 






    -268-


    


    

 


1111(h) and 1125 of Regulation AB and Item 601(b) of Regulation S-K under the Securities Act as in effect on the Closing
Date of the Initial Schedule AL File, Initial Schedule AL Additional File and the Annex A-1 to the Prospectus. The Master Servicer
may concurrently with the delivery of the related CREFC® Schedule AL File, deliver any related Schedule AL Additional File
in EDGAR-Compatible Format to the Certificate Administrator. The CREFC® Schedule AL File and the Schedule AL Additional File
shall each be a single file. Neither the Certificate Administrator nor the Master Servicer shall be required to combine multiple
CREFC® Schedule AL Files or Schedule AL Additional Files, unless, solely with respect to the Master Servicer, multiple Sub-Servicers
prepare and submit such CREFC® Schedule AL Files or Schedule AL Additional Files to the Master Servicer. The Certificate Administrator
shall not be required to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information contained
in any CREFC® Schedule AL File or any Schedule AL Additional File.


 


In the absence of manifest
error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, any information and reports
delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s
reports and any information provided by the Trustee, without any duty or obligation to recompute, verify or recalculate any of
the amounts and other information stated therein.


 


(b)         
For so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account
or any Serviced Whole Loan Collection Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward
to the Certificate Administrator and, upon request (but not more frequently than once per month), each Serviced Companion Loan
Noteholder with respect to the related Whole Loan and related Serviced Whole Loan Collection Account (or, if such Serviced Companion
Loan is securitized, the respective Other Servicer and Other Trustee) a statement prepared by the Master Servicer setting forth
the status of each of the Collection Account and each Serviced Whole Loan Collection Account as of the close of business on the
last Business Day of the prior Collection Period and showing the aggregate amount of deposits into and withdrawals from the Collection
Account and each Serviced Whole Loan Collection Account of each category of deposit (or credit) specified in Section 3.05
of this Agreement and each category of withdrawal (or debit) specified in Section 3.06 of this Agreement for the related
Collection Period, in each case for the Mortgage Loans (including the Non-Serviced Mortgage Loans). The Trustee and the Certificate
Administrator and its agents and attorneys may at any time during normal business hours, upon reasonable notice, inspect and copy
the books, records and accounts of the Master Servicer solely relating to the Mortgage Loans and the performance of its duties
hereunder.


 


(c)          
Beginning in February 2018, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the
Master Servicer shall deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to
the Certificate Administrator’s Website pursuant to Section 4.02(b)(iii)(B) of this Agreement), the Serviced
Companion Loan Noteholders and the Operating Advisor the following reports (in electronic form) with respect to the Mortgage Loans
that it is servicing (and, if applicable, the related REO Properties), providing the required information as of the immediately
preceding Determination Date: (i) to the extent the Master Servicer has received the most recent CREFC® Special
Servicer Loan File from the Special Servicer at the time required, the most recent CREFC® Delinquent


 






    -269-


    


    

 


Loan Status
Report, CREFC® Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC® Loan Setup
File (with respect to the first Distribution Date) and CREFC® REO Status Report received from such Special Servicer,
(ii) the most recent CREFC® Property File, CREFC® Financial File, CREFC® Comparative
Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in each case incorporating the data required
to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC® Servicer Watch List
with information that is current as of such Determination Date and (iv) the CREFC® Advance Recovery Report.


 


The information that
pertains to Specially Serviced Loans and REO Properties reflected in such reports shall be based solely upon the reports delivered
by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility
to generate) no later than the related Determination Date in the form required by Section 3.13(g) of this Agreement
or shall be provided by means of such reports so delivered by the Special Servicer to the Master Servicer in the form so required.
In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry,
the information and reports delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively
rely upon the Master Servicer’s reports and the Special Servicer’s reports and any information provided by the Certificate
Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate any of the amounts and other information
stated therein.


 


(d)         
The Master Servicer shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Serviced Companion
Loan Noteholders, the Underwriters, the Initial Purchasers and the Operating Advisor the following materials, in each case to the
extent that such materials or the information on which they are based have been received by the Master Servicer with respect to
the Mortgage Loans that the Master Servicer is servicing:


 


(i)          
Within 30 days after receipt of any quarterly operating statement, if any, commencing within 30 days of receipt of such
quarterly operating statement for the quarter ending June 30, 2018, with respect to each Serviced Mortgage Loan, Specially Serviced
Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format or in electronic
media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC® Operating Statement Analysis Report
for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together with, upon
request, copies of the related operating statements and rent rolls (but only to the extent the related Borrower is required by
the Mortgage to deliver, or otherwise agrees to provide such information and, with respect to operating statements and rent rolls
for Specially Serviced Loans and REO Properties, only to the extent received by the Special Servicer); provided that, to
the extent the annual CREFC® Operating Statement Analysis Report is delivered as described under clause (b) below, then such
delivery shall satisfy the requirement under this clause (a) to deliver a quarterly CREFC® Operating Statement Analysis Report
for the quarter ending June 30 of each year, commencing in 2018. The Master Servicer (or the Special Servicer in the case of Specially
Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said quarterly and other periodic
operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect
to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such


 






    -270-


    


    

 


quarterly and other periodic operating statements
and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the
related Loan Documents; provided, however, that any analysis or update with respect to the first calendar quarter
of each year shall not be required to the extent such analysis or update is not required to be provided under the then current
applicable CREFC® guidelines. The Master Servicer shall deliver, upon request of any Rating Agency, copies of any
of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d)).


 


(ii)         
At least annually, on or before June 30 of each year, beginning with June 30, 2019, with respect to each Serviced
Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer
(in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC®
Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding
calendar year (initially, year-end 2018), together with, upon request, copies of the related operating statements and related rent
rolls (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such
information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and REO Properties, only
to the extent received by the Special Servicer) for the current trailing 12 months, if available, or year-to-date, provided,
however, that with respect to any obligation of the Master Servicer or Special Servicer, as applicable, to provide a year
end analysis or update, such analysis or update shall not be required to the extent such analysis or update is not required to
be provided under the then current applicable CREFC® guidelines. The Master Servicer (or the Special Servicer in
the case of Specially Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said annual
and other periodic operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower
(except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such annual and other periodic
operating statements and related rent rolls until they are received to the extent such action is consistent with applicable law
and the terms of the related Loan Documents. Upon receipt of such annual and other periodic operating statements (including year-to-date
statements) and related rent rolls, the Master Servicer shall promptly update the CREFC® Operating Statement Analysis
Report (commencing with the quarter ending June 30, 2018). The Master Servicer shall deliver, upon request of any Rating Agency,
copies of any of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).


 


(iii)          Within
30 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially
Serviced Loan or Serviced REO Property) of any annual year-end operating statements and related rent rolls with respect to any
Mortgaged Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared by
and received from the Special Servicer in the case of any Specially Serviced Loan or Serviced REO Property), commencing within
30 or 60 days, as applicable, of receipt of such statements for year-end 2018, a CREFC®


 






    -271-


    


    

 


NOI Adjustment Worksheet
for such Mortgaged Property (with the annual year-end operating statements attached thereto as an exhibit). The Master Servicer
will use the “Normalized” column from the CREFC® NOI Adjustment Worksheet to update the full year-end
data on any CREFC® Operating Statement Analysis Report and will use any operating statements received with respect
to any Mortgaged Property (other than any Mortgaged Property which is a Serviced REO Property or constitutes security for a Specially
Serviced Loan or a Non-Serviced Mortgage Loan) to update the CREFC® Operating Statement Analysis Report for such
Mortgaged Property; provided, however, that any analysis or update with respect to the year-end or first quarter
of each year shall not be required to the extent such analysis or update is not required to be provided under the then current
applicable CREFC® guidelines.


 


Notwithstanding anything
to the contrary in this Agreement, the Master Servicer, upon request by a Rating Agency, shall forward such items to the 17g-5
Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement).


 


The Master Servicer shall
maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and shall not be required to
maintain any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced REO Property (to the extent
prepared by and received from the Special Servicer in the case of any Serviced REO Property or any Mortgaged Property constituting
security for a Specially Serviced Loan) relating to a Mortgage Loan that it is servicing. The CREFC® Operating Statement
Analysis Report for each Mortgaged Property (other than any such Mortgaged Property that secures a Non-Serviced Mortgage Loan or
that is a Serviced REO Property or constitutes security for a Specially Serviced Loan) is to be updated with trailing 12-month
information, as available, or year-to-date information until 12-month trailing information (commencing with the quarter ending
June 30, 2018) is available by the Master Servicer and such updated report shall be delivered to the Trustee, the Certificate Administrator,
the Operating Advisor, the Directing Holder and any related Serviced Companion Loan Noteholder in the calendar month following
receipt by the Master Servicer of such updated trailing or year-to-date operating statements and related rent rolls for such Mortgaged
Property.


 


The Master Servicer (with
respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Properties) shall deliver
to the Certificate Administrator, the Operating Advisor and (solely with respect to the related Mortgaged Property) each holder
of a Serviced Companion Loan by electronic means the CREFC® Operating Statement Analysis Report for each Mortgaged
Property upon request.


 


The Special Servicer
shall pursuant to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required of it
pursuant to this Section 3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.


 


(e)          
In connection with their servicing of the Serviced Mortgage Loans and Serviced REO Properties, the Master Servicer and the
Special Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate Administrator, written notice
of any event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property


 






    -272-


    


    

 


that the Master Servicer or
the Special Servicer, respectively, determines, in accordance with the Servicing Standard, would have a material adverse effect
on such Mortgage Loan or Serviced REO Property, which notice shall include an explanation as to the reason for such material adverse
effect.


 


(f)          
The Master Servicer or the Special Servicer, as applicable, shall make available to the Controlling Class Representative
copies of all rent rolls, operating statements and financial statements actually provided by each Borrower, including any monthly
or quarterly statements or rent rolls, within 15 Business Days of receipt.


 


(g)          
On or before 2:00 p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered,
to the Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor,
the Controlling Class Representative or any Rating Agency, to such requesting party, the CREFC® Special Servicer
Loan File with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties), providing the
required information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files in a form
acceptable to the Master Servicer), which CREFC® Special Servicer Loan File shall include data, to enable the Master
Servicer to produce the CREFC® Supplemental Servicer Reports. Such reports or data shall be presented in writing
and in an electronic format acceptable to the Master Servicer.


 


(h)           The Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee,
the Certificate Administrator, the Operating Advisor, the Depositor, the Controlling Class or any Rating Agency, to such requesting
party, without charge, the following materials for Specially Serviced Loans or Serviced REO Properties, as applicable, in each
case to the extent that such materials or the information on which they are based have been received by the Special Servicer:


 


(i)          
At least annually, on or before June 1 of each year, commencing in 2019, with respect to each Specially Serviced Loan
and Serviced REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced
REO Property as of the end of the preceding calendar year (initially year-end December 31, 2018) together with copies of the operating
statements and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar
year (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such
information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties,
only to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The
Special Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent
rolls with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.


 


(ii)          
Within 45 days of receipt by the Special Servicer of any annual operating statements with respect to any Mortgaged Property
relating to a Specially Serviced Loan or Serviced REO Property, a CREFC® NOI Adjustment Worksheet for such Mortgaged


 






    -273-


    


    

 


Property or Serviced REO Property (with the annual operating statements attached thereto as an exhibit); provided, that,
with the consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to the Master
Servicer. The Special Servicer will use the “Normalized” column from the CREFC® NOI Adjustment Worksheet
to update the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements
received with respect to any Mortgaged Property relating to a Specially Serviced Loan or Serviced REO Property to update the CREFC®
Operating Statement Analysis Report for such Mortgaged Property.


 


Notwithstanding anything
to the contrary in this Agreement, upon request for receipt of any such items from any Rating Agency, the Special Servicer shall
forward such items to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement).


 


The Special Servicer
shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced
Loan and each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged Property
securing a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated report
delivered to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for each
such Mortgaged Property; provided, that, the Special Servicer may instead provide data files in an electronic form acceptable
to the Special Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable CREFC®
format.


 


(i)           
If the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information
under any provision of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the
case may be, may satisfy such obligation by (x) delivering such statement, report or information in a commonly used electronic
format or (y) making such statement, report or information available on the Master Servicer’s website, unless this Agreement
expressly specifies a particular method of delivery or such statement, report or information must be filed with the Commission
as contemplated in Article X; provided that all reports required to be delivered to the Certificate Administrator
shall be delivered in accordance with clause (x).


 


(j)           
The Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13
available each month on the Master Servicer’s website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be
deemed to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master
Servicer. In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration
and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which
may include, to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement
governing the availability, use and disclosure of such information, and which may


 






    -274-


    


    

 


provide indemnification to the Master Servicer
for any liability or damage that may arise therefrom.


 


(k)          
With respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer
within two Business Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver
to the Certificate Administrator, without charge and on the same day as the Master Servicer is required to deliver the CREFC®
Investor Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable
pdf. format or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master
Servicer on its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the
Special Servicer or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable
Special Servicer Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection
Period.


 


Section 3.14     
Access to Certain Documentation. (a) The Master Servicer and Special Servicer, as applicable, shall provide to any
Certificateholders and any Serviced Companion Loan Noteholders that are federally insured financial institutions, the Operating
Advisor (but only if an Operating Advisor Consultation Event has occurred and is continuing), the Directing Holder (but only if
no Consultation Termination Event has occurred and is continuing), the Federal Reserve Board, the FDIC and the Office of the Comptroller
of the Currency and the supervisory agents and examiners of such boards and such corporations, and any other federal or state banking
or insurance regulatory authority that may exercise authority over any Certificateholder or Serviced Companion Loan Noteholder
is subject, access to the documentation regarding the Mortgage Loans or the Whole Loans, as applicable, that it is servicing required
by applicable regulations of the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency or any such federal or
state banking or regulatory authority, such access being afforded without charge but only upon reasonable written request and during
normal business hours at the offices of the Master Servicer or Special Servicer, as applicable. At the election of the Master Servicer,
the Special Servicer or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery
of copies of information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator
shall be permitted to require payment (other than from the Directing Holder and the Trustee and the Certificate Administrator on
its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket
costs incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded without
charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator
or the Custodian. In addition, upon reasonable prior written notice to the Master Servicer or the Special Servicer, as the case
may be, the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor or their accountants or other representatives
shall have reasonable access to review the documents, correspondence and records in the possession of the Master Servicer or the
Special Servicer, as the case may be, as they relate to a Mortgaged Property and any Serviced REO Property during normal business
hours at the offices of the Master Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14
shall detract from the obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure
of information with respect to the Borrowers,


 






    -275-


    


    

 


and the failure of the Master Servicer and Special Servicer to provide access as
provided in this Section 3.14 as a result of such obligation shall not constitute a breach of this Section 3.14.


 


(b)           In connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder,
Serviced Companion Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced
Companion Loan Noteholder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or
Serviced Companion Loan Noteholder (to the extent permitted in the related Intercreditor Agreement) of a sum sufficient to cover
the reasonable costs and expenses of providing such information or access, including copy charges and reasonable fees for employee
time and for space; provided that no charge may be made if such information or access was required to be given or made available
under applicable law. In connection with providing Certificateholders or Serviced Companion Loan Noteholders access to the information
described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may require (prior to affording
such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable
to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates
or a beneficial holder of Book-Entry Certificates or Serviced Companion Loan Noteholder or a regulator or governmental body and
will keep such information confidential.


 


(c)          
Upon the reasonable request of (1) any Certificateholder identified to the Master Servicer to the Master Servicer’s
reasonable satisfaction (or, with respect to any Serviced Companion Loan, the request of any Serviced Companion Loan Noteholder),
the Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder, Serviced Companion Loan
Noteholder) copies of any appraisals, operating statements, rent rolls and financial statements obtained by the Master Servicer,
or (2) any Controlling Class Certificateholder identified to the Master Servicer (in the case of a Performing Loan) or the
Special Servicer (in the case of a Specially Serviced Loan) to the Master Servicer’s or Special Servicer’s reasonable
satisfaction, the Master Servicer or Special Servicer, as applicable, shall provide (or forward electronically) (at the expense
of such Controlling Class Certificateholder) any Conflicted Information in the Master Servicer’s or Special Servicer’s,
as applicable, possession (available on the Certificate Administrator’s Website but not accessible to such Controlling Class Certificateholder
through the Certificate Administrator’s Website on account of it constituting Conflicted Information) relating to any Conflicted
Controlling Class Mortgage Loan in which such Controlling Class Certificateholder is not a Conflicted Controlling Class Holder;
provided that, in connection therewith, the Master Servicer or Special Servicer, as applicable, may require a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or Special
Servicer, generally to the effect that such Person is a Holder of Certificates or a Serviced Companion Loan Noteholder or a beneficial
holder of Book-Entry Certificates or a regulator or a governmental body and will keep such information confidential and will use
such information only for the purpose of analyzing asset performance and evaluating any continuing rights the Certificateholder
may have under this Agreement. For the avoidance of doubt, the Master Servicer shall not make any Asset Status Reports available
to any Certificateholders on its website. None of the parties to this Agreement shall provide any Asset Status Report or any Final
Asset Status Report to the Certificate Administrator.


 



    -276-


    


    

 


(d)          The 17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification
to the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “Benchmark 2018-B1 Mortgage Trust, Series 2018-B1” and an identification of the type of
information being provided in the body of such electronic mail; or via any alternative electronic mail address following notice
to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary
or beneficial (provided, if such information is not in electronic format readable and uploadable (that is not locked or
corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such
party shall promptly deliver the subject information in such format):


 


(i)          
any waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;


 


(ii)          any Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(c) of this Agreement
and notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;


 


(iii)         any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;


 


(iv)         any environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;


 


(v)          any annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11
and Section 10.12 of this Agreement;


 


(vi)         any
annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;


 


(vii)        any Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;


 


(viii)       any notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving
a Rating Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation”
pursuant to Section 3.30 of this Agreement;


 


(ix)         copies of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate
Administrator or Trustee;


 



    -277-


    


    

 


(x)          
any requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30
of this Agreement;


 


(xi)          any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08 of this Agreement;


 


(xii)         any notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04
of this Agreement;


 


(xiii)        any notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant
to Section 7.03 of this Agreement;


 


(xiv)        any notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09
of this Agreement;


 


(xv)         any notice of the merger or consolidation of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer pursuant to Section 6.02 of this Agreement;


 


(xvi)        any notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08
of this Agreement;


 


(xvii)       any notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;


 


(xviii)      any summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f)
of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication
was with;


 


(xix)        the
Rating Agency Q&A Forum and Document Request Tool; and


 


(xx)         such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within
fifteen (15) days of the Closing Date.


 


The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall
be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the
parties hereto in writing). Information will be posted on the same Business Day of receipt provided that such information is received
by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. New York City time.
The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information
being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports
to be or whether such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post
such information) the


 






    -278-


    


    

 


information set forth in clauses (i) through (xix) above) is required to be posted on the 17g-5 Information
Provider’s Website pursuant to this Agreement or Rule 17g-5. If any information is delivered or posted in error, the
17g-5 Information Provider may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and
the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information only
by receipt and posting to the 17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider
to the Rating Agencies, and to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit Z hereto (which
certification may be submitted electronically via the 17g-5 Information Provider’s Website). If a Rating Agency requests
access to the 17g-5 Information Provider’s Website, access will be provided by the 17g-5 Information Provider on the same
Business Day provided such request is made prior to 2:00 p.m., on such Business Day, or, if received after 2:00 p.m., on the following
Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto).


 


Upon delivery by the
Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information
Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing
17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the
Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b) The Depositor shall not
be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information
on the 17g-5 Information Provider’s Website to any designee or other third party.


 


The 17g-5 Information
Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information
was received and that it has been posted. The 17g-5 Information Provider shall notify each NRSRO that has provided a NRSRO Certification
each time a document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such
document. The 17g-5 Information Provider shall send such notice to such Persons to the email address that has been provided by
and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general email
address if such general email address has been provided to the 17g-5 Information Provider in connection with a completed NRSRO
Certification in the form of Exhibit Z hereto.


 


The 17g-5 Information
Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency
Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website,
where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution Date
Statement, submit Inquiries to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to this Section 4.02(d), the Serviced Mortgage Loans or the Mortgaged Properties or submit inquiries to the
Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as
to which the Operating Advisor has consultation rights pursuant to Section 6.07, whether or not referenced in such
Operating Advisor Annual Report,


 






    -279-


    


    

 


(ii) view Inquiries that have been previously submitted and answered, together with the answers
thereto and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to
the Certificate Administrator, Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and in the case of
an inquiry relating to any Non-Serviced Mortgage Loan, to the applicable party under the related Other Pooling and Servicing Agreement,
in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating
to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator, the Operating Advisor, the
Master Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall
reply to the Inquiry, which reply of the Certificate Administrator, the Operating Advisor, Master Servicer or Special Servicer
shall be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable
period following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as
applicable) to the 17g-5 Information Provider’s Website. Any report posted by the 17g-5 Information Provider in response
to a request may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate
Administrator, the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion,
that (i) the question is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests
of the Trust and/or the Certificateholders or would be in violation of applicable law, the Servicing Standard, this Agreement or
the applicable Loan Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client
privilege or the disclosure of attorney work product or answering such inquiry is otherwise not advisable or (iv) (A) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing
Standard (or in good faith, in the case of the Certificate Administrator or the Operating Advisor) that the performance of such
duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator,
Operating Advisor, Master Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer
such Inquiry and, in the case of the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer,
shall promptly notify the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating
Agency Q&A Forum and Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on
the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed
to be answers from any of the Depositor, the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator or the Trustee or any of their respective Affiliates and no such party shall have
any responsibility or liability for the content of any such information. The 17g-5 Information Provider shall not be required to
post to the 17g-5 Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information Provider determines,
in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will
not reflect questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted
via the 17g-5 Information Provider’s Website.


 



    -280-


    


    

 


In connection with providing
access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator
and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator
and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance
with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information
being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that
the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue
of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered
to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is
not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “Benchmark 2018-B1 Mortgage
Trust, Series 2018-B1” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information
Provider’s Website; provided, if such information is not in electronic format readable and uploadable (that is not
locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon
such party shall promptly deliver the subject information in such format.


 


The 17g-5 Information
Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other
party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any
errors or defects in the information supplied by any such party.


 


The 17g-5 Information
Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the
specific obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to
the compliance of the Depositor with Rule 17g-5 or any other law or regulation related thereto.


 


With respect to each
Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt
from a Non-Serviced Mortgage Loan Service Provider, all reports, statements, documents, notices and other information it receives
in respect of such Non-Serviced Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information
Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information
Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this
Agreement.


 


Upon delivery by the
Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information
Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing
17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the
Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b). The Depositor
shall not be entitled


 






    -281-


    


    

 


to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other
information on the 17g-5 Information Provider’s Website to any designee or other third party.


 


(e)          
Each of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it
may adopt, also deliver, produce or otherwise make available through its website or otherwise, any additional information identified
in Section 3.14(d) of this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the
related Borrowers, for review by the Depositor, the Underwriters, the Initial Purchasers and any other Persons who deliver an Investor
Certification in accordance with this Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing
Holder and the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional
information is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d)
of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by
this Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be
entitled to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion
and/or (ii) require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification
or other confidentiality agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge
that the Master Servicer or the Special Servicer may contemporaneously provide such information to any other Disclosure Party.
In addition, to the extent access to such information is provided via the Master Servicer’s or the Special Servicer’s
website, the Master Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary
disclaimer and/or an additional or alternative agreement as to the confidential nature of such information. In connection with
providing access to or copies of the information described in this Section 3.14(e) to current or prospective Certificateholders
the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in
the case of a Certificateholder (or a licensed or registered investment advisor acting on behalf of such Certificateholder), an
Investor Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep
such information confidential (except that such Certificateholder may provide such information (x) to its auditors, legal
counsel and regulators and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest
therein (provided that such other Person confirms in writing such ownership interest or prospective ownership interest and
agrees to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests
therein (or a licensed or registered investment advisor acting on behalf of such prospective purchaser), an Investor Certification
indicating that such Person is a prospective purchaser of a Certificate or an interest therein and is requesting the information
for use in evaluating a possible investment in Certificates and will otherwise keep such information confidential with no further
dissemination (except that such Certificateholder may provide such information to its auditors, legal counsel and regulators).
In the case of a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder, the
Investor Certification shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.


 



    -282-


    


    

 


Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such
information and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful
misconduct, bad faith, fraud and/or negligence.


 


In connection with the
delivery by the Master Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report,
notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the
Master Servicer or the Special Servicer, as applicable, of when such information, report, notice or document has been posted to
the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as applicable, may, but is not obligated
to, send such information report, notice or other document to the applicable Rating Agency or Rating Agencies following the earlier
of (a) receipt of notification from the 17g-5 Information Provider that such information, report, notice or other document has
been posted to the Rule 17g-5 Information Provider’s Website and (b) 12:00 p.m. on the first Business Day following the date
the Master Servicer or the Special Servicer, as applicable, has provided such information, report, notice or other document to
the 17g-5 Information Provider.


 


(f)          
The Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding
any Mortgage Loan, Serviced Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or
any REO Property; provided that such party summarizes the information provided to the Rating Agencies in such communication
and provides the 17g-5 Information Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance
with the procedures set forth in Section 3.14(d) of this Agreement the same day such communication takes place; provided
that the summary of such oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information
Provider shall post such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth
in Section 3.14(d) of this Agreement.


 


(g)         
None of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict
oral or written communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations
Reviewer or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such
Rating Agency’s or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset
Representations Reviewer or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval
of the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a
commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master
Servicer’s, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer’s, as applicable, servicing operations
in general; provided, that


 






    -283-


    


    

 


the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special
Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency
or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other
deal specific identifiers are redacted; (y) such information has already been provided to the 17g-5 Information Provider and
has been uploaded on to the 17g-5 Information Provider’s Website or the Master Servicer or Special Servicer, as applicable, has
in fact provided such information to such Rating Agency in accordance with Section 3.14(e); or (z) the Rating Agency
confirms in writing that it does not intend to use such information in undertaking credit rating surveillance with respect to the
Certificates; provided, however, that the Rating Agencies may use information delivered under this clause (z) for
any purpose to the extent it is publicly available (unless the availability results from a breach of this Agreement or any other
confidentiality agreement to which such Rating Agency is subject) or comprised of information collected by the applicable Rating
Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have
access to) other than pursuant to this Section 3.14(g).


 


(h)          
The costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special
Servicer, the Trustee and any other party hereto shall not be Additional Trust Fund Expenses.


 


Section 3.15     Title and Management of REO Properties and REO Accounts. (a) If title to any Mortgaged Property (other than with respect to a Non-Serviced Mortgage Loan) is acquired for the benefit of
Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) in foreclosure,
by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken
in the name of the Trust where permitted by applicable law or regulation and consistent with customary servicing procedures, and
otherwise in the name of the Trustee, or its nominee (which shall not include the Master Servicer), or a separate Trustee or co-Trustee,
on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders). The
Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan
Noteholders), shall dispose of any Serviced REO Property prior to the close of the third calendar year following the year in which
the Trust Fund acquires ownership of such Serviced REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the
Special Servicer on behalf of the Lower-Tier REMIC has applied for an extension of such period pursuant to Sections 856(e)(3)
and 860G(a)(8)(A) of the Code, in which case the Special Servicer shall sell such Serviced REO Property within the applicable
extension period or if the Special Servicer has applied for extension as provided in this clause (i) but such
request has not yet been granted or denied, the additional time specified in such request, or (ii) the Special Servicer seeks
and subsequently receives an Opinion of Counsel (which opinion shall be an expense of the Trust Fund and, in the case of a Serviced
Whole Loan, such expenses shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor
Agreement), addressed to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by
the Trust Fund of such Serviced REO Property for an additional specified period will not cause such Serviced REO Property to fail
to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without
regard to the exception applicable for purposes of Section 860D(a) of the Code) at any time that any Certificate is outstanding,
in which event such


 






    -284-


    


    

 


period shall be extended by such additional specified period subject to any conditions set forth in such Opinion
of Counsel. The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced
Companion Loan Noteholders), shall dispose of any Serviced REO Property held by the Trust Fund prior to the last day of such period
(taking into account extensions) by which such Serviced REO Property is required to be disposed of pursuant to the provisions of
the immediately preceding sentence in a manner provided under Section 3.16 hereof. In the case of the Trust Fund’s
beneficial interest in any REO Property acquired by the Other Trustee pursuant to an Other Pooling and Servicing Agreement, the
Special Servicer shall coordinate with the Other Special Servicer with respect to any REO extension on behalf of the Trust Fund.
The Special Servicer shall manage, conserve, protect and operate each Serviced REO Property for the Certificateholders (and, in
the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) solely for the purpose of its prompt disposition
and sale in a manner which does not cause such Serviced REO Property to fail to qualify as “foreclosure property” within
the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of
the Code) and such that income from the operation or sale of such property does not result in receipt by the Trust Fund of any
income from non-permitted assets as described in Section 860F(a)(2)(B) of the Code with respect to such property.


 


(b)           The
Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the
manner in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of
its Affiliates, all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders
and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders and, in connection therewith, the
Special Servicer shall agree to the payment of management fees that are consistent with general market standards. Consistent with
the foregoing, the Special Servicer shall cause or permit to be earned with respect to such Serviced REO Property any “net
income from foreclosure property,” within the meaning of Section 860G(c) of the Code, which is subject to tax
under the REMIC Provisions, only if it has determined, and has so advised the Trustee and the Certificate Administrator in writing,
that the earning of such income on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf
of Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) than an
alternative method of operation or rental of such Serviced REO Property that would not be subject to such a tax.


 



    -285-


    


    

 


The Special Servicer
shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate and apart from its own
funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated custodial account
(each, an “REO Account”), each of which shall be an Eligible Account and shall be entitled “Midland Loan
Services, a Division of PNC Bank, National Association, as Special Servicer, on behalf of Wilmington Trust, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2018-B1 REO Account.” With respect to a Serviced REO Property securing a Serviced Whole Loan, the Special Servicer shall
establish an REO Account solely with respect to such property (each such account, a “Serviced Whole Loan REO Account”),
each of which shall be an Eligible Account and shall be entitled “Midland Loan Services, a Division of PNC Bank, National
Association, as Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders
of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 and the related Serviced Companion
Loan Noteholders REO Account,” to be held for the benefit of the Certificateholders and the related Serviced Companion Loan
Noteholders. The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds
deposited in an REO Account or a Serviced Whole Loan REO Account to the extent provided in Section 3.07(b) of this
Agreement. The Special Servicer shall deposit or cause to be deposited REO Proceeds in the REO Account or the applicable Serviced
Whole Loan REO Account within two Business Days after receipt of such properly identified and available REO Proceeds, and shall
withdraw therefrom funds necessary for the proper operation, management and maintenance of such Serviced REO Property and for other
Property Protection Expenses with respect to such Serviced REO Property, including:


 


(i)          
all insurance premiums due and payable in respect of any Serviced REO Property;


 


(ii)          all
real estate taxes and assessments in respect of any Serviced REO Property that may result in the imposition of a lien thereon;


 


(iii)         all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any Serviced REO Property
including, if applicable, the payments of any ground rents in respect of such Serviced REO Property; and


 


(iv)         any
taxes imposed on the Lower-Tier REMIC, as applicable, in respect of net income from foreclosure property in accordance with Section 4.05,
and with respect to a Serviced Whole Loan, such expenses shall be allocated pro rata to the Mortgage Loan and any related
Serviced Companion Loans based on each loan’s Stated Principal Balance and only to the extent any such Serviced Companion
Loan is included in a REMIC.


 


To the extent that such
REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer shall make
such Advance unless the Master Servicer or the Special Servicer determines, in accordance with the Servicing Standard, that such
Servicing Advance would constitute a Nonrecoverable Advance (provided that with respect to advancing insurance premiums
or delinquent tax assessments the Master Servicer shall comply


 






    -286-


    


    

 


with the provisions of the second to last paragraph in Section 3.21(d)
of this Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual
knowledge of the Master Servicer’s failure to make such Advance, shall make such Advance, unless in each case, the Master
Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance would be a Nonrecoverable Advance. The
Trustee shall be entitled to rely, conclusively, on any determination by the Special Servicer or the Master Servicer, as applicable,
that an Advance, if made, would be a Nonrecoverable Advance. The Trustee, when making an independent determination whether or not
a proposed Advance would be a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee,
as applicable, shall be entitled to reimbursement of such Advances (with interest at the Reimbursement Rate) made pursuant to the
preceding sentence, to the extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw
from each REO Account or Serviced Whole Loan REO Account, as applicable, and remit to the Master Servicer for deposit into the
Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on a monthly basis on the later of
the date that is (x) on or prior to the related Determination Date or (y) two (2) Business Days after such amounts are
received and properly identified and determined to be available, the Net REO Proceeds received or collected from each Serviced
REO Property, except that in determining the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account
or Serviced Whole Loan REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related
expenses.


 


Notwithstanding
the foregoing, the Special Servicer shall not:


 


(i)           permit any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that
does not constitute Rents from Real Property;


 


(ii)          permit any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real
Property;


 


(iii)  
     authorize or permit any construction on any Serviced REO Property, other than the repair or maintenance thereof or the completion
of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other
improvement was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of
the Code; or


 


(iv)  
     Directly Operate or allow any Person to Directly Operate any Serviced REO Property on any date more than 90 days after
its date of acquisition by the Trust Fund, unless such Person is an Independent Contractor;


 


unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee
(which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan with a Serviced Companion Loan,
such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) to the effect
that such action will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the
meaning of


 






    -287-


    


    

 


Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of
the Code) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified
in such Opinion of Counsel.


 


The Special Servicer
shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund
(and, in the case of the Serviced Whole Loans, such expense shall be allocated in accordance with the allocation provisions of
the related Intercreditor Agreement) and payable out of REO Proceeds, for the operation and management of any Serviced REO Property,
within 90 days of the Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee
and the Certificate Administrator with an Opinion of Counsel that the operation and management of any Serviced REO Property other
than through an Independent Contractor shall not cause such Serviced REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund, and in the case
of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), provided that:


 


(1)           the terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall
not be inconsistent herewith;


 


(2)          
any such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and
expenses incurred in connection with the operation and management of such Serviced REO Property, including those listed above,
and remit all related revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event
later than 30 days following the receipt thereof by such Independent Contractor;


 


(3)          
none of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any
such Independent Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund,
the Trustee on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders,
with respect to the operation and management of any such Serviced REO Property; and


 


(4)          
the Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties
and obligations in connection with the operation and management of such Serviced REO Property.


 


The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.


 


(c)          
Promptly following any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund,
the Special Servicer shall notify the Master Servicer thereof, and, upon delivery of such notice, the Special Servicer shall obtain
an Updated Valuation thereof, but only if any Updated Valuation with respect thereto is more than 9 months old and the Special
Servicer has no actual knowledge of any material adverse change in circumstances that,


 






    -288-


    


    

 


consistent with the Servicing Standard,
would call into question the validity of such Updated Valuation, in order to determine the fair market value of such Serviced REO
Property and shall notify the Depositor and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related
Companion Loan, if any, and of the results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance
with Appraisal Institute standards and the cost thereof shall be an expense of the Trust Fund and allocated to Classes of Principal
Balance Certificates, the Class V1 Certificates and the Class V2 Certificates (in the same manner as Realized Losses and VRR Realized
Losses as set forth in Section 4.01(f) of this Agreement). In the case of any Serviced Pari Passu Whole Loan such expenses
shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement. The Special Servicer
shall obtain a new Updated Valuation or a letter update every 9 months thereafter until the Serviced REO Property is sold.


 


(d)           When and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special
Servicer setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the
operation and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or
the receipt of any other amount not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance
with Sections 3.15(a) and 3.15(b) of this Agreement.


 


(e)          
Upon the disposition of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer
shall calculate the Gain-on-Sale Proceeds allocable to a Mortgage Loan or the applicable Serviced Whole Loan, if any, realized
in connection with such sale.


 


Section 3.16    
Sale of Specially Serviced Loans and REO Properties. (a)  The parties hereto may sell or purchase, or permit
the sale or purchase of, a Serviced Mortgage Loan and any related Serviced Companion Loan only on the terms and subject to the
conditions set forth in this Section 3.16 or as otherwise expressly provided in or contemplated by Section 2.03(e)
and Section 9.01 of this Agreement or in an applicable Intercreditor Agreement.


 


(b)          
If the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the
Certificateholders and, in the case of a Serviced Whole Loan, the Certificateholders and the related Serviced Pari Passu Companion
Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account
the subordinate nature of such Serviced Subordinate Companion Loan) to attempt to sell a Defaulted Loan (other than any Non-Serviced
Mortgage Loan) and any related Serviced Pari Passu Companion Loan, the Special Servicer shall use reasonable efforts to solicit
offers for each such Defaulted Loan on behalf of the Certificateholders and, if applicable, the related Serviced Pari Passu Companion
Loan Noteholders in such manner as will be reasonably likely to realize a fair price. In the case of a Non-Serviced Mortgage Loan,
to the extent that such Non-Serviced Mortgage Loan is not sold together with the related Non-Serviced Companion Loan by the Other
Special Servicer for the related Non-Serviced Whole Loan and, if permitted under the related Intercreditor Agreement, the Special
Servicer shall be entitled to sell (with the consent of the


 






    -289-


    


    

 


Directing Holder (if no Control Termination Event has occurred and
is continuing) and after consulting with the Risk Retention Consultation Party pursuant to Section 6.07) such Non-Serviced
Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the
Certificateholders (and shall be entitled to a Liquidation Fee in connection with such sale). The Special Servicer shall accept
the first cash offer received from any Person that constitutes a fair price for such Defaulted Loan. Subject to Section 3.16(k),
if the Special Servicer receives more than one cash offer that constitutes a fair price for such Defaulted Loan during the period
designated by the Special Servicer for receipt of offers, the Special Servicer shall accept the highest price.


 


The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and (other than in respect of
any applicable Conflicted Loan) the Directing Holder and the Risk Retention Consultation Party not less than ten (10) Business
Days’ prior written notice of its intention to sell any such Defaulted Loan, and notwithstanding anything to the contrary
herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any such Defaulted
Loan pursuant to this Agreement.


 


(c)          
Whether any cash offer constitutes a fair price for such Defaulted Loan, as the case may be, shall be determined by the
Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror
is an Interested Person; provided, that no offer from an Interested Person shall constitute a fair price unless (i) the
offer is the highest offer received, and (ii) if the offer is less than the applicable Purchase Price, at least two other offers
are received from independent third parties. In determining whether any offer received from an Interested Person represents a fair
price for any such Defaulted Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal
conducted in accordance with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative
appraisal prepared by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate
of the Special Servicer is not making an offer with respect to such Defaulted Loan, (ii) by the Master Servicer if the Special
Servicer is making such an offer unless the Master Servicer and Special Servicer are Affiliates or (iii) the Operating Advisor
if the Master Servicer and Special Servicer are Affiliates and the Special Servicer is making an offer. The cost of any such Updated
Appraisal or narrative appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. In addition, the Trustee
shall be permitted to retain, at the expense of the related Interested Person, an independent third party expert in real estate
or commercial mortgage loan matters with at least 5 years’ experience in valuing or investing in loans similar to the subject
Mortgage Loan or Serviced Whole Loan, as the case may be, that has been selected with reasonable care by the trustee to determine
such fair price and will be permitted to conclusively rely on the opinion of such third party’s determination. Any costs
and fees of the Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith shall be paid
in advance of any such determination by such Interested Person.


 


In determining whether
any offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer
shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it may have
obtained pursuant to this Agreement within the prior 9 months), and in determining whether


 






    -290-


    


    

 


any offer from an Interested Person
constitutes a fair price for any such Defaulted Loan, any appraiser shall be instructed to take into account, as applicable, among
other factors, the period and amount of the Delinquency on such Defaulted Loan, the period and amount of the occupancy level and
physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is
located, the expected recovery from such Defaulted Loan if the Special Servicer were to pursue a workout strategy, and the time
and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.


 


In addition, the Special
Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided
that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the
Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially
affect the value of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer
may consider available objective third party information obtained from generally available sources, as well as information obtained
from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and
the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer
may, to the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports
of qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience
in valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer,
in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to
this Section 3.16(c).


 


The Purchase Price (which,
in connection with the administration of a Defaulted Loan related to a Serviced Whole Loan, shall be construed and calculated as
if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted Loan shall
in all cases be deemed a fair price.


 


(d)         
Subject to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders
and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other
action necessary or appropriate in connection with the sale of any such Defaulted Loan, and the applicable collection of all amounts
payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors,
and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information
pertaining to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account
or, in the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such Defaulted Loan
shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations
and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if
such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer,


 






    -291-


    


    

 


the
Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee shall have any
liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price therefor accepted by the Special
Servicer or the Trustee.


 


(e)          
Any sale of such Defaulted Loan shall be for cash only.


 


(f)          
The parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and
subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided in an applicable Intercreditor
Agreement.


 


(g)         
The Special Servicer shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders
and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders in such manner as will be reasonably
likely to realize a fair price within the time period provided for by Section 3.15(a) of this Agreement. The Special
Servicer (with the consent of the Directing Holder) shall accept the first cash offer received from any Person that constitutes
a fair price for such Serviced REO Property. Subject to Section 3.16(k), if the Special Servicer receives more than
one cash offer that constitutes a fair price for such Serviced REO Property during the period designated by the Special Servicer
for receipt of offers, the Special Servicer shall accept the highest price. If the Special Servicer determines, in its good faith
and reasonable judgment, that it will be unable to realize a fair price for any Serviced REO Property within the time constraints
imposed by Section 3.15(a) of this Agreement, then the Special Servicer (with the consent of the Directing Holder)
shall dispose of such Serviced REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable
to maximize the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash
offer, regardless of from whom received.


 


The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Directing Holder, not less than ten Business Days’ prior written notice of its intention to sell any Serviced REO
Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its
Affiliates may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.


 


(h)           Whether any cash offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by
the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror
is an Interested Person; provided, that no offer from an Interested Person shall constitute a fair price unless it
is the highest offer received. In determining whether any offer received from an Interested Person represents a fair price for
any such Serviced REO Property, the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal
conducted in accordance with this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative
appraisal prepared by an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of
the Special Servicer is not making an offer with respect to a Serviced REO Property (or by the Master Servicer if the Special Servicer
is making such an offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and


 






    -292-


    


    

 


fees of the Trustee
shall be covered by, and shall be reimbursable as, a Servicing Advance. In determining whether any offer from a Person other than
an Interested Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into account
(in addition to the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this
Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for
any such Serviced REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors, the
period and amount of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state of
the local economy and the obligation to dispose of any Serviced REO Property within the time period specified in Section 3.15(a)
of this Agreement. The Purchase Price (which, in connection with the administration of a Serviced REO Property related to a Serviced
Whole Loan, shall be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage
Loan thereunder) for any Serviced REO Property shall in all cases be deemed a fair price. In addition, the Trustee shall be permitted
to retain, at the expense of the related Interested Person, an independent third party to determine such fair price and will be
permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection
with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance of any such determination
by such Interested Person.


 


(i)           
Subject to subsections (g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit
of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating
and taking any other action necessary or appropriate in connection with the sale of any Serviced REO Property, and the applicable
collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own
account prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation
and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection
Account or, in the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of a Serviced
REO Property shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed
by those representations and warranties typically given in such transactions, any prorations applied thereto and any customary
closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer,
the Master Servicer, the Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan
Noteholder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.


 


(j)           
Any sale of a Serviced REO Property shall be for cash only.


 


(k)          
Notwithstanding any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated
to accept the highest cash offer if the Special Servicer determines (in consultation with the Directing Holder (other than with
respect to any applicable Conflicted Loan or unless a Consultation Termination Event exists), the Risk Retention Consultation Party
(other than with respect to any applicable Conflicted Loan) and, in the case of a Serviced Whole Loan or an REO Property related
to a Serviced Whole Loan, the related Companion Loan Noteholder(s)), in accordance with the Servicing Standard, that rejection
of such offer would be in the best interests of the Certificateholders and, in the case of a sale of a


 






    -293-


    


    

 


Serviced Whole Loan or an
REO Property related to a Serviced Whole Loan, the related Companion Loan Noteholders (as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan
with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), and
the Special Servicer may accept a lower cash offer (from any Person other than itself or its Affiliate) if it determines, in its
reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders (for
example, if the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the
prospective buyer making the lower offer are more favorable) and, in the case of a Serviced Whole Loan, the related Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan).


 


(l)           
With respect to each defaulted Serviced Companion Loan, the Special Servicer shall sell such defaulted Serviced Companion
Loan together with the related Mortgage Loan pursuant to the terms of the related Intercreditor Agreement and this Agreement as
if such Mortgage Loan and Serviced Companion Loans were one whole loan on behalf of the Certificateholders and the related Serviced
Companion Loan Noteholders. The Special Servicer shall provide notice and other information required under the related Intercreditor
Agreement to the applicable Other Special Servicer as soon as practicable following its decision to attempt to sell, and prior
to commencement or marketing of, any Serviced Companion Loan. With respect to Serviced Whole Loans, the Special Servicer shall
be required to obtain the consent of any holder of a related Serviced Companion Loan prior to a sale of such Serviced Whole Loan,
unless (i) such holder is the related Borrower or an Affiliate or agent of the related Borrower or (ii) the Special Servicer delivers
to such holders of the related Serviced Companion Loans: (A) at least fifteen (15) Business Days’ prior written notice of
any decision to attempt to sell the related Serviced Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a
copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection
with any such proposed sale; (C) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for
such Serviced Whole Loan, and any documents in the servicing file reasonably requested by the holders of the applicable Serviced
Companion Loans that are material to the sale price of such Serviced Whole Loan; and (D) until the sale is completed, and a reasonable
period of time (but not less time than is afforded to other offerors, the Directing Holder and the Risk Retention Consultation
Party) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or
other documents that are approved by the Special Servicer in connection with the proposed sale. The holders of the Serviced Companion
Loans (or, in any case, their respective representatives) shall be permitted to submit an offer at any sale of such related Serviced
Whole Loan; however, the related Borrower and its agents and Affiliates shall not be permitted to submit an offer at such sale.


 


(m)        
With respect to any Servicing Shift Mortgage Loan, if the Servicing Shift Mortgage Loan becomes a Defaulted Loan, the Special
Servicer (or, on or after the applicable Servicing Shift Securitization Date, the Other Special Servicer under the Other Pooling
and Servicing Agreement related Servicing Shift Mortgage Loan) will be required to sell such


 






    -294-


    


    

 


Mortgage Loan together with the related
Companion Loan(s) as notes evidencing one whole loan, in accordance with the provisions of the related Intercreditor Agreement
and this Agreement or the related Other Pooling and Servicing Agreement, as the case may be.


 


Section 3.17    
Additional Obligations of the Master Servicer and the Special Servicer; Inspections. (a) The Master Servicer (at
its own expense) (or, with respect to Specially Serviced Loans and Serviced REO Properties, the Special Servicer) shall inspect
or cause to be inspected each Mortgaged Property securing a Serviced Mortgage Loan that it is servicing at such times and in such
manner as is consistent with the Servicing Standard, but in any event shall inspect each Mortgaged Property with a Stated Principal
Balance (or in the case of a Mortgage Loan secured by more than one Mortgaged Property, having an Allocated Loan Amount) of (A) $2,000,000
or more at least once every 12 months (commencing in 2019) and (B) less than $2,000,000 at least once every 24 months (commencing
in 2019), (or, in each case, at such decreased frequency as each Rating Agency shall have provided a Rating Agency Confirmation
relating to the Certificates and Serviced Companion Loan Securities, if any); provided, that if a physical inspection has
been performed by the Special Servicer in the previous twelve (12) months and the Master Servicer has no knowledge of a material
change in the Mortgaged Property since such physical inspection, the Master Servicer will not be required to perform or cause to
be performed, such physical inspection; provided, further, that if any scheduled payment becomes more than sixty
(60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause to be inspected the related Mortgaged
Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan and annually thereafter for so long
as such Mortgage Loan remains a Specially Serviced Loan. The reasonable cost of each such inspection performed in accordance with
the Servicing Standard by the Special Servicer shall be paid by the Master Servicer as a Servicing Advance; provided, that
if such Advance would be a Nonrecoverable Advance, then the cost of such inspections shall be an expense of the Trust payable out
of general collections. With respect to a Serviced Whole Loan, the costs described in the preceding sentence above that relate
to the applicable Serviced Whole Loan shall be paid out of amounts on deposit in the Serviced Whole Loan Collection Account related
to such Serviced Whole Loan (allocated in accordance with the expense allocation provision of the related Intercreditor Agreement).
If funds in the applicable Serviced Whole Loan Collection Account relating to a Serviced Whole Loan are insufficient, then any
deficiency shall be paid from amounts on deposit in the Collection Account; provided that the Master Servicer shall, after
receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan
Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans
from the related Companion Loan Noteholders. The Master Servicer or the Special Servicer, as applicable, shall prepare a written
report of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property securing a Mortgage
Loan that it is servicing and specifying the existence of any material vacancies in such Mortgaged Property, any sale, transfer
or abandonment of such Mortgaged Property of which it has actual knowledge, any material adverse change in the condition of the
Mortgaged Property, or any visible material waste committed on applicable Mortgaged Property. The Master Servicer or Special Servicer,
as applicable, shall send such reports to the 17g-5 Information Provider (who shall promptly post such reports to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Other 17g-5 Information Provider
(if any) and, upon request, to the Underwriters and the Initial


 






    -295-


    


    

 


Purchasers within 20 days of completion and receipt (by the
Master Servicer or Special Servicer, as applicable, or, if earlier, any sub-servicer on their behalf) of the inspection report,
each inspection report.


 


(b)          With respect to each Serviced Mortgage Loan and any related Serviced Companion Loan, the Master Servicer (or the Special
Servicer, in the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with the Servicing
Standard, with respect to the Manager under the related Loan Documents and Management Agreement, if any.


 


(c)          
The Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest
Payment allocated to a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier REMIC
Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer
shall deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the holder
of the Serviced Companion Loan on each Master Servicer Remittance Date, without any right of reimbursement therefor.


 


(d)          The Master Servicer shall, as to each Serviced Mortgage Loan and any related Serviced Companion Loan that is secured by
the interest of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or an
air rights lease, such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date
notify the related ground lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement
and inform such ground lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the
Master Servicer.


 


(e)          
The Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents,
not apply any funds with respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout
reserve, cash trap or other similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an
event of default or reasonably foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to
an event of default or reasonably foreseeable event of default any such amounts described in the immediately preceding sentence
shall be held by the Master Servicer as additional collateral for the related Mortgage Loan or Serviced Whole Loan.


 


Section 3.18     Authenticating
Agent. The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate Certificates. The
Authenticating Agent must be acceptable to the Depositor and must be a corporation organized and doing business under the laws
of the United States of America or any state, having a principal office and place of business in a state and city acceptable to
the Depositor, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a trust business
and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall serve as the initial
Authenticating Agent.


 



    -296-


    


    

 


Any corporation into
which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the
corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any
paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.


 


The Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator,
the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating
Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving
a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating
Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities
of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 3.18.


 


The Authenticating Agent
shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.


 


Section 3.19    
Appointment of Custodians. The Certificate Administrator shall be the initial Custodian hereunder. The Certificate
Administrator may appoint one or more additional Custodians to hold all or a portion of the Mortgage Files on behalf of the Trustee
and otherwise perform the duties set forth in Article II, by entering into a Custodial Agreement with any Custodian
who is not the Depositor. The Certificate Administrator agrees to comply with the terms of each Custodial Agreement and to enforce
the terms and provisions thereof against the Custodian for the benefit of the Certificateholders. The Certificate Administrator
shall not be liable for any act or omission of the Custodian under the Custodial Agreement. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a combined capital and surplus of at least $10,000,000,
shall have a long-term debt rating of at least “BBB” from Fitch and an equivalent rating by KBRA if rated by KBRA.
Each Custodial Agreement may be amended only as provided in Section 12.08 of this Agreement. Any compensation paid
to the Custodian shall be an unreimbursable expense of the Certificate Administrator. If the Custodian is an entity other than
the Certificate Administrator, the Custodian shall maintain a fidelity bond in the form and amount that are customary for securitizations
similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to have complied with this provision if
one of its Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder
extends to the Custodian. In addition, the Custodian shall keep in force during the term of this Agreement a policy or policies
of insurance covering loss occasioned by the errors and omissions of its officers


 






    -297-


    


    

 


and employees in connection with its obligations
hereunder in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement.
All fidelity bonds and policies of errors and omissions insurance obtained under this Section 3.19 shall be issued
by a Qualified Insurer.


 


Section 3.20    
Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts. The Master Servicer shall administer
each Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the related Mortgage or Loan
Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Serviced Mortgage Loans and any related
Serviced Companion Loans it is servicing.


 


Section 3.21     Servicing Advances. (a) The Master Servicer (or, to the extent provided in Section 3.21(c) of this Agreement,
the Trustee) to the extent specifically provided for in this Agreement, shall make any Servicing Advances as and to the extent
otherwise required pursuant to the terms hereof with respect to the Serviced Mortgage Loans and any related Serviced Companion
Loans that it is servicing. For purposes of distributions to Certificateholders and compensation to the Master Servicer, the Special
Servicer or the Trustee, Servicing Advances shall not be considered to increase the Stated Principal Balance of any such Mortgage
Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loans so provide.


 


(b)          Notwithstanding anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less
than five Business Days’ written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan,
before the date on which the Master Servicer is required to make such Servicing Advance with respect to such Specially Serviced
Loan or Serviced REO Loan; provided, that the Special Servicer shall be required to provide the Master Servicer with only
two Business Days’ written notice in respect of Servicing Advances required to be made on an urgent or emergency basis (which
may include, without limitation, Servicing Advances required to make tax or insurance payments). If the Master Servicer or the
Trustee makes a Servicing Advance with respect to any Serviced Whole Loan then it shall provide written notice to the related Other
Servicer, Other Special Servicer and Other Trustee of the amount of such Servicing Advance with respect to such Serviced Whole
Loan as part of its monthly report following the making of such Servicing Advance.


 


(c)           The
Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one
Business Day after, becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms
hereof, and in connection therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it
is to be paid, and the circumstances and purpose of such Servicing Advance, and shall set forth therein information and instructions
for the payment of such Servicing Advance, and, on the date specified in such notice for the payment of such Servicing Advance,
or, if the date for payment has passed or if no such date is specified, then within five Business Days following such notice,
the Trustee, subject to the provisions of Section 3.21(d) of this Agreement, shall pay the amount of such Servicing
Advance in accordance with such information and instructions.


 



    -298-


    


    

 


(d)          The Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder with any information
in its possession regarding the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may
reasonably request for purposes of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement,
the Special Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable
Advance, and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all
such decisions shall remain with the Master Servicer or Trustee, as applicable.


 


Notwithstanding anything
herein to the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing
Advance determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither
the Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the
Special Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making
such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable
Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such
consideration, is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds
on the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing
Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement
Amount which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower
under the terms of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified,
(iii) consider (among other things) the related Mortgaged Properties in their “as is” or then current conditions
and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with respect to such Mortgaged
Properties, (iv) estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special
Servicer) (among other things) future expenses and (v) estimate and consider (among other things) the timing of recoveries.


 


The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed Servicing Advances. If an Appraisal
of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer and the
Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence)
or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good
faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master
Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal,
the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of


 






    -299-


    


    

 


the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the
allocation provisions of the related Intercreditor Agreement).


 


Any determination by
the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing
Advance that is a Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special Servicer or the Trustee
that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case
of the Master Servicer or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee,
the Directing Holder (but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the
Certificate Administrator, any related Companion Loan holder(s) and the Depositor and, in the case of the Trustee, by a certificate
of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Holder (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, any related Companion Loan holder(s),
the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations
of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate
accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and
other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination,
together with any existing Appraisal or any Updated Appraisal); provided, that with respect to any Specially Serviced Loan,
the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any Servicing Advance
previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator,
the Directing Holder (but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the
Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), notice of
such determination. Any such determination may be relied upon by but shall not be binding on the Master Servicer, the Special Servicer
and the Trustee. Notwithstanding the foregoing, the Special Servicer shall have no obligation to make an affirmative determination
that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that
such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or the Trustee, as applicable.
If the Special Servicer makes a determination that only a portion, and not all, of any previously made or proposed Servicing Advance
is a Nonrecoverable Servicing Advance, the Master Servicer and the Trustee shall each have the right to make its own subsequent
determination that any remaining portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing
Advance.


 


Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent
with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust
(and, in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the
related Intercreditor Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent
bad faith, any such determination as to the recoverability of any Servicing


 






    -300-


    


    

 


Advance shall be conclusive and binding on the Certificateholders
and the Serviced Companion Loan Noteholders.


 


The Trustee, in determining
whether or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing
Advance shall use its reasonable judgment.


 


With respect to the payment
of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance
of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination to the
Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect
to any Serviced Mortgage Loan and any related Serviced Companion Loan that is a Performing Loan) and the Special Servicer (with
respect to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance of the Master Servicer)
whether the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the
best interests of the Certificateholders and, in the case of any Serviced Companion Loans, the related Serviced Companion Loan
Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines that the payment
of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of
the Certificateholders and, in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder, the Special
Servicer (in the case of a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment
and the Master Servicer shall make such payment, to the extent of available funds, from amounts in the Collection Account or, if
a Serviced Whole Loan is involved, from amounts in the applicable Serviced Whole Loan Collection Account.


 


Notwithstanding anything
to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make
a payment out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master
Servicer has determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless,
with respect to Specially Serviced Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make
such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or
being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or
the loss of any security for the related Mortgage Loan; provided that in each instance, the Master Servicer determines in
accordance with the Servicing Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate
Administrator) that making such expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole
Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect
to obtain reimbursement of


 






    -301-


    


    

 


Nonrecoverable Servicing Advances from the Trust Fund in accordance with Section 3.06 of
this Agreement.


 


(e)          
The Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances made
by any of them to the extent permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any
related Advance Interest Amount in respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee
each hereby covenants and agrees to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers
to the extent permitted by applicable law and the related Loan Documents.


 


The parties acknowledge
that, pursuant to the applicable Other Pooling and Servicing Agreement, the applicable Other Servicer is obligated to make Servicing
Advances with respect to the related Non-Serviced Mortgage Loan. The Other Servicer, the Other Special Servicer (to the extent
it has made an advance), the Other Trustee or fiscal agent or other Persons making advances under the applicable Other Pooling
and Servicing Agreement shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for
the pro rata portion (based on Stated Principal Balance) of the related Mortgage Loan (after amounts allocated to the related
Subordinate Companion Loan, if any) with respect to any Servicing Advance that is nonrecoverable (with, in each case, any pro
rata portion of accrued and unpaid interest thereon provided for under the Other Pooling and Servicing Agreement) in the manner
set forth in the Other Pooling and Servicing Agreement and the related Intercreditor Agreement, as applicable.


 


With respect to any Serviced
Whole Loan, if the Master Servicer, the Special Servicer or Trustee, as applicable, determines that a proposed Servicing Advance
with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan
previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, together with supporting evidence for such determination within two (2) Business Days
after such determination or such longer time period permitted by the applicable Intercreditor Agreement.


 


Section 3.22    
Appointment and Replacement of Special Servicer. (a) Midland Loan Services, a Division of PNC Bank, National Association
is hereby appointed as the initial Special Servicer to service each Specially Serviced Loan and related REO Property.


 


(b)         
For so long as no Control Termination Event has occurred and is continuing, the Directing Holder shall be entitled to terminate
the rights (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) and
obligations of the Special Servicer under this Agreement, with or without cause, and appoint a successor Special Servicer pursuant
to Section 7.02 of this Agreement, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee; provided
that, with respect to any Serviced Whole Loan, the related Directing Holder’s right to terminate the rights and obligations
of the Special Servicer under this Agreement with respect to such Serviced Whole Loan shall be subject to the limitations set forth
in the related Intercreditor Agreement; provided, further that with


 






    -302-


    


    

 


respect to a Servicing Shift Whole Loan, the
limitations on termination without cause set forth in clause (b) shall not apply to the related Loan-Specific Directing
Holder’s right to terminate the Special Servicer’s rights and obligations under this Agreement without cause with respect
to such Servicing Shift Whole Loan pursuant to the terms of the related Intercreditor Agreement. For the sake of clarity, the recommendation
of replacement of the Special Servicer by the Operating Advisor and the approval of the Certificateholders of a Qualified Replacement
Special Servicer shall not preclude the Directing Holder from appointing a replacement special servicer, provided that such replacement
may not be the removed Special Servicer or its Affiliate.


 


(c)          
If at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the Special
Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing Standard,
and (ii) the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole,
then the Operating Advisor shall deliver to the Trustee and to the Certificate Administrator, with a copy to the Special Servicer,
a written report setting forth the reasons supporting its recommendation (along with any information the Operating Advisor considered
relevant to its recommendation) and recommending a replacement special servicer; provided, that in no event shall the information
or any other content included in such written recommendation contravene any provision of this Agreement. In such event, the Certificate
Administrator shall promptly post notice to all Certificateholders of such recommendation and the related report on the Certificate
Administrator’s Website, and by mail (or through the DTC system, as applicable), and shall conduct the solicitation of votes
of all Certificates in such regard, which requisite affirmative votes must be received within one hundred eighty (180) days of
the posting of such notice, and if not so received, such votes shall be null and void ab initio. Upon (i) the written
direction of Holders of Principal Balance Certificates, the Class V1 Certificates and the Class V2 Certificates evidencing at least
a majority of a quorum of Certificateholders (which, for this purpose, is the Holders of Certificates that (A) evidence at least
20% of the Voting Rights (taking into account the application of any Realized Losses and Appraisal Reduction Amounts to notionally
reduce the respective Certificate Balances) of all Principal Balance Certificates on an aggregate basis and (B) consist of
at least three Certificateholders or Certificate Owners that are not Risk Retention Affiliated with each other) and (ii) receipt
of a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and, if such successor Special Servicer
shall also specially service a Serviced Whole Loan, any class of related Serviced Companion Loan Securities, by the Trustee following
satisfaction of the foregoing clause (i), the Trustee (upon receipt of written confirmation from the Certificate Administrator,
if the Certificate Administrator and the Trustee are different entities) shall (x) terminate all of the rights and obligations
of the Special Servicer under this Agreement and appoint such successor Special Servicer; provided such termination is subject
to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other compensation, reimbursement
of advances and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing Special
Servicer of the effective date of such termination. The reasonable out-of-pocket costs and expenses associated with administering
such vote shall be an Additional Trust Fund Expense. If the Trustee does not receive the affirmative vote of at least a majority
of the quorum described in clause (i) of the preceding sentence within 180 days of after the notice is posted to the Certificate
Administrator’s Website, then the Trustee shall not remove the Special Servicer. Prior to the appointment of any replacement
special servicer, such replacement special servicer shall have agreed to succeed to the obligations of the Special Servicer under
this Agreement and to act as


 






    -303-


    


    

 


the Special Servicer’s successor hereunder. In the event the Special Servicer is terminated
pursuant to this Section 3.22(c), the Directing Holder may not subsequently reappoint such terminated Special Servicer
or any Risk Retention Affiliate thereof. No penalty or fee shall be payable to the terminated Special Servicer with respect to
any termination pursuant to this Section 3.22(c).


 


(d)         
If a Control Termination Event has occurred and is continuing and upon (a) the written direction of holders of Principal
Balance Certificates, the Class V1 Certificates and the Class V2 Certificates evidencing not less than 25% of the Voting Rights
(taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Principal
Balance Certificates, the Class V1 Certificates and the Class V2 Certificates pursuant to Section 4.08 of this Agreement)
of the Principal Balance Certificates, the Class V1 Certificates and the Class V2 Certificates requesting a vote to replace the
Special Servicer (other than with respect to a Servicing Shift Whole Loan) with a new special servicer designated in such written
direction, (b) payment by such holders to the Certificate Administrator of the reasonable fees and expenses (including any
legal fees and expenses and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection
with administering such vote and (c) delivery by such holders to the Certificate Administrator and the Trustee of a Rating
Agency Confirmation from each Rating Agency and a comparable confirmation from each NRSRO that has been engaged to rate any securities
backed, in whole or in part, by a Serviced Pari Passu Companion Loan with respect to the Certificates and, if such successor Special
Servicer shall also specially service a Serviced Whole Loan, any related Serviced Companion Loan Securities, the Certificate Administrator
shall promptly provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s
Website, and by mail (or through the DTC system, as applicable), and conduct the solicitation of votes of all Certificates in such
regard. Subsequently, if a Control Termination Event has occurred and is continuing, upon the written direction of (i) holders
of Principal Balance Certificates, the Class V1 Certificates and the Class V2 Certificates evidencing at least 50% of a Certificateholder
Quorum of Certificates or (ii) holders of Principal Balance Certificates, the Class V1 Certificates and the Class V2 Certificates
evidencing more than 50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates on an aggregate basis, the Trustee
shall (x) terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint the successor
Special Servicer designated by such Certificateholders (other than with respect to a Servicing Shift Whole Loan), provided
such termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other
compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly
notify such outgoing Special Servicer of the effective date of such termination; provided that if such written direction
is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate and
replace the Special Servicer, then such written direction shall have no force and effect. The reasonable fees and out-of-pocket
costs associated with administering such vote shall be an Additional Trust Fund Expense. The Certificate Administrator shall include
on each Distribution Date Statement a statement that each Certificateholder and Certificate Owner may access notices on the Certificate
Administrator’s Website and each Certificateholder and Certificate Owner may register to receive email notifications when
such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator shall
be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting such notices.


 



    -304-


    


    

 


(e)           The Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement
or direction to terminate pursuant to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the
Certificate Administrator, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).
The termination of the Special Servicer and appointment of a successor Special Servicer pursuant to this Section 3.22
shall not be effective until (i) the Trustee receives from each Rating Agency a Rating Agency Confirmation and, if such successor
Special Servicer shall also specially service a Serviced Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the
successor special servicer has assumed all of its responsibilities, duties and liabilities hereunder pursuant to a writing reasonably
satisfactory to the Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that (x) the designation
of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound
by the terms of this Agreement and (z) this Agreement will be enforceable against such replacement in accordance with its
terms, (iv) the replacement Special Servicer certifies that such replacement special servicer satisfies all related qualifications
set forth in the Intercreditor Agreement relating to such Serviced Companion Loan and (v) receipt by the Certificate Administrator
(with a confirmation of such receipt delivered to the Trustee) of notice and information required to be delivered by the successor
Special Servicer under Section 10.03 of this Agreement. Any successor Special Servicer shall make the representations and
warranties provided for in Section 2.04(b) of this Agreement mutatis mutandis. Further, such successor Special
Servicer shall be a Person that (i) satisfies all of the eligibility requirements applicable to the special servicer contained
in this Agreement, (ii) is not the Operating Advisor or former operating advisor, the Asset Representations Reviewer or former
asset representations reviewer, or an affiliate of any of the foregoing, (iii) is not obligated or allowed to pay the Operating
Advisor any fees or otherwise compensate the Operating Advisor (x) in respect of its obligations under this Agreement or (y) for
the appointment of the successor Special Servicer or the recommendation by the Operating Advisor for the replacement Special Servicer
to become the Special Servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than compensation
that is not material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement
special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor Special
Servicer, in each case, unless expressly approved by 100% of the Certificateholders, (vi) currently has a special servicer rating
of at least “CSS3” from Fitch, (vii) is included on S&P’s Select Servicer List as a U.S. Commercial
Mortgage Special Servicer and (viii) is not a special servicer that has been cited by KBRA as having servicing concerns as the
sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior
to the time of determination. In addition, any replacement Special Servicer that will service any Serviced Whole Loan shall meet
any requirements specified in the related Intercreditor Agreement or, if applicable, the related Other Pooling and Servicing Agreement.


 


The existing Special
Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer
hereunder; provided, that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall


 






    -305-


    


    

 


have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation and
it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive
all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified
in Section 3.12(c) of this Agreement if the Special Servicer is terminated and any indemnification rights that the
Special Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such
removed Special Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting the termination of
the resigning Special Servicer’s responsibilities and rights hereunder, including without limitation the transfer within
two Business Days to the successor Special Servicer for administration by it of all cash amounts that are thereafter received with
respect to the Mortgage Loans and, if applicable, Whole Loans.


 


(f)          
The appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective
obligations to make Advances as set forth herein; provided, that neither the Trustee nor the Master Servicer shall be liable
for any actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer
(and it is acknowledged that there is no such fee payable in the event of a termination for breach of this Agreement) shall be
paid by the Certificateholders or the Directing Holder, as applicable, so terminating the Special Servicer and shall not in any
event be an expense of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder
is the Directing Holder).


 


(g)          If a replacement special servicer is appointed with respect to a Serviced Whole Loan or any related Serviced REO Property
in accordance with this Section 3.22 such that there are multiple parties acting as Special Servicer hereunder, then,
unless the context clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special
Servicer hereunder or the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable
Serviced Whole Loan Special Servicer, insofar as such duties and obligations relate to the subject Serviced Whole Loan or any related
Serviced REO Property, and shall mean the General Special Servicer (as defined below in clause (h)), in all other cases (provided,
that in Section 3.14 and Article VII of this Agreement, the term “Special Servicer” shall mean each
of the Serviced Whole Loan Special Servicers and the General Special Servicer); (ii) when used in the context of identifying
the recipient of any information, funds, documents, instruments and/or other items, the term “Special Servicer” shall
mean the applicable Serviced Whole Loan Special Servicer, insofar as such information, funds, documents, instruments and/or other
items relate to the subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer,
in all other cases; (iii) when used in the context of granting the Special Servicer the right to purchase Defaulted Loans
pursuant to Section 3.16 of this Agreement, the term “Special Servicer” shall mean the General Special
Servicer only; (iv) when used in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans
and all other property held by the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer”
shall mean the General Special Servicer only; (v) when used in the context of the Special Servicer being replaced pursuant
to this Section 3.22 by the applicable Directing Holder, the term “Special Servicer” shall mean
the General Special Servicer or the Serviced Whole Loan Special Servicer, if applicable; (vi) when used in the context of
granting the Special Servicer any protections, limitations on liability, immunities and/or


 






    -306-


    


    

 


indemnities hereunder, the term “Special
Servicer” shall mean each of the Serviced Whole Loan Special Servicers and the General Special Servicer; and (vii) when
used in the context of requiring indemnification from, imposing liability on, or exercising any remedies against, the Special Servicer
for any breach of a representation, warranty or covenant hereunder or for any negligence, bad faith or willful misconduct in the
performance of duties and obligations hereunder or any negligent disregard of such duties and obligations or otherwise holding
the Special Servicer responsible for any of the foregoing, the term “Special Servicer” shall mean the applicable Serviced
Whole Loan Special Servicer or the General Special Servicer, as applicable.


 


(h)           References in this Section 3.22 to “General Special Servicer” mean the Person performing the duties
and obligations of special servicer with respect to the Mortgage Pool (exclusive of any Whole Loan or related REO Property as to
which a different Serviced Whole Loan Special Servicer has been appointed with respect thereto).


 


(i)           
No penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 3.22.
All costs and expenses of any such termination made without cause shall be paid by the Controlling Class Certificateholders.


 


(j)           
Notwithstanding anything to the contrary contained in this Section 3.22, with respect to any Conflicted Special
Servicer Mortgage Loan, if any, the Special Servicer shall resign with respect to such Conflicted Special Servicer Mortgage Loan.


 


In the event the Special
Servicer is required to resign as Special Servicer with respect to any Conflicted Special Servicer Mortgage Loan because it obtains
knowledge that it is a Borrower Party prior to the occurrence and continuance of a Consultation Termination Event, then (i) if
the Conflicted Special Servicer Mortgage Loan is not also a Conflicted Loan, then the Controlling Class Representative shall
appoint (and replace with or without cause) the Non-Conflicted Special Servicer, as successor to the resigning Special Servicer,
in accordance with this Agreement for the Conflicted Special Servicer Mortgage Loan, (ii) if the Conflicted Special Servicer Mortgage
Loan is also a Conflicted Loan, then the largest Controlling Class Certificateholder (by Certificate Balance) that is not
a Conflicted Controlling Class Holder shall appoint (and replace with or without cause) the Non-Conflicted Special Servicer for
the Conflicted Special Servicer Mortgage Loan, and (iii) if there is no Controlling Class Certificateholder that is not a
Conflicted Controlling Class Holder, then the resigning Special Servicer shall use reasonable efforts to appoint the Non-Conflicted
Special Servicer for the Conflicted Special Servicer Mortgage Loan.


 


In the event the Special
Servicer is required to resign as Special Servicer with respect to any Conflicted Special Servicer Mortgage Loan because it obtains
knowledge that it is a Borrower Party and either (i) a Consultation Termination Event has occurred and is continuing or (ii) there
is no Controlling Class Certificateholder that is not a Conflicted Controlling Class Holder, then the resigning Special Servicer
shall use reasonable efforts to appoint the Non-Conflicted Special Servicer for the Conflicted Special Servicer Mortgage Loan.
The Special Servicer shall not have any liability with respect to the actions or inactions of the applicable Non-Conflicted Special
Servicer or with respect to the identity of the applicable Non-Conflicted Special Servicer.


 



    -307-


    


    

 


If at any time the Special
Servicer that had acted as the Special Servicer for a Conflicted Special Servicer Mortgage Loan prior to it becoming a Conflicted
Special Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged
Property becoming REO Property) with respect to a Conflicted Special Servicer Mortgage Loan, (1) the related Non-Conflicted Special
Servicer shall resign, (2) the related Mortgage Loan shall no longer be a Conflicted Special Servicer Mortgage Loan, (3) such Special
Servicer shall become the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be
entitled to all special servicing compensation with respect to such Mortgage Loan earned during such time on and after such Mortgage
Loan is no longer a Conflicted Special Servicer Mortgage Loan.


 


The Non-Conflicted Special
Servicer shall perform all of the obligations of the Special Servicer for the related Conflicted Special Servicer Mortgage Loan
and will be entitled to all special servicing compensation with respect to such Conflicted Special Servicer Mortgage Loan earned
during such time as the related Mortgage Loan is a Conflicted Special Servicer Mortgage Loan (provided that the Special Servicer
shall remain entitled to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans that
are not Conflicted Special Servicer Mortgage Loans during such time).


 


If a Servicing Officer
or Special Servicing Officer, as applicable, of the Master Servicer, a related Non-Conflicted Special Servicer, or the Special
Servicer, as applicable, has actual knowledge that a Mortgage Loan is no longer a Conflicted Loan, a Conflicted Controlling Class
Mortgage Loan or a Conflicted Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Non-Conflicted Special
Servicer or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.


 


(k)           No
removal or replacement of the Special Servicer as contemplated by this Agreement shall become effective until (i) a successor
Special Servicer shall have assumed the resigning or terminated Special Servicer’s responsibilities, duties, liabilities
and obligations hereunder, (ii) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 10.09,
(iii) any other information required under Section 10.03 or Section 10.09 has been delivered to any applicable
Other Depositor with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession, merger or
consolidation of the Special Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of
the anticipated effective date of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner
with the Special Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable,
in connection with the Depositor’s or the Certificate Administrator’s obligation to file any related required Form
8-K relating to this Trust on the anticipated effective date of such event.


 


Section 3.23    
Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report.
(a) Upon the occurrence of any event specified in the definition of Specially Serviced Loan with respect to any Serviced Mortgage
Loan and any related Serviced Companion Loan of which the Master Servicer may have notice, the Master Servicer shall promptly give
notice thereof to the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the related Mortgage
Loan Seller, if no Consultation


 






    -308-


    


    

 


Termination Event has occurred and is continuing, the Directing Holder and, if applicable, the
related Serviced Companion Loan Noteholders and shall use efforts in accordance with the Servicing Standard to provide the Special
Servicer with the Servicing File and all other information, documents (but excluding the original documents constituting the Mortgage
File) and records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable,
and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting
through a sub-servicer. The Master Servicer shall use efforts in accordance with the Servicing Standard to comply with the preceding
sentence within five Business Days of the date it has notice of the occurrence of any event specified in the definition of Specially
Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such Mortgage Loan or Serviced Whole
Loan, until the Special Servicer has commenced the servicing of such Mortgage Loan or Serviced Whole Loan, which shall occur upon
the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. With respect
to each Mortgage Loan or Serviced Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the related
Borrower to continue to remit all payments in respect of such Mortgage Loan or Serviced Whole Loan to the Master Servicer. The
Master Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan to the Special Servicer,
who shall send such notice to the related Borrower.


 


Upon determining that
a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the
Master Servicer, and upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced
Loan in accordance with the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation
to service such Mortgage Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and
administer such Mortgage Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is a Performing Loan shall
resume.


 


(b)           In servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included
within the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are
in the possession of the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence
with the related Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer
as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.


 


(c)          
Not later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under
Section 3.13(a) of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate
Administrator, with a copy to the Trustee, the Operating Advisor and the Master Servicer, a written statement describing, on a
loan by loan basis, (i) the amount of all payments on account of interest received on each Specially Serviced Loan, the amount
of all payments on account of principal, including Principal Prepayments, on each Specially Serviced Loan, the amount of Net Insurance
Proceeds and Net Liquidation Proceeds received with respect to each Specially Serviced Loan, and with respect to REO Properties,
the amount of net income or net loss, as determined from management of a trade or business on, the furnishing or rendering of a
non-customary service to the tenants of, or the


 






    -309-


    


    

 


receipt of any rental income that does not constitute Rents from Real Property
with respect to the Serviced REO Property relating to each applicable Specially Serviced Loan, in each case in accordance with
Section 3.15 of this Agreement (it being understood and agreed that to the extent this information is provided in accordance
with Section 3.13(g) of this Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such
additional information relating to the Specially Serviced Loans as the Master Servicer, the Certificate Administrator or the Trustee
reasonably request, to enable it to perform its duties under this Agreement. Such statement and information shall be furnished
to the Master Servicer in writing and/or in such electronic media as is acceptable to the Master Servicer.


 


(d)         
Notwithstanding the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing
payment records with respect to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall
provide the Special Servicer and the Operating Advisor with any information reasonably required by the Special Servicer or the
Operating Advisor to perform its duties under this Agreement. The Special Servicer shall provide the Master Servicer with any information
reasonably required by the Master Servicer to perform its duties under this Agreement.


 


(e)          
No later than 45 days after a Serviced Mortgage Loan and, if applicable, any related Serviced Companion Loan becomes
a Specially Serviced Loan (the “Initial Delivery Date”), the Special Servicer shall deliver a report (the “Asset
Status Report”) with respect to such Mortgage Loan or Serviced Whole Loan and the related Mortgaged Property. Subsequent
to the issuance of a Final Asset Status Report, the Special Servicer shall prepare one or more additional Asset Status Reports
with respect to such Specially Serviced Loan (each such report a “Subsequent Asset Status Report”) to the extent
that during the course of the resolution of such Specially Serviced Loan material changes in the strategy reflected in the initial
Final Asset Status Report (or subsequent Final Asset Status Reports) are necessary to reflect the then current circumstances and
recommendation as to how the Specially Serviced Loan might be returned to performing status or otherwise liquidated in accordance
with the Servicing Standard. The Special Servicer shall deliver each Asset Status Report to the Master Servicer, the Directing
Holder (but (i) only if no Consultation Termination Event has occurred and is continuing and (ii) not with respect to any
applicable Conflicted Loan), the Risk Retention Consultation Party (but not with respect to any applicable Conflicted Loan), with
respect to any related Serviced Companion Loan, to the extent the related Serviced Companion Loan has been included in a securitization
transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold or to the
holder of the related Serviced Companion Loan, the Operating Advisor (but, other than with respect to a Conflicted Loan applicable
to the Directing Holder, only if an Operating Advisor Consultation Event has occurred and is continuing), the Controlling Class Representative
(so long as such Mortgage Loan is not a Conflicted Loan), the 17g-5 Information Provider (who shall promptly post such report to
the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), each related Serviced
Companion Loan Noteholder, and upon request, the Underwriters and the Initial Purchasers; provided, the Special Servicer
shall not be required to deliver an Asset Status Report to the Directing Holder if the Special Servicer and the Directing Holder
are the same entity. A summary of each Asset Status Report shall be provided to the Certificate Administrator and the Trustee.
Such Asset Status Report shall set forth the following information to the extent reasonably determinable:


 



    -310-


    


    

 


(i)          
summary of the status of such Specially Serviced Loan and any negotiations with the related Borrower;


 


(ii)          
a discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the
Servicing Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties
or other collateral for the related Mortgage Loan or Serviced Whole Loan and whether outside legal counsel has been retained;


 


(iii)          the
most current rent roll and income or operating statement available for the related Mortgaged Property;


 


(iv)          (A) the
Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Loan or Serviced REO Property),
(B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are
being considered by the Special Servicer in connection with the proposed or taken actions;


 


(v)          
the status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed
workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults
under the related Mortgage Loan or Serviced Whole Loan;


 


(vi)          a description of any amendment, modification or waiver of a material term of any ground lease (or, with respect to a leasehold
interest that is a space lease or an air rights lease, any such space lease or air rights lease) or franchise agreement;


 


(vii)         the decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth
the Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives;


 


(viii)        an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present
value basis than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination
and (y) the net present value calculation (including the applicable Calculation Rate used) and all related assumptions;


 


(ix)          
the appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property)
together with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together
with an explanation of those adjustments; and


 


(x)          
such other information as the Special Servicer deems relevant in light of the Servicing Standard.


 



    -311-


    


    

 


As provided in Section
3.12(d), if a Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization
Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and related REO Property in the same manner
as any other Specially Serviced Loan or Serviced REO Property, shall be entitled to all Special Servicing Compensation earned with
respect to such Serviced Whole Loan and shall have all the rights and obligations with respect to such Serviced Whole Loan as Special
Servicer of such Serviced Whole Loan.


 


With respect to any Mortgage
Loan other than an applicable Conflicted Loan, for so long as no Control Termination Event has occurred and is continuing, if within
10 Business Days of receiving an Asset Status Report, the Directing Holder does not disapprove such Asset Status Report in writing,
the Directing Holder will be deemed to have approved such Asset Status Report and the Special Servicer shall implement the recommended
action as outlined in such Asset Status Report; provided, that such Special Servicer may not take any action that is contrary
to applicable law, this Agreement, the Servicing Standard (taking into consideration the best interests of all the Certificateholders
and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any
Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion
Loan)), the terms of the applicable Loan Documents or any related Intercreditor Agreement. For so long as no Control Termination
Event has occurred and is continuing, if the Directing Holder disapproves such Asset Status Report within such 10 Business Day
period, the Special Servicer will revise such Asset Status Report and deliver to the Directing Holder, the Master Servicer, the
17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement) and each related Serviced Companion Loan Noteholder, a new Asset Status Report as soon as practicable, but in
no event later than 30 days after such disapproval. The Special Servicer shall revise such Asset Status Report as described above
in this Section 3.23(e) until the Directing Holder fails to disapprove such revised Asset Status Report in writing
within 10 Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination consistent
with the Servicing Standard, that such objection is not in the best interests of all the Certificateholders and, with respect to
any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and,
if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). In any event,
for so long as no Control Termination Event has occurred and is continuing, if the Directing Holder does not approve an Asset Status
Report within 60 Business Days from the first submission of an Asset Status Report, the Special Servicer shall follow the Directing
Holder’s direction, if such direction is consistent with the Servicing Standard; provided, however, that if
the Directing Holder’s direction would cause the Special Servicer to violate the Servicing Standard, the Special Servicer
may act upon the most recently submitted form of Asset Status Report if consistent with the Servicing Standard. The procedures
described in this paragraph are collectively referred to as the “Directing Holder Asset Status Report Review Process”.
Prior to an Operating Advisor Consultation Event, the Special Servicer shall promptly deliver each Final


 






    -312-


    


    

 


Asset Status Report to
the Operating Advisor following the completion of the Directing Holder Asset Status Report Review Process.


 


The Special Servicer
may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such
report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section, and in particular, shall modify
and resubmit such Asset Status Report to the Directing Holder (with a copy to the Trustee and the Certificate Administrator) if
(i) the estimated sales proceeds, foreclosure proceeds, workout or restructure terms or anticipated debt forgiveness varies
materially from the amount on which the original report was based or (ii) the related Borrower becomes the subject of bankruptcy
proceedings. Notwithstanding the foregoing, the Special Servicer (i) may, following the occurrence of an extraordinary event
with respect to the related Mortgaged Property, take any action set forth in such Asset Status Report before the expiration of
a 10 Business Day period if the Special Servicer has reasonably determined that failure to take such action would materially and
adversely affect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan)), and it has made a reasonable effort to contact the Directing Holder and,
if any Serviced Whole Loan is involved, the related Serviced Companion Loan Noteholders and (ii) in any case, shall determine
whether such affirmative disapproval is not in the best interests of all the Certificateholders and, with respect to any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) pursuant to the Servicing Standard,
and, upon making such determination, shall implement the recommended action outlined in the Asset Status Report. The Asset Status
Report is not intended to replace or satisfy any specific consent or approval right which the Directing Holder may have. Any Asset
Status Report delivered with respect to a Conflicted Controlling Class Mortgage Loan shall be sent via email (or such other electronic
means mutually acceptable to the parties) in one or more separate files labeled by the Special Servicer “Conflicted Information”
followed by the applicable loan number and loan name to cmbsexcludedinformation@wellsfargo.com.


 


The Special Servicer
shall have the authority to meet with the Borrower for any Specially Serviced Loan and take such actions consistent with the Servicing
Standard and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the related Asset
Status Report, unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement,
applicable law or the related Loan Documents.


 


During the continuance
of an Operating Advisor Consultation Event, the Special Servicer shall promptly deliver each Asset Status Report prepared in connection
with a Specially Serviced Loan to the Operating Advisor (and, with respect to any Mortgage Loan that is not a Conflicted Loan applicable
to the Directing Holder and only for so long as no Consultation Termination Event has occurred and is continuing, the Directing
Holder). During the continuance of an Operating Advisor Consultation Event, the Operating Advisor shall provide comments to


 






    -313-


    


    

 


the
Special Servicer in respect of each Asset Status Report, if any, within ten (10) Business Days following the later of (i) receipt
of such Asset Status Report or (ii) receipt of such additional information reasonably requested by the Operating Advisor and
in the possession of the Special Servicer related thereto, and propose possible alternative courses of action to the extent it
determines such alternatives to be in the best interest of the Certificateholders (including any Certificateholders that are holders
of the Control Eligible Certificates), as a collective whole. The Special Servicer shall consider such alternative courses of action,
if any, and any other feedback provided by the Operating Advisor (and, with respect to any Mortgage Loan that is not a Conflicted
Loan applicable to the Directing Holder and only for so long as no Consultation Termination Event has occurred and is continuing,
the Directing Holder) in connection with the Special Servicer’s preparation of any Asset Status Report that is provided while
an Operating Advisor Consultation Event is continuing. The Special Servicer may revise the Asset Status Report as it deems necessary
to take into account any input and/or comments from the Operating Advisor (and, with respect to any Mortgage Loan that is not a
Conflicted Loan applicable to the Directing Holder and only for so long as no Consultation Termination Event has occurred and is
continuing, the Directing Holder), to the extent the Special Servicer determines that the Operating Advisor’s and/or Directing
Holder’s input and/or recommendations are consistent with the Servicing Standard and in the best interest of the Certificateholders
as a collective whole (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders and the holders of
the related Companion Loan, as a collective whole (taking into account the subordinate or pari passu nature of such Companion
Loan)). Promptly upon determining whether or not to revise any Asset Status Report to take into account any input and/or comments
from the Operating Advisor or the Directing Holder, the Special Servicer shall revise the Asset Status Report, if applicable, and
deliver to the Operating Advisor and the Directing Holder either the revised Asset Status Report (until a Final Asset Status Report
is issued). The procedures described in this paragraph are collectively referred to as the “ASR Consultation Process”.


 


After the occurrence
and during the continuance of a Control Termination Event, the Directing Holder (and at any time with respect to any applicable
Conflicted Loan) shall have no right to consent to any Asset Status Report under this Section 3.23. After the occurrence
and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event, the
Directing Holder (except with respect to any applicable Conflicted Loan), and after the occurrence and during the continuance of
an Operating Advisor Consultation Event (or with respect to a Conflicted Loan applicable to the Directing Holder), the Operating
Advisor, shall consult with the Special Servicer (in person or remotely via electronic, telephonic or other mutually agreeable
communication) and may propose alternative courses of action and provide such other feedback as the Operating Advisor determines
in respect of any Asset Status Report. During the continuance of a Consultation Termination Event (and at any time with respect
to any applicable Conflicted Loan), the Directing Holder (other than in its capacity as a Certificateholder) shall have no right
to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status Reports and the
Special Servicer shall only be obligated to consult with the Operating Advisor with respect to any Asset Status Report as described
above. The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the
Servicing Standard to take into account any input and/or recommendations of the Operating Advisor or the Directing Holder during
the applicable periods described above, but is under no obligation to follow any particular


 






    -314-


    


    

 


recommendation of the Operating Advisor
or the Directing Holder. The Special Servicer shall implement the Final Asset Status Report.


 


In addition, with respect
to a Serviced Whole Loan, such Asset Status Reports are subject to any non-binding consultation rights, if any, that the holders
of the related Pari Passu Companion Loans have pursuant to the related Intercreditor Agreement.


 


If neither the Operating
Advisor nor the Directing Holder proposes alternative courses of action within 10 days after receipt of such Asset Status
Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.


 


No direction, advice,
consent, approval or disapproval of the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party shall
(a) require, permit or cause the Special Servicer to violate the terms of a Specially Serviced Loan, any related Intercreditor
Agreement, applicable law or any provision of this Agreement, including, but not limited to, Section 3.09, Section 3.16,
Section 3.18 and Section 3.25 and the Special Servicer’s obligation to act in accordance with the
Servicing Standard and to maintain the REMIC status of the Lower-Tier REMIC and the Upper-Tier REMIC and the grantor trust status
of the Grantor Trust, or (b) result in the imposition of a “prohibited transaction” or “contribution”
tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the
Certificate Administrator, the Paying Agent, the Operating Advisor, the Trustee or their respective officers, directors, employees
or agents to any claim, suit or liability or (d) materially expand the scope of the Special Servicer’s, Certificate
Administrator’s, Trustee’s or the Master Servicer’s responsibilities under this Agreement. The Special Servicer
shall not be required to follow any direction of the Directing Holder described in this paragraph.


 


(f)          
Unless a Control Termination Event has occurred and is continuing, the Special Servicer shall deliver to the Operating Advisor
only each Final Asset Status Report.


 


Section 3.24    
Special Instructions for the Master Servicer and/or Special Servicer. (a) Prior to taking any action with respect
to a Mortgage Loan or a Serviced Whole Loan secured by Mortgaged Properties located in a “one-action” state, the Master
Servicer or Special Servicer, as applicable, shall consult with legal counsel, the fees and expenses of which shall be an expense
of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation
provisions of the related Intercreditor Agreement).


 


(b)          The Master Servicer shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan)
and the related Manager and clearing bank relating to a Serviced Mortgage Loan that it is servicing that, if applicable, it and/or
the Trustee has been appointed as the “Designee” of the “Lender” under any related Lock-Box Agreement.


 


(c)           Without limiting the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s
obligations under the related Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard,
enforce the provisions of the Loan Documents relating to the Serviced Mortgage Loan that it is servicing with respect to the collection
of Prepayment Premiums and Yield Maintenance Charges.


 



    -315-


    


    

 


(d)          If a Rating Agency shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall
require the related Borrower (other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent
with the applicable Loan Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an
Additional Trust Fund Expense in the same manner as Realized Losses as set forth in Section 4.01(e) of this Agreement)
and, (1) in the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion
Loan), allocated in accordance with the allocation provisions of the related Intercreditor Agreement, the costs of which may be
advanced as a Servicing Advance.


 


(e)           The
Master Servicer shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of
the Trust any right of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant
to the related Intercreditor Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02).
The cost of such enforcement on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.


 


(f)          
With respect to a Serviced Mortgage Loan and any related Serviced Companion Loan with a Stated Principal Balance equal to
or greater than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000,
or with respect to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent
not inconsistent with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise
affiliation with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced
hereunder or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any.


 


Section 3.25    
Certain Rights and Obligations of the Master Servicer and/or the Special Servicer. (a) Notwithstanding any other
provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required to take or refrain from taking
any action pursuant to instructions from the Directing Holder or a Non-Controlling Note Holder, or due to any failure to approve
an action by the Directing Holder, or due to any objection by the Directing Holder or a Non-Controlling Note Holder that would
(i) cause any one of them to violate applicable law, the terms of any Loan Documents, any Intercreditor Agreement, this Agreement,
including the Servicing Standard, or the REMIC Provisions of the Code, (ii) expose the Master Servicer, the Special Servicer, the
Depositor, the Paying Agent, a Mortgage Loan Seller, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer,
the Trustee, the Certificate Administrator (in any of its capacities), or the Custodian or their respective Affiliates, officers,
directors, employees or agents to any claim, suit or liability, (iii) materially expand the scope of the Master Servicer’s
or the Special Servicer’s responsibilities, or (iv) cause the Master Servicer or the Special Servicer to act, or fail
to act, in a manner that is not in the best interests of the Certificateholders.


 



    -316-


    


    

 


(b)           The
Master Servicer and the Special Servicer, as applicable, shall discuss with the Directing Holder (for so long as no Consultation
Termination Event has occurred and other than with respect to any applicable Conflicted Loan) and the Operating Advisor, on a
monthly basis, the performance of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent,
has been placed on a “Watch List” or has been identified by the Master Servicer or the Special Servicer as exhibiting
deteriorating performance.


 


Section 3.26    
Modification, Waiver, Amendment and Consents. (a) Subject to Sections 3.25, Section 3.26(f)
and 3.27, and, if applicable, each Intercreditor Agreement, (i) with respect to any Performing Loan and actions that
do not involve Special Servicer Major Decisions, the Master Servicer, or (ii) with respect to (A) any Specially Serviced
Loan and (B) Special Servicer Major Decisions irrespective of whether the related Mortgage Loan is a Performing Loan, the
Special Servicer, in each case subject to (x) the rights of the Directing Holder and (y) with respect to a Serviced Whole Loan
with a Subordinate Companion Loan, the rights of the holder of the related Subordinate Companion Loans, and, after consultation
with the Operating Advisor (if an Operating Advisor Consultation Event has occurred and is continuing and to the extent the Operating
Advisor has consultation rights pursuant to Section 3.23(e), Section 3.31 and Section 6.07
of this Agreement) and the Risk Retention Consultation Party (to the extent the Risk Retention Consultation Party has consultation
rights pursuant to Section 6.07 of this Agreement), may modify, waive, amend, consent or take such other action with
respect to any term of any Serviced Mortgage Loan and any related Serviced Companion Loan if such modification, waiver, amendment,
consent or other action (A) is consistent with the Servicing Standard and (B) would not constitute a “significant
modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and
would not otherwise cause an Adverse REMIC Event. Each of the Master Servicer and the Special Servicer may conclusively rely on
an Opinion of Counsel in meeting this requirement. In order to meet the foregoing requirements, in the case of a release of real
property collateral securing a Mortgage Loan, the Master Servicer or Special Servicer, as applicable, shall observe the REMIC requirements
of the Code with respect to a required payment of principal if the loan-to-value ratio immediately after the release exceeds 125%
with respect to the related real property collateral. In connection with (i) the release of a Mortgaged Property or any portion
of a Mortgaged Property from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property or any portion of
a Mortgaged Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Master Servicer
or the Special Servicer, as applicable, to calculate (or to approve the calculation of the related Borrower of) the loan-to-value
ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the
remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan or Serviced
Whole Loan, then such calculation shall exclude the value of any personal property and going concern value, if any. If, following
any such release or taking, the loan-to-value ratio as so calculated is greater than 125%, the Master Servicer or Special Servicer,
as applicable, shall require payment of principal by a “qualified amount” as determined under Revenue Procedure 2010-30
or successor provisions, unless the related Borrower provides an Opinion of Counsel that if such amount is not paid the related
Mortgage Loan will not fail to be a Qualified Mortgage.


 



    -317-


    


    

 


Notwithstanding the foregoing,
the Master Servicer and the Special Servicer may mutually agree that the Master Servicer will process any of the foregoing matters
that are Special Servicer Major Decisions with respect to any Performing Loan. If the Master Servicer and the Special Servicer
mutually agree that the Master Servicer will process any Special Servicer Major Decision with respect to a Performing Loan, the
Master Servicer shall obtain the consent (or deemed consent) of the Special Servicer as provided in Section 3.26(m).


 


(b)           Neither the Master Servicer nor the Special Servicer may extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan
or Specially Serviced Loan beyond the date that is the date occurring later than the earlier of (1) five years prior to the Rated
Final Distribution Date and (2) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely
or primarily by the related Borrower’s interest in a ground lease (or, with respect to a leasehold interest where the related
Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is
20 years prior to the expiration date of such ground lease (or, with respect to a leasehold interest where the related Borrower
is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the
expiration date of such lease if the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining
term of such ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space lease
or an air rights lease, such space lease or air rights lease) and such extension is in the best interest of the Certificateholders
and, with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders
and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender (and with respect to
any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate
Companion Loan)) and, (A) if no Control Termination Event has occurred and is continuing, with the consent of the Directing
Holder and (B) to the extent such extension constitutes a Major Decision, after consultation with the Risk Retention Consultation
Party pursuant to Section 6.07).


 


(c)          
Neither the Master Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an
outstanding Serviced Mortgage Loan and any related Serviced Companion Loan, which collateral constitutes real property, unless
the Master Servicer or the Special Servicer, as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any.


 


(d)           Any payment of interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall
not, for purposes hereof, including, without limitation, calculating monthly distributions to Certificateholders or, if applicable,
Serviced Companion Loan Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan,
notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.


 


(e)          
Except for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments
of the Serviced Mortgage Loans and any related Serviced Companion Loans in accordance with this Section 3.26 or Section 3.27
of this Agreement (with respect to Serviced Whole Loans) shall be in writing.


 



    -318-


    


    

 


(f)          
The Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the
Risk Retention Consultation Party, the Directing Holder (other than if a Consultation Termination Event has occurred and is continuing),
the Operating Advisor (only if an Operating Advisor Consultation Event has occurred and is continuing), the Depositor, the related
Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), in writing, of any modification,
waiver, material consent or amendment of any term of any Serviced Mortgage Loan and any related Serviced Companion Loan and the
date thereof, and shall deliver to the Custodian for deposit in the related Mortgage File, an original counterpart of the agreement
relating to such modification, waiver, material consent or amendment, promptly (and in any event within 10 Business Days) following
the execution thereof.


 


(g)           The Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request
by a Borrower for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its
discretion pursuant to the terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and
is permitted by the terms of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing
compensation, a reasonable and customary fee for the additional services performed in connection with such request (provided
that the charging of such fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced
Whole Loan within the meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred
by it. In no event shall the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such
payment is collected from the related Borrower.


 


(h)           Notwithstanding the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant
to the defeasance provisions of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance
complies with Treasury Regulations Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(f)
of this Agreement.


 


(i)           
Notwithstanding anything herein or in the related Loan Documents to the contrary, the Master Servicer may permit the substitution
of direct, non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government
agency securities if such securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for
any Mortgaged Property pursuant to the defeasance provisions of any Serviced Mortgage Loan and any related Serviced Companion Loan
(or any portion thereof) in lieu of the defeasance collateral specified in the related Loan Documents; provided that, the
Master Servicer reasonably determines that allowing their use would not cause a default or event of default under the related Loan
Documents to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense of the Borrower
to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute a “significant
modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and
would not otherwise cause an


 






    -319-


    


    

 


Adverse REMIC Event and provided, that the requirements set forth in Section 3.09(f)
of this Agreement are satisfied.


 


Notwithstanding the foregoing,
with respect to (i) all of the Mortgage Loans originated or acquired by GACC that are subject to defeasance, and (ii) all
of the Mortgage Loans originated or acquired by CREFI that are subject to defeasance, each of GACC and CREFI, as applicable, has
transferred to a third party or has retained on behalf of itself or an Affiliate the right to establish or designate the successor
borrower and/or to purchase or cause to be purchased the related defeasance collateral (any such right or obligation, the “Retained
Defeasance Rights and Obligations”). In the event the Master Servicer receives notice of a defeasance request with respect
to a Mortgage Loan for which GACC or CREFI, as applicable, is the related Mortgage Loan Seller, which such Mortgage Loan provides
for Retained Defeasance Rights and Obligations in the related Mortgage Loan documents, the Master Servicer shall provide, within
five (5) Business Days of receipt of such notice, written notice of such defeasance request to GACC or CREFI, as applicable, in
the case of any such Mortgage Loan for which GACC or CREFI, as applicable, is the related Mortgage Loan Seller. Until such time
as GACC or CREFI, as applicable, provides the Master Servicer with written notice to the contrary, the notice of a defeasance of
a Mortgage Loan with Retained Defeasance Rights and Obligations as to which (i) GACC is the related Mortgage Loan Seller shall
be delivered to German American Capital Corporation, 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye with copies
via email to cmbs.requests@db.com, and (ii) CREFI is the related Mortgage Loan Seller shall be delivered to Citi Real
Estate Funding Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, Facsimile: (212) 723-8599,
with a copy to Citi Real Estate Funding Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson,
Facsimile: (646) 328-2943, and with copies by electronic mail to richard.simpson@citi.com and ryan.m.oconnor@citi.com
and. With respect to any Mortgage Loan originated or acquired by GACC or CREFI, as applicable, that is subject to defeasance, if
the successor borrower is not designated or formed by GACC or CREFI, as the case may be, or any Affiliate or successor thereto,
the successor borrower shall be reasonably acceptable to the Master Servicer in accordance with the Servicing Standard.


 


(j)           
If required under the related Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer
shall establish and maintain one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance
Accounts”), into which all payments received by the Master Servicer from any defeasance collateral substituted for any
Mortgaged Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents.
Each Defeasance Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master
Servicer permit such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts
are reinvested by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the
Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii).
To the extent not required or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received
by it from defeasance collateral substituted for any Mortgaged Property into the Collection Account or, if a Serviced Whole Loan
is involved, the Serviced Whole Loan Collection Account and treat any such payments as payments made on the Mortgage Loan or Serviced
Whole Loan, as applicable, in advance of its Due Date in accordance with


 






    -320-


    


    

 


clause (a) of the definition of Principal Distribution
Amount, and not as a prepayment of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary,
in no event shall the Master Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan
is involved, the Serviced Whole Loan Collection Account for a period in excess of 365 days.


 


(k)           Any right to take any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded
the Directing Holder under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived
by the Directing Holder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer, as applicable. Upon delivery of any such notice of waiver given by the Directing Holder, any time period (exclusive or
otherwise) afforded the Directing Holder to exercise any such right, make any such election or grant or withhold any such consent
shall thereupon be deemed to have expired with the same force and effect as if the specific time period set forth in this Agreement
applicable thereto had itself expired. If the Master Servicer or Special Servicer determines that a refusal to consent by the Directing
Holder or any advice from the Directing Holder would cause the Master Servicer or Special Servicer, as applicable, to violate applicable
law, the terms of the applicable Loan Documents, any related Intercreditor Agreements, the REMIC Provisions or the terms of this
Agreement, including without limitation, the Servicing Standard, the Master Servicer or Special Servicer shall disregard such refusal
to consent or advice and notify the Directing Holder, the Trustee, the Certificate Administrator, the related Serviced Companion
Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation
of the basis therefor.


 


(l)           
Any modification, waiver or amendment of, or consents or approvals relating to, a Mortgage Loan or Serviced Whole Loan that
is a Specially Serviced Loan or Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer,
(ii) to the extent provided in this Agreement and/or the applicable Intercreditor Agreement, shall be subject to the consent
of the related Directing Holder and (iii) shall be structured so as to be consistent with the allocation and payment priorities
in the related Loan Documents and Intercreditor Agreement, if any, such that neither the Trust as holder of the Mortgage Loan nor
a holder of any related Serviced Companion Loan gains a priority over the other such holder that is not reflected in the related
Loan Documents and Intercreditor Agreement.


 


(m)          In addition, with respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior to
taking action with respect to any Special Servicer Major Decision (or making a determination not to take action with respect to
a Special Servicer Major Decision), shall refer the request to the Special Servicer, which shall process the request directly or,
if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the
Special Servicer) process such request. If the Master Servicer processes such request and is recommending approval of such request,
the Master Servicer shall prepare and submit its written recommendation and analysis to the Special Servicer with all information
in the Master Servicer’s possession that the Special Servicer may reasonably request in order to withhold or grant its consent,
and in all cases the Special Servicer shall be entitled (subject to the consultation rights of the Operating Advisor and Risk Retention


 






    -321-


    


    

 


Consultation Party or the consent or consultation rights of the Directing Holder pursuant to Section 6.07) to approve or
disapprove any modification, waiver or amendment that constitutes a Special Servicer Major Decision. When the Special Servicer’s
consent is required hereunder, such consent shall be deemed given 15 Business Days, or such longer time period pursuant to the
terms of the related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for
Directing Holder approval, (or in connection with an Acceptable Insurance Default, 90 days) after receipt (unless earlier objected
to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect
to such proposed Special Servicer Major Decision together with such other information reasonably requested by the Special Servicer
and reasonably available to the Master Servicer. Prior to the occurrence and continuance of a Control Termination Event, neither
the Master Servicer (with respect to any Major Decision processed by the Master Servicer) nor the Special Servicer (with respect
to any Major Decision processed by the Special Servicer) will be permitted to take any action constituting a Major Decision, as
to which the Directing Holder has objected in writing within 10 Business Days (or, in connection with an Acceptable Insurance Default,
30 days) after receipt by the Directing Holder of the Master Servicer’s and/or Special Servicer’s, as applicable, written
analysis and recommendation together with such other information reasonably requested by the Directing Holder; provided
that if such written objection has not been received by the Master Servicer or Special Servicer, as applicable, within such 10-Business
Day (or 30-day) period, the Directing Holder will be deemed to have approved such action.


 


(n)          The
Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under
a ground lease where the collateral for the Mortgage Loan includes the ground lease, and the Special Servicer will determine in
accordance with the Servicing Standard whether to cure any borrower defaults relating to ground leases.


 


(o)          With
respect to any Borrower request or other action on a non-Specially Serviced Loan that is not a Major Decision, the Master Servicer
shall not be required to obtain the consent of or consult with the Special Servicer or the Directing Holder.


 


Section 3.27    
Certain Intercreditor Matters Relating to the Whole Loans. (a) With respect to Serviced Whole Loans, except for those
duties to be performed by, and notices to be furnished by, the Trustee under this Agreement, the Master Servicer or the Special
Servicer, as applicable, shall perform such duties and furnish such notices, reports and information on behalf of the Trust Fund
as may be the obligation of the Trust, or the obligation of the master servicer or the special servicer, as applicable, following
securitization, under the related Intercreditor Agreement.


 


(b)          The Master Servicer shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on
which the Master Servicer shall record the names and addresses of the Serviced Companion Loan Noteholders and wire transfer instructions
for such Serviced Companion Loan Noteholders from time to time, to the extent such information is provided in writing to the Master
Servicer by a Serviced Companion Loan Noteholder. Each Serviced Companion Loan Noteholder has agreed to inform the Master Servicer
of its name, address, taxpayer identification number and wiring instructions (to the extent the foregoing information is not already
contained in the related Intercreditor Agreement) and of any transfer thereof (together with any instruments of transfer). The
name and address of each initial Serviced Companion Loan


 






    -322-


    


    

 


Noteholder as of the Closing Date is set forth on Schedule VII
hereto. The Master Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan
Noteholder until it receives notice of transfer or of any change in information.


 


In no event shall the
Master Servicer be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than
the Person listed as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the
event that a Serviced Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer,
the Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have
no obligation to recover and redirect such payment.


 


The Master Servicer shall
promptly provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan
Noteholder or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively
rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.


 


(c)          
The Directing Holder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder
(including the Controlling Class Representative, if applicable) or any noteholder of a Serviced Whole Loan. The Directing
Holder will not have any liability to the Certificateholders (including the Controlling Class Representative, if applicable)
or any other noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any
action or the giving of any consent, pursuant to this Agreement, or for errors in judgment.


 


(d)           With respect to any Serviced Whole Loan, the Directing Holder shall be entitled to exercise the consent rights, cure rights
and purchase rights, as applicable, to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms
of the related Intercreditor Agreement and this Agreement.


 


(e)          
The Special Servicer (if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or
the Master Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and
(subject to Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation
and delivery of reports and other information with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or
any related Serviced REO Property required to be performed by the holder of the related Mortgage Loan or contemplated to be performed
by a servicer, in any case pursuant to and as required by each related Intercreditor Agreement and/or any related mezzanine intercreditor
agreement existing on the Closing Date and any related Intercreditor Agreement or mezzanine intercreditor agreement not existing
on the Closing Date that is provided to the Master Servicer or Special Servicer, as applicable. In addition notwithstanding anything
herein to the contrary, the following considerations shall apply with respect to the servicing of a Serviced Companion Loan:


 


(i)           
none of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Serviced
Companion Loan; and


 



    -323-


    


    

 


(ii)          
the Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion
Loan Noteholder(s) to the extent required by the related Intercreditor Agreement.


 


The Master Servicer or
Special Servicer, as applicable, shall timely provide to each related Serviced Companion Loan Noteholder any reports or notices
required to be delivered to such Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement, and the Special
Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate with the Special
Servicer in preparing/delivering any such report or notice with respect to special servicing matters.


 


If any Serviced Companion
Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within
the meaning of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any
action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status
of such grantor trust as a grantor trust.


 


The parties hereto acknowledge
that a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator,
the Master Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders
for any action taken, or for refraining from the taking of any action pursuant to the related Intercreditor Agreement or the giving
of any consent or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed
its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests
or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict
with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced Companion
Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or
conflicts and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in
the interest of its affiliates.


 


The parties hereto recognize
and acknowledge the respective rights of each Serviced Companion Loan Noteholder under the related Intercreditor Agreement. Each
of the rights of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable
by a designee thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee are provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which
such party may conclusively rely) and the contact details of the designee.


 


Notwithstanding anything
herein or in the Intercreditor Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may
require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable
law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Master Servicer’s
or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer,
the Depositor, a Mortgage Loan Seller, the Operating Advisor, the Asset Representations Reviewer,


 






    -324-


    


    

 


the Paying Agent, the Trust Fund,
the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope of the Master
Servicer’s or Special Servicer’s responsibilities hereunder.


 


Any reference to servicing
any of the Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage)
shall also mean, in the case of a Serviced Whole Loan, in accordance with the related Intercreditor Agreement.


 


To the extent not otherwise
expressly included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Serviced
Whole Loan or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those
provisions as if set forth herein in full.


 


For purposes of exercising
any rights that the Directing Holder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under the related
Intercreditor Agreement, the Directing Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon
request, take such actions as may be necessary under the related Intercreditor Agreement to effect such designation. The Certificate
Administrator shall provide notice of the identity of the Controlling Class Representative (to the extent the Certificate
Administrator has received notice of a change in the identity of the Controlling Class Representative), upon request, to the
other parties to the related Intercreditor Agreement, to the extent the identity and contact information of such parties to such
Intercreditor Agreement are actually known to the Certificate Administrator.


 


(f)          
With respect to a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described
information in Section 3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c)
and Section 3.13(d) and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d),
to the extent such Master Servicer has timely received such information from the Other Servicer under the Other Pooling and Servicing
Agreement.


 


Promptly following the
Closing Date or, as applicable, upon the receipt of notice by the Certificate Administrator of a Servicing Shift Securitization
Date, the Certificate Administrator shall send written notice (which notice may be by email) substantially in the form of Exhibit EE
hereto, accompanied by a copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan to each
applicable Other Depositor, Other Servicer, Other Special Servicer, Other Trustee, Other Operating Advisor and Other Asset Representations
Reviewer stating that, as of the Closing Date, the Trustee is the holder of the applicable Non-Serviced Mortgage Loan and directing
each such recipient to remit to the Master Servicer no later than one (1) Business Day after each Determination Date all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer no later than one (1)
Business Day after each Determination Date all reports, statements, documents, communications and other information that are to
be forwarded, delivered or otherwise made available to, the holder of the applicable Non-Serviced Mortgage Loan under the related
Intercreditor Agreement and Other Pooling and Servicing Agreement. Such notice shall also provide contact information for the Certificate
Administrator, the Trustee, the Master Servicer,


 






    -325-


    


    

 


the Special Servicer, the Directing Holder, the 17g-5 Information Provider and
the Rating Agencies.


 


With respect to a Non-Serviced
Mortgage Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the
terms of the related Other Pooling and Servicing Agreement, promptly upon notice thereof, the applicable party to this Agreement
that receives such notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special
Servicer or Other Trustee, as the case may be.


 


With respect to a Non-Serviced
Mortgage Loan, upon its receipt of written notice of the replacement of the Master Servicer, the Special Servicer or the Trustee,
the Certificate Administrator shall give prompt written notice thereof to each related Other Servicer, Other Special Servicer,
Other Trustee and Other Operating Advisor, together with relevant contact information of the successor Master Servicer, Special
Servicer or Trustee, as applicable.


 


With respect to each
Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and,
if applicable, related Non-Directing Holder (or its designee or representative), within the same time frame and to the same extent
it is required to provide such information and materials to the Certificateholders or the Directing Holder, as applicable (but
without regard to whether or not the Directing Holder actually has lost any rights to receive such information as a result of a
Consultation Termination Event), hereunder with (1) copies of each financial statement received by the Master Servicer pursuant
to the terms of the related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms
of the Loan Documents, copies of any other documents or information relating to the Serviced Whole Loan (including, without limitation,
property inspection reports, loan servicing statements, Borrower requests and asset status reports) that the Master Servicer delivers
to the related Directing Holder and copies of any other notice, information or report that it is required to provide to the Directing
Holder pursuant to this Agreement with respect to any Major Decision or with respect to any “major decisions” or “major
actions” as set forth in the related Intercreditor Agreement or the implementation of any recommended actions outlined in
an Asset Status Report relating to such Serviced Whole Loan. Any copies to be furnished by the Master Servicer or the Special Servicer
may be furnished by hard copy or electronic means.


 


(g)         
With respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or
such analogous term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing
Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset
Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review by
providing the Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the
Other Asset Representations Reviewer or such other requesting party (not at its own expense or the expense of the Trust but at
the expense of the related mortgage loan seller, such Other Asset Representations Reviewer or such other requesting party to the
Other Pooling and Servicing Agreement), but only to the extent that (i) Other Asset Representations Reviewer or such other requesting
party has not been able to obtain such


 






    -326-


    


    

 


documents from the related mortgage loan seller or any party to the related Other Pooling
and Servicing Agreement, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee
or the Custodian, as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee
or the Custodian (i) shall have any further obligations with respect to any such asset review nor shall any such party be bound
by the results of any such asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its
reasonable determination, would be a violation of this Agreement or any related Intercreditor Agreement.


 


(h)          To the extent that the Other Pooling and Servicing Agreement or Intercreditor Agreement relating to any Non-Serviced Whole
Loan permits the holder of the related Non-Serviced Mortgage Loan to terminate the related Other Servicer or Other Special Servicer
or appoint a sub-servicer or replacement therefor, the Trustee may, and at the written direction of the Holders of at least 25%
of the aggregate Voting Rights of all Certificates (or the Depositor with respect to any such right arising from such Other Servicer’s
or Other Special Servicer’s failure to comply with Exchange Act reporting obligations) upon five (5) Business Days’
notice, shall, exercise the right to terminate the related Other Servicer or Other Special Servicer or appoint a sub-servicer or
replacement therefor, as applicable.


 


(i)           
To the extent of any conflict between this Agreement and any Intercreditor Agreement, the terms of the Intercreditor Agreement
shall control.


 


Section 3.28    
Directing Holder Contact with the Master Servicer and the Special Servicer. Each of the Master Servicer and the Special
Servicer shall, not more frequently than once per month, without charge, make a knowledgeable Servicing Officer via telephone available
during normal business hours to verbally answer questions from the Directing Holder (for so long as no Consultation Termination
Event has occurred and is continuing) and the Operating Advisor regarding the performance and servicing of the Mortgage Loans and/or
REO Properties for which the Master Servicer or the Special Servicer, as the case may be, is responsible.


 


Section 3.29     Controlling Class Certificateholders, the Controlling Class Representative and the Risk Retention Consultation
Party; Certain Rights and Powers of the Directing Holder and the Risk Retention Consultation Party. (a) Each Certificateholder
and Certificate Owner of a Control Eligible Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate
(or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate Registrar and to notify
the Certificate Registrar of the transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible
Certificate), the selection of a Controlling Class Representative or the resignation or removal thereof. Any such Certificateholder
(or Certificate Owner) or its designee at any time appointed Controlling Class Representative is hereby deemed to have agreed
by virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership interest in a Control Eligible Certificate)
to notify the Certificate Registrar when such Certificateholder (or Certificate Owner) or designee is appointed Controlling Class Representative
and when it is removed or resigns. Upon receipt of such notice, the Certificate Registrar shall notify the Special Servicer, the
Master Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Trustee,
each Serviced Companion Loan Noteholder of the identity of the


 






    -327-


    


    

 


Controlling Class Representative, any resignation or removal
thereof and/or any new Holder or Certificate Owner of a Control Eligible Certificate.


 


On the Closing Date,
the initial Controlling Class Representative shall execute a certification substantially in the form of Exhibit L-1G
to this Agreement. Upon the resignation or removal of the existing Controlling Class Representative, any successor Controlling
Class Representative shall also execute and deliver a certification substantially in the form of Exhibit L-1G to this
Agreement to the parties to this Agreement prior to being recognized as the new Controlling Class Representative.


 


Upon the resignation
or removal of any existing Risk Retention Consultation Party, any successor Risk Retention Consultation Party shall execute and
deliver a certification substantially in the form of Exhibit L-1H to this Agreement prior to being recognized as the new
Risk Retention Consultation Party. The parties hereto shall be entitled to assume that the Risk Retention Consultation Party hasn’t
changed absent such notice.


 


In addition, upon the
request of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or, for
so long as no Consultation Termination Event has occurred and is continuing, the Directing Holder, the Certificate Registrar shall
promptly (but no later than five (5) Business Days after such request) provide to the requesting party the identity of the then-current
Controlling Class and a list of the Holders of Certificates of the Controlling Class. However, if any Certificate of the Controlling
Class is a Global Certificate, then the Certificate Administrator shall promptly (but in no event more than five (5) Business Days
following such request) request from the Depository, with the assistance of the Trustee, the list of Depository Participants for
the Controlling Class and make reasonable efforts to obtain a list of Certificate Owners from such Depository Participants, and
the Certificate Administrator shall provide such list of Depository Participants and such list of Certificate Owners (to the extent
the Certificate Administrator obtains such list of Certificate Owners), to the requesting party promptly upon receipt. The Certificate
Administrator shall be entitled to conclusively rely on the list of Depository Participants for the Controlling Class provided
by the Depository and the list of Certificate Owners provided by any Depository Participant and shall not have any liability for
such reliance; provided that, if any Certificate of the Controlling Class is a Global Certificate and the Certificate Administrator
has actual knowledge of the identity of the related Certificate Owners, then the Certificate Administrator shall include such Certificate
Owner in the list provided to any requesting party pursuant to first sentence of this paragraph. The Master Servicer, the Special
Servicer, the Trustee, the Operating Advisor and the Directing Holder shall be entitled to conclusively rely on any such information
so provided. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party,
except that if (i) such expenses arise in connection with an event as to which the Directing Holder (or Controlling Class Representative)
has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant
to this Agreement or the related Other Pooling and Servicing Agreement or in connection with a request made by the Operating Advisor
in connection with its obligation under this Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling
Class Representative and (ii) the requesting party has not been notified of the identity of the Directing Holder (or Controlling Class Representative) or reasonably believes that the identity of the Directing Holder (or 


 






    -328-


    


    

 


Controlling Class Representative)
has changed, then such expenses shall be at the expense of the Trust.


 


To the extent the Master
Servicer has actual knowledge of any change in the identity of a Holder (or Certificate Owners) of the Controlling Class, then
the Master Servicer shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.


 


(b)          The initial Controlling Class Representative on the Closing Date shall be Eightfold Real Estate Capital, L.P. The Certificate
Registrar shall be entitled to assume Eightfold Real Estate Capital, L.P., or any subsequent Controlling Class Representative
selected in accordance with this Agreement and notified to the Certificate Registrar thereof in writing, is the Controlling Class Representative
appointed by the Holder (or Certificate Owner) of each Class of Control Eligible Certificates, until the Certificate Registrar
receives (i) written notice of a replacement Controlling Class Representative from a majority of the Controlling Class Certificateholders
by Certificate Balance, (ii) written notice from a majority of the Controlling Class Certificateholders, by Certificate Balance,
that a Controlling Class Representative is no longer designated, (iii) written notice from a Controlling Class Representative
of the resignation of such Controlling Class Representative, or (iv) written notice that the Holder (or Certificate Owner)
of a majority of the applicable Class of Control Eligible Certificates is no longer the Holder (or Certificate Owner) of a majority
of the applicable Class of Control Eligible Certificates due to a transfer of those Certificates (or a beneficial ownership interest
in those Certificates). Upon the resignation of a Controlling Class Representative, the Certificate Administrator shall request
the Controlling Class Certificateholders to select a new Controlling Class Representative.


 


In the event either (y) the
Certificate Registrar receives notice identified in any of clause (ii) through (iv) of the immediately preceding paragraph
and no successor Controlling Class Representative is then identified to the Certificate Registrar or (z) a party to this Agreement
requests from the Certificate Administrator the identity of the Controlling Class Representative and such identity is not
known to the Certificate Administrator, then the Certificate Administrator shall promptly deliver a notice of such event (the “Initial
Notice”) to all the Certificateholders via the Depository (and a copy of such Initial Notice shall be simultaneously
sent to each of the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor), which notice shall include a
request that the Controlling Class Certificateholder that believes it may own the largest aggregate Certificate Balance of
the Controlling Class represent in writing to the Certificate Administrator that it owns the largest aggregate Certificate Balance
of the Controlling Class (with evidence of its ownership) and provide its contact information. Upon receipt of such written representation
(and any subsequent written representation), the Certificate Administrator shall deliver a notice (the “Subsequent Notice”)
to all the Certificateholders via the Depository of such representation (and a copy of such Subsequent Notice shall be simultaneously
sent to each of the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor) and so long as another party
holding an equal or larger aggregate Certificate Balance of the Controlling Class does not provide a written representation within
thirty (30) days from the date of delivery of the latest Subsequent Notice, the party making the original assertion shall become
the Controlling Class Certificateholder until replaced by another party pursuant to the terms of this Agreement.


 






    -329-


    


    

 


Notwithstanding
the foregoing, Controlling Class Certificateholder(s) providing notice that it (or they) are the Holders of a majority of
the Controlling Class Certificateholders, by Certificate Balance, shall have the right to select the Controlling Class Representative
at any time without regard to such 30-day period, and a Controlling Class Representative selected by the Holders of a majority
of the Controlling Class Certificateholders, by Certificate Balance, shall be recognized as such immediately upon being selected
in accordance with this Agreement whether or not such 30-day period has expired.


 


In the event that a Controlling
Class Representative is selected pursuant to this Section 3.29(b) or there is deemed to be no Controlling Class Representative
pursuant to this (b), the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate
Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer and the Trustee of the identity of the
new Controlling Class Representative or the absence of a Controlling Class Representative, as applicable.


 


At any time more than
50% of the Percentage Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing
to hold an election for a Controlling Class Representative, the Certificate Administrator shall hold such election as soon
as practicable at the expense of such requesting Certificateholders.


 


(c)           The
Master Servicer, Special Servicer, Trustee, Operating Advisor and Asset Representations Reviewer shall be entitled to request
that the Certificate Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business
Days after such request) provide (i) for so long as no Consultation Termination Event has occurred and is continuing, the
identity of the Controlling Class Representative, including names and contact information and, to the extent reasonably available,
a list of Controlling Class Certificateholders and (ii) confirmation as to whether a Control Termination Event, Consultation
Termination Event or Operating Advisor Consultation Event has occurred in the 12 months preceding any such request or any other
period specified in such request. In addition to the foregoing, (i) within two (2) Business Days of receiving notice of the
selection of a new Controlling Class Representative or Risk Retention Consultation Party or the existence of a new Controlling
Class Certificateholder or (ii) within ten (10) days of the commencement or cessation of any Consultation Termination Event,
Control Termination Event or Operating Advisor Consultation Event, the Certificate Administrator shall notify the Trustee, the
Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer and post notice on the Certificate
Administrator’s Website. Any expenses incurred in connection with obtaining such information shall be at the expense of
the requesting party, except that if (i) such expenses arise in connection with an event as to which the Directing Holder
(or Controlling Class Representative) has review, consent or consultation rights with respect to an action taken by, or report
prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement or in connection
with a request made by the Operating Advisor in connection with its obligation under this Agreement to deliver a copy of the Operating
Advisor Annual Report to the Controlling Class Representative and (ii) the requesting party has not been notified of
the identity of the Directing Holder (or Controlling Class Representative) or reasonably believes that the identity of the
Directing Holder (or Controlling Class Representative) has changed, then such expenses shall be at the expense of the Trust.


 



    -330-


    


    

 


The Special Servicer,
the Master Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer and
the Trustee shall be entitled to assume Eightfold Real Estate Capital, L.P. is the Controlling Class Representative appointed
by the Holder (or Certificate Owner) of each Class of Control Eligible Certificates until such party receives notice to the contrary.
At any time that a party to this Agreement receives notice of the selection of a Controlling Class Representative from the
Certificate Registrar, the Certificate Administrator or a majority of the Controlling Class Certificateholders, by Certificate
Balance, then such party to this Agreement shall be entitled to rely on the most recent notification with respect to the identity
of the Controlling Class Certificateholder and the Controlling Class Representative. The Special Servicer shall have
no obligation to obtain the consent of or consult with any entity appointed as a successor Controlling Class Representative
until the Special Servicer receives written notice of such successor Controlling Class Representative’s identity and contact
information.


 


(d)          If to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class,
the Certificate Administrator shall notify the related Certificateholders of such Class (through the Depository) of such event.


 


(e)          
Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Holder
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates or Companion
Loan Noteholders; (ii) the Directing Holder may act solely in the interests of the Holders of the Controlling Class (or, in
the case of a Whole Loan, in the interests of one or more Companion Loan Noteholders); (iii) the Directing Holder does not
have any liability or duties to the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing
Holder may take actions that favor the interests of the Directing Holder or one or more Classes of the Certificates including the
Holders of the Controlling Class (or, in the case of a Whole Loan, one or more Companion Loan Noteholders) over the interests of
the Holders of one or more Classes of Certificates and other Companion Loan Noteholders; and (v) the Directing Holder shall
have no liability whatsoever to any Certificateholder, the Trust, any Companion Loan Noteholder any party hereto or any other Person
(including any Borrower under a Mortgage Loan) for having so acted as set forth in clauses (e) through (e) of this paragraph,
and no Certificateholder or Companion Loan Noteholder may take any action whatsoever against the Directing Holder or any director,
officer, employee, agent or principal thereof for having so acted.


 


Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation Party may have special
relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the Risk Retention
Consultation Party may act solely in the interests of the Holders of the VRR Interest; (iii) the Risk Retention Consultation Party
do not have any liability or duties to the Holders of any Class of Certificates; (iv) the Risk Retention Consultation Party may
take actions that favor interests of the Holders of one or more Classes including the VRR Interest over the interests of the Holders
of one or more other Classes of Certificates; and (v) the Risk Retention Consultation Party shall have no liability whatsoever
for having so acted as set forth in clauses (i) through (iv) above, and no Certificateholder may take any action
whatsoever against the Risk Retention


 






    -331-


    


    

 


Consultation Party or any director, officer, employee, agent or principal of the Risk Retention
Consultation Party for having so acted.


 


(f)          
The Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2)
Business Days of a request from the Master Servicer, Special Servicer, Trustee, the Operating Advisor, the Certificate Administrator
or any Certificateholder and provide such information to the requesting party.


 


(g)          At
any time when the most senior Class of Control Eligible Certificates is the Controlling Class, the Holder of more than 50% of
the Controlling Class Certificates (by Certificate Balance) may waive its right to act as, or appoint a representative to act
as, the Controlling Class Representative and to exercise any of the rights of the Controlling Class Representative or
cause the exercise of any of the rights of the Controlling Class Representative by irrevocable written notice delivered to
the Depositor, Certificate Administrator, Certificate Registrar, Trustee, Master Servicer, Special Servicer, Operating Advisor
and Asset Representations Reviewer. Any such waiver shall remain effective with respect to such Holder and the most senior Class
of Control Eligible Certificates until such time as that Certificateholder has (i) sold a majority of the most senior Class of
Control Eligible Certificates (by Certificate Balance) to an unaffiliated third party and (ii) certified to the Depositor, Certificate
Administrator, Certificate Registrar, Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations
Reviewer, that (a) the transferor retains no direct or indirect voting rights with respect to the most senior Class of Control
Eligible Certificates that it does not own, (b) there is no voting agreement between the transferee and the transferor and (c)
the transferor retains no direct or indirect controlling interest in the most senior Class of Control Eligible Certificates. During
such waiver period a Consultation Termination Event shall be deemed to exist and the rights of the Controlling Class to appoint
a Controlling Class Representative and the rights of the Controlling Class Representative shall not be operative (notwithstanding
whether a Control Termination Event or a Consultation Termination Event is or would otherwise then be in effect). Following any
transfer of more than 50% of the most senior Class of Control Eligible Certificates, the successor Holder of more than 50% of
the most senior Class of Control Eligible Certificates, if the most senior Class of Control Eligible Certificates is the Controlling
Class (by Certificate Balance) shall again have the right to act as, or appoint a representative to act as, the Controlling Class Representative
without regard to any prior waiver by the predecessor Certificateholder. The successor Certificateholder shall also have the right
to irrevocably waive its right to act as or appoint a Controlling Class Representative or to exercise any of the rights of
the Controlling Class Representative or cause the exercise of any of the rights of the Controlling Class Representative.
No successor Certificateholder described above shall have any consent rights with respect to any Mortgage Loan that became a Specially
Serviced Loan prior to its acquisition of a majority of the most senior Class of Control Eligible Certificates that had not also
become a Corrected Mortgage Loan prior to such acquisition until such Mortgage Loan becomes a Corrected Mortgage Loan.


 


The Directing Holder
shall not have any consent or consultation rights with respect to any Mortgage Loan determined to be a Conflicted Loan as to either
the Directing Holder or, except in the case of a Servicing Shift Mortgage Loan, the Holder of the majority of the Controlling Class.
Likewise, a Risk Retention Consultation Party shall not have any consultation rights with respect to any Mortgage Loan determined
to be a Conflicted Loan as to the Risk


 






    -332-


    


    

 


Retention Consultation Party. In the case of a Conflicted Loan relating to the Controlling
Class Representative, in respect of the servicing of any such Conflicted Loan, a Control Termination Event and Consultation Termination
Event will be deemed to have occurred with respect to such Conflicted Loan.


 


Section 3.30    
Rating Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage Loan documents or other provisions
of this Agreement, if any action under any Mortgage Loan documents or this Agreement requires Rating Agency Confirmation as a condition
precedent to such action, if the party (the “Requesting Party”) attempting and/or required to obtain such Rating
Agency Confirmation from each Rating Agency has made a request to any Rating Agency for such Rating Agency Confirmation and, within
10 Business Days of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such
Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing
such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required to confirm
(through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable
Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency
Confirmation again (which may also be through direct communication). The circumstances described in the preceding sentence are
referred to in this Agreement as a “RAC No-Response Scenario.” Once the Requesting Party has sent a request
for a Rating Agency Confirmation to the 17g-5 Information Provider, such Requesting Party, may, but shall not be obligated to send
such request directly to the Rating Agencies in accordance with the procedures set forth in Section 3.14.


 


If there is no response
to such Rating Agency Confirmation request within 5 Business Days of such second request in a RAC No-Response Scenario or if such
Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement
for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating
Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans (other
than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not
to apply (as if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer,
as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original
determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation
would still be consistent with the Servicing Standard, (y) with respect to a replacement of the Master Servicer or Special
Servicer, such condition shall be deemed not to apply (as if such requirement did not exist) if (i) the applicable replacement
master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3”
(in the case of the special servicer), if Fitch is the non-responding Rating Agency, (ii) it is listed on S&P’s
Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable,
if S&P is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the replacement master servicer
or special servicer, as applicable, as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings
(or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial
mortgage-backed securitization transaction serviced by the replacement master servicer or special servicer prior to the time of


 






    -333-


    


    

 


determination, if KBRA is the non-responding Rating Agency and (z) with respect to a replacement or successor to the Operating
Advisor in any circumstance where a Rating Agency Confirmation is required pursuant to the terms hereof, such condition will be
deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding
the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or
placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial
mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating
advisor prior to the date of determination.


 


Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.


 


Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a)
following any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist),
the Master Servicer or Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider
of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5
Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.


 


(b)          Notwithstanding anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document
relating to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral), release
or substitution of any collateral, in the event of a RAC No-Response Scenario, any Rating Agency Confirmation requirement in the
Loan Documents with respect to which the Master Servicer or Special Servicer would have been required to make the determination
described in Section 3.30(a) (as a result of such RAC No-Response Scenario) shall be deemed not to apply regardless
of any such determination by the Requesting Party (or, if the Requesting Party is the related Borrower, the Master Servicer (with
respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Loans), as applicable);
provided, that the Requesting Party (or the Master Servicer or the Special Servicer, as applicable) shall in any event review
the other conditions required under the related Loan Documents with respect to such defeasance, release or substitution and confirm
to its satisfaction in accordance with the Servicing Standard that such conditions (other than the requirement for a Rating Agency
Confirmation) have been satisfied.


 


(c)          
For all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting
Party shall deliver a Rating Agency Confirmation from each Rating Agency.


 



    -334-


    


    

 


(d)         
Notwithstanding the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Intercreditor
Agreement, with respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action
relating to the servicing and administration of the related Whole Loan or any related REO Property (the “Relevant Action”)
requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except
as set forth below in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation
as a condition precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating
Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party
is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a
Serviced Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will
be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master
Servicer or Special Servicer, as applicable, depending on which is seeking the subject Serviced Companion Loan Rating Agency Confirmation,
shall forward to one or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other
17g-5 Information Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as
applicable, and the applicable parties for the related Other Securitization, at the expense of the Other Securitization to the
extent not borne by the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request
for such Serviced Companion Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under
this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately
the same time that such materials are forwarded to the 17g-5 Information Provider and (iii) any other materials that the applicable
Serviced Companion Loan Rating Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation
promptly following receipt of such request from the Other Trustee.


 


The Certificate Administrator
shall, promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to
the Master Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other Special Servicer,
the Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.


 


Section 3.31    
Appointment and Duties of the Operating Advisor.


 


(a)          
The Operating Advisor shall review (i) as the Operating Advisor’s obligations are provided in Section 3.23(e),
Section 3.31 and Section 6.07, the actions of the Special Servicer with respect to any Specially Serviced Loan and,
after the occurrence and during the continuance of an Operating Advisor Consultation Event, the actions of the Special Servicer
with respect to Major Decisions relating to any Performing Loan; (ii) all reports by the Special Servicer made available to
Privileged Persons that are posted on the Certificate Administrator’s Website; and (iii) each Asset Status Report (after
the occurrence and during the continuance of an Operating Advisor Consultation Event) and each Final Asset Status Report delivered
or made


 






    -335-


    


    

 


available to the Operating Advisor. The Operating Advisor shall perform its duties hereunder in accordance with the Operating
Advisor Standard.


 


In addition and for the
avoidance of doubt, although the Operating Advisor may have certain consultation duties with the master servicer with respect to
certain Major Decisions processed by the Master Servicer, the Operating Advisor will have no obligations or responsibility at any
time to review or assess the actions of the Master Servicer for compliance with the Servicing Standard, and the Operating Advisor
will not be required to consider such Master Servicer actions in connection with any Operating Advisor Annual Report.


 


(b)           The Operating Advisor and its Affiliates will be obligated to keep confidential any information appropriately labeled as
“Privileged Information” received from the Special Servicer or Directing Holder in connection with the Directing Holder’s
exercise of its rights under this Agreement (including, without limitation, in connection with any Asset Status Report) or otherwise
in connection with this transaction, except under the circumstances described in (g) and subject to any law, rule, regulation,
order, judgment or decree requiring the disclosure of such Privileged Information. Subject to the terms and conditions in this
Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special
Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.


 


(c)          
(i)  Based on the Operating Advisor’s review of (A) any assessment of compliance, any attestation report
and other information delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are
posted on the Certificate Administrator’s Website during the prior calendar year, (B) prior to the occurrence and continuance
of an Operating Advisor Consultation Event, with respect to any Performing Loan, any related Final Asset Status Report or Major
Decision Reporting Package and (C) after the occurrence and continuance of an Operating Advisor Consultation Event, any Asset Status
Report and any Major Decision Reporting Package, the Operating Advisor shall (if, at any time during the prior calendar year, (i) any
Serviced Mortgage Loan was a Specially Serviced Loan or (ii) the Operating Advisor was entitled to consult with the Special Servicer
with respect to any Major Decision) deliver to the Depositor, the Certificate Administrator (which shall promptly post such Operating
Advisor Annual Report on the Certificate Administrator’s Website in accordance with Section 4.02(b)) and the
17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s
Website in accordance with Section 3.14(d)) within one hundred twenty (120) days of the end of the prior calendar year,
an annual report (the “Operating Advisor Annual Report”), substantially in the form of Exhibit BB
(which form may be modified or altered as to either its organization or content by the Operating Advisor, subject to compliance
of such form with the terms and provisions of this Agreement including, without limitation, provisions herein relating to Privileged
Information; provided, however, that in no event shall the information or any other content included in the Operating
Advisor Annual Report contravene any provision of this Agreement), that (A) sets forth whether the Operating Advisor believes,
in its sole discretion exercised in good faith, that the Special Servicer is operating in compliance with the Servicing Standard
with respect to its performance of its duties pursuant to this Agreement with respect to Specially Serviced Loans (and, after the
occurrence and during the continuance of an Operating Advisor Consultation Event, with respect to Major Decisions on Performing
Loans) during the prior calendar year on an Asset-Level Basis and


 






    -336-


    


    

 


(B) identifies (1) which, if any, standards the Operating
Advisor believes, in its sole discretion exercised in good faith, the Special Servicer has failed to comply and (2) any material
deviations from the Special Servicer’s obligations hereunder with respect to the resolution or liquidation of any Specially
Serviced Loan or REO Property (other than with respect to any REO Property related to any Non-Serviced Mortgage Loan or any Servicing
Shift Mortgage Loan); provided, however, that in the event the Special Servicer is replaced, the Operating Advisor
Annual Report shall only relate to the entity that was acting as Special Servicer as of December 31 in the prior calendar year
and is continuing in such capacity through the date of such Operating Advisor Annual Report; provided, further, that
the Operating Advisor shall prepare a separate Operating Advisor Annual Report relating to each Non-Conflicted Special Servicer
and any Conflicted Special Servicer Mortgage Loan(s) serviced by such Non-Conflicted Special Servicer. In preparing any Operating
Advisor Annual Report, the Operating Advisor shall not be required to report on instances of non-compliance with, or deviations
from, the Servicing Standard or the Special Servicer’s obligations under this Agreement that the Operating Advisor determines,
in its sole discretion exercised in good faith, to be immaterial. Subject to the restrictions in this Agreement, each such Operating
Advisor Annual Report shall comply with all of the confidentiality requirements described in this Agreement regarding Privileged
Information (subject to any permitted exceptions). Such Operating Advisor Annual Report shall be delivered to the Depositor, the
Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s
Website in accordance with Section 4.02(b)) and the 17g-5 Information Provider (which shall promptly post such Operating
Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d)); provided,
however, that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual Report at least
five (5) Business Days prior to such Operating Advisor Annual Report’s delivery to the Depositor, the Certificate Administrator
and the 17g-5 Information Provider. The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor
Annual Report that are provided by the Special Servicer.


 


(ii)          
In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual
Report is limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to
the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations
or prohibitions in the related Operating Advisor Annual Report and the Operating Advisor shall not be subject to any liability
arising from such limitations and prohibitions. The Operating Advisor shall be entitled to conclusively rely on the accuracy and
completeness of any information it is provided. If the Operating Advisor is prohibited or materially limited from obtaining Privileged
Information and such prohibition or limitation prevents the Operating Advisor from performing its duties under this Agreement,
the Operating Advisor shall not be subject to any liability arising from its lack of access to such Privileged Information.


 


(d)           (i)  With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, after
the calculation has been finalized (and, if an Operating Advisor Consultation Event has occurred and is continuing, prior to the
utilization by the Special Servicer) of any of the calculations related to (i) Appraisal Reduction Amounts or (ii) net present
value in accordance with Section 1.02(i), the Special Servicer shall forward such calculations, together with any supporting
material or additional information necessary in support


 






    -337-


    


    

 


thereof (including such additional information reasonably requested by
the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Information),
to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing such calculations, and
the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations and any supporting
or additional materials, recalculate and review for accuracy and consistency with this Agreement of the mathematical calculations
and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection
with any such calculation.


 


(ii)          
In connection with this Section 3.31(d), in the event the Operating Advisor does not agree with the mathematical
calculations of the Appraisal Reduction Amount (as calculated by the Special Servicer) or net present value or the application
of the applicable non discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor
and the Special Servicer shall consult with each other in order to resolve any material inaccuracy in the mathematical calculations
or the application of the non-discretionary portions of the related formula in arriving at those mathematical calculations or any
disagreement within five (5) Business Days of delivery of such calculations. The Master Servicer shall cooperate with the Special
Servicer and provide any information reasonably requested by the Special Servicer necessary for the calculation of the Appraisal
Reduction Amount that is in the Master Servicer’s possession or reasonably obtainable by the Master Servicer. In the event
the Operating Advisor and the Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such
five (5) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement and
the Certificate Administrator shall examine the calculations and supporting materials provided by the Operating Advisor and the
Special Servicer and determine which calculation is to apply (and shall provide prompt written notice of such determination to
the Operating Advisor and the Special Servicer). In making such determination, the Certificate Administrator may hire an independent
third party to assist with any such calculation at the expense of the Trust and shall be entitled to conclusively rely on such
third party’s determination (provided such third party has been selected with reasonable care by the Certificate Administrator).


 


(e)          
Notwithstanding the foregoing, prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating
Advisor’s review will be limited to an after-the-action review of any assessment of compliance report, any attestation report,
any Major Decision Reporting Package and/or Asset Status Reports (in each case, after the occurrence and during the continuance
of an Operating Advisor Consultation Event), any Final Asset Status Report and other information delivered to the Operating Advisor
by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s Website
during the prior calendar year (together with any additional information and material reviewed by the Operating Advisor), and,
therefore, it shall have no involvement with respect to collateral substitutions, assignments, workouts, modifications, consents,
waivers, insurance policies, mortgagor substitutions, lease changes, additional borrower debt, defeasances, property management
changes, releases from escrow, assumptions or other similar actions that the Special Servicer may perform under this Agreement
and will have no obligations at any time with respect to any Non-Serviced Mortgage Loan. In addition, with respect to the Operating
Advisor’s review of net present value calculations as required in Section 3.26(d) above, the Operating Advisor’s


 






    -338-


    


    

 


recalculation shall not take into account the reasonableness of Special Servicer’s property and borrower performance assumptions
or other similar discretionary portions of the net present value calculation.


 


(f)          
Subject to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in
respect of Privileged Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to
time in accordance with the terms of Section 4.02(c) of this Agreement.


 


(g)          The
Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information”
confidential and shall not, without the prior written consent of the Special Servicer and either the Directing Holder (with respect
to any Mortgage Loan other than a Non-Serviced Whole Loan and any applicable Conflicted Loan and for so long as no Consultation
Termination Event is continuing) or the Risk Retention Consultation Party (with respect to any Mortgage Loan other than a Non-Serviced
Whole Loan and any applicable Conflicted Loan), as applicable, disclose such Privileged Information to any Person (including Certificateholders
other than the Controlling Class Representative), other than (i) to the extent expressly required by this Agreement, to the other
parties to this Agreement with a notice indicating that such information is Privileged Information, (ii) pursuant to a Privileged
Information Exception or (iii) where necessary to support specific findings or conclusions concerning allegations of deviations
from the Servicing Standard (A) in the Operating Advisor Annual Report or (B) in connection with a recommendation by the Operating
Advisor to replace the Special Servicer. Each party to this Agreement that receives Privileged Information from the Operating
Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to
any Person without the prior written consent of the Special Servicer, the Controlling Class Representative and the Directing
Holder other than pursuant to a Privileged Information Exception. Notwithstanding the foregoing, the Operating Advisor shall be
permitted to share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing
to be bound by the same confidentiality provisions applicable to the Operating Advisor. Subject to the terms and conditions in
this Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the
Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.
In addition and for the avoidance of doubt, while the Operating Advisor may serve in a similar capacity with respect to other
securitizations that involve the same parties or borrower involved in this securitization, the knowledge of the employees performing
operating advisor functions for such other securitizations shall not be imputed to employees of the Operating Advisor involved
in this securitization.


 


(h)          On each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts
on deposit in the Collection Account pursuant to Section 3.06 of this Agreement, as applicable. In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor
has consultation rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds
on deposit in the Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating
Advisor Consulting Fee only to the extent such Operating Advisor Consulting Fee is actually received from the related Borrower.
When the Operating Advisor has consultation rights with respect to a


 






    -339-


    


    

 


Major Decision under this Agreement, the Master Servicer or
the Special Servicer processing the Major Decision shall use efforts to collect the applicable Operating Advisor Consulting Fee
from the related Borrower in connection with such Major Decision that are consistent with the efforts that the Master Servicer
or the Special Servicer, as applicable, would use to collect any borrower-paid fees not specified in the related loan documents
owed to it in accordance with the Servicing Standard, but only to the extent not prohibited by the related Loan Documents. The
Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable
by the related Borrower if it determines that such full or partial waiver is in accordance with the Servicing Standard, but in
no event shall the Master Servicer or the Special Servicer take any enforcement action with respect to the collection of such Operating
Advisor Consulting Fee other than requests for collection; provided that the Master Servicer or the Special Servicer, as
applicable, shall consult on a non-binding basis with the Operating Advisor prior to any such waiver or reduction.


 


(i)           
The Operating Advisor may delegate its duties to agents or subcontractors to the extent such agents or subcontractors satisfy
clauses (c), (d) and (f) of the definition of “Eligible Operating Advisor” and so long as the related agreements or
arrangements with such agents or subcontractors are consistent with the provisions of this Agreement. Notwithstanding the foregoing
sentence, the Operating Advisor shall remain obligated and primarily liable for any actions required to be performed hereunder
in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation or
liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or
subcontractor to the same extent and under the same terms and conditions as if the Operating Advisor alone were performing its
obligations under this Agreement.


 


Section 3.32    
Delivery of Conflicted Information to the Certificate Administrator.


 


(a)          
Any Conflicted Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers
to the Certificate Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate
Administrator via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files
labeled “Conflicted Information” followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com.
For the avoidance of doubt, any information that is not appropriately labeled and delivered in accordance with this Section
3.32 shall not be separately posted as Conflicted Information on the Certificate Administrator’s Website, and any information
appropriately labeled and delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate
Administrator’s Website under the “Conflicted Information” section, as provided under Section 4.02(b).
When so posted, Conflicted Controlling Class Holders shall be prohibited from the access of Conflicted Information with respect
to any Conflicted Controlling Class Mortgage Loans on the Certificate Administrator’s Website (unless loan-by-loan segregation
is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related
Conflicted Controlling Class Mortgage Loan(s)). None of the Master Servicer, the Special Servicer or the Operating Advisor shall
have any obligations to separately label and deliver any Conflicted Information in accordance with this Section 3.32 until
such party has received notice with respect to the related Conflicted Controlling Class Mortgage Loan in the form of Exhibit
L-1E to this Agreement. Nothing set forth in this Agreement shall prohibit the Directing Holder or any Controlling Class Certificateholder
from


 






    -340-


    


    

 


receiving, requesting or reviewing any Conflicted Information relating to any Conflicted Controlling Class Mortgage Loan with
respect to which the Directing Holder or such Controlling Class Certificateholder is not a Borrower Party and, if such Conflicted
Information is not available on the Certificate Administrator’s Website, such Controlling Class Representative or Controlling
Class Certificateholder that is not a Borrower Party with respect to the related Conflicted Controlling Class Mortgage Loan
shall be permitted to obtain such information upon reasonable request in accordance with Section 3.14(c) and the Master
Servicer and the Special Servicer, as applicable, may require and rely on such certifications prior to releasing any such information.


 


Section 3.33    
Certain Matters with Respect to Joint Mortgage Loans.


 


(a)          
If a Mortgage Loan Seller of a Joint Mortgage Loan (a “Repurchasing Seller”) repurchases, or substitutes
for, the Note(s) (a “Repurchased Note”) related to such Joint Mortgage Loan that it sold to the Depositor, but
the other Mortgage Loan Seller of such Joint Mortgage Loan does not repurchase, or substitute for, the Note(s) related to such
Joint Mortgage Loan that it sold to the Depositor, the provisions of this Section 3.33 shall apply prior to the adoption,
pursuant to Section 12.08, of any amendment to this Agreement that provides otherwise. Each Mortgage Loan Seller of a Joint
Mortgage Loan has agreed pursuant to the terms of the related Mortgage Loan Purchase Agreement that the terms set forth in this
Section 3.33 with respect to the servicing and administration of such Joint Mortgage Loan shall apply if one or more
of the Notes related to such Joint Mortgage Loan has been repurchased or, by way of substitution, otherwise removed from the Trust
and at least one other Note related to such Joint Mortgage Loan is included in the Trust until such time as all of the Notes related
to such Joint Mortgage Loan are no longer included in the Trust. For purposes of this Section 3.33 and Section 12.08
only, “Note” shall mean with respect to any Joint Mortgage Loan, each original promissory note that collectively
represents the Note with respect to such Joint Mortgage Loan and shall not be a collective reference to such promissory notes.


 


(b)          Custody
of and record title under the Loan Documents with respect to the applicable Joint Mortgage Loan shall be held exclusively by the
Trustee or the Custodian as provided under this Agreement, except that the Repurchasing Seller shall hold and retain title to
its original Repurchased Note and any related endorsements thereof.


 


(i)          
All of the Notes with respect to any Joint Mortgage Loan shall be of equal priority, and no portion of any Note shall have
priority or preference over any other portion of the other Notes or security therefor. Payments from the related Borrower (including,
without limitation, any late fees) or any other amounts received with respect to each Note shall be collected as provided in this
Agreement by the Master Servicer and shall be applied upon receipt by the Master Servicer pro rata to each related Note
based on its respective Repurchased Percentage Interest, subject to Section 3.33(b)(ii). Payments or any other amounts received
with respect to the related Repurchased Note shall be held for the benefit of the applicable Repurchasing Seller and remitted (net
of its pro rata share of any Master Servicing Fees, Special Servicing Fees, Operating Advisor Fees and any other amounts
due to the Master Servicer or the Special Servicer) to the applicable Repurchasing Seller or its designee by the Master Servicer
on each Distribution Date pursuant to instructions provided by the applicable Repurchasing Seller and deposited and applied in
accordance with this Agreement, subject to (ii). If any Joint 


 






    -341-


    


    

 


Mortgage Loan to which this Section 3.33 applies
becomes REO Loans, payments or any other amounts received with respect to any such Joint Mortgage Loan shall be collected and shall
be applied upon receipt by the Master Servicer pro rata to each related Note based on its respective Repurchased Percentage Interest,
subject to Section 3.33(b)(ii). Any Appraisal Reduction Amounts calculated with respect to any Joint Mortgage Loan subject
to this Section 3.33 shall be allocated to each related Note pro rata based upon the respective Stated Principal
Balances thereof.


 


(ii)          
If the Master Servicer or the Special Servicer, as applicable, receives an aggregate payment of less than the aggregate
amount due under any such Joint Mortgage Loan at any particular time, the applicable Repurchasing Seller shall receive from the
Master Servicer an amount equal to such Repurchasing Seller’s Repurchased Percentage Interest of such payment. All expenses,
losses and shortfalls relating solely to such Joint Mortgage Loan including, without limitation, losses of principal or interest,
Nonrecoverable Advances, interest on Advances, Operating Advisor expenses, Special Servicing Fees, Workout Fees and Liquidation
Fees (including any such fees related to the applicable Notes), shall be allocated between the holders of the related Notes pro
rata based upon the respective Stated Principal Balances thereof. In no event shall any costs, expenses, fees or any other
amounts related to any Mortgage Loan or Joint Mortgage Loan other than the applicable Joint Mortgage Loan be deducted from payments
or any other amounts received with respect to such Joint Mortgage Loan and payable to the applicable Repurchasing Seller. For purposes
of (i), this (ii) and Section 3.33(g), “Repurchased Percentage Interest” shall mean the
percentage interest of the applicable Mortgage Loan Seller in the applicable Joint Mortgage Loan.


 


(iii)          A Joint Mortgage Loan to which this Section 3.33 applies shall be serviced for the benefit of the applicable
Repurchasing Seller and the Certificateholders pursuant to the terms and conditions of this Agreement in accordance with the Servicing
Standard and in accordance with the provisions herein as if (A) such Joint Mortgage Loan were a Serviced Loan Combination, (B)
the related Note(s) not repurchased were (1) a Mortgage Loan serviced pursuant to this Agreement and (2) the only Mortgage Loan
that is part of such Joint Mortgage Loan, and (C) the related Repurchased Note were a Serviced Companion Loan. No Repurchasing
Seller shall be permitted to terminate the Master Servicer, the Special Servicer or the Operating Advisor as servicer, special
servicer or operating advisor, respectively, of the related Repurchased Note. All rights of the mortgagee under each such Joint
Mortgage Loan shall be exercised by the Master Servicer or the Special Servicer, on behalf of the Trust to the extent of its interest
therein and the applicable Repurchasing Seller in accordance with this Agreement.


 


(iv)          The related Repurchasing Seller shall be treated hereunder as if it were a Serviced Companion Loan Noteholder on a pari
passu basis. Funds collected by the Master Servicer or the Special Servicer, as applicable, and applied to the applicable Notes
shall be deposited and disbursed in accordance with the provisions hereof relating to Serviced Companion Loan Noteholders. Compensation
shall be paid to the Master Servicer, the Special Servicer and the Operating Advisor with respect to each Repurchased Note as provided
in this Agreement as if each such Note were a Serviced Companion Loan. None of the Trustee, the Certificate Administrator, the
Master


 






    -342-


    


    

 


Servicer, the Special Servicer or the Operating Advisor shall have any obligation to make P&I Advances with respect
to any Repurchased Note or, if no related Note is part of the Trust, an Advance with respect to any Repurchased Note. Except as
otherwise specified herein, the Master Servicer and the Special Servicer shall have no reporting requirement with respect to any
Repurchased Note other than to deliver to the related Repurchasing Seller any document as is required to be delivered to a Serviced
Companion Loan Noteholder hereunder.


 


(c)          
If any non-repurchased Note relating to a Joint Mortgage Loan to which this Section 3.33 applies is considered a
Specially Serviced Loan, then any related Repurchased Note shall also be a Specially Serviced Loan under this Agreement. The Special
Servicer shall cause such related Repurchased Note to be specially serviced for the benefit of the applicable Repurchasing Seller
in accordance with the terms and provisions set forth in this Agreement and shall be entitled to any Special Servicing Fee, Workout
Fee or Liquidation Fee payable to the Special Servicer under this Agreement as with respect to a Serviced Companion Loan.


 


(d)              
If (A) the Master Servicer shall pay any amount to any Repurchasing Seller pursuant to the terms hereof in the belief or
expectation that a related payment has been made or will be received or collected in connection with either or both of the applicable
Notes and (B) such related payment is not received or collected by the Master Servicer, then the applicable Repurchasing Seller
shall promptly on demand by the Master Servicer return such amount to the Master Servicer. If the Master Servicer determines at
any time that any amount received or collected by the Master Servicer in respect of any Joint Mortgage Loans to which this Section 3.33
applies must be returned to the related Borrower or paid to any other person or entity pursuant to any insolvency law or otherwise,
notwithstanding any other provision of this Agreement, the Master Servicer shall not be required to distribute any portion thereof
to the related Repurchasing Seller, and such Repurchasing Seller shall promptly on demand by the Master Servicer repay (which obligation
shall survive the termination of this Agreement) any portion thereof that the Master Servicer shall have distributed to such Repurchasing
Seller, together with interest thereon at such rate, if any, as the Master Servicer may pay to the related Borrower or such other
person or entity with respect thereto.


 


(e)          
Subject to this Agreement (including, without limitation, the consent and consultation rights of the Controlling Class Representative
and any consultation rights of the Operating Advisor), the Master Servicer or the Special Servicer, as applicable, on behalf of
the holders of any of the Repurchased Notes, shall have the exclusive right and obligation to (i) administer, service and make
all decisions and determinations regarding the related Joint Mortgage Loan and (ii) enforce the applicable Loan Documents as provided
hereunder. Without limiting the generality of the preceding sentence, the Master Servicer or the Special Servicer, as applicable,
may agree to any modification, waiver or amendment of any term of, forgive interest on and principal of, capitalize interest on,
permit the release, addition or substitution of collateral securing, and/or permit the release of the related Borrower on or any
guarantor of any Joint Mortgage Loan it is required to service and administer as contemplated by this Section 3.33, without
the consent of the related Repurchasing Seller, subject, however, to the terms of this Agreement as they pertain to a Serviced
Companion Loan.


 



    -343-


    


    

 


(f)          
In taking or refraining from taking any action permitted hereunder, the Master Servicer and the Special Servicer shall each
be subject to the same degree of care with respect to the administration and servicing of the Joint Mortgage Loans to which this
Section 3.33 applies as is consistent with this Agreement; and shall be liable to any Repurchasing Seller only to the
same extent as set forth herein with respect to any holder of a Serviced Companion Loan.


 


(g)          If
the Trustee, the Master Servicer or the Special Servicer has made an Advance with respect to any Repurchased Note which would
otherwise be reimbursable to such advancing party under this Agreement, and such Advance is determined to be a Nonrecoverable
Advance, the applicable Repurchasing Seller shall reimburse the Trust in an amount equal to such Repurchasing Seller’s Repurchased
Percentage Interest of such Nonrecoverable Advance with interest thereon; provided, if the Repurchasing Seller does not
reimburse the Trustee, the Master Servicer or the Special Servicer, as applicable, the Master Servicer shall reimburse the Trustee,
itself and/or the Special Servicer, as applicable, for such amounts from the Collection Account. Notwithstanding the foregoing,
the applicable Repurchasing Seller shall not be obligated to reimburse the Trustee, the Master Servicer or the Special Servicer
(and amounts due to the applicable Repurchasing Seller shall not be offset) for Advances or interest thereon or any amounts related
to any Mortgage Loans or any other Joint Mortgage Loan other than such amounts relating to the applicable Repurchased Note. To
the extent that the applicable Repurchasing Seller reimburses any such Nonrecoverable Advances and such amounts are subsequently
recovered, the applicable Repurchasing Seller shall receive a reimbursement from such recovery based on its Repurchased Percentage
Interest of such recovery. This reimbursement right shall not limit the Trustee’s, the Master Servicer’s or the Special
Servicer’s rights to reimbursement under this Agreement. Notwithstanding anything to the contrary contained herein, the
total liability of each Repurchasing Seller shall not exceed an amount equal to its Repurchased Percentage Interest of the amount
to be reimbursed.


 


(h)          Each Repurchasing Seller shall have the right to assign the related Repurchased Note; provided that the assignee
of the related Repurchased Note shall agree in writing to be bound by the terms of this Agreement.


 


(i)            The
Master Servicer and the Special Servicer shall, in connection with their servicing and administrative duties under this Agreement,
exercise efforts consistent with the Servicing Standard to execute and deliver, on behalf of each Repurchasing Seller as a holder
of a pari passu interest in the applicable Joint Mortgage Loan, any and all financing statements, continuation statements
and other documents and instruments necessary to maintain the lien created by any Mortgage or other security document related
to the applicable Joint Mortgage Loan on the related Mortgaged Property and related collateral, any and all modifications, waivers,
amendments or consents to or with respect to the related Joint Mortgage Loan documents, and any and all instruments of satisfaction
or cancellation, or of full release or discharge, and all other comparable instruments with respect to the related Repurchased
Note or related Repurchased Notes and the related Mortgaged Property all in accordance with, and subject to, the terms of this
Agreement. Each Repurchasing Seller agrees to furnish, or cause to be furnished, to the Master Servicer and the Special Servicer
any powers of attorney or other documents necessary or appropriate to enable the Master Servicer or the Special Servicer, as the
case may be, to carry out its servicing and administrative duties under this Agreement related to the applicable Joint


 






    -344-


    


    

 


Mortgage
Loan; provided, however, that such Repurchasing Seller shall not be liable, and shall be indemnified by the Master Servicer or
the Special Servicer, as applicable, for any negligence with respect to, or misuse of, any such power of attorney by the Master
Servicer or the Special Servicer, as the case may be; and further provided that the Master Servicer or the Special Servicer, without
the written consent of the applicable Repurchasing Seller, shall not initiate any action in the name of such Repurchasing Seller
without indicating its representative capacity or take any action with the intent to cause and that actually causes, such Repurchasing
Seller to be registered to do business in any state.


 


(j)           
Pursuant to the related Mortgage Loan Purchase Agreement, the applicable Repurchasing Seller is required to deliver to the
Master Servicer or the Special Servicer, as applicable, the Loan Documents related to the applicable Repurchased Note, any requests
for release and any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s
sale in respect of the related Mortgaged Property or to any legal action or to enforce any other remedies or rights provided by
the Note(s) or the Mortgage(s) or otherwise available at law or equity with respect to the related Repurchased Note.


 


Section 3.34     Resignation
Upon Prohibited Risk Retention Affiliation. Under the Risk Retention Rule, any Third-Party Purchaser is prohibited from
being Risk Retention Affiliated with, among other persons, the Master Servicer, the Trustee, the Certificate Administrator, the
Operating Advisor or the Asset Representations Reviewer. As long as the prohibition exists, upon the occurrence of (i) a Servicing
Officer of the Master Servicer or a Responsible Officer of the Certificate Administrator or the Trustee, as applicable, obtaining
actual knowledge that the Master Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become Risk
Retention Affiliated with or a Risk Retention Affiliate of the Third-Party Purchaser (in such case, an “Impermissible
TPP Affiliate”), (ii) the Master Servicer, the Certificate Administrator or the Trustee receiving written notice by
any other party to this Agreement, the Third-Party Purchaser, any Mortgage Loan Seller, any Underwriter or any Initial Purchaser
that the Master Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become an Impermissible TPP Affiliate,
or (iii) the Operating Advisor or the Asset Representations Reviewer obtaining actual knowledge that it is or has become a Risk
Retention Affiliate of the Third -y Purchaser or any other party to this Agreement (in such case, an “Impermissible Operating
Advisor Affiliate” and “Impermissible Asset Representations Reviewer Affiliate”, respectively; and
either of an Impermissible TPP Affiliate, an Impermissible Operating Advisor Affiliate and an Impermissible Asset Representations
Reviewer Affiliate being an “Impermissible Risk Retention Affiliate”), such Impermissible Risk Retention Affiliate
shall be required to promptly notify the Retaining Sponsor and the other parties to this Agreement and resign in accordance with
Section 6.04, Section 8.07 or Section 11.03, as applicable. The resigning Impermissible Risk
Retention Affiliate will be required to bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement,
the Issuing Entity and each Rating Agency in connection with such resignation as and to the extent required under this Agreement;
provided, however, if the affiliation causing an Impermissible Risk Retention Affiliate is the result of the Third-Party Purchaser
acquiring an interest in such Impermissible Risk Retention Affiliate or an affiliate of such Impermissible Risk Retention Affiliate,
then such costs and expenses will be an expense of the Issuing Entity.


 



    -345-


    


    

 


Article IV



DISTRIBUTIONS TO CERTIFICATEHOLDERS


 


Section 4.01     Distributions. (a) On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be withdrawn
(to the extent of the Aggregate Available Funds, including or reduced by, to the extent required by Section 3.05(e)
of this Agreement, the Withheld Amounts, plus any amount withdrawn from the Gain-on-Sale Reserve Account pursuant to Section 3.05(i)
of this Agreement) in the case of all Classes of Lower-Tier Regular Interests (such amount, the “Lower-Tier Distribution
Amount”). On each Distribution Date, distributions in respect of principal shall be deemed to have been made on each
Class of Lower-Tier Regular Interests in an amount equal to the amount of principal actually distributed on its respective Corresponding
Certificates as provided in Section 4.01(b) of this Agreement. As of any date, the principal balance of each Lower-Tier
Regular Interest shall equal the Lower-Tier Principal Balance thereof. On each Distribution Date, distributions of interest made
in respect of any Class of Regular Certificates or any Class of Class VRR Upper-Tier Regular Interests on each Distribution Date
pursuant to Section 4.01(b), Section 4.01(c), or Section 9.01 of this Agreement shall be deemed
to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular
Interest set forth in the Preliminary Statement to this Agreement; provided that each Lower-Tier Regular Interest shall
be deemed to have received distributions in respect of interest in an amount equal to the Interest Distribution Amount in respect
of the Class X-A Strip Rate, Class X-B Strip Rate, Class X-D Strip Rate or Class X-E Strip Rate of its Corresponding
Class X Component, as applicable, in each case to the extent actually distributed to the related Class of Corresponding Certificates
as provided in Section 4.01(b) of this Agreement.


 


All distributions of
reimbursements of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses made in respect of
any Class of Principal Balance Certificates or Class of Class VRR Upper-Tier Regular Interests on each Distribution Date pursuant
to Section 4.01 of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided,
that distributions of reimbursements of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses
shall be made in sequential order of the priority set forth in Section 4.01(b) and Section 4.01(c) for principal
distributions, up to the amount of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses previously
allocated to a particular Lower-Tier Regular Interest corresponding to such Class of Certificates.


 


On each Distribution
Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on
deposit in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Lower-Tier
Regular Interests in proportion to the amount of principal deemed distributed to each Class of Lower-Tier Regular Interests on
such Distribution Date pursuant to this Section 4.01(a).


 



    -346-


    


    

 


The Certificate Administrator
shall be deemed to deposit the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance
Charges distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-Tier Distribution Account.
Any amount in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account on each Distribution Date after
the deemed distribution described in the preceding sentence shall be distributed to the Holders of the Class R Certificates
with respect to the Class R Certificates (in respect of the Class LTR Interest) (but only to the extent of such amount
for such Distribution Date remaining in the Lower-Tier Distribution Account, if any).


 


(b)         On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts
deposited in the Upper-Tier Distribution Account to the extent of Available Funds in respect of such Distribution Date pursuant
to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the Non-VRR Certificates in the
amounts and in the order of priority set forth below:


 


(i)           First, to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A,
Class X-B, Class X-D and Class X-E Certificates, in respect of interest, up to an amount equal to, and pro rata in
accordance with, the respective aggregate Interest Distribution Amount for those Classes;


 


(ii)          Second,
to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5 Certificates, in reduction
of the Certificate Balances thereof, prior to the Cross-Over Date, in the following priority:


 


(A)          first, to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the
Principal Distribution Amount for such Distribution Date, until the Certificate Balance of such Class is reduced to the Class A-SB
Planned Principal Balance;


 


(B)          second,
to the Class A-1 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount (or the portion of it remaining after distributions on the Class A-SB Certificates pursuant to (A) above in this clause (b)(ii))
for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;


 


(C)          third, to the Class A-2 Certificates, in reduction of Certificate Balance thereof, an amount equal to the Principal
Distribution Amount (or the portion of it remaining after distributions on the Class A-1 and Class A-SB Certificates
pursuant to (A) and (B) above in this clause (b)(ii)) for such Distribution Date, until the aggregate Certificate Balance
of such Class is reduced to zero;


 


(D)          fourth, to the Class A-3 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the
Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2 and Class A-SB
Certificates pursuant to (A), (B) and (C) above in this clause (b)(ii))


 






    -347-


    


    

 


for such Distribution Date, until the Certificate
Balance of such Class is reduced to zero;


 


(E)           fifth, to the Class A-4 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the
Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3,
and Class A-SB Certificates pursuant to (A), (B), (C) and (D) above in this clause (b)(ii)) for such Distribution Date,
until the Certificate Balance of such Class is reduced to zero;


 


(F)          sixth, to the Class A-5 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the
Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3,
Class A-SB and Class A-4 Certificates pursuant to (A), (B), (C), (D) and (E) above in this clause (b)(ii)) for such
Distribution Date, until the Certificate Balance of such Class is reduced to zero;


 


(G)          sixth, to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the
Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3,
Class A-SB, Class A-4 and Class A-5 Certificates pursuant to (A), (B), (C), (D), (E) and (F) above in this clause (b)(ii))
for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;


 


(iii)         Third,
to the Class A-1, Class A-2, Class A-3, A-SB, Class A-4 and Class A-5 Certificates, up to an amount equal
to, and pro rata based upon, the aggregate unreimbursed Realized Losses previously allocated to those Classes of Certificates;


 


(iv)         Fourth, to the Class A-M Certificates in respect of interest, up to an amount equal to the aggregate Interest
Distribution Amount of such Class;


 


(v)          Fifth,
to the Class A-M Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class A-M is reduced to zero;


 


(vi)         Sixth, to the Class A-M Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses
previously allocated to such Class;


 


(vii)        Seventh, to the Class B Certificates in respect of interest, up to an amount equal to the aggregate Interest
Distribution Amount of such Class;


 


(viii)       Eighth, to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the
Principal Distribution Amount less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the
Certificate Balance of such Class is reduced to zero;


 


    -348-


    


    


 


(ix)          
Ninth, to the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously
allocated to such Class;


 


(x)           
Tenth, to the Class C Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount of such Class;


 


(xi)          
Eleventh, to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the
Principal Distribution Amount less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the
Certificate Balance of such Class C is reduced to zero;


 


(xii)          
Twelfth, to the Class C Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses
previously allocated to such Class;


 


(xiii)         
Thirteenth, to the Class D Certificates in respect of interest, up to an amount equal to the aggregate Interest
Distribution Amount of such Class;


 


(xiv)        
Fourteenth, to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to
the Principal Distribution Amount less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until
the Certificate Balance of such Class is reduced to zero;


 


(xv)         
Fifteenth, to the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses
previously allocated to such Class;


 


(xvi)        
Sixteenth, to the Class E Certificates in respect of interest, up to an amount equal to the aggregate Interest
Distribution Amount of such Class;


 


(xvii)       
Seventeenth, to the Class E Certificates in reduction of the Certificate Balance thereof, an amount equal to
the Principal Distribution Amount, less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until
the Certificate Balance of such Class is reduced to zero;


 


(xviii)      
Eighteenth, to the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses
previously allocated to such Class;


 


(xix)         
Nineteenth, to the Class F-RR Certificates in respect of interest, up to an amount equal to the aggregate Interest
Distribution Amount of such Class;


 


(xx)          
Twentieth, to the Class F-RR Certificates in reduction of the Certificate Balance thereof, an amount equal to
the Principal Distribution Amount less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses,
until the Certificate Balance of such Class is reduced to zero;


 


(xxi)        
Twenty-first, to the Class F-RR Certificates, up to an amount equal to the aggregate of unreimbursed Realized
Losses previously allocated to such Class;


 






    -349-


    


    

 





(xxii)       
Twenty-second, to the Class G-RR Certificates in respect of interest, up to an amount equal to the aggregate
Interest Distribution Amount of such Class;


 


(xxiii)      
Twenty-third, to the Class G-RR Certificates in reduction of the Certificate Balance thereof, an amount equal
to the Principal Distribution Amount less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses,
until the Certificate Balance of such Class is reduced to zero;


 


(xxiv)      
Twenty-fourth, to the Class G-RR Certificates, up to an amount equal to the aggregate of unreimbursed Realized
Losses previously allocated to such Class; and


 


(xxv)       
Twenty-fifth, to the Class R Certificates (in respect of the Class UTR Interest), any amounts remaining
in the Upper-Tier Distribution Account.


 


Notwithstanding the foregoing,
on each Distribution Date occurring on and after the Cross-Over Date, regardless of the allocation of principal payments described
in priority Second above, the Principal Distribution Amount for such Distribution Date will be distributed pursuant to Section 4.01(b)(ii)
to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates, pro
rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate
Balance of each such Class of Certificates is reduced to zero.


 


(c)           
On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts
on deposit therein, to the extent of the VRR Available Funds for such Distribution Date, and shall distribute such amounts to the
Holders of the respective Classes of the Class V1 Certificates, the Class V2 Certificates and the Class R Certificates in
accordance with this section (c). In connection therewith, for federal income tax purposes, the amounts distributed with respect
to the respective Classes of the Class V1 Certificates and the Class V2 Certificates on any Distribution Date in accordance
with this clause (c) shall be deemed to have first been distributed from the Upper-Tier REMIC Distribution Account to the Class
V Distribution Account in respect of the Class VRR Upper-Tier Regular Interests in the following sequence:


 


(i)             
first, simultaneously, to (A) the Class V-A1 Upper-Tier Regular Interest in a manner analogous to the distributions
on the Class A-1 Certificates and the Class X-A Certificates (but only the Component XA-1 Percentage thereof) in clause (i)
of Section 4.01(b), (B) the Class V-A2 Upper-Tier Regular Interest in a manner analogous to the distributions on the Class A-2
Certificates and the Class X-A Certificates (but only the Component XA-2 Percentage thereof) in clause (i) of Section 4.01(b),
(C) the Class V-A3 Upper-Tier Regular Interest in a manner analogous to the distributions on the Class A-3 Certificates and
the Class X-A Certificates (but only the Component XA-3 Percentage thereof) in clause (i) of Section 4.01(b),
(D) the Class V-ASB Upper-Tier Regular Interest in a manner analogous to the distributions on the Class A-SB Certificates
and the Class X-A Certificates (but only the Component XA-SB Percentage thereof) in clause (i) of Section 4.01(b),
(E) the Class V-A4 Upper-Tier Regular Interest in a manner analogous to the distributions on the Class A-4 Certificates and
the Class X-A Certificates (but only the Component XA-4 Percentage thereof) in clause (i) of Section 4.01(b), (E) the


 



    -350-


    


    




 


Class V-A5 Upper-Tier Regular Interest in a manner analogous to the distributions on the Class A-5 Certificates and the
Class X-A Certificates (but only the Component XA-5 Percentage thereof) in clause (i) of Section 4.01(b), (F) the Class V-AM
Upper-Tier Regular Interest in a manner analogous to the distributions on the Class X-A Certificates (but only the Component
XA-M Percentage thereof) in clause (i) of Section 4.01(b), (G) the Class V-B Upper-Tier Regular Interest in a
manner analogous to the distributions on the Class X-B Certificates in clause (i) of Section 4.01(b), (H) the Class V-D
Upper-Tier Regular Interest in a manner analogous to the distributions on the Class X-D Certificates in clause (i) of Section
4.01(b) and (I) the Class V-E Upper-Tier Regular Interest in a manner analogous to the distributions on the Class X-E
Certificates in clause (i) of Section 4.01(b);;


 


(ii)          
second, to the Class V-A1 Upper-Tier Regular Interest, the Class V-A2 Upper-Tier Regular Interest, the Class V-A3
Upper-Tier Regular Interest, the Class V-ASB Upper-Tier Regular Interest, the Class V-A4 Upper-Tier Regular Interest and the
Class V-A5 Upper-Tier Regular Interest, in a manner analogous to the distributions on the Class A-1, Class A-2, Class A-3,
Class A-SB, Class A-4 and Class A-5 Certificates, respectively, in clauses (ii) through (iii) of Section 4.01(b);


 


(iii)         
third, to the Class V-AM Upper-Tier Regular Interest in a manner analogous to the distributions on the Class A-M
Certificates in clauses (iv) through (vi) of Section 4.01(b);


 


(iv)          
fourth, to the Class V-B Upper-Tier Regular Interest in a manner analogous to the distributions on the Class B
Certificates in clauses (vii) through (ix) of Section 4.01(b);


 


(v)          
fifth, to the Class V-C Upper-Tier Regular Interest in a manner analogous to the distributions on the Class C
Certificates in clauses (x) through (xii) of Section 4.01(b);


 


(vi)         
sixth, to the Class V-D Upper-Tier Regular Interest in a manner analogous to the distributions on the Class D Certificates
in clauses (xiii) through (xv) of Section 4.01(b);


 


(vii)        
seventh, to the Class V-E Upper-Tier Regular Interest in a manner analogous to the distributions on the Class E Certificates
in clauses (xvi) through (xviii) of Section 4.01(b);


 


(viii)       
eighth, to the Class V-F Upper-Tier Regular Interest in a manner analogous to the distributions on the Class F-RR
Certificates in clauses (xix) through (xxi) of Section 4.01(b);


 


(ix)          
ninth, to the Class V-G Upper-Tier Regular Interest in a manner analogous to the distributions on the Class G-RR
Certificates in clauses (xxii) through (xxiv) of Section 4.01(b); and


 






    -351-


    


    

 


(x)          
 tenth, when the Certificate Balances of all Classes of Class VRR Upper-Tier Regular Interests have been reduced
to zero and after payment in full of all unpaid expenses of the Trust, any remaining amounts to the Class R Certificates.


 


On each Distribution
Date, the Certificate Administrator shall apply the then applicable Class V2 Percentage of the VRR Available Funds for such Distribution
Date to make distributions to the Holders of the Class V2 Certificates for the following purposes and in the following order of
priority:


 


(i)           
First, distributions of interest on the Class V2 Certificates, up to an amount equal to the then applicable Class
V2 Percentage of the VRR Interest Distribution Amount for such Distribution Date;


 


(ii)          
Second, distributions in reduction of the Certificate Balance of the Class V2 Certificates, up to an amount
equal to the then applicable Class V2 Percentage of the VRR Principal Distribution Amount for such Distribution Date, until the
outstanding Certificate Balance of the Class V2 Certificates has been reduced to zero; and


 


(iii)         
Third, reimbursements of prior write-offs of the Certificate Balance of the Class V2 Certificates, up to an amount
equal to the unreimbursed VRR Realized Losses previously allocated to the Class V2 Certificates;


 


provided that, with respect to any
Distribution Date, to the extent that the then applicable Class V2 Percentage of the VRR Available Funds for such Distribution
Date exceeds the distributions to the Holders of the Class V2 Certificates on such Distribution Date pursuant to the immediately
preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of
the Class V2 Certificates.


 


On each Distribution
Date, the Certificate Administrator shall apply the then applicable Class V1 Percentage of the VRR Available Funds for such Distribution
Date to make the distributions provided for in the next sentence to the Holders of the Class V Certificates in the same order and
priority as similar distributions (i.e., distributions of interest, principal and reimbursements of unreimbursed Realized Losses)
are made to the Holders of the Related Regular Certificates pursuant to Section 4.01(b); and provided, further,
that no distributions shall be made with respect to any Class of Class V1 Certificates on any Distribution Date pursuant to the
next sentence unless and until the Holders of each and every other Class of Class V1 Certificates with a higher payment priority
have received all distributions to which they are entitled pursuant to the next sentence. On each Distribution Date, subject to
the foregoing payment priorities and the remaining amount of the then applicable Class V1 Percentage of the VRR Available Funds
for such Distribution Date, the Holders of each Class of Class V1 Certificates shall be entitled to receive the following distributions
in the following order:


 


(i)          
First, distributions of interest on the subject Class of Class V1 Certificates, up to an amount equal to the then
applicable Class V1 Percentage of the VRR Interest Distribution Amount for such Distribution Date (such VRR Interest Distribution
Amount to be determined, however, based solely on those distributions referenced in clause (B) of the definition thereof
that are in respect of the Related Regular Certificates and without


 






    -352-


    


    

 


regard
to any other distributions referenced in clause (B) of such definition that are in respect of any other Regular Certificates);


 


(ii)          
Second, distributions in reduction of the Certificate Balance of the subject Class of Class V1 Certificates, up to
an amount equal to the then applicable Class V1 Percentage of the VRR Principal Distribution Amount, until the outstanding Certificate
Balance of the subject Class of Class V1 Certificates has been reduced to zero (such VRR Principal Distribution Amount to be determined,
however, based solely on those distributions referenced in clause (B) of the definition thereof that are in respect of the
Related Regular Certificates and without regard to any other distributions referenced in clause (B) of such definition that
are in respect of any other Regular Certificates); and


 


(iii)          
Third, reimbursements of prior write-offs of the Certificate Balance of the subject Class of Class V1 Certificates,
up to an amount equal to the unreimbursed VRR Realized Losses previously allocated to the subject Class of Class V1 Certificates;


 


provided that, with respect to any
Distribution Date, to the extent that the then applicable Class V1 Percentage of the VRR Available Funds for such Distribution
Date exceeds the distributions to the Holders of all Classes of the Class V1 Certificates on such Distribution Date pursuant to
the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to
the Holders of all Classes of the Class V1 Certificates, pro rata, based on their initial Certificate Balances.


 


For avoidance of doubt,
because the distributions with respect to the Class V2 Certificates, on the one hand, and the Class V1 Certificates (collectively),
on the other hand, on any Distribution Date pursuant to the preceding two paragraphs are based on proportionate shares of the Aggregate
Available Funds and corresponding distributions actually made on the Regular Certificates, the Holders of the Class V1 Certificates
shall receive the same aggregate distributions on each Distribution Date (with such aggregate distributions to be allocable as
between distributions of interest, distributions in reduction of Certificate Balance and reimbursements (with interest) of prior
write-offs of Certificate Balance in the same proportions) as would be the case if such Holders, in the aggregate, instead held
the corresponding portion of the Class V2 Certificates that are exchangeable for such Class V1 Certificates pursuant to Section 5.09.


 


(d)           On each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier
Regular Interests pursuant to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions
of any Prepayment Premiums and Yield Maintenance Charges received in the related Collection Period from amounts deposited in the
Upper-Tier Distribution Account pursuant to Section 3.05(f) of this Agreement, as follows:


 


Prepayment Premiums and
Yield Maintenance Charges received with respect to the Mortgage Loans that represent the Non-VRR Interest Percentage of such Prepayment
Premiums and Yield Maintenance Charges (such portion of any Prepayment Premiums and Yield Maintenance Charges, the “Non-VRR
Prepayment Premiums and Yield Maintenance Charges”) shall be distributed to the Class A-1, Class A-2, Class A-3,
Class A-SB, Class A-4, Class A-5,


 






    -353-


    


    

 


Class A-M, Class B, Class C and Class D Certificates in an
amount equal to, in the case of each such Class, the product of (a) a fraction, not greater than one, the numerator of
which is the amount distributed as principal to such Class on such Distribution Date, and whose denominator is the total amount
distributed as principal to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates on such
Distribution Date, (b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates and
(c) the portion of such Non-VRR Prepayment Premiums and Yield Maintenance Charges collected on such Principal Prepayment during
the related Collection Period.


 


Any Yield Maintenance
Charges or Prepayment Premiums collected during the related Collection Period remaining after such distributions described in the
preceding paragraph (the “IO Group YM Distribution Amount”) shall be allocated and distributed in the following
manner:


 


(i)            
to the Class X-A Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is
the aggregate amount of principal distributed on the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5 and Class A-M Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;


 


(ii)           
to the Class X-B Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount
of principal distributed on the Class B Certificates on such Distribution Date and the denominator of which is the total Principal
Distribution Amount in respect of such Distribution Date, multiplied by (b), the IO Group YM Distribution Amount; and


 


(iii)         
to the Class X-D Certificates, the IO Group YM Distribution Amount remaining after such distribution to the holders
of the Class X-A and Class X-B Certificates as described in (i) and (ii) above;


 


On each Distribution
Date, amounts on deposit in the Upper-Tier Distribution Account that represent the VRR Interest Percentage of such Prepayment Premiums
and Yield Maintenance Charges (such portion of any Prepayment Premiums and Yield Maintenance Charges, the “VRR Retained
Prepayment Premiums and Yield Maintenance Charges”) collected on the Mortgage Loans during the related Collection Period
shall be distributed by the Certificate Administrator to the Holders of the Class V2 Certificates and the respective Classes of
Class V1 Certificates, on a pro rata and pari passu basis, as follows:


 


(i)            
to the Holders of the Class V2 Certificates, in an amount equal to the product of (A) the then applicable Class V2
Percentage, multiplied by (B) the amount of such VRR Retained Prepayment Premiums and Yield Maintenance Charges; and


 


(ii)          
to the Holders of each Class of Class V1 Certificates, in an amount equal to the product of (A) the then applicable Class V1
Percentage, multiplied by (B) the VRR Allocation Percentage, multiplied by (C) the total distributions of the corresponding
Non-


 






    -354-


    


    

 


VRR Prepayment Premiums and Yield Maintenance Charges made on the Related Regular Certificates on such Distribution Date.


 


On each Distribution
Date, any portion of Prepayment Premiums and Yield Maintenance Charges that are to be distributed to the Holders of the Class V1
Certificates and/or the Class V2 Certificates shall, for federal income tax purposes, be deemed to have first been transferred
to the Grantor Trust in respect of the related Class VRR Upper-Tier Regular Interests.


 


(e)          
On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the Available Funds for such Distribution
Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest
and principal due and owing to reimburse (with interest thereon) all previously allocated Realized Losses reimbursable to the Holders
of the Regular Certificates on such Distribution Date pursuant to Section 4.01(b). If the Certificate Administrator determines
that such Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate
Administrator shall withdraw from the Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier
REMIC Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the Aggregate Available
Funds for the related Distribution Date) equal to the lesser of (i) the amounts then on deposit in the Gain-on-Sale Reserve
Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the VRR Allocation Percentage of the
amount described in the immediately preceding clause (A).


 


Any amounts remaining
in the Gain-on-Sale Reserve Account after such distributions on any Distribution Date that (A) are allocable to the Mortgage
Loans shall be held and maintained in such account and applied to offset future Realized Losses and VRR Realized Losses, as applicable,
and Additional Trust Fund Expenses from time to time; and (B) are allocable to the Serviced Companion Loans, shall be remitted
within one Business Day after each such Distribution Date by the Certificate Administrator to the Master Servicer (which shall
remit to the Serviced Companion Loan Noteholders in accordance with Section 3.05(h)).


 


On any Distribution Date,
amounts held in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced Companion Loan pursuant
to the terms of any related Intercreditor Agreement) that exceed amounts reasonably required (as determined by the Certificate
Administrator) to offset future Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses, shall
be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest) and, upon termination of
the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced
Companion Loan pursuant to the terms of any related Intercreditor Agreement) shall be distributed by the Certificate Administrator
to the Class R Certificates (in respect of the Class LTR Interest). Amounts paid with respect to the Mortgage Loans from the Gain-on-Sale
Reserve Account pursuant to the preceding clauses (i) and (ii) shall first be deemed to have been distributed to the
Lower-Tier Regular Interests in reimbursement of Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund
Expenses previously allocated thereto in the same manner as provided in Section 4.01(a) of this Agreement. Amounts
paid from the Gain-on-Sale Reserve Account will not reduce the Certificate Balances of any Class of Regular


 






    -355-


    


    

 


Certificates, Class
of Exchangeable Certificates or the Class S Certificates receiving such distributions.


 


(f)           
On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b),
the Certificate Administrator shall calculate the amount, if any, of the Realized Loss and VRR Realized Loss for such Distribution
Date. Any allocation of Realized Losses to any Class of Principal Balance Certificates and VRR Realized Losses to the Class VRR
Upper-Tier Regular Interest shall be made by reducing the Certificate Balance thereof by the amount so allocated. The allocation
of Realized Losses and VRR Realized Losses shall constitute allocations of losses and other shortfalls experienced by the Trust
Fund.


 


The Certificate Balances
of each Class of Principal Balance Certificates will be reduced without distribution on any Distribution Date as a write-off to
the extent of any Realized Losses allocated to such Class of Certificates with respect to such date. Any such write-offs will be
applied to the Classes of Principal Balance Certificates in the following order, in each case until the Certificate Balance of
such Class is reduced to zero: first, to the Class G-RR Certificates; second, to the Class F-RR Certificates;
third, to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C
Certificates; sixth, to the Class B Certificates; seventh, to the Class A-M Certificates; and finally,
to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates, pro
rata, based on their respective Certificate Balances.


 


Any Realized Losses so
allocated to any Class of Certificates shall be allocated among the respective Certificates of such Class in proportion to the
Percentage Interests evidenced thereby.


 


On each Distribution
Date, any VRR Realized Loss for such Distribution Date shall be allocated to the Class VRR Upper-Tier Regular Interests; and, in
connection therewith, the Certificate Balance of the Class VRR Upper-Tier Regular Interests will be reduced without distribution,
as a write-off, to the extent of such VRR Realized Loss. Any such VRR Realized Loss shall be allocated in the following order:
first, to the Class V-G Upper-Tier Regular Interest, the Class V-F Upper-Tier Regular Interest, then, to the Class
V-E Upper-Tier Regular Interest, then, to the Class V-D Upper-Tier Regular Interest, then, to the Class V-C Upper-Tier
Regular Interest, then, to the Class V-B Upper-Tier Regular Interest, then, to the Class V-AM Upper-Tier Regular
Interest, and last, to the Class V-A-1 Upper-Tier Regular Interest, the Class V-A-2 Upper-Tier Regular Interest, the
Class V-A-3 Upper-Tier Regular Interest, the Class V-A-SB Upper-Tier Regular Interest, the Class V-A-4 Upper-Tier Regular
Interest and the Class V-A-5 Upper-Tier Regular Interest, pro rata based on their Certificate Balance. If any VRR Realized
Loss is so allocated to a Class VRR Upper-Tier Regular Interest on any Distribution Date, then such VRR Realized Loss shall, in
turn, be allocated to the related Class of Class V1 Certificates, on the one hand, and the Class V Certificates, on the other
hand, in proportion to, and in reduction of, the respective Certificate Balances thereof.


 


Distributions in reimbursement
of Realized Losses or VRR Realized Losses, as applicable, previously allocated to the respective Classes of the Principal Balance
Certificates and distributions in reimbursement of VRR Realized Losses previously allocated to the Class VRR Upper-Tier Regular
Interest (and the respective Classes of Exchangeable Certificates) shall be made in the amounts and manner specified in Section 4.01(b)
or Section 4.01(c), as applicable.


 






    -356-


    


    

 


Additional
Trust Fund Expenses and shortfalls in Available Funds due to extraordinary expenses of the Trust Fund (including indemnification
expenses), a reduction in the Mortgage Rate on a Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant
to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as Realized Losses and VRR
Realized Losses. Reimbursement of previously allocated Realized Losses and VRR Realized Losses will not constitute distributions
of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of Certificates
or Class of Class VRR Upper-Tier Regular Interest in respect of which any such reimbursement is made.


 


If and to the extent
any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and previously
resulted in a reduction of the Aggregate Principal Distribution Amount are subsequently recovered on the related Mortgage Loan,
then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the Non-VRR Interest
Percentage of the amount of such recovery will be added to the Certificate Balance of the Classes of Principal Balance Certificates
that previously were allocated Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(b),
in each case up to the lesser of (A) the unallocated portion of the Non-VRR Interest Percentage of the amount of such recovery
and (B) the amount of the unreimbursed Realized Losses previously allocated to the subject Class of Certificates, and the
Interest Shortfall with respect to each affected Class of Regular Certificates for the next Distribution Date will be increased
by the aggregate amount of interest that would have accrued through the then current Distribution Date if the restored write-down
for the reimbursed Class of Principal Balance Certificates had never been written down; and (ii) the VRR Interest Percentage
of the amount of such recovery will be added to the Certificate Balances of the Class VRR Upper-Tier Regular Interests up to the
lesser of (A) the VRR Interest Percentage of the amount of such recovery and (B) the amount of the unreimbursed VRR Realized
Losses previously allocated to the Class VRR Upper-Tier Regular Interests, and the interest payable on the Class VRR Upper-Tier
Regular Interests will be deemed increased by the VRR Allocation Percentage of any contemporaneous increases in interest payable
on the Regular Certificates pursuant to clause (i) of this sentence. To the extent that the Certificate Balance of, and/or
any interest payable on, any Class of Regular Certificates or the Class VRR Upper-Tier Regular Interest is so increased, an identical
increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding Lower-Tier
Regular Interest. If the Certificate Balance of a Class VRR Upper-Tier Regular Interest is increased as contemplated above in this
paragraph, then: (i) the Certificate Balance of the Class V2 Certificates shall be increased by the Class V2 Percentage of such
increase in the Certificate Balance of the Class VRR Upper-Tier Regular Interest; and (ii) the Certificate Balances of the
respective Classes of the Class V1 Certificates shall be increased, in the aggregate, by the Class V1 Percentage of such increase
in the Certificate Balance of the applicable Class VRR Upper-Tier Regular Interest, with such aggregate increase to be allocated
to the individual Certificate Balances of the respective Classes of the Class V1 Certificates, in the same sequential order as
distributions pursuant to Section 4.01(c), in each case up to the amount of unreimbursed VRR Realized Losses previously
allocated to the subject Class of Class V1 Certificates. If the Certificate Balance of any Class of Principal Balance Certificates
or Class VRR Upper-Tier Regular Interest (or any of the respective Classes of Exchangeable Certificates) (or the Lower-Tier Principal
Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed Realized Losses or VRR Realized Losses,
as applicable, of


 






    -357-


    


    

 


such
Class of Principal Balance Certificates or Class VRR Upper-Tier Regular Interest (or such Lower-Tier Regular Interest), as the
case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed Realized Losses or VRR
Realized Losses, as applicable, so decreased shall be deemed not to exist.


 


With respect to any Distribution
Date, any Realized Losses or VRR Realized Losses, as applicable, allocated pursuant to this Agreement with respect to such Distribution
Date shall reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among
the Lower-Tier Regular Interests in the same priority as the Class of Corresponding Certificates.


 


(g)         
All amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date
shall be allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests.
Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record
on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or
other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying
Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions
may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by
first-class mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice
to Holders of such final distribution.


 


(h)        
Except as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate
Administrator shall, as soon as reasonably practicable within the month preceding the month in which the final distribution with
respect to any Class of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice
to the effect that:


 


(A)         the Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution
with respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of
such Certificates at the office of the Certificate Administrator therein specified, and


 


(B)        if such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after
such Distribution Date;


 


provided, that the Class R
Certificates shall remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests are outstanding.


 


Any funds not distributed
to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Holder
or Holders. If any Certificates as to which notice has been given pursuant to


 






    -358-


    


    

 


this
Section 4.01(h) shall not have been surrendered for cancellation within six months after the time specified in such
notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Holders to surrender their Certificates
for cancellation to receive the final distribution with respect thereto. If within one year after the second notice not all of
such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent,
take appropriate steps to contact the remaining non-tendering Holders concerning surrender of their Certificates. The costs and
expenses of holding such funds in trust and of contacting such Holders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator and
(ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Holder on any amount held hereunder or by the Certificate Administrator as a result of such
Holder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(h).
Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain
realized from investment of such funds shall accrue for its benefit.


 


(i)           
The Non-VRR Interest Percentage of the Excess Prepayment Interest Shortfall, if any, for each Distribution Date will be
allocated (and the Non-VRR Interest Percentage of Compensating Interest Payments shall be deemed distributed) among the various
Classes of Non-VRR Certificates, and the VRR Interest Percentage of the Excess Prepayment Interest Shortfall, if any, for each
Distribution Date will be deemed allocated (and the VRR Interest Percentage of Compensating Interest Payments shall be deemed distributed)
to the Class VRR Upper-Tier Regular Interests and, in each case, correspondingly to the respective Class or Classes of Corresponding
Lower-Tier Regular Interests, pro rata, based upon the Interest Accrual Amount distributable to each such Class of Certificates
prior to reduction by such Excess Prepayment Interest Shortfalls. Compensating Interest Payments shall be deposited by the Master
Servicer into the Collection Account on or prior to the Master Servicer Remittance Date.


 


(j)           
On the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver
to the Certificate Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the
Mortgage Loans that it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on
the immediately preceding Master Servicer Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.


 


(k)          
On each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any
amounts on deposit therein that represent Excess Interest received with respect to each ARD Loan during the related Collection
Period shall be distributed (i) to the Holders of the Class S Certificates in an amount equal to the Non-VRR Interest Percentage
of such Excess Interest; (ii) to the Holders of the Class V1-E Certificates in an aggregate amount equal to the product of (A)
the VRR Interest Percentage, multiplied by (B) the then applicable Class V1 Percentage, multiplied by (C) the amount of such Excess
Interest;


 






    -359-


    


    

 


and
(iii) to the Holders of the Class V2 Certificates in an aggregate amount equal to the product of (A) the VRR Interest Percentage,
multiplied by (B) the then applicable Class V2 Percentage, multiplied by (C) the amount of such Excess Interest.


 


Section 4.02    Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and
Others. (a) On each Distribution Date, the Certificate Administrator shall prepare and make available on the Certificate Administrator’s
Website to each Certificateholder a statement (substantially in the form set forth as Exhibit K to this Agreement and
based on the information set forth in (i) the CREFC® Investor Reporting Package (CREFC® IRP)
prepared by the Master Servicer (other than the CREFC® Special Servicer Loan File) and the other reports prepared
by the Master Servicer, Certificate Administrator and Special Servicer relating to such Distribution Date, including the CREFC®
Special Servicer Loan File, upon which information the Certificate Administrator may conclusively rely, in accordance with CREFC®
guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared by the Certificate Administrator)
as to distributions made on such Distribution Date (each, a “Distribution Date Statement”) setting forth (with
respect to each Class of Certificates) the following information:


 


(i)           
the Record Date, Interest Accrual Period, and Determination Date for such Distribution Date;


 


(ii)          
the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates
with a Certificate Balance in reduction of the Certificate Balance of those Certificates;


 


(iii)         
the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates
(other than the Class R and Class S Certificates) and the Class VRR Upper-Tier Regular Interests allocable to (A) the Interest
Accrual Amount, (B) Interest Shortfalls and/or (C) the VRR Interest Distribution Amount;


 


(iv)         
the aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since
the prior Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for
reimbursements);


 


(v)         
 the aggregate amount of compensation, if any, paid to the Trustee, the Certificate Administrator, CREFC®,
the Operating Advisor and the Asset Representations Reviewer and servicing compensation, if any, paid to the Master Servicer and
the Special Servicer for the related Determination Date and any other fees or expenses accrued and paid from the Trust Fund;


 


(vi)         
(A) the Aggregate Available Funds for the Distribution Date, (B) the total amount of all principal and/or interest distributions,
as well as any other distributions (other than Yield Maintenance Charges), properly made on or in respect of any Class of Regular
Certificates, the Class V2 Certificates and each Class of Class V1 Certificates with respect to such Distribution Date and (C)
any other cash flows received on the Mortgage Loans and applied to pay fees and expenses (including the components of the Aggregate
Available Funds, or such other cash flows);


 






    -360-


    


    

 


(vii)        
the amount of the distribution on the Distribution Date to the holders of any Class of Regular Certificates, the Class V2
Certificates and each Class of Class V1 Certificates allocable to Prepayment Premiums and Yield Maintenance Charges;


 


(viii)       
the accrued Interest Accrual Amount in respect of each Class of Regular Certificates, the Class V2 Certificates and each
Class of Class V1 Certificates) for such Distribution Date;


 


(ix)         
the Pass-Through Rate for each Class of Regular Certificates, the Class V2 Certificates and each Class of Class V1 Certificates
for the Distribution Date and the next succeeding Distribution Date;


 


(x)           
the Principal Distribution Amount for the Distribution Date;


 


(xi)         
the aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other
than the Class S or Class R Certificates), immediately before and immediately after such Distribution Date, separately
identifying any reduction in the aggregate Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such
Class as a result of the allocation of any Realized Loss or VRR Realized Losses, as applicable, and/or Additional Trust Fund Expenses
on such Distribution Date;


 


(xii)        
the fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate
Balance, and the denominator of which is the related initial aggregate Certificate Balance, for each Class of Regular Certificates,
the Class V2 Certificates and each Class of Class V1 Certificates immediately following the Distribution Date;


 


(xiii)       
the amount of any Appraisal Reduction Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amounts
allocated during the related Collection Period on a loan-by-loan basis; and the total Appraisal Reduction Amounts, Collateral Deficiency
Amounts and Cumulative Appraisal Reduction Amounts as of such Distribution Date on a loan-by-loan basis;


 


(xiv)       
the number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis
since the previous Determination Date (including a description of any material modifications, extensions or waivers to Mortgage
Loan terms, fees, penalties or payments during the Collection Period or that have cumulatively become material over time);


 


(xv)         
the amount of any remaining unpaid Interest Shortfalls for each Class of Regular Certificates, the Class V2 Certificates
and each Class of Class V1 Certificates as of the Distribution Date;


 


(xvi)       
an loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds
and Insurance Proceeds) during the


 






    -361-


    


    

 


related
Collection Period and the amount of Principal Prepayment occurring, together with the aggregate amount of Principal Prepayments
made during the related Collection Period;


 


(xvii)       
an loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date;


 


(xviii)      
the amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses and VRR Realized Losses;


 


(xix)         as to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of during the related
Collection Period, (A) the Loan Number of the related Mortgage Loan and (B) the amount of proceeds of any repurchase
of a Mortgage Loan, Liquidation Proceeds and/or other amounts, if any, received thereon during the related Collection Period and
the portion thereof included in the Aggregate Available Funds for such Distribution Date;


 


(xx)          the amount on deposit in each of the Interest Reserve Account and the Gain-on-Sale Reserve Account before and after giving
effect to the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);


 


(xxi)         the then-current credit support levels for each Class of Certificates (other than the Class X, Class S and Class R Certificates);


 


(xxii)        the original and then-current ratings of each Class of Certificates (other than the Class S and Class R Certificates);


 


(xxiii)       with respect to any REO Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar
month, the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;


 


(xxiv)       with respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the
Loan Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;


 


(xxv)        with respect to any Serviced REO Property sold or otherwise disposed of during the related Collection Period and for which
a Final Recovery Determination has been made, (A) the Loan Number of the related Mortgage Loan, (B) the Realized Loss and VRR Realized
Loss attributable to the related Mortgage Loan, (C) the amount of sale proceeds and other amounts, if any, received in respect
of such Serviced REO Property during the related Collection Period and the portion thereof included in the Aggregate Available
Funds for such Distribution Date, (D) the date of the Final Recovery Determination and (E) the balance of the Gain-on-Sale Reserve
Account for such Distribution Date;


 


(xxvi)       the amount of the distribution on the Distribution Date to the holders of the Class S and Class R Certificates;


 






    -362-


    


    

 


(xxvii)       material breaches of Mortgage Loan representations and warranties or any covenants under this Agreement of which the Certificate
Administrator has received or delivered written notice;


 


(xxviii)      the identity of the Operating Advisor;


 


(xxix)        the amount of Realized Losses and VRR Realized Losses, Additional Trust Fund Expenses and Interest Shortfalls, if any, incurred
with respect to the Mortgage Loans during the related Collection Period and in the aggregate for all prior Collection Periods (except
to the extent reimbursed or paid);


 


(xxx)         an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during
the related Collection Period;


 


(xxxi)        the identity of the Controlling Class;


 


(xxxii)       the identity of the Controlling Class Representative; and


 


(xxxiii)      such other information as contemplated by Exhibit K to this Agreement.


 


In the case of information
furnished pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xviii) above, the amounts shall be expressed
as a dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000 of original Certificate Balance
or Notional Amount, as the case may be.


 


The Master Servicer may
omit from the reports that it delivers to the Certificate Administrator (and the Special Servicer may omit from the reports it
delivers to the Master Servicer) in connection with the preparation of the Distribution Date Statement any information that the
Master Servicer or the Special Servicer, as applicable, regards as confidential, so long as such information is not required to
be disclosed pursuant to Item 1125 of Regulation AB. None of the Master Servicer, the Special Servicer, the Trustee or the Certificate
Administrator shall be responsible for the accuracy or completeness of any information supplied to it by a Borrower, the Depositor,
any Sponsor, any party to this Agreement or a master servicer, a special servicer or other similar party under an Other Pooling
and Servicing Agreement or other third party that is included in any reports, statements, materials or information prepared or
provided by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable.


 


If and for so long as
the Trust is subject to the reporting requirements of the Exchange Act, no Distribution Date Statement that is part of any Commission
filing shall include references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.


 


On each Distribution
Date, the Certificate Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made
available to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually
distributed with respect to the Class R Certificates on such Distribution Date. Such obligation of the Certificate Administrator
shall be deemed to have been satisfied to the extent


 






    -363-


    


    

 


that
it provided substantially comparable information pursuant to any requirements of the Code as from time to time in force.


 


The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s Website or filing such information pursuant to this Agreement,
including, but not limited to, filing via through the EDGAR system, unless the Certificate Administrator has an explicit obligation
to review or prepare such information.


 


Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided
to Certificateholders pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar year
or applicable portion thereof during which such person was a Certificateholder, together with such other information that the Certificate
Administrator deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests, to enable such
Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original issue discount
accrued on each Class of Certificates held by Persons other than Holders exempted from the reporting requirements and information
regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided
pursuant to applicable requirements of the Code from time to time in force.


 


On each Distribution
Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format
to dbinvestor@list.db.com (or to such other address as the Depositor shall specify by written notice to the Certificate Administrator).


 


Upon receipt of any Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.04(e), the
Certificate Administrator shall include such summary in Item 1B on the Form 10-D for such period in which the Asset Review Report
Summary was delivered.


 


(b)         
The Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged
Person (provided that the Prospectus, the Distribution Date Statements and the Commission filings will be made available
to the general public, and provided further that any Privileged Person that is a Borrower Party shall only be entitled to access
documents made available to the general public) the following items, in each case to the extent received by the Certificate Administrator:


 


(i)          
the following “deal documents”:


 


(A)            
the Prospectus;


 


(B)             
this Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date
(if any), the Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and


 






    -364-


    


    

 


(C)              
the CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;


 


(ii)        
the following “SEC EDGAR filings”:


 


(A)            
any reports on Forms 10-D, 10-K, 8-K and ABS-EE that have been filed by the Certificate Administrator with respect to the
Trust through the EDGAR system;


 


(iii)       
the following “periodic reports”:


 


(A)             
the Distribution Date Statements;


 


(B)             
the supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File), to the
extent it has received or prepared such report or file; and


 


(C)             
all Operating Advisor Annual Reports.


 


(iv)        
the following “additional documents”:


 


(A)             
the summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format;


 


(B)             
any other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and


 


(C)              
the CREFC®  Appraisal Reduction Template;


 


(v)         
the following “special notices”:


 


(A)             
any notice with respect to a release pursuant to Section 3.10(g);


 


(B)             
all Special Notices;


 


(C)             
notice of any waiver, modification or amendment of any term of any Mortgage Loan;


 


(D)             
notice of final payment on the Certificates;


 


(E)             
all notices of the occurrence of any Servicer Termination Events (or any analogous servicer termination event under any
Other Pooling and Servicing Agreement relating to any Non-Serviced Whole Loan) received by the Certificate Administrator;


 


(F)              
notice of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Asset


 






    -365-


    


    

 


Representations Reviewer or the Trustee (and appointments of successors to the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee);


 


(G)            
any notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the
related report prepared by the Operating Advisor in connection with such recommendation;


 


(H)            
any notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer, the
Operating Advisor or the Asset Representations Reviewer;


 


(I)              
notice of the Certificate Administrator’s determination that an Asset Review Trigger is in effect and any other notice
required to be delivered to the Certificateholders pursuant to Section 11.01;


 


(J)              
any Asset Review Report Summary received by the Certificate Administrator;


 


(K)            
any and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support
its or the Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that
any Advance was (or, if made, would be) a Nonrecoverable Advance;


 


(L)             
any notice of the termination of the Trust;


 


(M)            
any notice of the occurrence and continuance of a Control Termination Event or an Operating Advisor Consultation Event;


 


(N)             
any notice of the occurrence of a Consultation Termination Event;


 


(O)             
any notice of the occurrence of an Operating Advisor Termination Event;


 


(P)             
any notice of the occurrence of an Asset Representations Reviewer Termination Event;


 


(Q)            
any Proposed Course of Action Notice;


 


(R)            
all of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator
since the Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement; and


 


(S)            
all of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator
since the Closing Date pursuant to Section 10.13 of this Agreement;


 


(vi)         
the Investor Q&A Forum;


 






    -366-


    


    

 


(vii)       
solely to Certificateholders and Certificate Owners, the Investor Registry; and


 


(viii)       the following “risk retention special notices”, if any, shall also be posted to the “Risk Retention Special
Notices” tab on the Certificate Administrator’s Website:


 


(A)            
the disclosure required pursuant to 12 C.F.R. 244.4(c)(1)(ii) of the Risk Retention Rule; and


 


(B)            
any noncompliance of the applicable credit risk retention requirements under Section 15G of the Exchange Act by the Third-Party
Purchaser or a successor third party purchaser as and to the extent the Retaining Sponsor is required under the credit risk retention
requirements under Section 15G of the Exchange Act;


 


provided that
with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of
a Conflicted Loan, the Certificate Administrator shall only be required to make available such notice of the occurrence and continuance
of a Control Termination Event or the notice of the occurrence and continuance of a Consultation Termination Event to the extent
the Certificate Administrator has been notified of such Conflicted Loan.


 


The Certificate Administrator
shall, in addition to posting the applicable notices on the “Risk Retention Special Notices” tab described in clause
(Y) above, include a fixed statement in the Distribution Date Statement that risk retention notices, if any, can be found on the
“Risk Retention Special Notices” tab.


 


Notwithstanding the foregoing,
all Conflicted Information shall be made available under a separate tab or heading designated “Conflicted Information”
(and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons
other than Conflicted Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by a Conflicted Controlling Class Holder shall only be prohibited with respect to the related Conflicted
Controlling Class Mortgage Loans).


 


Any Person that is a
Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to
the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate
Administrator’s Website, and (b) in the case of the Controlling Class Representative or a Controlling Class Certificateholder,
if any such Person becomes a Conflicted Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee in physical form of an investor certification substantially in
the forms of Exhibit L-1D and Exhibit L-1E and upon delivery to the Certificate Administrator in physical form of
an investor certification substantially in the form of Exhibit L-1F, which shall include each of the CTSLink User ID’s
associated with such Conflicted Controlling Class Holder, all information (other than Conflicted Information) available on the
Certificate Administrator’s Website (unless loan-by-loan segregation is later


 






    -367-


    


    

 


performed
by the Certificate Administrator in which case such access by a Conflicted Controlling Class Holder shall only be prohibited with
respect to the related Conflicted Controlling Class Mortgage Loans).


 


In the case of the Controlling
Class Representative or a Controlling Class Certificateholder that is not a Conflicted Controlling Class Holder, upon
delivery of an investor certification substantially in the form of Exhibit L-1B hereto, such Controlling Class Representative
or Controlling Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s
Website. The Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each
rely on (i) an investor certification in the form of Exhibit L-1B hereto from the Controlling Class Representative
or a Controlling Class Certificateholder to the effect that such Person is not a Conflicted Controlling Class Holder and (ii)
an investor certification in the form of Exhibit L-1D hereto from the Controlling Class Representative or a Controlling
Class Certificateholder to the effect that such Person is a Conflicted Controlling Class Holder with respect to one or more
Conflicted Controlling Class Mortgage Loan(s). In the event the Controlling Class Representative or a Controlling Class Certificateholder
becomes a Conflicted Controlling Class Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator and the Trustee in writing substantially in the form of Exhibit L-1E
that such party is a Conflicted Controlling Class Holder and identify the Conflicted Controlling Class Mortgage Loan(s) and thereafter
shall not be entitled to any Conflicted Information related to such Conflicted Controlling Class Mortgage Loan(s) and made available
on the Certificate Administrator’s Website. With respect to any Conflicted Information, each of the Master Servicer, the
Special Servicer and the Operating Advisor shall mark or label such information as “Conflicted Information” prior to
delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s
Website such Conflicted Information (and may be segregated on loan-by-loan basis) from information relating to other Mortgage Loans.
Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor and the
Certificate Administrator shall be entitled to conclusively assume that the Controlling Class Representative and all beneficial
owners of the Certificates of the Controlling Class are not Conflicted Controlling Class Holders except to the extent that the
Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, has received such
notice from the Controlling Class Representative or a Controlling Class Certificateholder that it has become a Conflicted
Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator
shall be liable for any communication to the Controlling Class Representative or Controlling Class Certificateholder
or disclosure of Conflicted Information if the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate
Administrator, as applicable, did not receive prior written notice that the related Mortgage Loan is a Conflicted Controlling Class
Mortgage Loan (including, in the case of a summary of an Asset Status Report or Final Asset Status Report delivered to the Certificate
Administrator for posting to the Certificate Administrator’s Website and/or any failure to label any such information provided
to the Certificate Administrator).


 


Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on (i) any
written notice from the Controlling Class Representative or a Controlling Class Certificateholder that it is no longer
a


 






    -368-


    


    

 


Conflicted
Controlling Class Holder and (ii) any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder,
as applicable, substantially in the form of Exhibit L1-B that such Person is no longer a Conflicted Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant
to this Agreement to any Conflicted Information on the Certificate Administrator’s Website or otherwise receives access
to such Conflicted Information, such Controlling Class Representative or Controlling Class Certificateholder shall be
deemed to have agreed that it (i) will not directly or indirectly provide any information related to the Conflicted Controlling
Class Mortgage Loan to the related Borrower or to any Conflicted Controlling Class Holder or (A) any employees or personnel of
such Controlling Class Representative or Controlling Class Certificateholder or any Affiliate involved in the management
of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the related Borrower, and (ii) will maintain sufficient internal controls
and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.


 


To the extent the Risk
Retention Consultation Party or a Holder of a Class V1 or Class V2 Certificate receives access pursuant to this Agreement to any
information solely related to a Mortgage Loan with respect to which such party is a Borrower Party (which shall include any Asset
Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to Specially Serviced Loans conducted
by the Special Servicer or any Non-Conflicted Special Servicer and which may include any Operating Advisor reports delivered to
the Certificate Administrator regarding the Special Servicer’s net present value determination or any Appraisal Reduction
Amount calculations, and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special Servicer,
supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, but in each case other than
information with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at a pool level), on
the Certificate Administrator’s Website or otherwise receives access to such information, the Risk Retention Consultation
Party or Holder of a Class V1 or Class V2 Certificate shall be deemed to have agreed that it (i) will not directly or indirectly
provide any such information to (A) the related Borrower Party, (B) any employees or personnel of the Risk Retention Consultation
Party or Holder of a Class V1 or Class V2 Certificate or any of its Affiliates involved in the management of any investment in
the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct
or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above. For the avoidance
of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other
than the CREFC® Special Servicer Loan File relating to any such Conflicted Loan) shall be considered information
that is aggregated with information of other Mortgage Loans at a pool level.


 


The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed or filed by the Certificate
Administrator for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy
or completeness of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements,
materials or


 






    -369-


    


    

 


information
prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator shall be entitled
to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without any duty or obligation
to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection with providing access
to the Certificate Administrator’s Internet website, the Certificate Administrator may require registration and the acceptance
of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance herewith.
Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any Conflicted Information
to the extent such information was included in any summary of an Asset Status Report or Final Asset Status Report delivered to
the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as Conflicted
Information.


 


The Certificate Administrator
shall have no liability for access by a Conflicted Controlling Class Holder to the Certificate Administrator’s Website of
any information with respect to which such Conflicted Controlling Class Holder is prohibited from accessing pursuant to this Agreement
if such Conflicted Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.


 


The provisions in this
Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage
Loans at a website maintained by the Master Servicer.


 


(c)          
The Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders
and Certificate Owners who are Privileged Persons may (A) submit questions to the Certificate Administrator relating to the
Distribution Date Statement, (B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating
to the reports being made available pursuant to this Section 4.02(c), the Mortgage Loans or the Mortgaged Properties
(other than a Non-Serviced Mortgage Loan or related Mortgaged Properties) and (C) submit questions to the Operating Advisor
relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as to which the Operating
Advisor has consultation rights, whether or not referenced in any Operating Advisor Annual Reports or other reports prepared by
the Operating Advisor (collectively, “Inquiries”), and (ii) Privileged Persons may view Inquiries that
have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for the Master Servicer,
the Special Servicer or the Operating Advisor, the Certificate Administrator shall forward the Inquiry to the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, (and in the case of an inquiry relating to a Non-Serviced Mortgage
Loan, to the applicable party under the Other Pooling and Servicing Agreement) in each case within a commercially reasonable period
following receipt thereof. Following receipt of an Inquiry, the Certificate Administrator,
the Master Servicer, the Special Servicer (other than with respect to the Non-Serviced Mortgage Loans or related Mortgaged Properties)
or the Operating Advisor, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the
Inquiry, which reply of the Master Servicer, Special Servicer or the Operating Advisor shall be sent by email to the Certificate
Administrator. The Certificate Administrator shall post (within a commercially reasonable period following preparation or receipt
of such answer, as the case may be) such Inquiry and the related answer to the Investor Q&A Forum. If the Certificate 


 






    -370-


    


    

 


Administrator,
the Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion, that (i) any
Inquiry is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or
the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, this Agreement or the applicable
Loan Documents, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost
or expense to, the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
(v) answering such inquiry would require the disclosure of Privileged Information (subject to the Privileged Information Exception),
(vi) answering such inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure
of attorney work product, or (vii) answering any Inquiry is otherwise not advisable for any reason, it shall not be required
to answer such Inquiry and, in the case of the Master Servicer, the Special Servicer or the Operating Advisor, shall promptly
notify the Certificate Administrator, and the Certificate Administrator shall not post such Inquiry on the Investor Q&A Forum.
In addition, no party shall post or otherwise disclose information known to such party to be Privileged Information as part of
its response to any Inquiry. The Certificate Administrator shall notify the Person who submitted such Inquiry if the Inquiry will
not be answered. The Certificate Administrator shall not be required to post to the Investor Q&A Forum any Inquiry or answer
thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. The
Investor Q&A Forum will not reflect questions, answers and other communications between the Certificate Administrator or other
Person which are not submitted via the Investor Q&A Forum. In addition, no party is permitted to post or otherwise disclose
direct communication with the Directing Holder or the Risk Retention Consultation Party (in its capacity as Risk Retention Consultation
Party) as part of its response to any questions. In the case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate
Administrator shall make reasonable efforts to obtain an answer from the related non-serviced master servicer or the related non-serviced
special servicer, as applicable; provided that the Certificate Administrator shall not be responsible for the content of
such answer or any delay or failure to obtain such answer.


 


(d)           The Certificate Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry.
The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where
Certificateholders and Certificate Owners can register and thereafter obtain contact information with respect to any other Certificateholder
or Certificate Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that
(a) it is a Certificateholder or a Certificate Owner and (b) it grants authorization to the Certificate Administrator
to make its name and contact information available on the Investor Registry for at least 45 days from the date of such certification
to other registered Certificateholders and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory
fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address,
phone, and Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies the Certificate Administrator
that it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate
Administrator shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying
or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any
information thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor
Registry.


 






    -371-


    


    

 


(e)           
The Master Servicer may at its sole cost and expense, but is not required to, make any of the reports or files it delivers
pursuant to this Agreement available on the Master Servicer’s website only with the use of a password, in which case the
Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password
shall be deemed to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective
Certificateholder who requests such password, provided that any such Certificateholder or prospective Certificateholder,
as the case may be, has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer.
In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration and the
acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include,
to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the
availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability
or damage that may arise therefrom. The Master Servicer shall not be liable for dissemination of this information in accordance
with this Agreement, provided that such information otherwise meets the requirements set forth herein with respect to the
form and substance of such information or reports. The Master Servicer shall be entitled to attach to any report provided pursuant
to this subsection, any reasonable disclaimer with respect to information provided, or any assumptions required to be made by such
report. Notwithstanding anything herein to the contrary, the Master Servicer may, at its sole cost and expense, make available
by electronic media, bulletin board service or Internet website any reports or other information the Master Servicer is required
or permitted to provide to any Borrower with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent
such action does not conflict with the terms of this Agreement, the terms of the related Loan Documents or applicable law. If the
Master Servicer is required to deliver any statement, report or other information under any provision of this Agreement, then,
the Master Servicer may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information,
(y) delivering such statement, report or information in a commonly used electronic format, or (z) making such statement,
report or information available on its website, unless this Agreement expressly specifies a particular method of delivery; provided
that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance with clause (x) or
(y) or, upon request, clause (z).


 


(f)           
Subject to Section 3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably
requested by the Master Servicer) provide the Master Servicer with such information in its possession regarding the Specially Serviced
Loans and REO Properties as may be reasonably necessary for the Master Servicer to prepare each report and any supplemental
information to be provided by the Master Servicer to the Certificate Administrator. Neither the Certificate Administrator nor the
Depositor shall have any obligation to recompute, verify or recalculate the information provided thereto by the Master Servicer.
Unless the Certificate Administrator has actual knowledge that any report or file received from the Master Servicer contains erroneous
information, the Certificate Administrator is authorized to rely thereon in calculating and making distributions to Certificateholders
and allocating Realized Losses to the Certificates in accordance with Section 4.01 of this Agreement and preparing
the statements to Certificateholders required by Section 4.02(a) of this Agreement.


 






    -372-


    


    

 


(g)           As soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate
Administrator shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s
possession or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes
of satisfying applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar
nor the Certificate Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities
laws of any available information so furnished to any person including any prospective purchaser of a Certificate or any interest
therein, nor for the content or accuracy of any information so furnished which was prepared or delivered to them by another.


 


(h)           The Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two
Business Days prior notice, for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged
Person (solely with respect to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan),
originals or copies of documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession,
including, without limitation, the following items (except to the extent prohibited by applicable law or under any of the related
Loan Documents):


 


(i)          
any and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to
which the environmental testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions
set forth in clauses (i) and (ii) thereof was satisfied;


 


(ii)          
the most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls
have been made available by the related Borrower) and/or lease summaries and retail sales information, if any, received from the
Master Servicer or the Special Servicer in respect to each Mortgaged Property;


 


(iii)        
the Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced
Whole Loan entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and


 


(iv)          any other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A
under the Securities Act.


 


The Certificate Administrator
may require a Privileged Person to execute an Investor Certification prior to granting access to such information, which may be
in the form of a “click-through” confirmation. Copies of any and all of the foregoing items will be available from
the Certificate Administrator upon request. The Certificate Administrator will be permitted to require payment by the requesting
party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available
and providing any copies thereof. The Certificate Administrator’s obligation under this Section 4.02(h) to make available
any document is subject to the Certificate Administrator’s receipt of such document.


 






    -373-


    


    

 


The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.


 


(i)          
The Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such
other vendor chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of
Exhibit L-2 to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental
notices delivered or made available pursuant to this Section 4.02 to Privileged Persons.


 


Section 4.03    Compliance with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent
shall comply with all federal withholding requirements with respect to payments to Certificateholders and other payees of interest,
original issue discount or other amounts that the Paying Agent reasonably believes are applicable under the Code. The consent of
Certificateholders or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any amount
from interest, original issue discount payments or other amounts or advances thereof to any Certificateholder or payee pursuant
to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder or payee. Any
amount so withheld shall be treated as having been distributed to such Certificateholder for all purposes of this Agreement.


 


Section 4.04    REMIC Compliance. (a) The parties intend that the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and
that the affairs of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a “real estate
mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions at all times any Certificates are
outstanding, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention,
the Certificate Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as
agent, of each such REMIC and shall on behalf of each such REMIC:


 


(i)           
make or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated
as a REMIC on Form 1066 for its first taxable year, in accordance with the REMIC Provisions;


 


(ii)          
prepare and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall
sign), all required Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for
each of such REMIC as required by the REMIC Provisions and other applicable federal, state or local income tax laws;


 


(iii)         
prepare and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and
local tax authorities all information reports as and when required to be provided to them in accordance with the REMIC Provisions;


 


(iv)         
if the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii)
of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier
REMIC and the Upper-Tier


 






    -374-


    


    

 


REMIC
as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be prepared and signed and filed
or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the Code or comparable
provisions of state and local law;


 


(v)          
within 30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the
Upper-Tier REMIC on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS,
on Form 8811 or as otherwise may be required by the Code, the name, title and address of the person that the Certificateholders
may contact for tax information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier
REMIC for this purpose), together with such additional information as may be required by such Form, and shall update such information
at the time or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date
to provide any information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator and
necessary to make such filing); and


 


(vi)        
maintain such records relating to the Lower-Tier REMIC and the Upper-Tier REMIC as may be necessary to prepare the foregoing
returns, schedules, statements or information, such records, for federal income tax purposes, to be maintained on a calendar year
and on an accrual basis.


 


The Certificate Administrator
shall be designated as the “representative” of the Lower-Tier REMIC and the Upper-Tier REMIC within the meaning of
Section 6223 of the Code and each Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed
to have consented to such designation and agrees to execute any documents required to give effect thereto, and any fees and expenses
incurred by the Certificate Administrator in connection with any audit or administrative or judicial proceeding shall be paid by
the Trust Fund.


 


The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would cause the termination
of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier REMIC or the Upper-Tier
REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement). Notwithstanding any provision
of this paragraph to the contrary, the Certificate Administrator shall not be required to take any action that the Certificate
Administrator in good faith believes to be inconsistent with any other provision of this Agreement, nor shall the Certificate Administrator
be deemed in violation of this paragraph if it takes any action expressly required or authorized by any other provision of this
Agreement, and the Certificate Administrator shall have no responsibility or liability with respect to any act or omission of the
Depositor, the Trustee, the Master Servicer or the Special Servicer which does not enable the Certificate Administrator to comply
with any of clauses (i) through (vi) of the first paragraph of this Section 4.04(a) or which results in any action
contemplated by clauses (i) or (ii) of the next succeeding sentence. In this regard the Certificate Administrator
shall (i) exercise reasonable care not to allow the occurrence of any “prohibited transactions” within the meaning
of Section 860F(a) of the Code, unless the party seeking such action shall have delivered to the Certificate Administrator
an Opinion of Counsel (at such party’s


 






    -375-


    


    

 


expense)
that such occurrence would not (A) result in a taxable gain, (B) otherwise subject the Lower-Tier REMIC or the Upper-Tier
REMIC to tax (other than a tax at the highest marginal corporate tax rate on net income from foreclosure property), or (c) cause
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC; and (ii) exercise reasonable care not to allow
the Trust Fund to receive any contributions, or any income from the performance of services or from assets not permitted under
the REMIC Provisions to be held by a REMIC (provided, that the receipt of any income expressly permitted or contemplated
by the terms of this Agreement shall not be deemed to violate this clause). None of the Master Servicer, the Special Servicer,
the Trustee or the Depositor shall be (i) permitted to take any action that the Certificate Administrator would not be permitted
to take pursuant to the preceding two sentences or (ii) responsible or liable (except in connection with taking any act or
omission referred to in the two preceding sentences or the following sentence) for any failure by the Certificate Administrator
to comply with the provisions of this Section 4.04. The Depositor, the Trustee, the Master Servicer and the Special
Servicer shall cooperate in a timely manner with the Certificate Administrator in supplying any information within the Depositor’s,
the Trustee’s, the Master Servicer’s or the Special Servicer’s control (other than any confidential information)
that is reasonably necessary to enable the Certificate Administrator to perform its duties under this Section 4.04.


 


The Certificate Administrator
shall be responsible for the preparation of IRS Form W-9, if requested. The Trustee shall be entitled to rely on any information
contained therein and is hereby directed to execute such IRS Form W-9; provided, that the Certificate Administrator shall
be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.


 


The Certificate Administrator’s
authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any
elections allowed under the Code (i) to avoid the application of Section 6221 of the Code (or successor provisions) to any REMIC
and (ii) to avoid payment by any Trust REMIC under Section 6226 of the Code (or successor provisions) of any tax, penalty, interest
or other amount imposed under the Code that would otherwise be imposed on any Holder of any Class R Certificate, past or present.
A Holder of any Class R Certificate agrees, by acquiring such interest, to any such elections and to the Certificate Administrator’s
designation as “representative” of each REMIC under Section 6223 of the Code.


 


(b)           The following assumptions are to be used for purposes of determining the anticipated payments of principal and interest
for calculating the original yield to maturity and original issue discount with respect to the Certificates: (i) each Mortgage
Loan will pay principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates,
provided that the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder,
the Master Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling
Class will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund;
and (iii) no Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the terms of the related Mortgage Loan Purchase
Agreement.


 






    -376-


    


    

 


Section 4.05    Imposition of Tax on the Trust Fund. If any tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts otherwise
distributable to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure property
pursuant to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be
treated as an expense of the related Serviced REO Property in determining Net REO Proceeds with respect to the Serviced REO Property
(and until such taxes are paid, the Special Servicer from time to time shall withdraw from amounts in the REO Account (and, in
the case of any Serviced Whole Loan, from amounts in the Serviced Whole Loan REO Account) allocable to the Mortgage Loans and transfer
to the Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary to pay such taxes,
which the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate Administrator
shall send to the Special Servicer for deposit in the REO Account (or, if applicable, the Serviced Whole Loan REO Account) the
excess determined by the Certificate Administrator from time to time of the amount in such account over the amount necessary to
pay such taxes) and shall be paid therefrom; provided that any such tax imposed on net income from foreclosure property
that exceeds the amount in any such reserve shall be retained from Aggregate Available Funds as provided in Section 3.06(a)(xii)
or, in the case of any Serviced Whole Loan, in Section 3.06(b)(xiii), and the next sentence. Except as provided in
the preceding sentence, the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Aggregate
Available Funds sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the
applicable Trust REMIC (but such authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund
or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related
Mortgage Loan and any related Serviced Pari Passu Companion Loan (based on their respective outstanding principal balances)) any
such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).
The Certificate Administrator is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest
bearing account, (i) the net income allocable to the Mortgage Loans from any “prohibited transaction” under Section 860F(a) of
the Code or (ii) the amount of any contribution to the Lower-Tier REMIC or the Upper-Tier REMIC after the Startup Day that
is subject to tax under Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such
tax (and return the balance thereof, if any, to the Collection Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution
Account). To the extent that any such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from future
amounts otherwise distributable to the Holders of the Class R Certificates, as the case may be, and shall distribute such
retained amounts to the Holders of Regular Certificates and the Exchangeable Certificates, and the Trustee as Holder of the Class
VRR Upper-Tier Regular Interests, or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed
and then to the Holders of the Class R Certificates. Neither the Master Servicer, the Special Servicer, the Certificate Administrator,
nor the Trustee shall be responsible for any taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC except to the extent
such tax is attributable to a breach of a representation or warranty or the negligence or willful misconduct of the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee in


 






    -377-


    


    

 


contravention
of this Agreement, provided, further, that such breach, act or omission could result in liability under Section 6.03 of this Agreement, in the case of the Master Servicer, Section 4.04 of this Agreement, in the case of the Trustee
or Section 4.04 of this Agreement, in the case of the Certificate Administrator in accordance with the standard of
liability set forth in those sections. Notwithstanding anything in this Agreement to the contrary, in each such case, the Master
Servicer or the Special Servicer shall not be responsible for the Trustee’s or the Certificate Administrator’s breaches,
acts or omissions, the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator,
the Master Servicer or the Special Servicer and the Certificate Administrator shall not be responsible for the breaches, acts
or omissions of the Trustee, the Master Servicer or the Special Servicer.


 


Section 4.06    Remittances. On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer
with respect to the Mortgage Loans that it is servicing shall:


 


(i)           
remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to Prepayment
Premiums and Yield Maintenance Charges, and, for deposit in accordance with Section 3.05(i) of this Agreement, Gain-on-Sale
Proceeds, in each case received by the Master Servicer in its Collection Period preceding such Distribution Date;


 


(ii)          
remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the aggregate
of the Aggregate Available Funds for such Distribution Date;


 


(iii)         
remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess
Interest for the benefit of the Holders of the Excess Interest Certificates received by the Master Servicer in the Collection Period
preceding such Distribution Date; and


 


(iv)         
remit to CREFC® the CREFC® Intellectual Property Royalty License Fee.


 


Section 4.07    P&I
Advances. (a)  On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master
Servicer shall in the case of all Mortgage Loans either (i) remit to the Certificate Administrator for deposit into the Lower-Tier
Distribution Account, as applicable, from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to
be made in respect of the related Distribution Date, (ii) apply amounts held in the Collection Account or the applicable
Serviced Whole Loan Collection Account for future distribution to Certificateholders in subsequent months in discharge of any
such obligation to make P&I Advances; provided, that such amounts in the applicable Serviced Whole Loan Collection
Account shall only be applied up to the related Mortgage Loan’s pro rata share of the amounts held therein on such
date, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of
P&I Advances to be made by the Master Servicer, except that the portion of such P&I Advance equal to the CREFC®
Intellectual Property Royalty License Fee for each such Mortgage Loan shall not be remitted to the Certificate Administrator
but shall instead be remitted to CREFC®. Any amounts held in the Collection Account or any Serviced Whole Loan
Collection Account, as applicable, for future distribution and so used to


 






    -378-


    


    

 


make
P&I Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by
deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next
succeeding P&I Advance Determination Date (to the extent not previously replaced through either (x) the deposit of Late
Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made or (y) the deposit
of Periodic Payments collected prior to the expiration of any applicable grace period that ends after the P&I Advance Determination
Date in respect of which such P&I Advances were made). The Master Servicer shall notify the Trustee and the Certificate Administrator
of (i) the aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I
Advances for such Distribution Date, on or before the P&I Advance Determination Date. If the Master Servicer fails to make
a required P&I Advance by 3:00 p.m. (New York City time) on any Master Servicer Remittance Date, then the Trustee shall
make such P&I Advance pursuant to Section 7.06 of this Agreement by 12:00 noon (New York City time) on the
related Distribution Date, in each case unless the Master Servicer shall have cured such failure (and shall have provided written
notice of such cure to the Trustee) by 11:00 a.m. (New York City time) on such Distribution Date or the Trustee determines
that such P&I Advance, if made, would be a Nonrecoverable Advance. Neither the Master Servicer nor the Trustee shall be required
to make principal or interest advances with respect to any delinquent payment amounts due on any Companion Loan. If the Master
Servicer or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of a Whole Loan with a related
Serviced Companion Loan or Non-Serviced Companion Loan, then it shall provide written notice to the related Other Servicer, Other
Special Servicer and Other Trustee of the amount of such P&I Advance with respect to such Mortgage Loan within two (2) Business
Days of making such P&I Advance.


 


(b)          
Subject to Section 4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by
the Master Servicer with respect to any Distribution Date shall equal the aggregate of: (i) the Periodic Payments (net of related
Servicing Fees (other than, in the case of any Non-Serviced Mortgage Loan, the servicing fee rate pursuant to the applicable Other
Pooling and Servicing Agreement)) that were due on the Mortgage Loans and any REO Loan (other than any portion of an REO Loan related
to a Companion Loan) during the related Collection Period and delinquent as of the P&I Advance Determination Date (or not advanced
by any Sub Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent in respect of its
Balloon Payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of an REO Loan related
to a Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to the Assumed Scheduled
Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances, with
respect to the Mortgage Loans that it is servicing, is mandatory, and with respect to any applicable Mortgage Loan or REO Loan,
shall continue until (but not including) the Distribution Date on which Liquidation Proceeds or REO Proceeds, if any, are to be
distributed. The Periodic Payment or Assumed Scheduled Payment shall be reduced, for purposes of P&I Advances, by any modifications
pursuant to Section 3.26 of this Agreement or otherwise and by any reductions by a bankruptcy court pursuant to a plan
of reorganization or pursuant to any of its equitable powers.


 


(c)          
Notwithstanding anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer,
the Special Servicer or the Trustee, as applicable,


 






    -379-


    


    

 


determines
that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In addition, neither the Master Servicer
nor the Trustee shall make any P&I Advance to the extent that it has received written notice that the Special Servicer has
determined (if no Consultation Termination Event has occurred and is continuing, in consultation with the Directing Holder) that
such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In making such recoverability determination,
the Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to (i) give due regard to the
existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery
of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee, as applicable,
in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I Advance under
consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount
which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower under the
terms of the related Mortgage Loan (or the Whole Loan, as applicable) as it may have been modified, (iii) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer)
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (iv) estimate and
consider (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things)
future expenses and (v) estimate and consider (among other things) the timing of recoveries.


 


The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the
Master Servicer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an
Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer
and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this
sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not,
in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions,
and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment
to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable
and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal
for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions
of the related Intercreditor Agreement).


 


Any such determination
by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced
by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Special
Servicer, any related Serviced Pari Passu Companion Loan holder(s), the Controlling Class Representative (but only if no Consultation
Termination Event has occurred and is continuing) and the Depositor and, in the case of the


 






    -380-


    


    

 


Trustee,
by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Controlling Class Representative
(but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator,
the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations
of the Master Servicer, Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate
accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and
other information used by the Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together
with any existing Appraisal or any Updated Appraisal); provided, that with respect to any Specially Serviced Loan, the
Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any P&I Advance
previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Controlling Class Representative
(but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee and the 17g-5 Information Provider (who shall promptly post such notice to
the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), notice of such determination,
together with a certificate of a Servicing Officer and the supporting information described above. Any such determination shall
be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.


 


Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a P&I Advance constitutes, or would constitute a Nonrecoverable
Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at
the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor
Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such
determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders.


 


Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on and be bound by any determination by the Master Servicer or the
Special Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master
Servicer shall be entitled to rely conclusively on and be bound by any determination of the Special Servicer that a P&I Advance,
if made, would be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to
reverse any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination
that an advance constitutes, or would constitute a Nonrecoverable Advance). The Trustee, in determining whether or not a P&I
Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall use its good
faith business judgment. The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in
its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes
of making recoverability determinations.


 


(d)              
In connection with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a)
of this Agreement or any Serviced Whole Loan Collection Account pursuant to Section 3.06(b) of this Agreement,
the Master Servicer shall be entitled to


 






    -381-


    


    

 


pay
itself or the Trustee, as the case may be (in reverse of such order with respect to any Mortgage Loan or REO Property) out of
any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account (subject to the
provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage Loans, taking into account the related
Intercreditor Agreement), interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I
Advance from the date made to but not including the date of reimbursement with respect to the Mortgage Loan that the Master Servicer
is servicing; provided, however, that no interest will accrue on any P&I Advance (i) made with respect to a
Mortgage Loan until after the related Due Date has passed and any applicable grace period has expired or (ii) if the related Periodic
Payment is received after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution
Date. The Master Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding P&I Advance as soon
as practicably possible after funds available for such purpose are deposited in the Collection Account or the applicable Serviced
Whole Loan Collection Account with respect to the Mortgage Loan that the Master Servicer is servicing.


 


Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall
make an advance for Excess Interest, Yield Maintenance Charges or Penalty Charges and (ii) if the Master Servicer receives
notice of an Appraisal Reduction Event and the related Appraisal Reduction Amount, the interest portion of any P&I Advance
with respect to a Serviced Mortgage Loan as to which there has been an Appraisal Reduction Amount will be an amount equal to the
product of (x) the amount required to be advanced without giving effect to the Appraisal Reduction Amount and (y) a fraction,
the numerator of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding Determination Date
less any Appraisal Reduction Amount applicable to such Mortgage Loan and the denominator of which is the Stated Principal Balance
of such Mortgage Loan as of such Determination Date. All P&I Advances for any Mortgage Loans that have been modified shall
be calculated on the basis of their terms as modified. With respect to any Non-Serviced Mortgage Loan, if the Master Servicer or
the Trustee, as applicable, does not receive notice of an Appraisal Reduction Event and the related Appraisal Reduction Amount
from the related Other Servicer, then the Master Servicer or the Trustee, as applicable, shall have no obligation to proportionately
reduce the interest portion of any P&I Advance required to be made by the Master Servicer or the Trustee, as applicable. With
respect to any Non-Serviced Companion Loan that has already been securitized prior to the Closing Date, the Certificate Administrator,
on behalf of the Trust, shall notify each Other Servicer and each Other Trustee of a Non-Serviced Mortgage Loan that (a) such Non-Serviced
Mortgage Loan has been included in this Trust and (b) upon (i) the existence of an Appraisal Reduction Event and/or (ii) the related
calculation of any Appraisal Reduction Amount (or receipt of notice of any such calculation), such Other Servicer shall provide
the Master Servicer (who shall promptly provide to the Special Servicer (who shall promptly forward, prior to a Consultation Termination
Event, to the Directing Holder) and the Trustee with prompt notice of the existence of any such Appraisal Reduction Event and/or
any such Appraisal Reduction Amount once calculated. With respect to any Serviced Companion Loan, the Master Servicer shall notify
the related Other Servicer and Other Trustee of the existence of an Appraisal Reduction Event and any related Appraisal Reduction
Amount. The Master Servicer shall be deemed to have delivered notice of any such Appraisal Reduction Event and any related Appraisal
Reduction Amount if the Master Servicer includes such event and/or amount in its monthly servicer statements provided to the other
servicer.


 






    -382-


    


    

 


The portion of any Insurance
Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total
amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a
portion thereof equal to the interest component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate from the
date as to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which
such proceeds are received; provided, if the interest portion(s) of one or more P&I Advances with respect of such Mortgage
Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds
to be applied to interest shall be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds
to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to
principal has been applied to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds
shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan.


 


(e)          
With respect to any Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer and the Trustee will each be permitted
to make its determination that the Master Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to
such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made by the Other Servicer
(or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related
to such Non-Serviced Mortgage Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement
with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage
Loan, if any). If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance
with respect to any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage
Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the
Trustee, as applicable, shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization
holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the Other Special Servicer and
Other Trustee with written notice of such determination, promptly and in any event within two (2) Business Days after such determination
or such longer time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written notice
from an Other Servicer (or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced
Companion Loan related to such Non-Serviced Mortgage Loan, if any) that it has determined, with respect to the related Non-Serviced
Companion Loan, that any proposed advance of principal and/or interest with respect to the related Non-Serviced Companion Loan
would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such
determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect
to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such
nonrecoverability determination.


 






    -383-


    


    

 


If the Master Servicer
receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations,
it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect
to each commercial mortgage securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced Mortgage Loan, if
any.


 


(f)          
With respect to any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer, the Special Servicer and
the Trustee will be permitted to make its determination that the Master Servicer or the Trustee has made a P&I Advance on the
related Mortgage Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute
a Nonrecoverable P&I Advance with respect to such Mortgage Loan in accordance with (a) independently of any determination
made in respect of the related Serviced Companion Loan, by the master servicer under the related Other Pooling and Servicing Agreement.
If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect
to such Serviced Whole Loan, if made, or any outstanding P&I Advance with respect to any such Mortgage Loan previously made,
would be, or is, as applicable, a Nonrecoverable Advance or if the Master Servicer, the Special Servicer or the Trustee, as applicable,
subsequently determines that a proposed Servicing Advance would be a Nonrecoverable Advance or an outstanding Servicing Advance
is or would be a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall provide the Other Servicer, Other
Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination,
promptly and in any event within two (2) Business Days after such determination or such longer time period permitted by the applicable
Intercreditor Agreement. If the Master Servicer receives written notice from any master servicer under any such Other Pooling and
Servicing Agreement that such master servicer has determined, with respect to the related Serviced Companion Loan, that any proposed
advance of principal and/or interest with respect to such Serviced Companion Loan would be, or any outstanding advance of principal
and interest is, a nonrecoverable advance of principal and/or interest, such determination shall not be binding on the Certificateholders,
the Master Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan, each of the Master Servicer
and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.


 


(g)           If the applicable Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer
for commercial mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other
trustee or master servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan
related to any Serviced Whole Loan, if any.


 


(h)           The Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to
the extent permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount in
respect of such P&I Advances to the extent permitted pursuant to Section 3.06 of this Agreement and the Master
Servicer and the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances
from the related Borrowers to the extent permitted by applicable law and the related Mortgage Loan and this Agreement.


 






    -384-


    


    

 


Section 4.08    Appraisal Reductions; Collateral Deficiency Amounts. (a) For purposes of (x) determining the Non-Reduced Certificates,
the Controlling Class and whether a Control Termination Event has occurred and is continuing, and (y) determining the Voting
Rights of the related Classes for purposes of removal of the Special Servicer, the VRR Interest Percentage of the Appraisal Reduction
Amounts allocated to the Mortgage Loans will be allocated to the VRR Interest to notionally reduce (to not less than zero) the
Certificate Balance of the Class V2 Certificates and the respective Classes of the Class V1 Certificates as follows: (i) the
Class V2 Percentage thereof shall be applied to notionally reduce (to not less than zero) the Certificate Balance of the Class
V2 Certificates; and (ii) the Class V1 Percentage thereof shall be applied to notionally reduce (in the case of any particular
Class, to not less than zero) the Certificate Balances of the Class V1-G Certificates, then the Class V1-F Certificates, then the
Class V1-E Certificates, then the Class V1-D Certificates, then the Class V1-C Certificates, then the Class V1-B Certificates,
then the Class V1-AM Certificates, and then, on a pro rata based on their Certificate Balances, the Class V1-A1, Class V1-A2,
Class V1-A3, Class V1-ASB, Class V1-A4 and Class V1-A5 Certificates, in that order. The Non-VRR Interest Percentage of the
Appraisal Reduction Amounts allocated to the Mortgage Loans will be allocated to each Class of Principal Balance Certificates in
reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such Class
of Certificates is reduced to zero (i.e., first, to the Class G-RR Certificates; second, to the Class F-RR
Certificates, third, to the Class E Certificates, fourth, to the Class  D Certificates, fifth, to
the Class C Certificates, sixth, to the Class B Certificates, seventh, to the Class A-M Certificates and
ninth, to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates, pro rata,
based on their Certificate Balances).


 


As of the first Determination
Date following a Serviced Mortgage Loan becoming an AB Modified Loan, the Master Servicer shall calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special
Servicer with respect to such Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount determination.
Upon obtaining knowledge or receipt of notice by the Master Servicer that a Non-Serviced Mortgage Loan has become an AB Modified
Loan, the Master Servicer shall (i) promptly request from the related Other Servicer, Other Special Servicer and Other Trustee
the most recent appraisal with respect to such AB Modified Loan, in addition to all other information reasonably required by the
Master Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, and (ii) as of
the first Determination Date following receipt by the Master Servicer of the appraisal and any other information set forth in the
immediately preceding clause (i) that the Master Servicer reasonably expects to receive, calculate whether a Collateral Deficiency
Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Other Special
Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount
determination. Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage
Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof. The Special Servicer, upon reasonable
prior written request, shall provide the Master Servicer with information in its possession that is reasonably required to calculate
or recalculate any Collateral Deficiency Amount. Upon reasonable prior written request, the Special Servicer shall use reasonable
efforts to assist the


 






    -385-


    


    

 


Master
Servicer in obtaining information reasonably required to calculate or recalculate any Collateral Deficiency Amount with respect
to a Non-Serviced Mortgage Loan in the event that the Master Servicer is unsuccessful in obtaining such information from the related
Other Servicer, Other Special Servicer or Other Trustee. None of the Special Servicer, the Trustee or the Certificate Administrator
shall calculate or verify any Collateral Deficiency Amount.


 


For purposes of determining
the Controlling Class and whether a Control Termination Event has occurred and is continuing, Collateral Deficiency Amounts allocated
to an AB Modified Loan will be allocated by applying the Non-VRR Interest Percentage of the Collateral Deficiency Amounts to each
Class of Control Eligible Certificates in reverse sequential order to notionally reduce the related Certificate Balances until
the Certificate Balance of each such Class of Control Eligible Certificates is reduced to zero. For the avoidance of doubt, for
purposes of determining the Controlling Class or the occurrence of a Control Termination Event, any Class of Control Eligible Certificates
shall be allocated the Non-VRR Interest Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency
Amounts (the sum of which shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with this Section 4.08(a).


 


With respect to (i) any
Appraisal Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates or determining the Voting Rights
of the related Classes for purposes of removal of the Special Servicer and (ii) any Appraisal Reduction Amount or Collateral
Deficiency Amount calculated for purposes of determining the Controlling Class or the occurrence of a Control Termination Event,
the appraised value of the related Mortgaged Property shall be determined on an “as is” basis.


 


The Master Servicer shall
promptly notify the Certificate Administrator of the amount of any Appraisal Reduction Amount (which notification shall be made
by delivery of the CREFC® Loan Periodic Update File in accordance with Section 3.13(a)), any Collateral Deficiency
Amount and any resulting Cumulative Appraisal Amount allocated to each Mortgage Loan, AB Modified Loan or Serviced Whole Loan if
any (which notification shall be satisfied through the delivery of such information included in the CREFC® Appraisal
Reduction Amount Template included in the CREFC® Investor Reporting Package (or such other form as agreed to by
the Certificate Administrator and the Master Servicer), which shall be delivered simultaneously with the CREFC®
Loan Periodic Update File in accordance with Section 3.13(a)). Based on information in its possession, the Certificate
Administrator shall determine from time to time which Class of Certificates is the Controlling Class. Promptly upon its determination
of a change in the Controlling Class, the Certificate Administrator shall notify the Master Servicer, the Special Servicer and
the Operating Advisor of such event, including the identity and contact information of the new Controlling Class Certificateholder
(the cost of obtaining such information from the Depository being an expense of the Trust).


 


(b)           The Holders of the majority (by Certificate Balance) of any Class of Control Eligible Certificates whose aggregate Certificate
Balance, as notionally reduced by Appraisal Reduction Amounts or Collateral Deficiency Amounts allocated thereto, is less than
25% of the initial Certificate Principal Balance of such Class (such Class, an “Appraised-Out Class”) as a result
of an allocation of an Appraisal Reduction Amount or Collateral Deficiency Amount in respect of such Class shall have the right,
at their sole expense, to require the Special


 






    -386-


    


    

 


Servicer
to order a second Appraisal of any Mortgage Loan for which an Appraisal Reduction Event has occurred or as to which there exists
a Collateral Deficiency Amount (such Holders, the “Requesting Holders”), and use its reasonable efforts to
obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably acceptable to the Special Servicer
within 60 days from receipt of the Requesting Holders’ written request. Any Appraised-Out Class for which the Requesting
Holders are challenging the Appraisal Reduction Amount or Collateral Deficiency Amount determination shall not exercise any rights
of the Controlling Class until such time, if any, as such Class is reinstated as the Controlling Class and the rights of the Controlling
Class will be exercised by the most senior Control Eligible Certificates, if any, during such period.


 


In addition, the Requesting
Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
appraisal of any Serviced Mortgage Loan for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral
Deficiency Amount if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged Properties that would
have a material effect on its appraised value, and the Special Servicer shall use reasonable efforts to obtain an Appraisal prepared
on an “as-is” basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt
of the Requesting Holders’ written request; provided that the Special Servicer shall not be required to obtain such
appraisal if it determines in accordance with the Servicing Standard that no events at or with regard to the related Mortgaged
Property or Mortgaged Properties have occurred that would have a material effect on the appraised value of the related Mortgaged
Property or Mortgaged Properties. The right of the holders of an Appraised-Out Class to require the Special Servicer to order an
additional appraisal as described in this paragraph shall be limited to no more frequently than once in any 9-month period with
respect to any Mortgage Loan.


 


Upon receipt of any such
second Appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment
of such second Appraisal, any recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount is warranted and,
if so warranted, shall direct the Master Servicer to, and the Master Servicer shall, recalculate such Appraisal Reduction Amount
or Collateral Deficiency Amount, as applicable, based upon such second Appraisal and receipt of information reasonably requested
by the Master Servicer from the Special Servicer, to the extent such information is in the possession of the Special Servicer,
and is reasonably necessary to make such recalculation. If required by any such recalculation, the Appraised-Out Class shall be
reinstated as the Controlling Class.


 


Appraisals that are permitted
to be obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without
regard to any appraisal requests made by any holder of an Appraised-Out Class.


 


(c)          
An appraisal for any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or
paid in full, liquidated, repurchased or otherwise disposed of) will be updated every 9 months for so long as an Appraisal Reduction
Event or Collateral Deficiency Amount exists.


 






    -387-


    


    

 


(d)           Notwithstanding the foregoing, within 60 days after an Appraisal Reduction Event (i) with respect to Serviced
Mortgage Loans and any related Serviced Companion Loans having a Stated Principal Balance of $2,000,000 or higher, the Special
Servicer shall order and use efforts consistent with the Servicing Standard to obtain an Updated Appraisal or (ii) with respect
to Serviced Mortgage Loans and any related Serviced Companion Loans having a Stated Principal Balance of less than $2,000,000,
the Special Servicer, at its option, shall (A) provide a Small Loan Appraisal Estimate within the same time period as an Appraisal
would otherwise be required and such Small Loan Appraisal Estimate shall be used in lieu of an Updated Appraisal to calculate the
Appraisal Reduction Amount for such Mortgage Loans or applicable Serviced Whole Loans; or (B) order and use efforts consistent
with the Servicing Standard to obtain an Updated Appraisal.


 


(e)          
The Special Servicer, upon reasonable request, shall deliver to the Master Servicer any information in the Special Servicer’s
possession reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount.


 


On the first Determination
Date occurring at least 10 Business Days after the later of (i) date the Master Servicer receives from the Special Servicer the
related Updated Appraisal or the Special Servicer’s Small Loan Appraisal Estimate, as applicable, and (ii) the occurrence
of an Appraisal Reduction Event, the Master Servicer shall adjust the Appraisal Reduction Amount to take into account such Updated
Appraisal or Small Loan Appraisal Estimate, as applicable and any information reasonably requested by the Master Servicer from
the Special Servicer, to the extent such information is in the possession of the Special Servicer, necessary to calculate the Appraisal
Reduction Amount. Each Appraisal Reduction Amount shall also be adjusted to take into account any subsequent Small Loan Appraisal
Estimate or Updated Appraisal, as applicable, and any letter updates, as of the date of each such subsequent Small Loan Appraisal
Estimate, Updated Appraisal or letter update, as applicable, and receipt of information reasonably requested by the Master Servicer
from the Special Servicer, to the extent such information is in the possession of the Special Servicer and is reasonably necessary
to calculate the Appraisal Reduction Amount. Such report shall also be forwarded by the Master Servicer, to the extent the related
Serviced Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which
the related Serviced Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the Master Servicer.


 


Section 4.09    Grantor Trust Reporting. (a) The Certificate Administrator shall maintain adequate books and records to account for
the separate entitlements of the Grantor Trust.


 


(b)          
The parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions
thereof shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master
Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to
take advantage of market fluctuations or so as to improve the rate of return of the Grantor Trust Certificates, and shall otherwise
comply with Treasury Regulations Section 301.7701-4(c). Within 30 days of the Closing Date, the Certificate Administrator
shall obtain a taxpayer identification number for the Grantor Trust on IRS Form SS-4. The Certificate


 






    -388-


    


    

 


Administrator
shall file or cause to be filed with the IRS Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form
1099) or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of the Grantor Trust Certificates
their allocable share of income and expense with respect to the related Specific Grantor Trust Assets with the corresponding alphabetic
or alphanumeric designation and proceeds thereof, as such amounts are received or accrue, as applicable.


 


(c)          
(i) The Grantor Trust will be treated as a WHFIT that is a WHMT. The Certificate Administrator shall report as required
under the WHFIT Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to
do so is provided to the Certificate Administrator on a timely basis. The Certificate Administrator is hereby directed to assume
that DTC is the only “middleman” as defined by the WHFIT Regulations unless the Depositor provides the Certificate
Administrator with the identities of other “middlemen” that are Certificateholders. The Certificate Administrator shall
be entitled to rely on the first sentence of this Section 4.09(c)(i), and shall be entitled to indemnification in accordance
with the terms of this Agreement in the event that the IRS makes a determination that any such notice is incorrect.


 


(ii)          
The Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual
method, except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall
be under no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator
shall make available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition,
the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.


 


(iii)         
The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations
nor for any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided
to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate
Administrator. Each owner of a class of securities representing, in whole or in part, beneficial ownership of an interest in a
WHFIT, by acceptance of its interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator
with information regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt
of information regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial
owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.


 


(iv)         
To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on
the Certificate Administrator’s Website the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so
published will represent the Rule 144A CUSIPs. The Certificate Administrator shall make reasonable good faith efforts to keep
the website accurate and updated to the extent CUSIPs have been received. Absent the receipt of a CUSIP, the Certificate


 






    -389-


    


    

 


Administrator
will use a reasonable identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting
delays that result from the receipt of inaccurate or untimely CUSIP information.


 


Section 4.10    Secure Data Room. (a)  The Certificate Administrator shall create the Secure Data Room and the Depositor
shall, upon receipt of each Mortgage Loan Seller’s Diligence File Certification, deliver to the Certificate Administrator
within 120 days following the Closing Date an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded
by the Mortgage Loan Sellers to the Intralinks Site. Upon receipt thereof, the Certificate Administrator shall promptly upload
the contents of each Diligence File to the Secure Data Room. Access to the Secure Data Room shall be granted by the Certificate
Administrator to (i) the Asset Representations Reviewer and (ii) any other Person at the direction of the Depositor, in each case,
upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate Administrator of a certification substantially
in the form of Exhibit KK hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com or submitted
electronically via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders be permitted
to access the Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation to post
any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered to it by
the Depositor.


 


(b)          
The Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether
the type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates
to the transaction or confirm that all documents and information constituting any Diligence File have actually been delivered to
the Certificate Administrator. In no case shall the Certificate Administrator be deemed to have obtained actual or constructive
knowledge of the contents of, or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure
Data Room. In the event that any document or information is posted in error, the Certificate Administrator may remove such document
or information from the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic
copies of any document or information provided to it for posting to the Secure Data Room. The Certificate Administrator shall not
be responsible or held liable for any other Person’s use or dissemination of the documents or information contained on the
Secure Data Room; provided that such event or occurrence is not also a result of its own negligence, bad faith or willful
misconduct. The Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis
and any Person with access to the Secure Data Room shall covenant to access only the information necessary to perform its duties
and responsibilities under this Agreement.


 


(c)          
Upon the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator
shall transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor,
and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part of the costs and expenses
associated with the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator pursuant
to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise
removed from the Trust, the Master Servicer or the Special Servicer, as applicable, may (but shall not be obligated to) direct
the Certificate Administrator in writing to delete the Diligence File related to such Mortgage Loan


 






    -390-


    


    

 


from
the Secure Data Room; provided that absent such direction, the Certificate Administrator shall not be obligated to delete
any Diligence File from the Secure Data Room. Following the termination of the Trust pursuant to Section 9.01, the Certificate
Administrator shall be permitted to delete all files from the Secure Data Room. Upon deletion pursuant to this Section 4.10,
in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.


 


Article V



THE CERTIFICATES


 


Section 5.01    The Certificates. (a) The Certificates consist of the Class A-1 Certificates, the Class A-2 Certificates,
the Class A-3 Certificates, the Class A-SB Certificates, the Class A-4 Certificates, the Class A-5 Certificates,
the Class A-M Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates,
the Class X-E Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates, the
Class E Certificates, the Class F-RR Certificates, the Class G-RR Certificates, the Class V1-A1 Certificates, the
Class V1-A2 Certificates, the Class V1-A3 Certificates, the Class V1-ASB Certificates, the Class V1-A4 Certificates, the Class
V1-A5 Certificates, the Class V1-AM Certificates, the Class V1-B Certificates, the Class V1-C Certificates, the Class V1-D Certificates,
the Class V1-E Certificates, the Class V1-F Certificates, the Class V1-G Certificates, the Class V2 Certificates, the Class S Certificates
and the Class R Certificates.


 


The Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class X-A, Class X-B, Class X-D, Class
X-E, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR, Class V1-A1, Class V1-A2, Class
V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F, Class V1-G,
Class V2, Class S and Class R Certificates will be substantially in the forms for such Class of Certificates as
set forth next to such Classes in the Table of Exhibits to this Agreement. The Certificates of each Class (other than the
Class S and Class R Certificates) will be issuable in registered form only, in minimum denominations of authorized Certificate
Balance or Notional Amount, as applicable, as described in the succeeding table, and multiples of $l in excess thereof (or such
lesser amount if the Certificate Balance or Notional Amount, as applicable, is not a multiple of $1). The Certificates of each
Class of Exchangeable Certificates will be issuable in one or more Individual Certificates, in minimum denominations of authorized
Certificate Balance as described in the succeeding table, and multiples of $l in excess thereof (or such lesser amount if the Certificate
Balance is not a multiple of $1). With respect to any Certificate or any beneficial interest in a Certificate, the “Denomination”
thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the case of any Global Certificate,
set forth on a schedule attached thereto or, in the case of any beneficial interest in a Global Certificate, the amount set forth
on the books and records of the related Depository Participant or indirect participating brokerage firm, as applicable, (ii) expressed
in terms of Certificate Balance or Notional Amount, as applicable, and (iii) be in an authorized denomination, as set forth
below:


 






    -391-


    


    

 


	Class	 	Minimum
 Denomination	 	Aggregate Denomination of
 all Certificates of Class
	A-1 	 	$	10,000	 	 	$	18,703,000	 
	A-2 	 	$	10,000	 	 	$	157,629,000	 
	A-3 	 	$	10,000	 	 	$	49,272,000	 
	A-SB 	 	$	10,000	 	 	$	40,449,000	 
	A-4 	 	$	10,000	 	 	$	135,000,000	 
	A-5 	 	$	10,000	 	 	$	387,112,000	 
	X-A 	 	$	100,000	 	 	$	885,279,000	 
	A-M 	 	$	10,000	 	 	$	97,114,000	 
	B 	 	$	10,000	 	 	$	47,853,000	 
	C 	 	$	10,000	 	 	$	52,075,000	 
	X-B 	 	$	1,000,000	 	 	$	47,853,000	 
	X-D 	 	$	1,000,000	 	 	$	60,520,000	 
	X-E 	 	$	1,000,000	 	 	$	25,334,000	 
	D 	 	$	100,000	 	 	$	60,520,000	 
	E 	 	$	100,000	 	 	$	25,334,000	 
	F-RR 	 	$	100,000	 	 	$	14,074,000	 
	G-RR 	 	$	100,000	 	 	$	40,816,346	 
	V1-A1 	 	$	10,000	 	 	$	671,521	(1)
	V1-A2 	 	$	10,000	 	 	$	5,659,582	(1)
	V1-A3 	 	$	10,000	 	 	$	1,769,084	(1)
	V1-ASB 	 	$	10,000	 	 	$	1,452,299	(1)
	V1-A4 	 	$	10,000	 	 	$	4,847,101	(1)
	V1-A5 	 	$	10,000	 	 	$	13,899,043	(1)
	V1-AM 	 	$	10,000	 	 	$	3,486,825	(1)
	V1-B 	 	$	10,000	 	 	$	1,718,136	(1)
	V1-C 	 	$	10,000	 	 	$	1,869,724	(1)
	V1-D 	 	$	10,000	 	 	$	2,172,937	(1)
	V1-E 	 	$	10,000	 	 	$	909,603	(1)
	V1-F 	 	$	10,000	 	 	$	505,319	(1)
	V1-G 	 	$	10,000	 	 	$	1,465,488	(1)
	V2 	 	$	10,000	 	 	$	40,426,662	(2)



 


		(1)	The Aggregate Denomination of each Class of the Class V1 Certificates shown in the table above
represents the maximum Certificate Balance of such Class that may be issued on the Closing Date in an exchange pursuant to Section
5.09.



 


		(2)	The Aggregate Denomination of the Class V2 Certificates shown in the table above represents the
maximum Certificate Balance of such Class that could be issued on the Closing Date.



 


Each Certificate will
share ratably in all rights of the related Class.


 


The Class S and Class R
Certificates will each be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests and
integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest in
each such Class.


 


The Global Certificates
shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners
shall hold interests in


 






    -392-


    


    

 


the
Global Certificates through the book-entry facilities of the Depository in the minimum Denominations and aggregate Denominations
and Classes as set forth above.


 


The Global Certificates
shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered
hereunder.


 


The Retained Certificates
shall each be issuable in one or more Individual Certificates at all times during the Transfer Restriction Period.


 


(b)           Except insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent
and the Trustee may for all purposes (including the making of payments due on the Global Certificates and the giving of notice
to Holders thereof) deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global
Certificates for the purposes of exercising the rights of Certificateholders hereunder; provided, that, for purposes of
transmitting communications pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided
the Certificate Administrator with the names of Certificate Owners (even if such Certificateholders hold their Certificates through
the Depository) the Certificate Administrator shall provide such information to such Certificate Owners directly. The rights of
Certificate Owners with respect to Global Certificates shall be limited to those established by law and agreements between such
Certificateholders and the Depository and Depository Participants. Except as set forth in Section 5.01(e) below, Certificate
Owners of Global Certificates shall not be entitled to physical certificates for the Global Certificates as to which they are the
Certificate Owners. Requests and directions from, and votes of, the Depository as Holder of the Global Certificates shall not be
deemed inconsistent if they are made with respect to different Certificate Owners. Subject to the restrictions on transfer set
forth in this Section 5.01 of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Private
Global Certificate may request that the Certificate Administrator cause the Depository (or any Agent Member) to notify the Certificate
Registrar and the Certificate Custodian in writing of a request for transfer or exchange of such beneficial interest for an Individual
Certificate or Certificates. Upon receipt of such a request and payment by the related Certificate Owner of any attendant expenses,
the Certificate Administrator shall cause the issuance and delivery of such Individual Certificates. The Certificate Registrar
may establish a reasonable record date in connection with solicitations of consents from or voting by Certificateholders and give
notice to the Depository of such record date. Without the written consent of the Certificate Registrar, no Global Certificate may
be transferred by the Depository except to a successor Depository that agrees to hold the Global Certificates for the account of
the Certificate Owners.


 


(c)          
Any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have
imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may
be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in
which the Certificates are admitted to trading, or to conform to general usage.


 






    -393-


    


    

 


(d)           The Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:


 


“Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Certificate
Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co.
or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.”


 


The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.


 


(e)          
If (i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing or
able properly to discharge its responsibilities as Depository, and the Certificate Administrator and the Depositor are unable to
locate a qualified successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to institute
any judicial proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates
of such Class, the Certificate Administrator shall notify the affected Certificate Owner or Owners through the Depository of the
occurrence of such event and the availability of Individual Certificates to such Certificate Owners requesting them. Upon surrender
to the Certificate Administrator of Global Certificates by the Depository, accompanied by registration instructions from the Depository
for registration of transfer, the Certificate Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate
Administrator, the Certificate Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance
of Individual Certificates, the Trustee, the Certificate Administrator, the Certificate Registrar and the Master Servicer shall
recognize the Holders of Individual Certificates as Certificateholders hereunder.


 


(f)           
If the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted
or have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the
Certificates, and the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer have been advised by counsel that in connection with such proceeding it is necessary or appropriate for the Trustee,
the Certificate Administrator, the Master Servicer or the Special Servicer to obtain possession of the Certificates, the Trustee,
the Certificate Administrator, the Master Servicer or 


 






    -394-


    


    

 


the Special Servicer may in their sole discretion determine that the Certificates
represented by the Global Certificates shall no longer be represented by such Global Certificates. In such event, the Certificate
Administrator or the Authenticating Agent will execute and authenticate and the Certificate Registrar will deliver, in exchange
for such Global Certificates, Individual Certificates (and if the Certificate Administrator or the Certificate Custodian has in
its possession Individual Certificates previously executed, the Authenticating Agent will authenticate and the Certificate Registrar
will deliver such Certificates) in a Denomination equal to the aggregate Denomination of such Global Certificates.


 


(g)           If the Trust Fund ceases to be subject to Section 13 or 15(d) of the Exchange Act, the Certificate Administrator
shall make available to each Holder and Certificate Owner of a Class of Certificates, upon request of such a Holder, information,
to the extent such information is in its possession, substantially equivalent in scope to the information currently filed by the
Certificate Administrator with the Commission pursuant to the Exchange Act, plus additional information required to be provided
for securities qualifying for resales under Rule 144A under the Act.


 


For so long as the Class
S or Class R Certificates remain outstanding, none of the Depositor, the Trustee or the Certificate Registrar shall take any
action which would cause the Trust Fund to fail to be subject to Section 15(d) of the Exchange Act.


 


(h)           Each Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed
and authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibits A-1 through A-33 executed by the Authenticating Agent by manual signature, and such certificate
of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.


 


(i)           
If, in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated
distribution to the Depository based on the expected receipt of any monthly payment based on information set forth in any report
of the Master Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which
is paid on the last two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at
such time, the Certificate Administrator shall use commercially reasonable efforts to cause the Depository to make the revised
distribution on a timely basis on such Distribution Date. The Trustee, the Certificate Administrator (in any of its capacities),
the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer shall not be liable or
held


 






    -395-


    


    

 


responsible
for any resulting delay (or claims by the Depository resulting therefrom) in the making of such distribution to Certificateholders.
Any out-of-pocket costs incurred by the Certificate Administrator as a consequence of a Borrower failing to make such payments
shall be reimbursable to the Certificate Administrator as an expense of the Trust Fund.


 


(j)           
During the Transfer Restriction Period, each Retained Certificate shall only be held as Definitive Certificates in the Retained
Interest Safekeeping Account by the Certificate Administrator (and each Retaining Party’s respective interest shall be tracked
in the form of an entry in the Certificate Administrator’s trust accounting system under the Retained Interest Safekeeping Account),
for the benefit of the Holder of the related Certificate. The Certificate Administrator shall hold such Retained Certificates in
safekeeping and shall release the same only upon receipt of (i) written instructions from the holder of the Retained Certificates
and the Retaining Sponsor, and in accordance with any authentication procedures as may be utilized by the Certificate Administrator
and in accordance with this Agreement, and (ii) any certifications or
other requirements governing transfers of the Retained Certificate required under Section 5.02(m). There shall be,
and hereby is, established by the Certificate Administrator an account which will be designated the “Retained Interest Safekeeping
Account” and into which the Retained Certificates shall be held and which shall be governed by and subject to this Agreement.
In addition, on and after the date hereof, the Certificate Administrator may establish any number of subaccounts to the Retained
Interest Safekeeping Account for each Retaining Party. The Retained Certificates to be delivered in physical form to the Certificate
Administrator shall be delivered as set forth herein. No amounts distributable to the Retained Certificates shall be remitted to
the Retained Interest Safekeeping Account, but shall be remitted directly to each Retaining Party in accordance with written instructions
provided separately by each Retaining Party to the Certificate Administrator. Under no circumstances by virtue of safekeeping the
Retained Certificates shall the Certificate Administrator be obligated to bring legal action or institute proceedings against any
person on behalf of the Retaining Parties. During the Transfer Restriction Period and for such longer time as the Retaining Parties
may request, the Certificate Administrator shall hold the Retained Certificates in definitive, fully registered form without interest
coupons at the below location, or any other location; provided the Certificate Administrator has given notice to each of the Retaining
Parties of such new location:


 


Wells Fargo Bank NA





Attn: Security Control
and Transfer (SCAT) - MAC N9345-010





425 E Hennepin Avenue





Minneapolis, MN 55414


 


On the Closing Date,
the Certificate Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and the Third-Party Purchaser
substantially in the form of Exhibit MM to this Agreement evidencing its receipt of the Retained Certificates.


 


The Certificate Administrator
shall make available to the VRR Retaining Party its respective account information as mutually agreed upon by the Certificate Administrator
and the VRR Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures. Any transfer
of a Certificate evidencing the VRR Interest shall be subject to this Article V. During the Transfer Restriction Period,
unless the Retaining Sponsor and the Depositor otherwise consent in writing, the Certificate Administrator shall not permit any
Person


 






    -396-


    


    

 


to
copy (other than for internal purposes), and shall not itself provide to any Person copies of, the executed Certificates held
by it in the Retained Interest Safekeeping Account.


 


Section 5.02    Registration, Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be
kept at its offices books (the “Certificate Register”) for the registration, transfer and exchange of Certificates
(the Certificate Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee,
the Master Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof
at all reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth
in the Certificate Register. The names and addresses of all Certificateholders and the names and addresses of the transferees of
any Certificates shall be registered in the Certificate Register; provided, in no event shall the Certificate Registrar
be required to maintain in the Certificate Register the names of the individual Participants holding beneficial interests in the
Trust Fund through the Depository. The Person in whose name any Certificate is so registered shall be deemed and treated as the
sole owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer,
Special Servicer, the Trustee, the Certificate Administrator, any Paying Agent and any agent of any of them shall not be affected
by any notice or knowledge to the contrary. An Individual Certificate is transferable or exchangeable only upon the surrender of
such Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder or
his duly authorized attorney), subject to the requirements of Section 5.01(h) and Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement. Upon request of the Certificate Administrator,
the Certificate Registrar shall provide the Certificate Administrator with the names, addresses and Percentage Interests of the
Holders. In its capacity as Certificate Registrar, the Certificate Administrator shall be responsible for, among other things,
holding each HRR Certificate and each Certificate evidencing the VRR Interest as Individual Certificates on behalf of each Holder
of such Certificates in accordance with Section 5.01(j).


 


(b)           Upon surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c),
(d), (e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall
execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more
new Certificates in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates
shall be delivered by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate
surrendered for registration of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate
issued pursuant to this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request,
subject to the provisions of Sections 5.01(h) and 5.02(c), (d), (e), (f), (g), (h)
and (i) of this Agreement.


 


(c)          
In addition to the provisions of Sections 5.01(h) and (j) and 5.02(d), (e), (f),
(g), (h) and (i) of this Agreement and the rules of the Depository, the exchange, transfer and registration
of transfer of Private Certificates that are Individual Certificates or beneficial interests in the Private Global Certificates
shall be subject to the following restrictions:


 


(i)           
Transfers between Holders of Individual Certificates. With respect to the transfer and registration of transfer of
an Individual Certificate representing an interest in a


 






    -397-


    


    

 


Class of Private Certificates to a transferee that takes delivery in the
form of an Individual Certificate (other than transfers of the Class S or Class R Certificates, which may be made only in accordance
with Section 5.02(i) of this Agreement, and transfers of any HRR Certificates, any Class V1 Certificate or any Certificate
constituting the VRR Interest, which may only be made in accordance with Section 5.02(c)(vi) of this Agreement and
during the Transfer Restriction Period in accordance with Section 5.01(j)):


 


(A)      Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register
the transfer of such Individual Certificate if the requested transfer is being made by a transferee who has provided the Certificate
Registrar with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement (an “Investment
Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional Buyer in accordance
with Rule 144A;


 


(B)       The Certificate Registrar shall register the transfer of such Individual Certificate pursuant to Regulation S after the
expiration of the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer
Certificate substantially in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”),
and (2) the transferee furnishes to the Certificate Registrar an Investment Representation Letter; or


 


(C)       The Certificate Registrar shall register the transfer of such Individual Certificate if prior to the transfer such transferee
furnishes to the Certificate Registrar (1) an Investment Representation Letter to the effect that the transfer is being made
to an Institutional Accredited Investor or to an Affiliated Person in accordance with an applicable exemption under the Act, and
(2) in the case of a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that
such transfer is in compliance with the Act;


 


and, in each case, the Certificate
Registrar shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to
the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and
other applicable laws.


 


(ii)          
Transfers within the Private Global Certificates. Notwithstanding any provision to the contrary herein, so long as
a Private Global Certificate remains outstanding and is held by or on behalf of the Depository, transfers within such Global Certificate
shall only be made in accordance with this Section 5.02(c)(ii).


 






    -398-


    


    

 


(A)            
Rule 144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the
Restricted Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its
beneficial interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a
beneficial interest in the related Regulation S Global Certificate, such Certificate Owner may, in addition to complying with all
applicable rules and procedures of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants
(the “Applicable Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent
beneficial interest in such Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A).
Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with
the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another
specified Agent Member’s account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination
of the beneficial interest in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance
with the Applicable Procedures containing information regarding the account of the Agent Member and the Euroclear or Clearstream
account, as the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest,
and (3) a certificate in the form of Exhibit H to this Agreement given by the Certificate Owner of such interest,
the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Rule 144A Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global Certificate
to be so transferred and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate
by the Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions (who shall be an Agent Member acting for or on
behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest in the Regulation S Global Certificate having
a Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.


 


(B)             
Rule 144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted
Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial
interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial
interest in the related Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures,
transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate
only upon compliance with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar
at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from an Agent
Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent


 






    -399-


    


    

 


Member’s account
a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures
containing information regarding the account of the Agent Member and, in the case of a transfer pursuant to and in accordance with
Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited with, and the account of the Agent Member
to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit I to this Agreement
given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository or the Certificate Custodian,
as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial
interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate
to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A
Global Certificate was reduced upon such transfer.


 


(C)          Regulation S Global Certificate to Rule 144A Global Certificate. If the Certificate Owner of an interest in
a Regulation S Global Certificate wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate
to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Rule 144A Global Certificate,
such Certificate Owner may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial
interest for an equivalent beneficial interest in such Rule 144A Global Certificate only upon compliance with the provisions
of this Section 5.02(c)(ii)(C). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written
instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit
or cause to be credited to another specified Agent Member’s account a beneficial interest in the Rule 144A Global Certificate
in an amount equal to the Denomination of the beneficial interest in the Regulation S Global Certificate to be transferred, (2) a
written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member
to be credited with, and the account of the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear
or Clearstream account, as the case may be, to be debited for, such beneficial interest, and (3) with respect to a transfer of
a beneficial interest in a Regulation S Global Certificate for a beneficial interest in the related Rule 144A Global Certificate
(i) during the Restricted Period, a certificate in the form of Exhibit J to this Agreement given by the holder
of such beneficial interest or (ii) after the Restricted Period, an Investment Representation Letter from the transferee to
the effect that such transferee is a Qualified Institutional Buyer, the Certificate Registrar shall instruct the Depository or
the Certificate Custodian, as applicable, to reduce the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the


 






    -400-


    


    

 


Regulation S Global Certificate to be transferred, and, concurrently with such reduction, to
increase the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial interest in
the Regulation S Global Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions a beneficial interest in such Rule 144A Global Certificate having a Denomination equal to the amount
by which the Denomination of the Regulation S Global Certificate was reduced upon such transfer.


 


(iii)        Transfers from the Private Global Certificates to Individual Certificates. Any and all transfers from a Private Global
Certificate to a transferee wishing to take delivery in the form of an Individual Certificate will require the transferee to take
delivery subject to the restrictions on the transfer of such Individual Certificate described in a legend set forth on the face
of such Certificate substantially in the form of Exhibit F to this Agreement (the “Securities Legend”),
and such transferee agrees that it will transfer such Individual Certificate only as provided therein and herein. No such transfer
shall be made and the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with
this Section 5.02(c)(iii).


 


(A)            
Transfers of a beneficial interest in a Private Global Certificate to an Institutional Accredited Investor will require
delivery in the form of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance
with the provisions of Section 5.02(c)(i)(C) of this Agreement.


 


(B)             
Transfers of a beneficial interest in a Private Global Certificate to a Qualified Institutional Buyer or a Regulation S
Investor wishing to take delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only
upon compliance with the provisions of Section 5.02(c)(i)(A) or (B) of this Agreement, respectively.


 


(C)             
Notwithstanding the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual
Certificate pursuant to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.


 


Upon acceptance for exchange
or transfer of a beneficial interest in a Private Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Private Global Certificate (or on a continuation of such schedule
affixed to such Private Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange
or transfer and a decrease in the Denomination of such Private Global Certificate equal to the Denomination of such Individual
Certificate issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and
the Depositor in accordance with applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial
interest in the Private Global Certificate shall bear the Securities Legend.


 






    -401-


    


    

 


(iv)         
Transfers of Individual Certificates to the Private Global Certificates. If a Holder of an Individual Certificate
wishes at any time to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest
in the related Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected
only in accordance with the Applicable Procedures and this Section 5.02(c)(iv) (other than with respect to any Retained
Certificate during the Transfer Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(j)).
Upon receipt by the Certificate Registrar at the Corporate Trust Office of (l) the Individual Certificate to be transferred with
an assignment and transfer pursuant to Section 5.05(a) of this Agreement, (2) written instructions given in accordance
with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to a
specified Agent Member’s account a beneficial interest in such Regulation S Global Certificate or such Rule 144A Global
Certificate, as the case may be, in an amount equal to the Denomination of the Individual Certificate to be so transferred, (3) a
written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member
and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited
with such beneficial interest, and (4) (x) an Investment Representation Letter from the transferee and, if delivery is
to be taken in the form of a beneficial interest in the Regulation S Global Certificate, a Regulation S Transfer Certificate from
the transferor or (y) an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified
Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the Rule 144A Global Certificate, the
Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual Certificate for the Denomination
of the Individual Certificate not so transferred, registered in the name of the Holder or the Holder’s transferee (as instructed
by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to increase
the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate, as the case may be, by the Denomination
of the Individual Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions who, in the case of any increase in the Regulation S Global Certificate during the Restricted Period, shall
be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case may be, a corresponding Denomination
of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may be.


 


It is the intent of the foregoing
that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery
in the form of a beneficial interest in a Private Global Certificate, other than the initial transfer from the Initial Purchasers
to an initial investor.


 


(v)          
All Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates,
an exchange of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an
Individual Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange
is made in anticipation of subsequent transfer, and, in the


 






    -402-


    


    

 


case of the Global Certificates, so long as the Global Certificates
remain outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02
and in accordance with the rules of the Depository and Applicable Procedures (other than with respect to any Retained Certificate
during the Transfer Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(j)).


 


(d)           If Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend,
the Certificates so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement
of Certificates bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates
so issued shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is
delivered to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the
party requesting the removal of such legend) familiar with United States securities laws, as may be reasonably required by
the Certificate Registrar, that neither the Securities Legend nor the restrictions on transfers set forth therein are required
to ensure that transfers of any Certificate comply with the provisions of Rule 144A, Rule 144 or Regulation S under
the Act, the Risk Retention Rule or that such Certificate is not a “restricted security” within the meaning of Rule 144
under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall execute and deliver a Certificate
that does not bear the Securities Legend.


 


(e)          
Subject to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02,
the Holder of any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any
authorized denomination) by surrendering such Certificate at the office of the Certificate Administrator or at the office of any
transfer agent appointed as provided under this Agreement, together with an instrument of assignment or transfer (executed by the
Holder or its duly authorized attorney), in the case of transfer, and a written request for exchange, in the case of exchange.
Following a proper request for transfer or exchange, the Certificate Registrar shall, within five Business Days of such request
if made at such office of the Certificate Administrator or within ten Business Days if made at the office of a transfer agent (other
than the Certificate Registrar), execute and deliver at the office of the Certificate Administrator or at the office of such transfer
agent, as the case may be, to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class
mail (at the risk of the transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee
or Holder, as applicable, may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate
Denomination and in such Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual
Certificate shall not be valid unless made at the office of the Certificate Administrator or at the office of a transfer agent
by the registered Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any
request for an exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution
Date.


 


(f)          
An Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global
Certificate pursuant to Section 5.01 of this Agreement) or a beneficial interest in a Private Global Certificate may
only be transferred to Eligible Investors, as described herein. In the event that a Responsible Officer of the Certificate


 






    -403-


    


    

 


Registrar
has actual knowledge that such an Individual Certificate or beneficial interest in a Private Global Certificate is being held
by or for the benefit of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant
jurisdiction, then the Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or
to require the investor to sell such Individual Certificate or beneficial interest in a Private Global Certificate to an Eligible
Investor within fourteen days after notice of such determination and each Certificateholder by its acceptance of a Certificate
authorizes the Certificate Registrar to take such action.


 


(g)          
Subject to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates
shall be limited to transfers of such Global Certificates in whole, but not in part, to nominees of the Depository or to a successor
of the Depository or such successor’s nominee.


 


(h)          
No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of
transfer or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors,
as provided herein. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the
Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer.


 


(i)           
Subject to Section 5.02(e) of this Agreement, transfers of the Class S or Class R Certificates may be made
only in accordance with this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R
Certificate only if (x) the transferor has advised the Certificate Registrar in writing that such Certificate is being transferred
to a Qualified Institutional Buyer and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an
Investment Representation Letter. The Certificate Registrar shall register the transfer of a Class S Certificate only if (x) the
transferor has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional
Buyer or an Affiliated Person or an Institutional Accredited Investor and (y) prior to such transfer the transferee furnishes to
the Certificate Registrar an Investment Representation Letter. In addition, the Certificate Registrar may as a condition of the
registration of any such transfer require the transferor to furnish such other certifications, legal opinions or other information
(at the transferor’s expense) as it may reasonably require to confirm that the proposed transfer is being made pursuant to
an exemption from, or in a transaction not subject to, the registration requirements of the Act and other applicable laws.


 


(j)           
No transfer, sale, pledge or other disposition of any Class of Private Certificates or interest therein shall be made unless
that transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Act and
any applicable state securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the
Depositor, the Master Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register
or qualify the Private Certificates under the Act


 






    -404-


    


    

 


or
any other securities law or to take any action not otherwise required under this Agreement to permit the transfer of such Private
Certificates without registration or qualification. Any Certificateholder desiring to effect such a transfer shall, and does hereby
agree to, indemnify the Depositor, the Master Servicer, the Certificate Administrator, the Trustee and the Certificate Registrar,
against any loss, liability or expense that may result if the transfer is not so exempt or is not made in accordance with such
federal and state laws.


 


(k)              
No transfer of any Class X-E, Class E, Class F-RR, Class G-RR, Class V1-E, Class V1-F, Class V1-G, Class V2,
Class S or Class R Certificate (each, a “Restricted Certificate”) shall be made to (i) an employee
benefit plan subject to the fiduciary responsibility provisions of ERISA, or Section 4975 of the Code, or a governmental plan,
as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar Law”)
which is to a material extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii) a
collective investment fund whose underlying assets include Plan assets by reason of a Plan’s investment in the collective
investment fund (pursuant to U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, other
than (with respect to transfer of Restricted Certificates other than the Class V2, Class S or Class R Certificates), an insurance
company using the assets of its general account under circumstances whereby such purchase and the subsequent holding of such Certificate
by such insurance company would be exempt from the “prohibited transaction” provisions of Sections 406 and 407
of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar
Law. Except in connection with the transfer thereof by the Depositor or the Retaining Sponsor (provided that, in the case of the
Retaining Sponsor, such exception shall apply only with respect to the transfer thereof on the Closing Date), each prospective
transferee of a Restricted Certificate shall either (A) deliver to the Depositor, the Certificate Registrar and the Certificate
Administrator, a transfer or representation letter, substantially in the form of Exhibit D-2 to this Agreement, stating
that the prospective transferee is not and will not become a Person referred to in (i) or (ii) above or (B) if the transferee
is such an entity specified in (i) or (ii) above (except in the case of a Class V2, Class S or Class R Certificate, which
may not be transferred unless the transferee represents it is not such an entity), such entity, at its own expense, shall provide
any opinion of counsel, officers’ certificates or agreements as may be required by, and in form and substance satisfactory
to, the Depositor, the Certificate Administrator and the Certificate Registrar, to the effect that the purchase and holding of
the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction within the meaning
of Sections 406 and 407 of ERISA and Section 4975 of the Code, and will not subject the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Certificate Administrator, the Trustee
or the Certificate Registrar to any obligation or liability. None of the Certificate Administrator or the Certificate Registrar
shall register a Class V2, Class S or Class R Certificate in any Person’s name unless such Person has provided the letter
referred to in clause (A) of the preceding sentence. The transferee of a beneficial interest in a Global Certificate
that is a Restricted Certificate shall be deemed to represent that it is not and will not become a Plan or a Person acting on behalf
of any Plan or using the assets of any Plan to acquire such interest other than (with respect to transfers of beneficial interests
in Global Certificates which are Restricted Certificates other than the Class V2, Class S or Class R Certificates) an insurance
company using the assets of its general account under circumstances whereby such transfer to such insurance company would be exempt
from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Section 4975 of the Code
under


 






    -405-


    


    

 


Sections I
and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Any transfer of a Restricted Certificate that would
violate or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or Similar Law shall be
deemed absolutely null and void ab initio.


 


Each beneficial owner
of a Certificate or any interest therein that is a Plan subject to Title I of ERISA or Section 4975 of the Code (an “ERISA
Plan”, including any fiduciary purchasing Certificates on behalf of an ERISA Plan (“Plan Fiduciary”),
will be deemed to have represented by its acquisition of such Certificates that:


 


(1) none of the Depositor,
any Underwriter, any Initial Purchaser, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer (including,
for the avoidance of doubt, any Non-Conflicted Special Servicer), any Sub-Servicer, the Operating Advisor, the Asset Representations
Reviewer or any of their respective Affiliates, agents or employees (the “Transaction Parties”), has provided
or will provide advice with respect to the acquisition of Certificates by the ERISA Plan, other than to the Plan Fiduciary which
is independent of the Transaction Parties, and the Plan Fiduciary either: (a) is a bank as defined in Section 202 of the Investment
Advisers Act of 1940 (the “Advisers Act”), or similar institution that is regulated and supervised and subject
to periodic examination by a State or Federal agency; (b) is an insurance carrier which is qualified under the laws of more than
one state to perform the services of managing, acquiring or disposing of assets of an ERISA Plan; (c) is an investment adviser
registered under the Advisers Act, or, if not registered an as investment adviser under the Advisers Act by reason of paragraph
(1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of the state in which it maintains
its principal office and place of business; (d) is a broker-dealer registered under the Securities Exchange Act of 1934, as amended;
or (e) has, and at all times that the ERISA Plan is invested in the Certificates will have, total assets of at least U.S. $50,000,000
under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner
or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the ERISA Plan
investing in the Certificates in such capacity);


 


(2) the Plan Fiduciary
is capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment
strategies, including the acquisition by the ERISA Plan of Certificates;


 


(3) the Plan Fiduciary
is a “fiduciary” with respect to the ERISA Plan within the meaning of Section 3(21) of ERISA, Section 4975 of the Code,
or both, and is responsible for exercising independent judgment in evaluating the ERISA Plan’s acquisition of the Certificates;


 


(4) none of the Transaction
Parties has exercised any authority to cause the ERISA Plan to invest in the Certificates or
to negotiate the terms of the ERISA Plan’s investment in the Certificates; and


 


(5)
the Plan Fiduciary has been informed by the Transaction Parties: (a) that none of the Transaction Parties is undertaking to provide
impartial investment advice or to give advice in a fiduciary capacity, and that no such entity has given investment advice or
otherwise made a recommendation, in connection with the ERISA Plan’s acquisition of the Certificates; and (b) of


 






    -406-


    


    

 


the
existence and nature of the Transaction Parties financial interests in the ERISA Plan’s acquisition of the Certificates.


 


The above representations
in this paragraph are intended to comply with the Department of Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as
promulgated on April 8, 2016 (81 Fed. Reg. 20,997). If these regulations are revoked, repealed or no longer effective, these representations
shall be deemed to be no longer in effect.


 


(l)           
Each Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest
are expressly subject to the following provisions:


 


(i)           
Each Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a
Person who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted
Transferee shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.


 


(ii)          
No Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without
the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such
proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of
any Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in form
and substance satisfactory to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor
an affidavit in substantially the form attached as Exhibit C-1 (a “Transferee Affidavit”) of the
proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed
transferee historically has paid its debts as they have come due and intends to do so in the future, (ii) the proposed transferee
understands that, as the holder of an Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual
interest, (iii) the proposed transferee intends to pay taxes associated with holding the Ownership Interest as they become
due, (iv) the proposed transferee will not transfer the Ownership Interest to any Person that does not provide a Transferee
Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting
as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, (v) the proposed
transferee will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the proposed transferee or any other U.S. Person and (vi) the
proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.02(l) and


 






    -407-


    


    

 


(y) other
than in connection with the initial issuance of the Class R Certificates, require a statement from the proposed transferor
substantially in the form attached as Exhibit C-2 (the “Transferor Letter”), that the proposed transferor
has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know
that the proposed transferee’s statements in the Transferee Affidavit are false.


 


(iii)          
Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible
Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer
to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided,
that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee.


 


Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to
any transfer of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to
require delivery of the certification(s) and/or opinions of counsel described in Article V applicable with respect
to changes in registration of record ownership of Certificates in the Certificate Register. The Certificate Administrator and the
Certificate Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of the
Depository or between or among Depository Participants or Certificate Owners made in violation of applicable restrictions.


 


Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman) in contravention of
the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of
such Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS
and the transferor of such Ownership Interest or such agent such information necessary to the application of Section 860E(e) of
the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may charge a reasonable
fee for computing and furnishing such information to the transferor or to such agent referred to above; provided that such
Persons shall in no event be excused from furnishing such information.


 


(m)          
At all times, if a transfer of any Retained Certificate is to be made, then the Certificate Registrar shall refuse to register
such transfer unless it receives (and, upon receipt, may conclusively rely upon) (i) a certification from such Certificateholder’s
prospective Transferee substantially in the form attached hereto as Exhibit C-3 or Exhibit C-5, as applicable, which
such certification must be countersigned by the Retaining Sponsor with a medallion stamp guarantee
of the Retaining Sponsor, (ii) a certification from the Certificateholder desiring to effect such transfer substantially in the
form attached hereto as Exhibit C-4 or Exhibit C-6, as applicable, which such certification must be countersigned
by the Retaining Sponsor with a medallion stamp 


 






    -408-


    


    

 


guarantee
of the Retaining Sponsor, (iii) a W-9 completed by the prospective
Transferee, and (iv) wiring instructions and contact information of the
prospective Transferee. Upon receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.01(j) and Section 5.02(a), reflect such Retained Certificate in the name of the prospective Transferee. For the avoidance
of doubt, in no event shall a Retained Certificate be held as a Book-Entry Certificate during the Transfer Restriction Period.
After the Transfer Restriction Period, the Retained Certificates may be transferred subject to the restrictions on transfer set
forth in this Article V. Any transfer of an interest in the Retained Certificates that is not in compliance with this Section
5.02 shall be null and void ab initio to the extent permitted under applicable law.


 


Section 5.03    Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate,
and (ii) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and
the Certificate Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar
that such Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall
execute and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of
any new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03
shall constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.


 


Section 5.04    Appointment of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”)
for the purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate
Administrator shall cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer, to
execute and deliver to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Master
Servicer and the Trustee that such Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums have been paid to the Certificateholders or disposed of
as otherwise provided herein. The initial Paying Agent shall be the Certificate Administrator. Except for the Certificate Administrator,
as the initial Paying Agent, the Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least
“A” from Fitch and an equivalent rating from KBRA (if rated by KBRA), or shall be otherwise acceptable to each Rating
Agency, as confirmed by a receipt of a Rating Agency Confirmation.


 


Section 5.05    Access to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder
(for purposes of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar,
and such application states that the Applicant desires to communicate with other Certificateholders with respect to its rights
under this Agreement, the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford
such Certificateholder (at such Certificateholder’s sole cost and expense)


 






    -409-


    


    

 


access
during normal business hours to a current list of the Certificateholders related to the Class of Certificates held by such Certificateholder.


 


Any Certificateholder
or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its
rights under the terms of this Agreement (such party, a “Requesting Investor”) may deliver a written request
(a “Communication Request”) signed by an authorized representative of the Requesting Investor to the Certificate
Administrator. Any Communication Request shall contain the method other Certificateholders and Certificate Owners should use to
contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a Class of Certificates, then
the Communication Request must contain (i) a written certification from the Requesting Investor that it is a beneficial owner of
a class of certificates, (ii) the name of the transaction, Benchmark 2018-B1 and (iii) one of the following forms of documentation
evidencing its beneficial ownership in such class of certificates: (A) a trade confirmation, (B) an account statement, (C) a medallion
stamp guaranteed letter from a broker or dealer stating the Requesting Investor is the beneficial owner, or (D) a document reasonably
acceptable to the Certificate Administrator that is similar to any of the documents identified in clauses (A) through (C). The
Certificate Administrator shall not be permitted to require any information other than the foregoing in verifying a Certificateholder’s
or Certificate Owner’s identity in connection with a Communication Request. Requesting Investors will be responsible for
their own expenses in making any Communication Request, but will not be required to bear any expenses of the Certificate Administrator.
Upon receipt of such request, the Certificate Administrator shall furnish or cause to be furnished to such Applicant a list of
the names and addresses of the Certificateholders as of the most recent Record Date.


 


(b)           Every Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate
Registrar that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of
the disclosure of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from
which such information was derived.


 


(c)          
Upon the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the
Certificate Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted
by other Certificateholders, setting forth the relevant contact information and briefly stating the reason for the requested contact
and (b) provides a copy of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator
shall deliver such Special Notice to all Certificateholders at their respective addresses appearing on the Certificate Register.
The costs and expenses of the Certificate Administrator associated with delivering with any such Special Notice shall be borne
by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither
the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special
Notice to Certificateholders, regardless of the information set forth in such Special Notice.


 


Section 5.06    Actions of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more


 






    -410-


    


    

 


instruments
of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the
Certificate Administrator and the Trustee and, when required, to the Master Servicer. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the
Certificate Administrator, the Trustee and the Master Servicer, if made in the manner provided in this Section.


 


(b)           The fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable
manner which the Certificate Administrator or the Trustee deems sufficient.


 


(c)          
Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every
Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect
of anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.


 


(d)           The Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred
to in this Section 5.06 as it shall deem necessary.


 


Section 5.07    Rule 144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that
is a Holder of a Private Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner
or a prospective purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information
required to be delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate
Administrator and has been identified as Rule 144A information (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein), if at the time of such request periodic reports are not being filed with respect to the Trust under Section
13 or Section 15(d) of the Exchange Act.


 


Section 5.08    Voting Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator
shall administer such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders
by mail with respect to Individual Certificates. In each case, such vote shall be administered in accordance with the following
procedures, unless different procedures are otherwise described herein with respect to a specific vote:


 


(a)          
Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Individual Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website.


 






    -411-


    


    

 


Notices
delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually receives the notice
and ballot.


 


(b)           In connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings
in the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into
consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall
be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.


 


(c)          
The Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate
Administrator shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline.
Illegible or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall
not be counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results
of the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the
proposition and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.08(a) above. The Certificate
Administrator shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds
with the date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent
manifest error, retabulate the votes or conduct a new vote for the same proposition.


 


(d)           Unless otherwise paid for by any Holder pursuant to Section 8.01 or Section 8.02, or clause (e)
below, any and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall
be borne by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or
answer questions other than process-related questions regarding the administration of the vote.


 


(e)          
If any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration
of the Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote
and the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.


 






    -412-


    


    

 


Section 5.09    Exchanges of Exchangeable Groups of Certificates. (a)  The Grantor Trust shall be maintained by the Certificate
Administrator, on behalf of the Trustee, in part for the benefit of the Holders of the Class V1 and Class V2 Certificates. At all
times, the Class V1 Certificates shall collectively represent beneficial ownership interests in the Class V1 Percentage Interest
of the VRR Specific Grantor Trust Assets. At all times, the Class V2 Certificates shall represent beneficial ownership interests
in the Class V2 Percentage Interest of the VRR Specific Grantor Trust Assets.


 


On the Closing Date,
the Grantor Trust shall initially issue the VRR Interest in the form of Class V2 Certificates with the respective aggregate initial
Certificate Balance set forth for such Class in the Preliminary Statement. In addition, on the Closing Date pursuant to the GACC
Purchase Agreement, the Depositor is assigning and transferring and otherwise conveying to DBNY, $40,426,662 initial Certificate
Balance of the VRR Interest in the form of Class V2 Certificates (which assignment, transfer and conveyance shall, solely for purposes
of satisfying the requirements of Section 3(a) and Section 4(a)(3) of the Risk Retention Rule, be deemed assigned,
transferred and conveyed from the Depositor to GACC and from GACC to DBNY).


 


(b)           Following the Closing Date and subject to the conditions set forth in Section 5.09(c), any Holder of Class V2
Certificates may exchange some or all of those Certificates for Class V1 Certificates with the same aggregate principal balance
as the surrendered Certificates and representing the same Percentage Interest in each Class of the Class V1 Certificates,
and any Holder of Class V1 Certificates may exchange some or all of those Certificates representing the same Percentage interest
in each Class of the Class V1 Certificates for Class V2 Certificates with the same aggregate principal balance as the surrendered
Certificates.


 


(c)          
An exchange of Exchangeable Certificates may only occur if the respective Certificates being surrendered and the respective
Certificates being received in such exchange have denominations no smaller than the minimum Denominations set forth in Section 5.01.
There shall be no limitation on the number of exchanges of Exchangeable Certificates authorized pursuant to this Section 5.09.
In addition, the Depositor shall have the right to make or cause exchanges on the Closing Date and shall deliver instructions substantially
in the form of Exhibit NN to the Certificate Administrator along with the original Certificate exchanged (unless such exchanged
Certificate was deemed issued).


 


Notwithstanding the foregoing,
however, during the VRR Interest Transfer Restriction Period, the Retaining Sponsor and the Depositor jointly may (to the extent
that they believe it to be necessary or reasonably appropriate to ensure compliance with Risk Retention Rule, including, without
limitation, based upon such future clarification and interpretation as may in the future be provided by the staff of any Regulatory
Agency), and each Holder of any Class V1 or Class V2 Certificate, by acceptance of its Certificates, is deemed to have agreed that
the Sponsor and the Depositor jointly may: (i) suspend or terminate the exchangeability feature of the Exchangeable Certificates
by written instrument, signed by both the Retaining Sponsor and the Depositor and sent to the Certificate Administrator, with copies
thereof to be sent by the Certificate Administrator to the other Holders of the Exchangeable Certificates, in which case no exchange
may be effected in accordance with this Section 5.09 during the period of the


 






    -413-


    


    

 


suspension
or following the effective date of the termination; and (ii) mandate that all Holders of the Class V1 Certificates surrender
their Certificates in exchange for Class V2 Certificates, by a written instrument, signed by both the Retaining Sponsor and the
Depositor and sent to the Certificate Administrator, with copies thereof to be sent by the Certificate Administrator to the Holders
(or, if applicable, the other Holders) of the Class V1 Certificates, in which case, with respect to any Holder’s Class V1
Certificates that are held in the Retained Interest Safekeeping Account, the Certificate Administrator shall (within 10 Business
Days of its receipt of the written instrument described above in the clause (ii)) cancel such Class V1 Certificates and
execute and authenticate in the name of, and deposit in the Retained Interest Safekeeping Account for the benefit of, such Holder
Class V2 Certificates with the same aggregate principal balance as the cancelled Certificates, and with respect to any Holder’s
Class V1 Certificates that have been released from the Retained Interest Safekeeping Account, such Holder shall (within 10 Business
Days of its receipt of a copy of the written instrument described above in this clause (ii)) surrender such Class V1 Certificates
in exchange for Class V2 Certificates having the same aggregate principal balance as the surrendered Certificates in accordance
with this Section 5.09 (provided that if any Holder fails to so surrender its Class V1 Certificates within such 10
Business Day period, then the Certificate Administrator shall suspend all future distributions thereon until the exchange occurs,
such unmade distributions to be held by the Certificate Administrator without interest in the same manner as the distribution
on any Certificate that is not surrendered on the final Distribution Date and to be released only in connection with the required
exchange).


 


(d)              
For all exchanges other than any exchange effectuated by the Depositor, the Retaining Sponsor or DBNY on the Closing Date,
or any exchange of Class V1 Certificates held in the Retained Interest Safekeeping Account as mandated by the Depositor and the
Retaining Sponsor, in any event pursuant to Section 5.09(c), in order to effect an exchange of an Exchangeable Group
of Certificates, the Certificateholder desiring to effect the exchange shall notify the Certificate Administrator in writing or
by e-mail at cts.cmbs.bond.admin@wellsfargo.com (with a subject line referencing “Benchmark 2018-B1” and setting
forth the proposed Exchange Date) no later than three (3) Business Days before the proposed exchange date (the “Exchange
Date”). The Exchange Date may be any Business Day other than the first or last Business Day of the month. An exchange
notice must (i) be set forth on the applicable Certificateholder’s letterhead, (ii) carry a medallion stamp guarantee and
(iii) set forth the following information: the CUSIP Number (if any) of each Certificate to be exchanged and each Certificate to
be received; the original and outstanding principal balance of the Certificates to be exchanged and the original and outstanding
principal balance of the Certificates to be received; the Certificateholder’s Depository participant number, if applicable;
and the proposed Exchange Date. A notice shall become irrevocable on the second (2nd) Business Day before the proposed Exchange
Date. For so long as the Exchangeable Certificates being surrendered are held in the Retained Interest Safekeeping Account, the
exchange shall be effected by the Certificate Administrator cancelling the Certificates being surrendered and executing and authenticating
in the name of, and depositing in the Retained Interest Safekeeping Account for the benefit of, the applicable Certificateholder
the Exchangeable Certificates to be received thereby. For so long as the Exchangeable Certificates are held as Individual Certificates
outside the Retained Interest Safekeeping Account, the exchange shall be effected by the Certificate Administrator executing and
authenticating in the name of, and delivering to, the applicable Certificateholder the Exchangeable Certificates to be received
thereby, but only upon receipt by the Certificate Administrator of the Exchangeable Certificates to be surrendered (which


 






    -414-


    


    

 


Certificates
the Certificate Administrator shall promptly cancel). Following the end of the VRR Interest Transfer Restriction Period, if applicable,
the Certificateholder and the Certificate Registrar shall utilize the “deposit and withdrawal system” at the Depository
to effect the exchange of the applicable Certificates that are Global Certificates. If following the end of the VRR Interest Transfer
Restriction Period the Exchangeable Certificates are being held in book-entry format, then the Global Certificates for one Exchangeable
Group shall be exchangeable on the books of the Depository for the corresponding Global Certificates of the other Exchangeable
Group, by notice to the Certificate Administrator substantially in the form of Exhibit NN.


 


(e)          
In connection with any exchange of an Exchangeable Group of Certificates, (i) the Certificate Registrar shall reduce the
outstanding aggregate Certificate Balance of the Class or Classes comprising the Exchangeable Group of Certificates surrendered
by the applicable Holder on the Certificate Register and shall increase the outstanding aggregate Certificate Balance of the related
Class or Classes of the Exchangeable Group of Certificates received by such Holder in such exchange on the Certificate Register,
(ii) the Certificate Registrar shall reduce the initial Certificate Balance specified in the Preliminary Statement to this Agreement,
as applicable, of the Class or Classes comprising the Exchangeable Group of Certificates surrendered by the applicable Holder on
the Certificate Register and shall increase the initial Certificate Balance specified in the Preliminary Statement to this Agreement,
as applicable, of the related Class or Classes of the Exchangeable Group of Certificates received by such Holder, and (iii) in
the case of any related Global Certificate, if applicable following the end of the VRR Interest Transfer Restriction Period, the
Certificate Registrar or the Certificate Administrator, as applicable, shall approve the instructions at the Depository and make
appropriate notations on the Global Certificate for each related Class of Certificates to reflect such reductions and increases.
The Exchangeable Certificates received in any exchange pursuant to this Section 5.09 shall have the same aggregate
principal balance and be deemed to have the same VRR Realized Losses previously allocated thereto as did the Exchangeable Certificates
being surrendered, taking into account distributions of principal and allocations of VRR Realized Losses in the month of the exchange.
If Class V1 Certificates are being received, the aggregate principal balance and the VRR Realized Losses deemed previously allocated
thereto shall be allocated among the respective Classes thereof in a manner reflective of what would have been the case if such
Class V1 Certificates had been issued on the Closing Date.


 


(f)           
The Certificate Administrator shall make the first distribution on a Certificate received by a Certificateholder in any
exchange on the Distribution Date in the month following the month of exchange to the Certificateholder of record as of the applicable
Record Date for such Certificate and Distribution Date. If an Exchange Date occurs in any month before the Distribution Date in
such month, then any distributions to be made on such Distribution Date on any Certificates surrendered in the exchange shall be
so made to the Certificateholder of record as of the applicable Record Date for such Certificates and such Distribution Date. Neither
the Certificate Administrator nor the Depositor shall have any obligation to ensure the availability of the applicable Certificates
in the market to accomplish any exchange.


 






    -415-


    


    

 


Article VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE OPERATING
ADVISOR AND THE ASSET REPRESENTATIONS REVIEWER


 


Section 6.01    Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer
each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.


 


Section 6.02    Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer
or the Operating Advisor. Subject to the following paragraph, each of the Master Servicer and the Special Servicer shall keep
in full effect its existence, rights and good standing as a national banking association under the laws of the United States of
America, and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties securing the
Mortgage Loans that it is servicing are located or to protect the validity and enforceability of this Agreement, the Certificates
or any of such Mortgage Loans that it is servicing and to perform its respective duties under this Agreement. In addition, subject
to the following paragraph, the Operating Advisor and the Asset Representations Reviewer shall keep in full effect its existence,
rights and good standing as a limited liability company under the laws of the State of New York and shall not jeopardize its ability
to do business in each jurisdiction in which the Mortgaged Properties are located or to protect the validity and enforceability
of this Agreement, the Certificates or any of such Mortgage Loans and to perform its respective duties under this Agreement.


 


Each of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged or consolidated
with or into any Person, or transfer all or substantially all of its assets to any Person, in which case any Person into which
the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged
or consolidated, or any Person resulting from any merger or consolidation to which the Master Servicer, the Special Servicer, the
Depositor, the Operating Advisor or the Asset Representations Reviewer is a party, or any Person succeeding to the business of
the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, shall be
the successor of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer,
as applicable, hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer, the Special Servicer,
the Depositor, the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, if each of the Rating Agencies
has provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any; provided
that none of the Master Servicer, the Special Servicer or the Operating Advisor shall be required to obtain a Rating Agency Confirmation
from any Rating Agency if the Master Servicer, Special Servicer or Operating Advisor, as applicable, is merged into or consolidated
with a Qualified Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate; provided, further,
if the Master Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, is the


 






    -416-


    


    

 


surviving
entity under applicable law, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall not, as
a result of the merger, be required to provide a Rating Agency Confirmation or obtain the consent of the Depositor. Notwithstanding
the foregoing, no Master Servicer, Special Servicer, the Operating Advisor or the Asset Representations Reviewer may remain the
Master Servicer, Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as applicable, under this Agreement
after (x) being merged or consolidated with or into any Person that is a Prohibited Party, or (y) transferring all or
substantially all of its assets to any Person if such Person is a Prohibited Party, except to the extent (i) the Master Servicer,
the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as applicable, is the surviving entity of such
merger, consolidation or transfer and has been and continues to be in compliance with its Regulation AB reporting obligations
hereunder or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall not be unreasonably
withheld. The Asset Representations Reviewer shall keep in full effect its existence and rights as an entity under the laws of
the jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to
perform its duties under this Agreement. Any Person into which the Asset Representations Reviewer may be merged or consolidated,
or any Person resulting from any merger or consolidation to which the Asset Representations Reviewer shall be a party, or any
Person succeeding to the business of the Asset Representations Reviewer, shall be the successor of the Asset Representations Reviewer
hereunder, and shall be deemed to have assumed all of the liabilities and obligations of such Asset Representations Reviewer hereunder,
without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding; provided, however, that the Trustee has received a Rating Agency Confirmation with respect to such successor
or surviving Person.


 


Section 6.03    Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer and Others. (a) None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer nor any Affiliates, partners, shareholders, directors, officers, employees, members, managers,
representatives or agents (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor or the Asset Representations Reviewer shall be under any liability to the Trust Fund, the Certificateholders, any Serviced
Companion Loan Noteholders, any party hereto or any third party beneficiary for any action taken, or for refraining from the taking
of any action, in good faith pursuant to this Agreement (including actions taken or not taken at the direction of any Directing
Holder), or for errors in judgment; provided, that this provision shall not protect the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, or any Affiliate, representative, member, manager,
director, officer, employee or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor or the Asset Representations Reviewer, against any breach of warranties or representations made herein, or against
any liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence (or in the case of (x) the
Master Servicer or Special Servicer, by reason of any specific liability imposed hereunder for a breach of the Servicing Standard,
(y) the Operating Advisor, by reason of any specific liability imposed hereunder for a breach of the Operating Advisor Standard
or (z) the Asset Representations Reviewer, by reason of any specific liability imposed hereunder for a breach of the Asset Review
Standard) in the performance of duties or by reason of negligent disregard of obligations or duties hereunder. The Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and


 






    -417-


    


    

 


any
Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor, the
Master Servicer, the Special Servicer or the Operating Advisor may rely in good faith on any document of any kind which, prima
facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. In addition,
in no event shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC®
Intellectual Property Royalty License Fee to CREFC®, to report any such CREFC® Intellectual
Property Royalty License Fee so paid or to make available any Distribution Date Statement to the general public (or in particular,
CREFC®).


 


The Trust Fund and each
Serviced Companion Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer, the Special Servicer
and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred
in connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates,
incurred by the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason of willful misconduct, bad faith,
fraud or negligence in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder,
on the part of such indemnifying party.


 


The Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliates, directors, officers,
employees, members, managers, representatives and agents (including sub-servicers) of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor and the Asset Representations Reviewer shall be indemnified and held harmless by the Trust Fund
for any loss, liability or expense (including legal fees and expenses) incurred in connection with any claim, loss, penalty, fine,
foreclosure, judgment, liability or legal action relating to this Agreement or the Certificates, other than any loss, liability
or expense (including legal fees and expenses) (i) incurred by such party by reason of willful misconduct, bad faith, fraud
or negligence in the performance of duties hereunder or by reason of negligent disregard of obligations and duties thereunder or
(ii) in the case of the Depositor and any of its Affiliates, directors, officers, representatives, members, managers, employees
and agents, incurred in connection with any violation by any of them of any state or federal securities law; provided that
such indemnified parties shall be paid out of the Collection Account in accordance with Section 3.06(a) of this Agreement;
provided, further, that if such matter relates directly to any Serviced Whole Loan, such indemnified parties shall
be paid first out of the applicable Serviced Whole Loan Collection Account (allocated in accordance with the expense allocation
provision of the related Intercreditor Agreement), and then, if funds therein are insufficient, out of the Collection Account;
provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any,
(i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on
behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion
of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders.


 


The Depositor shall indemnify
the Asset Representations Reviewer and the Operating Advisor and each of their respective Affiliates and each of their respective
directors, officers, employees, representatives and agents, and hold each of them harmless against any and all claims, losses,
damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses
that such indemnified party may sustain in


 






    -418-


    


    

 


connection
with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by such indemnified
party in any action or proceeding between the Depositor and such indemnified party or between such indemnified party and any third
party or otherwise) resulting from the Depositor’s willful misconduct, bad faith, fraud or negligence in the performance
of each of its duties hereunder or by reason of negligent disregard of its respective obligations and duties hereunder.


 


The Operating Advisor
shall indemnify the Asset Representations Reviewer and the Depositor and each of their respective Affiliates and each of their
respective directors, officers, employees, representatives and agents, and hold each of them harmless against any and all claims,
losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and
expenses that such indemnified party may sustain in connection with this Agreement (including, without limitation, reasonable fees
and disbursements of counsel incurred by such indemnified party in any action or proceeding between the Operating Advisor and such
indemnified party or between such indemnified party and any third party or otherwise) resulting from the Operating Advisor’s
willful misconduct, bad faith, fraud or negligence in the performance of each of its duties hereunder or by reason of negligent
disregard of its respective obligations and duties hereunder.


 


The Asset Representations
Reviewer shall indemnify the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Depositor,
the Operating Advisor and the Trust and each of their Affiliates and any partner, director, officer, shareholder, member, manager,
employee, representative or agent thereof, and hold them harmless, from and against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses that
any of them may sustain arising from or as a result of any willful misconduct, bad faith, fraud or negligence of the Asset Representations
Reviewer in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the Asset
Representations Reviewer of its duties and obligations hereunder.


 


(b)              
None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
shall be under any obligation to appear in, prosecute or defend any legal action that (i) is not incidental to its respective duties
under this Agreement or (ii) in its opinion, may expose it to any expense or liability not recoverable from the Trust Fund; provided,
that each of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may in its discretion undertake
any such action that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto
and the interests of the Certificateholders and holders of Serviced Companion Loan Securities, if applicable, hereunder. In such
event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities
of the Trust Fund and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to be
reimbursed therefor from the Collection Account in accordance with Section 3.06(a) of this Agreement) no later than
60 days after submitting such expenses or costs for reimbursement, provided that a failure to reimburse such parties within such
60 days will not affect or limit such parties’ rights to receive reimbursement hereunder; provided, further, that
in the case of any Serviced Whole Loan, such amounts shall be allocated in accordance with the expense allocation provision of
the related Intercreditor Agreement, and such parties shall be entitled to be reimbursed first, from the


 






    -419-


    


    

 


applicable
Serviced Whole Loan Collection Account and then, from the Collection Account, all in accordance with Section 3.06(a) of this Agreement and the related Intercreditor Agreement.


 


(c)          
The terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.


 


(d)         
For the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust Fund
or a party to this Agreement is required to indemnify another party to this Agreement for costs, fees and expenses, such costs,
fees and expenses shall include costs (including, but not limited to reasonable attorney’s fees and expenses) of the enforcement
of such indemnity.


 


Section 6.04    Limitation on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the
Master Servicer, the Special Servicer and the Operating Advisor. (a) Each of the Master Servicer, the Special Servicer and
the Operating Advisor may assign their respective rights and delegate their respective duties and obligations under this Agreement
in connection with the sale or transfer of a substantial portion of their commercial mortgage servicing, asset management or (solely
with respect to the Operating Advisor) commercial mortgage surveillance, portfolio, provided that: (i) the purchaser
or transferee accepting such assignment and delegation (A) shall be an established mortgage finance institution, bank or mortgage
servicing institution (or, in the case of the Operating Advisor, an Eligible Operating Advisor), organized and doing business under
the laws of the United States of America, any state of the United States of America or the District of Columbia, authorized under
such laws to perform the duties of the Master Servicer, Special Servicer or Operating Advisor or a Person resulting from a merger,
consolidation or succession that is permitted under Section 6.02 of this Agreement, (B) shall be acceptable to
each Rating Agency as confirmed in a Rating Agency Confirmation delivered to the Trustee and the Certificate Administrator relating
to the Certificates and Serviced Companion Loan Securities, if any, (C) shall execute and deliver to the Trustee and the Certificate
Administrator an agreement that contains an assumption by such Person of the due and punctual performance and observance of each
covenant and condition to be performed or observed by the Master Servicer, Special Servicer or Operating Advisor, as applicable
under this Agreement from and after the date of such agreement and (D) shall not be a Prohibited Party; (ii) the Master
Servicer, the Special Servicer or the Operating Advisor shall not be released from its obligations under this Agreement that arose
prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the rate at which
the Servicing Compensation, Special Servicing Compensation or Operating Advisor Fee, as applicable (or any component thereof) is
calculated shall not exceed the rate then in effect and (iv) the resigning Master Servicer, Special Servicer or Operating
Advisor, as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto and the Rating Agencies
in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the successor
Master Servicer, Special Servicer or Operating Advisor, as applicable, hereunder.


 


(b)           Except as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer,
the Special Servicer and the Operating Advisor shall not resign from its respective obligations and duties hereby imposed on it
except (i) upon determination that such duties hereunder are no longer permissible under applicable law, (ii) in connection
with the


 






    -420-


    


    

 


assignment
of rights and delegation of duties as set forth in Section 6.04(a), or (iii) solely with respect to the Operating
Advisor, pursuant to Section 6.04(e). Any such determination described in clause (i) above permitting the resignation
of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel
(obtained at the resigning Master Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect
delivered to the Trustee and the Certificate Administrator.


 


(c)          
The Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination
Event or Special Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such
removal shall be effective unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing
Compensation or Special Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon
to which it is entitled) and all other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the
extent such amounts accrue prior to such effective date and (ii) with respect to a resignation by the Master Servicer, the
successor Master Servicer has deposited into the Investment Accounts from which amounts were withdrawn to reimburse the terminated
Master Servicer, an amount equal to the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn
except pursuant to this paragraph, in which case the successor Master Servicer shall, immediately upon deposit, have the same right
of reimbursement or payment as the terminated Master Servicer had immediately prior to its termination without regard to the operation
of this paragraph.


 


(d)           No resignation or removal of the Master Servicer, the Special Servicer or the Operating Advisor as contemplated by the preceding
paragraphs of this Section 6.04 shall become effective until (i) the Trustee or a successor Master Servicer, Special
Servicer or Operating Advisor shall have assumed the resigning or terminated Master Servicer’s, Special Servicer’s
or Operating Advisor’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under Section
10.03 or Section 10.09 has been delivered to any applicable Other Depositor with respect to any related Companion
Loan, and (iv) as to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special Servicer
that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such
event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special
Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection
with the Depositor’s or the Certificate Administrator’s obligation to file any related required Form 8-K relating to
this Trust on the anticipated effective date of such event. If no successor Master Servicer, Special Servicer or Operating Advisor
can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer, Special Servicer
or Operating Advisor would have been entitled, additional amounts payable to such successor Master Servicer, Special Servicer or
Operating Advisor shall be treated as Realized Losses.


 


(e)          
The Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior
written notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset


 






    -421-


    


    

 


Representations
Reviewer, the Controlling Class Representative and the Risk Retention Consultation Party, if applicable, and (b) upon the appointment
of, and the acceptance of such appointment by, a successor Operating Advisor that is an Eligible Operating Advisor and receipt
by the Trustee of Rating Agency Confirmation from each Rating Agency. No such resignation by the Operating Advisor shall become
effective until the replacement Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities
and obligations. The resigning Operating Advisor shall pay all costs and expenses (including costs and expenses incurred by the
Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this Section 6.04(e).


 


Section 6.05    Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer. Solely with respect
to their performance of their respective duties under this Agreement, the Master Servicer and the Special Servicer shall afford
the Depositor, the Underwriters, the Initial Purchasers, the Certificate Administrator, the Trustee and the Rating Agencies, upon
reasonable notice, during normal business hours access to all records maintained by it in respect of its rights and obligations
hereunder and access to its officers responsible for such obligations. Upon written request, the Master Servicer and/or the Special
Servicer, as applicable, shall furnish to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee its most recent publicly available financial statements (or, with respect to the Master Servicer, those of its
ultimate parent) and such other non-proprietary information as the Master Servicer or the Special Servicer, as the case may be,
shall determine in its sole and absolute discretion as it possesses, which is relevant to the performance of its duties hereunder
and which it is not prohibited by applicable law or contract from disclosing. The Depositor may, but is not obligated to, enforce
the obligations of the Master Servicer or the Special Servicer hereunder which are in default and may, but is not obligated to,
perform, or cause a designee to perform, any defaulted obligation of such Person hereunder or exercise any rights of such Person
hereunder, provided that the Master Servicer and the Special Servicer shall not be relieved of any of its obligations hereunder
by virtue of such performance by the Depositor or its designee. If the Depositor or its designee undertakes any such action, it
will be reimbursed by the Trust Fund from the Collection Accounts (or with respect to a Serviced Whole Loan, to the extent such
reimbursement is allocable to such Serviced Whole Loan Collection Account), as provided in Section 3.06 and Section 6.03(a)
hereof to the extent not recoverable from the Master Servicer or Special Servicer, as applicable. None of the Depositor, the Certificate
Administrator, the Trustee, the Master Servicer (solely with respect to any action or failure to act by the Special Servicer) or
the Special Servicer (solely with respect to any action or failure to act by the Master Servicer) shall have any responsibility
or liability for any action or failure to act by the Master Servicer or the Special Servicer and no such party is obligated to
monitor or supervise the performance of the Master Servicer or the Special Servicer under this Agreement or otherwise. Neither
the Master Servicer nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information
pursuant to this Section.


 


Section 6.06    The Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master
Servicer, or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate,
Certificate Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof. If, at any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is


 






    -422-


    


    

 


the
Holder or Certificate Owner of any Certificate, the Master Servicer or the Special Servicer proposes to take action (including
for this purpose, omitting to take action) that (i) is not expressly prohibited by the terms hereof and would not, in the
Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing Standard, and (ii) if
taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith judgment, be considered by
other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but will not be required to,
seek the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate Administrator a written
notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies the Percentage
Interest in each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate of the
Master Servicer or the Special Servicer and (iii) describes in reasonable detail the action (or inaction) that the Master
Servicer or the Special Servicer proposes to take (or refrain from taking). The Certificate Administrator, upon receipt of such
notice, shall forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special Servicer
and its Affiliates, as appropriate) together with such instructions for response as the Certificate Administrator shall reasonably
determine. If at any time Certificateholders holding a majority of the Voting Rights of all Certificateholders and, if no Control
Termination Event has occurred and is continuing, the applicable Directing Holder (calculated without regard to the Certificates
beneficially owned by the Master Servicer or its Affiliates or the Special Servicer or its Affiliates, as applicable) shall have
consented in writing to the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall
act as proposed in the written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator
shall be entitled to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses
of the Certificate Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the
Master Servicer or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing
matters arising hereunder, except in the case of unusual circumstances.


 


Section 6.07    The Directing Holder, the Operating Advisor and the Risk Retention Consultation Party. (a) For so long as no Control
Termination Event has occurred and is continuing, the Directing Holder shall be entitled to advise (1) the Special Servicer
with respect to all Specially Serviced Loans (other than any Conflicted Loan applicable to the Directing Holder or Servicing Shift
Mortgage Loan), (2) the Special Servicer with respect to Performing Loans (other than any Conflicted Loan applicable to the
Directing Holder, Non-Serviced Mortgage Loan or Servicing Shift Mortgage Loan) with respect to Special Servicer Major Decisions,
and (3) the Master Servicer with respect to Performing Loans (other than any Conflicted Loan applicable to the Directing Holder,
Non-Serviced Mortgage Loan or Servicing Shift Mortgage Loan) with respect to Master Servicer Major Decisions.


 


Notwithstanding anything
herein to the contrary, except as set forth in, and in any event subject to, this Section 6.07, with respect to any
Mortgage Loan (other than any Non-Serviced Mortgage Loan, any applicable Conflicted Loan or any Servicing Shift Mortgage Loan)
or any Serviced Whole Loan (other than any Servicing Shift Whole Loan), for so long as no Control Termination Event has occurred
and is continuing, neither the Master Servicer nor the Special Servicer shall be permitted to take any action that constitutes
a Major Decision, and the Special Servicer shall not consent to the Master Servicer’s taking any of the following actions
that are Special Servicer Major Decisions, as to which the Directing Holder has objected in writing


 






    -423-


    


    

 


within
ten (10) Business Days (or, in connection with an Acceptable Insurance Default, 30 days) after receipt of a written report by
the Master Servicer or the Special Servicer, as applicable, describing in reasonable detail (i) the background and circumstances
requiring action of the Master Servicer or the Special Servicer, as applicable, (ii) the proposed course of action recommended,
and (iii) all information reasonably requested by the Directing Holder, and reasonably available the Master Servicer or the
Special Servicer, as applicable, in order to grant or withhold such consent, which report may, if prepared by the Special Servicer,
in its sole discretion, take the form of an Asset Status Report (the “Major Decision Reporting Package”) (provided that if such written objection has not been received by the Master Servicer or the Special Servicer, as applicable, within
such 10-Business Day (or 30-day) period, then the Directing Holder will be deemed to have approved such action); provided
that, if the Special Servicer or Master Servicer (if the Master Servicer is otherwise authorized by this Agreement to take such
action), as applicable, determines that immediate action, with respect to the foregoing matters, or any other matter requiring
consent of the Directing Holder (if no Control Termination Event has occurred and is continuing) in this Agreement, is necessary
to protect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into
account the subordinate nature of such Subordinate Companion Loan) and the Master Servicer or the Special Servicer, as applicable,
has made a reasonable effort to contact the Directing Holder, the Master Servicer or the Special Servicer, as applicable, may
take any such action without waiting for the Directing Holder’s response.


 


If a Control Termination
Event has occurred and is continuing, but for so long as no Consultation Termination Event has occurred, neither the Master Servicer
nor the Special Servicer, as applicable, will be required to obtain the consent of the Directing Holder with respect to any of
the Major Decisions or Asset Status Reports, but shall consult with the Directing Holder in connection with any Major Decision
that it is processing or, in the case of the Special Servicer, any Asset Status Report (or any other matter for which the consent
of the Directing Holder would have been required or for which the Directing Holder would have the right to direct the Master Servicer
or the Special Servicer if no Control Termination Event had occurred and was continuing) and to consider alternative actions recommended
by the Directing Holder in respect of such Major Decision or Asset Status Report (or such other matter). Such consultation will
not be binding on the Master Servicer or the Special Servicer. In the event the Master Servicer or the Special Servicer, as applicable,
receives no response from the Directing Holder within 10 days following the Master Servicer’s or the Special Servicer’s
written request for input (which request shall include the related Major Decision Reporting Package) on any required consultation,
the Master Servicer or the Special Servicer, as applicable, shall not be obligated to consult with the Directing Holder on the
specific matter.


 


(b)              
In addition, (i) for so long as no Consultation Termination Event is continuing, with respect to any Specially Serviced
Loan (other than any applicable Conflicted Loan with respect to the applicable Risk Retention Consultation Party), and (ii) during
the continuance of a Consultation Termination Event, with respect to any Serviced Mortgage Loan (other than any applicable Conflicted
Loan with respect to the applicable Risk Retention Consultation Party), upon written request of a Risk Retention Consultation Party,
the Master


 






    -424-


    


    

 


Servicer
and the Special Servicer shall consult with such Risk Retention Consultation Party on a non-binding basis in connection with any
Major Decision that it is processing (and such other matters that are subject to the non-binding consultation rights of such Risk
Retention Consultation Party pursuant to this Agreement) and to consider alternative actions recommended by such Risk Retention
Consultation Party in respect of such Major Decision (or any other matter requiring consultation with such Risk Retention Consultation
Party); provided that in the event the Master Servicer or Special Servicer, as applicable, receives no response from a Risk Retention
Consultation Party within 10 days following the later of (i) the Master Servicer’s or the Special Servicer’s, as applicable,
written request for input on any requested consultation and (ii) delivery of all such additional information in the possession
of the Master Servicer or the Special Servicer, as applicable, reasonably requested by such Risk Retention Consultation Party
related to the subject matter of such consultation, the Master Servicer or the Special Servicer, as applicable, shall not be obligated
to consult with such Risk Retention Consultation Party on the specific matter; provided, however, that the failure of such Risk
Retention Consultation Party to respond will not relieve the Master Servicer or the Special Servicer, as applicable, from using
reasonable efforts to consult with such Risk Retention Consultation Party on any future matters with respect to the applicable
Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. For the avoidance of doubt, (x) no Risk Retention Consultation
Party shall have any consultation rights with respect to any related Conflicted Loan and (y) any consultation with either Risk
Retention Consultation Party under this Agreement shall occur only upon request of such Risk Retention Consultation Party, and
any such consultation shall be on a strictly non-binding basis and shall be subject to all limitations with respect to the procedures
and timing for such consultation set forth in this Section 6.07.


 


The Risk Retention Consultation
Party shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person for any
action taken, or for refraining from the taking of any action, or for errors in judgment.


 


(c)          
Prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Special Servicer shall provide each
Major Decision Reporting Package to the Operating Advisor promptly after the Special Servicer receives the Controlling Class Representative’s
approval or deemed approval of such Major Decision Reporting Package; provided, however, that with respect to any
Performing Loan no Major Decision Reporting Package shall be required to be delivered (and the Special Servicer shall use reasonable
efforts not to deliver such Major Decision Reporting Package) prior to the occurrence and continuance of an Operating Advisor Consultation
Event. After the occurrence and during the continuance of an Operating Advisor Consultation Event (whether or not a Control Termination
Event is continuing), the Master Servicer or the Special Servicer, as applicable, shall provide each Major Decision Reporting Package
to the Operating Advisor simultaneously with the Master Servicer’s or the Special Servicer’s written request, as applicable,
for the Operating Advisor’s input regarding the related Major Decision (which written request and Major Decision Reporting
Package may be delivered in one notice), as set forth below. With respect to any particular Major Decision and/or related Major
Decision Reporting Package or any Asset Status Report required to be delivered by the Master Servicer or the Special Servicer to
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, shall make available to the Operating Advisor
a servicing officer with the relevant knowledge regarding the Mortgage Loan and such Major Decision and/or Asset Status Report
in order to address reasonable questions that the


 






    -425-


    


    

 


Operating
Advisor may have relating to, among other things, such Major Decision and/or Asset Status Report.


 


If an Operating Advisor
Consultation Event has occurred and is continuing, the Master Servicer or the Special Servicer shall consult with the Operating
Advisor in connection with any proposed Major Decision that it is processing as to which it has delivered to the Operating Advisor
a Major Decision Reporting Package (and any other actions which otherwise require consultation with the Operating Advisor) and
consider alternative actions recommended by the Operating Advisor, in respect thereof, provided that such consultation is on a
non-binding basis. In the event that the Master Servicer or the Special Servicer, as applicable, receives no response from the
Operating Advisor within ten (10) days following the later of (i) its written request for input (which request is required to include
the related Major Decision Reporting Package) on any required consultation and (ii) delivery of all such additional information
reasonably requested by the Operating Advisor that is in possession of the Master Servicer or the Special Servicer, as applicable,
related to the subject matter of such consultation, the Master Servicer or the Special Servicer, as applicable, shall not be obligated
to consult with the Operating Advisor on the specific matter; provided, however, that the failure of the Operating Advisor to respond
on any specific matters shall not relieve the Master Servicer or the Special Servicer, as applicable, from its obligation to use
reasonable efforts to consult with the Operating Advisor on any future matter with respect to the applicable Mortgage Loan or any
other Mortgage Loan. Notwithstanding anything herein to the contrary, with respect to any applicable Conflicted Loan related to
the Controlling Class Representative (regardless of whether an Operating Advisor Consultation Event has occurred and is continuing),
the Master Servicer, the Special Servicer or the related Non-Conflicted Special Servicer, as applicable, shall consult with the
Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions that
it is processing or for which it must give its consent or for which it must give its consent and consider alternative actions recommended
by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in this Section 6.08 for consulting with
the Operating Advisor.


 


(d)              
The failure of the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party to respond to any request
for consent or consultation will not relieve the Master Servicer or the Special Servicer from using reasonable efforts to seek
the consent of or consult with, as applicable, the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party
on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan.


 


In addition, for so long
as no Control Termination Event has occurred and is continuing, the Directing Holder may direct the Special Servicer to take, or
to refrain from taking, such other actions with respect to a Mortgage Loan as the Directing Holder may deem advisable or as to
which provision is otherwise made herein; provided that, notwithstanding anything herein to the contrary, no such direction
from the Directing Holder and no advice from the Risk Retention Consultation Party or the Operating Advisor, and no objection contemplated
by the preceding paragraph or this paragraph, may require or cause the Master Servicer or the Special Servicer, as applicable,
to violate any provision of any Mortgage Loan, applicable law, this Agreement, any Intercreditor Agreement or the REMIC Provisions,
including without limitation the Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose
the


 






    -426-


    


    

 


Master
Servicer, the Special Servicer, the Paying Agent, the Trust Fund, the Certificate Administrator or the Trustee to liability, or
materially expand the scope of the Special Servicer’s responsibilities hereunder.


 


If the Special Servicer
or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder, or any advice from the Directing
Holder, the Risk Retention Consultation Party or the Operating Advisor, would otherwise cause the Special Servicer or Master Servicer,
as applicable, to violate the terms of any Mortgage Loan, any Intercreditor Agreement, applicable law, the REMIC Provisions or
this Agreement, including without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall
disregard such refusal to consent or advice and notify the Directing Holder, the Risk Retention Consultation Party or the Operating
Advisor, the Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) of
its determination, including a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking,
any action by the Master Servicer or Special Servicer in accordance with the direction of or approval of the Directing Holder,
the Risk Retention Consultation Party or the Operating Advisor that does not violate any law or the Servicing Standard or any other
provisions of this Agreement or any Intercreditor Agreements will not result in any liability on the part of the Master Servicer
or the Special Servicer.


 


Notwithstanding anything
to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, (i) at all times when no Consultation
Termination Event has occurred, the Controlling Class Representative shall be entitled to the rights of the “Non-Directing
Holder” (or similar term) under the related Intercreditor Agreement and (ii) at no time shall the Operating Advisor
be entitled to the rights of the “Non-Directing Holder” (or similar term) under the related Intercreditor Agreement.


 


The Directing Holder
shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person for any action
taken, or for refraining from the taking of any action, or for errors in judgment; provided that the Directing Holder shall
not be protected against any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason
of willful misconduct, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations or
duties.


 


(e)          
Subject to the terms and conditions of this Section 6.07(a), (i) the Special Servicer shall process all requests
for any matter that constitutes a Major Decision with respect to any Specially Serviced Loan, (b) the Special Servicer shall process
all requests for any matter that constitutes a Special Servicer Major Decision with respect to any Performing Loan (other than
a Non-Serviced Mortgage Loan) unless the Master Servicer and the Special Servicer have mutually agreed to have the Master Servicer
process such request in accordance with the terms and conditions reasonably agreed to by the Master Servicer and Special Servicer,
including the Special Servicer’s consent, (c) the Master Servicer shall process all requests for any matter that constitutes
a Master Servicer Major Decision with respect to any Performing Loan (other than a Non-Serviced Mortgage Loan) and (d) the Master
Servicer shall process all requests for any matter that constitutes a Special Servicer Major Decision with respect to any Performing
Loan (other than a Non-Serviced Mortgage Loan) if the Master Servicer and the Special Servicer have


 






    -427-


    


    

 


mutually
agreed to have the Master Servicer process such request in accordance with the terms and conditions reasonably agreed to by the
Master Servicer and Special Servicer, including the Special Servicer’s consent. Upon receiving a request for any matter
that constitutes a Special Servicer Major Decision, unless the Master Servicer and the Special Servicer mutually agree that the
Master Servicer will process such request in accordance with the terms and conditions reasonably agreed to by the Master Servicer
and Special Servicer, including the Special Servicer’s consent, the Master Servicer shall forward such request to the Special
Servicer and the Special Servicer will be required to process such request and the Master Servicer will have no further obligation
with respect to such request or the related Special Servicer Major Decision.


 


With respect to any Borrower
request or other action on Performing Loans that is not a Major Decision, the Master Servicer shall not be required to obtain the
consent of or consult with the Special Servicer, the Directing Holder, the Operating Advisor or the Risk Retention Consultation
Party.


 


(f)           
Notwithstanding anything to the contrary contained herein (i) if a Control Termination Event has occurred and is continuing,
the Directing Holder shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) if
a Control Termination Event has occurred and is continuing but no Consultation Termination Event has occurred and is continuing,
the Directing Holder shall remain entitled to receive any notices, reports or information to which it is entitled pursuant to this
Agreement, and the Master Servicer, Special Servicer and any other applicable party shall consult with the Directing Holder in
connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii) if a Consultation
Termination Event has occurred and is continuing, the Controlling Class Representative shall have no consultation or consent rights
hereunder and no right to receive any notices, reports or information (other than notices, Voting Rights given to all Certificateholders
and rights to receive reports or information required to be delivered to all Certificateholders) or any other rights as Controlling
Class Representative.


 


(g)          
The Master Servicer, the Special Servicer, the Trustee or the Operating Advisor, may from time to time request that the
Certificate Administrator provide the name of the then-current Controlling Class Representative for any applicable Mortgage Loan
or Serviced Whole Loan. Upon such request, the Certificate Administrator shall promptly (but in no event more than five (5)
Business Days following such request) provide the name of the then-current Controlling Class Representative to the Master Servicer,
the Special Servicer, the Trustee or the Operating Advisor, but only to the extent the Certificate Administrator has actual knowledge
of the identity of the then-current Controlling Class Representative; provided that if the Certificate Administrator does
not have actual knowledge of the identity of the then-current Controlling Class Representative, then the Certificate Administrator
shall promptly (but in no event more than five (5) Business Days following such request) (i) determine which Class is the Controlling
Class and (ii) request from the Controlling Class Certificateholders the identity of the Controlling Class Representative.
Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party, except that
if (i) such expenses arise in connection with an event as to which the Controlling Class Representative (or controlling class representative)
has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant
to this Agreement or in connection with a request made by the Operating Advisor in connection with its obligation under this Agreement
to deliver a copy of the


 






    -428-


    


    

 


Operating
Advisor Annual Report to the Controlling Class Representative and (ii) the requesting party has not been notified of
the identity of the Controlling Class Representative (or controlling class representative) or reasonably believes that the
identity of the Controlling Class Representative (or controlling class representative) has changed, then such expenses shall
be at the expense of the Trust. The Master Servicer, the Special Servicer, the Trustee and the Operating Advisor, shall be entitled
to conclusively rely on any such information so provided.


 


To the extent the Master
Servicer or the Special Servicer has written notice of any change in the identity of a Controlling Class Representative or the
list of Holders (or Certificate Owners, if applicable) of the Controlling Class, then the Master Servicer or the Special Servicer,
as applicable, shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and
the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer or the Special Servicer, as applicable.


 






    -429-


    


    

 


(h)          
DBNY shall be the initial Risk Retention Consultation Party and shall remain so until a successor is appointed pursuant
to the terms of this Agreement. Upon the resignation or removal of the existing Risk Retention Consultation Party, any successor
Risk Retention Consultation Party shall deliver to the parties to this Agreement a certification substantially in the form of Exhibit
L-1H to this Agreement prior to being recognized as the new Risk Retention Consultation Party. The parties hereto shall be
entitled to assume that the Risk Retention Consultation Party has not changed absent such notice.


 


(i)           
Once a Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable)
shall be entitled to rely on such selection unless the Holders of the VRR Interest entitled to appoint the Risk Retention Consultation
Party, by Certificate Balance, or the Risk Retention Consultation Party shall have notified the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor and each other Holder of the VRR Interest, in writing, of the
selection of such new Risk Retention Consultation Party (including the new contact information).


 


(j)           
Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation
Party may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates;
(ii) the Risk Retention Consultation Party may act solely in the interests of the Holders of the Class V1 or Class V2 Certificates;
(iii) the Risk Retention Consultation Party does not have any liability or duties to the Holders of any Class of Certificates;
(iv) the Risk Retention Consultation Party may take actions that favor interests of the Holders of one or more Classes including
the Class V1 or Class V2 Certificates over the interests of the Holders of one or more other Classes of Certificates; and
(v) the Risk Retention Consultation Party shall have no liability whatsoever for having so acted as set forth in clauses (i)
through (iv) above, and no Certificateholder may take any action whatsoever against the Risk Retention Consultation Party
or any director, officer, employee, agent or principal of the Risk Retention Consultation Party for having so acted.


 


Section 6.08    Rights of Non-Directing Holders. With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer,
as applicable, shall:


 


(a)           consult
with the related Non-Directing Holder (or its designee or representative) on a strictly non-binding basis, to the extent that such
Non-Directing Holder (or its designee or representative) requests consultation with respect to any “major decision”
or “major action” set forth in the related Intercreditor Agreement or the implementation of any recommended actions
outlined in an Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended by such
Non-Directing Holder (or its designee or representative); provided, that after the expiration of a period of ten (10) Business
Days from the delivery to the related Non-Directing Holder (or its designee or representative) of written notice of a proposed
action, together with copies of the related notice, information or report, the Master Servicer or Special Servicer, as applicable,
shall no longer be obligated to consult with the applicable Non-Directing Holder (or its designee or representative) (unless the
Master Servicer or Special Servicer, as applicable, proposes a new course of action that is materially different from


 






    -430-


    


    

 


the
action previously proposed, in which case such ten (10) Business Day period shall begin anew from the date of such proposal and
delivery of all information relating thereto). Notwithstanding the foregoing non-binding consultation rights of the Non-Directing
Holder, the Master Servicer or the Special Servicer, as applicable, may take any “major decision” or “major
action” set forth in the related Intercreditor Agreement or any action set forth in the Asset Status Report before the expiration
of the aforementioned ten (10) Business Day period if the Master Servicer or the Special Servicer, as applicable, determines that
immediate action with respect thereto is necessary to protect the interests of the Certificateholder and the related Companion
Loan Noteholder. Unless specified otherwise in the related Intercreditor Agreement, neither the Master Servicer or the Special
Servicer shall be obligated at any time to follow or take any alternative actions recommended by the Non-Directing Holder; and


 


(b)           in
addition to the foregoing non-binding consultation rights, if provided for in the related Intercreditor Agreement, the Non-Directing
Holder shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the Master
Servicer or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer
or the Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.


 


Article VII



SERVICER AND OPERATING ADVISOR TERMINATION


 


Section 7.01    Servicer Termination Events. (a) “Master Servicer Termination Event,” wherever used herein, means any
one of the following events:


 


(i)           
any failure by the Master Servicer (A) to make any deposit required to the Collection Account or the related Serviced
Whole Loan Collection Account for any Serviced Whole Loan on the day and by the time such deposit was first required to be made
under the terms of this Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit to
the Certificate Administrator for deposit into, any Distribution Account any amount required to be so deposited or remitted (including,
without limitation, any required P&I Advance, unless the Master Servicer determines such P&I Advance is a Nonrecoverable
Advance), which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided,
however, that to the extent the Master Servicer does not timely make such remittance to the Certificate Administrator, the
Master Servicer shall pay the Certificate Administrator for the account of the Certificate Administrator interest on any amount
not timely remitted at the Prime Rate from and including the applicable required remittance date to, but not including, the date
such remittance is actually made), or (C) to remit to any holder of a Serviced Companion Loan, as and when required by this
Agreement or any related Intercreditor Agreement, any amount required to be so remitted (which failure continues for two Business
Days);


 


(ii)          
any failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year


 






    -431-


    


    

 


that
a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Master Servicer’s obligations contemplated
by Article X (except as otherwise provided under clause (viii) of this definition of “Master Servicer Termination
Event”), or (B) 15 days in the case of the Master Servicer’s failure to make a Servicing Advance or 45 days in the
case of failure to pay the premium for any insurance policy required to be force placed by the Master Servicer pursuant to this
Agreement or in any event such reasonable shorter period of time as is necessary to avoid the commencement of foreclosure proceedings
for any lien relating to unpaid real estate taxes or assessments or a lapse in any required insurance coverage) after the date
on which written notice of such failure, requiring the same to be remedied, shall have been given to the Master Servicer, by (a) any
other party hereto, with a copy to each other party to this Agreement, (b) the Holders of Certificates of any Class evidencing
Percentage Interests aggregating not less than 25% of such Class or (c) an affected Serviced Companion Loan Noteholder; provided,
if such failure is capable of being cured and the Master Servicer is diligently pursuing such cure, such 15-, 30- or 45-day period,
as applicable, will be extended an additional 30 days; provided, further, however, that such extended period
will not apply to the obligations regarding Exchange Act reporting contemplated by Article X;


 


(iii)         
any breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a)
of this Agreement, which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion
Loan Noteholders and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring
the same to be remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the Master Servicer,
the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage
Interests aggregating not less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided,
if such breach is capable of being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be extended
an additional 30 days;


 


(iv)         
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer
and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;


 


(v)          
the Master Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Master Servicer or of or relating to all or substantially all of its property;


 


(vi)         
the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its


 






    -432-


    


    

 


creditors,
voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;


 


(vii)        
the Master Servicer is removed from S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer and
is not restored to such status on such list within sixty (60) days;


 


(viii)       
the Master Servicer is no longer rated at least “CMS3” by Fitch and such Master Servicer is not reinstated to
at least that rating within 60 days of the delisting;


 


(ix)          
KBRA has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed
one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and
such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by KBRA within
sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with the Master
Servicer as the sole or a material factor in such rating action; or


 


(x)          
subject to Section 10.16(c), any failure by the Master Servicer to deliver (a) any Exchange Act reporting
items required to be delivered by the Master Servicer to the Trustee or the Certificate Administrator under Article X
by the time required under Article X or (b) any Exchange Act reporting items that a primary servicer, sub-servicer
or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Master Servicer
(but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it
defaults in accordance with the provision of this clause (viii));


 


then, and in each and every such case,
so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of (x) the
Holders of at least 25% of the aggregate Voting Rights of all Certificates or (y) the Depositor with respect to clause (ii)
above (to the extent such Master Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated
by Article X) or clause (viii) above upon five (5) Business Days’ notice, shall, terminate all of the rights
and obligations of the Master Servicer (other than as set forth in Section 7.01(d)). In the case of clause (vii),
the Certificate Administrator shall be required to notify Certificateholders and Serviced Companion Loan Noteholders of such Master
Servicer Termination Event and request whether such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
favor such termination.


 


If the Master Servicer
is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, then the Master
Servicer shall also be terminated as Special Servicer.


 


If the Master Servicer
receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section 7.01(a)(vii)
and if the Master Servicer provides the Trustee with the appropriate “request for proposal” materials within five (5)
Business Days following such termination notice, then the Master Servicer shall continue to serve as Master Servicer hereunder
until a successor Master Servicer is selected in accordance with this


 






    -433-


    


    

 


Section 7.01(a).
Upon receipt of the “request for proposal” materials, the Trustee shall promptly thereafter (using such “request
for proposal” materials provided by the Master Servicer) solicit good faith bids for the rights to service the Mortgage
Loans and Serviced Companion Loans under this Agreement from at least three (3) Persons qualified to act as Master Servicer hereunder
in accordance with Section 6.02 and 7.02 of this Agreement (any such Person so qualified, a “Qualified
Bidder”) or, if three (3) Qualified Bidders cannot be located, then from as many persons as the Trustee can determine
are Qualified Bidders; provided that, at the Trustee’s request, the Master Servicer shall supply the Trustee with
the names of Persons from whom to solicit such bids; and provided, further, that the Trustee shall not be responsible
if less than three (3) or no Qualified Bidders submit bids for the right to service the Mortgage Loans and Serviced Companion
Loans under this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as a condition of such bid,
to enter into this Agreement as successor Master Servicer, and to agree to be bound by the terms hereof, within 45 days after
the notice of termination of the Master Servicer. The materials provided to the Trustee shall provide for soliciting bids: (i) on
the basis of such successor Master Servicer retaining all Sub-Servicers to continue the primary servicing of the Mortgage Loans
and Serviced Companion Loans pursuant to the terms of the respective Sub-Servicing Agreements and entering into a Sub-Servicing
Agreement with the terminated Master Servicer to service each of the Mortgage Loans and Serviced Companion Loans for which it
was the Master Servicer and not subject to a Sub-Servicing Agreement at a sub-servicing fee rate per annum equal to, for each
Mortgage Loan and Serviced Companion Loan serviced, the excess of the related Servicing Fee Rate minus the related Excess Servicing
Fee Rate (each, a “Servicing Retained Bid”); and (ii) on the basis of terminating each Sub-Servicing Agreement
and Sub-Servicer that it is permitted to terminate in accordance with Section 3.01(c) of this Agreement (each, a “Servicing
Released Bid”). The Trustee shall select the Qualified Bidder with the highest cash Servicing Retained Bid (or, if none,
the highest cash Servicing Released Bid from any Person qualified to act as a Master Servicer) (the “Successful Bidder”)
to act as successor Master Servicer hereunder; provided, that if the Trustee does not receive a Rating Agency Confirmation
in accordance with the procedures set forth in Section 3.30 of this Agreement with respect to such Successful Bidder,
then the Trustee shall repeat the bid process described above (but subject to the above described 45 day time period) until such
Rating Agency Confirmation is obtained. The Trustee shall direct the Successful Bidder to enter into this Agreement as successor
Master Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer; provided,
that the initial Master Servicer may request and obtain, with the prior written consent of the Directing Holder, an additional
20 days for such sale and assumption to be completed so long as the initial Master Servicer delivers to the Trustee an Officer’s
Certificate stating that the sale and assumption of the right to service the Mortgage Loans and Serviced Companion Loans cannot
be completed in the initial 45-day period and specifying the reasons therefor.


 


Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by
the Successful Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained
Bid, to the Master Servicer to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received
from the Successful Bidder (net of “out of pocket” expenses incurred in connection with obtaining such bid and transferring
servicing) and (ii) if the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer
its respective Bid Allocation.


 






    -434-


    


    

 


The Master Servicer to
be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection
with the attempt to sell its rights to service the Mortgage Loans and Serviced Companion Loans, which expenses are not reimbursed
to the party that incurred such expenses pursuant to the preceding paragraph.


 


If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder
was identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a)
of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The
Trustee thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02
of this Agreement.


 


Notwithstanding anything
to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal
materials referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective
in connection with a Master Servicer Termination Event under Section 7.01(a)(vii) of this Agreement, and the Master
Servicer shall continue to perform as such and to collect the servicing fee until the conclusion of the process described in this
(a).


 


(b)          
“Special Servicer Termination Event,” wherever used herein, means any one of the following events:


 


(i)           
any failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and
such failure continues unremedied for one Business Day, or any failure by the Special Servicer to remit to Master Servicer for
deposit into, the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Collection Account)
any amount required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement;
provided, that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer
Termination Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master Servicer
for any loss of income on such amount suffered by the Master Servicer due to and caused by the late remittance of the Special Servicer
and reimburse the Trust for any resulting Advance Interest Amount due to the Master Servicer;


 


(ii)          
any failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year that a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Special Servicer’s
obligations contemplated by Article X (except as otherwise provided under clause (viii) of this definition of “Special
Servicer Termination Event”), or (B) 15 days in the case of failure to pay the premium for any insurance policy required
to be force placed by the Special Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as
is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments
or a lapse in any


 






    -435-


    


    

 


required
insurance coverage) after the date on which written notice of such failure, requiring the same to be remedied, shall have been
given to the Special Servicer, by (a) any other party hereto, with a copy to each other party to this Agreement, (b) the
Holders of Certificates of any Class evidencing Percentage Interests aggregating not less than 25% of such Class or (c) an
affected Serviced Companion Loan Noteholder; provided, if such failure is capable of being cured and the Special Servicer
is diligently pursuing such cure, such 30- or 45-day period, as applicable, will be extended an additional 30 days; provided,
further, however, that such extended period will not apply to the obligations regarding Exchange Act reporting contemplated
by Article X;


 


(iii)         
any breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(b)
of this Agreement, which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion
Loan Noteholders and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring
the same to be remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the Master
Servicer, the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage
Interests aggregating not less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided,
if such breach is capable of being cured and the Special Servicer is diligently pursuing such cure, such 30-day period will be
extended an additional 30 days;


 


(iv)         
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Special Servicer
and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;


 


(v)          
the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Special Servicer or of or relating to all or substantially all of its property;


 


(vi)         
the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its
creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;


 


(vii)        
the Special Servicer is removed from S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer
and is not restored to such status on such list within sixty (60) days;


 






    -436-


    


    

 


(viii)       
the Special Servicer is no longer rated at least “CSS3” by Fitch and such Special Servicer is not reinstated
to at least that rating within 60 days of the delisting;


 


(ix)          
KBRA has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed
one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and
such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by KBRA within
sixty (60) days of actual knowledge by the Special Servicer of such event), and, in the case of either of clause (A) or (B), publicly
citing servicing concerns with the Special Servicer as the sole or a material factor in such rating action; or


 


(x)          
subject to Section 10.16(c), any failure by the Special Servicer to deliver (a) any Exchange Act reporting
items required to be delivered by the Special Servicer to the Trustee or the Certificate Administrator under Article X
by the time required under Article X or (b) any Exchange Act reporting items that a primary servicer, sub-servicer
or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Special Servicer
(but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it
defaults in accordance with the provision of this clause (viii).


 


then, and in each and every such case,
so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of
(w) the Holders of at least 25% of the aggregate Voting Rights of all Certificates, (x) for so long as no Control Termination
Event has occurred and is continuing, the Directing Holder, (y) the Risk Retention Consultation Party, or (z) the Depositor with
respect to clause (ii) above (to the extent such Special Servicer Termination Event relates to the obligations regarding Exchange
Act reporting contemplated by Article X) or clause (viii) above upon five (5) Business Days’ notice, shall, terminate
all of the rights and obligations of the Special Servicer (other than the rights to indemnification provided in Section 6.03(a)
of this Agreement and compensation provided in Section 3.12(c) of this Agreement). In the case of clause (vii)
above, the Trustee shall, upon actual knowledge by a Responsible Officer of such Special Servicer Termination Event, be required
to notify the Special Servicer and the Certificate Administrator, and the Certificate Administrator, upon receipt of such notice
or upon actual knowledge by a Responsible Officer of such Special Servicer Termination Event, shall notify the Certificateholders
and Serviced Companion Loan Noteholders of such Special Servicer Termination Event and request whether such Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders favor such termination.


 


(c)          
Notwithstanding Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Master Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Master Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint
a sub-servicer (or if a sub-servicer is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service such
Serviced Whole Loan, but only if such existing sub-servicer is in default after any


 






    -437-


    


    

 


applicable
cure periods under the related sub-servicing agreement, and the Master Servicer shall be permitted to terminate the sub-servicing
agreement due to such default) with respect all of the rights and obligations of the Master Servicer under this Agreement related
to such Serviced Whole Loan. The Master Servicer shall appoint a replacement sub-servicer with respect to such Serviced Whole
Loan; provided, that such sub-servicer meets the eligibility requirements of a successor master servicer under Section 7.02 (including receipt of a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if
any) and the eligibility requirements of each Other Pooling and Servicing Agreement.


 


(d)           Notwithstanding Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Special Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Special Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with
respect to the related Serviced Whole Loan only, but no other Mortgage Loan.


 


(e)          
If the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and the proceeds
thereof, other than any rights the Terminated Party has to Excess Servicing Fees, any rights it has hereunder as a Certificateholder
and any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued
or owing to it under this Agreement, plus interest at the Reimbursement Rate on such amounts until received to the extent such
amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right
to the benefits of Section 6.03 of this Agreement notwithstanding any such termination), and with respect to the Special
Servicer, the right to receive any Workout Fee subsequent to its termination as Special Servicer, pursuant to Section 3.12(c)
of this Agreement. No successor Special Servicer shall be entitled to such Workout Fee received by the terminated Special Servicer.
On or after the receipt by the Terminated Party of such written notice, all of its authority and power under this Agreement, whether
with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder if and to the
extent that it is a Certificateholder), the Mortgage Loans, the Serviced Companion Loans or otherwise, shall pass to and be vested
in the Terminating Party pursuant to and under this Section and, without limitation, the Terminating Party is hereby authorized
and empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans
and related documents, or otherwise. The Master Servicer and the Special Servicer each agree in the event it is terminated pursuant
to this Section 7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice) provide,
at its own expense, the Terminating Party with all documents and records requested by the Terminating Party to enable the Terminating
Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities
hereunder in effecting the termination


 






    -438-


    


    

 


of
its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Master Servicer or Special
Servicer or the Terminating Party, as applicable, for administration by it of all cash amounts which shall at the time be or should
have been credited by the Master Servicer or the Special Servicer to the Collection Account, the applicable Serviced Whole Loan
Collection Account, any REO Account, the Loss of Value Reserve Fund, any Gain-on-Sale Reserve Account, Lock-Box Account or Cash
Collateral Account or which shall thereafter be received with respect to the Mortgage Loans, and shall promptly provide the Terminating
Party or such successor Master Servicer or successor Special Servicer (which may include the Trustee) all documents and records
reasonably requested by it, such documents and records to be provided in such form as the Terminating Party or such successor
Master Servicer or Special Servicer shall reasonably request (including electronic form), to enable it to assume the Master Servicer’s
or Special Servicer’s function hereunder. All reasonable costs and expenses of the Terminating Party (including the cost
of obtaining a Rating Agency Confirmation and any applicable indemnity) or the successor Master Servicer or successor Special
Servicer incurred in connection with transferring the Mortgage Files to the successor Master Servicer or Special Servicer and
amending this Agreement to reflect such succession as successor Master Servicer or successor Special Servicer pursuant to this
Section 7.01 shall be paid by the predecessor Master Servicer or the Special Servicer, as applicable, upon presentation
of reasonable documentation of such costs and expenses. If the predecessor Master Servicer or Special Servicer (as the case may
be) has not reimbursed the Terminating Party or the successor Master Servicer or Special Servicer for such expenses within 90 days
after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust Fund; provided that the
Terminated Party shall not thereby be relieved of its liability for such expenses. If and to the extent that the Terminated Party
has not reimbursed such costs and expenses, the Terminating Party shall have an affirmative obligation to take all reasonable
actions to collect such expenses on behalf of the Trust Fund.


 


In no event shall the
Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer Termination Event
or Special Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator, as the case
may be, has received written notice thereof or has actual knowledge thereof.


 


No removal or replacement
of the Master Servicer or the Special Servicer as contemplated by this Agreement shall become effective until (i) the Trustee
or a successor Master Servicer or Special Servicer shall have assumed the resigning or terminated Master Servicer’s or Special
Servicer’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator shall have
filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under Section 10.03
or Section 10.09 has been delivered to any applicable Other Depositor with respect to any related Companion Loan, and (iv) as
to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special Servicer that would constitute
a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate
Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special Servicer or any other
Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s
or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated
effective date of such event.


 






    -439-


    


    

 


Section 7.02    Trustee to Act; Appointment of Successor. Upon the receipt of a notice of termination by the Master Servicer or the
Special Servicer pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a)
and Section 7.01(c)) shall be its successor, until a successor is appointed by the Directing Holder as provided in
this Section 7.02 or Section 3.22(b), as applicable, in all respects in its capacity as the Master Servicer
or the Special Servicer under this Agreement and the transactions set forth or provided for herein and, except as provided herein,
shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter
placed on the Master Servicer or Special Servicer by the terms and provisions hereof, provided, that (i) the Terminating
Party shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the Master Servicer
or Special Servicer and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the
Terminated Party’s failure to provide, or delay in providing, records, tapes, disks, information or monies shall not be considered
a termination event for such successor hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall
be indemnified to the full extent provided to the Master Servicer or Special Servicer, as applicable, under this Agreement prior
to the Master Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer or successor
Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may have arisen prior
to its termination as the Master Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations
and warranties of the Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions
of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment
by the Master Servicer pursuant to Section 3.07 hereunder nor shall the Trustee be required to purchase any Mortgage
Loan or any Serviced Companion Loan hereunder. As compensation therefor, the Terminating Party as successor Master Servicer or
successor Special Servicer shall be entitled to the Servicing Compensation or Special Servicing Compensation, as applicable, and
all funds relating to the Mortgage Loans or the Serviced Companion Loans that accrue after the date of the Terminating Party’s
succession to which such predecessor Master Servicer or Special Servicer would have been entitled if such predecessor Master Servicer
or Special Servicer, as applicable, had continued to act hereunder. If any Advances made by the Master Servicer or the Trustee
shall at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay
Advances and interest hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest
thereon), until such Advances and interest shall have been repaid in full. Notwithstanding the above, the Trustee may, if it shall
be unwilling to so act, or shall if it is unable to so act or if the Holders of Certificates entitled to (i) in the case
of the Master Servicer, at least 25% of the aggregate Voting Rights (or, for so long as no Control Termination Event has occurred
and is continuing, the Controlling Class Representative), or (ii) in the case of the Special Servicer, at least 25% of
the aggregate Voting Rights (or, for so long as no Control Termination Event has occurred and is continuing, the Directing Holder),
so request in writing to the Trustee, or, with respect to a Serviced Whole Loan, if an affected Serviced Companion Loan Noteholder
so requests in writing to the Trustee, or if the Trustee is not an “approved” servicer by any of the Rating Agencies
for mortgage pools similar to the Trust Fund, promptly appoint, or petition a court of competent jurisdiction to appoint, any established
mortgage loan servicing institution that, for so long as no Control Termination Event has occurred and is continuing, has been
approved by the Directing Holder (which approval shall not be unreasonably withheld in the case


 






    -440-


    


    

 


of
the appointment of a successor Master Servicer) to act as the successor to the Master Servicer or Special Servicer, as applicable,
hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or Special
Servicer hereunder; provided that the Trustee shall obtain a Rating Agency Confirmation with respect to the Certificates
and any Serviced Companion Loan Securities. No appointment of a successor to the Master Servicer or Special Servicer hereunder
shall be effective until the assumption by such successor of all the Master Servicer’s or Special Servicer’s responsibilities,
duties and liabilities hereunder, which appointment has been approved, if no Control Termination Event has occurred and is continuing,
by the Directing Holder, such approval not to be unreasonably withheld. Pending appointment of a successor to the Master Servicer
(or the Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited
by law from so acting, the Trustee shall act in such capacity as hereinabove provided. Pending the appointment of a successor
to the Special Servicer, the Trustee shall act in such capacity. In connection with such appointment and assumption described
herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans, Serviced
Companion Loans or otherwise as it and such successor shall agree; provided, that no such compensation shall be in excess
of that permitted to the Terminated Party hereunder, unless no successor to the Terminated Party can be obtained to perform the
obligations of such Terminated Party hereunder, in which case additional amounts shall be paid to such successor and such amounts
in excess of that permitted the Terminated Party shall be treated as Realized Losses and VRR Realized Losses. Any successor Special
Servicer shall be subject to the rights of the Directing Holder under Section 3.22(b) of this Agreement. The Depositor,
the Trustee, the Master Servicer or Special Servicer and such successor shall take such action, consistent with this Agreement,
as shall be necessary to effectuate any such succession.


 


If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor
Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to
the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may
reduce the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the
Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this Section 7.02.


 


Section 7.03    Notification to Certificateholders and Other Persons. (a) Upon its receipt of written notice of any termination pursuant
to Section 7.01 above or appointment of a successor to the Master Servicer or the Special Servicer, the Certificate
Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate
Register, the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement), the Operating Advisor, the Asset Representations Reviewer and to each
Serviced Companion Loan Noteholder at its address appearing in the Serviced Companion Loan Noteholder Register.


 


(b)              
Within 30 days after the occurrence of any Servicer Termination Event (or any analogous servicer termination event
under any Other Pooling and Servicing Agreement relating to any Non-Serviced Whole Loan), Operating Advisor Termination Event or
Asset Representations Reviewer Termination Event of which a Responsible Officer of the Trustee has


 






    -441-


    


    

 


actual
knowledge, the Trustee shall transmit by mail to the Depositor, the Certificate Administrator (who shall then notify all Holders
of Certificates), the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), and each Serviced Companion Loan Noteholder, notice of such
Servicer Termination Event, Operating Advisor Termination Event or Asset Representations Reviewer Termination Event, unless such
Servicer Termination Event, Operating Advisor Termination Event or Asset Representations Reviewer Termination Event shall have
been cured or waived.


 


Section 7.04    Other Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as the Servicer Termination
Event shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01 of this Agreement,
shall have the right, in its own name as Trustee of an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the
Certificateholders and, in the case of any Serviced Companion Loan, of the related Serviced Companion Loan Noteholders (including
the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs of claim and debt
in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust Fund (and, in the case of any Serviced Whole Loan, such amounts shall be
allocated in accordance with the expense allocation provision of the related Intercreditor Agreement). Except as otherwise expressly
provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every
remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall
impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination Event.


 


Section 7.05    Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination. The Holders of
Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the Certificates may, together with each affected
Serviced Companion Loan Noteholder (to the extent they are adversely affected by such Servicer Termination Event or Operating Advisor
Termination Event, as applicable), on behalf of all Holders of Certificates waive any termination event (within 20 days of the
receipt of notice from the Certificate Administrator of the occurrence of such termination event) with respect to the Master Servicer,
the Special Servicer or the Operating Advisor in the performance of its obligations hereunder and its consequences, except a termination
event with respect to making any required deposits (including, with respect to the Master Servicer, P&I Advances) to or payments
from the Collection Account, any Serviced Whole Loan Collection Account or the Lower-Tier Distribution Account, or in remitting
payments as received, in each case in accordance with this Agreement. Upon any such waiver of a past termination event, such termination
event shall cease to exist, and any Servicer Termination Event or Operating Advisor Termination Event arising therefrom shall be
deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other termination
event or impair any right consequent thereon. Notwithstanding the foregoing, a Master Servicer Termination Event under Section 7.01(a)(ii)
(to the extent such Master Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated
by Article X) or Section 7.01(a)(x) or a Special Servicer Termination Event under Section 7.01(b)(ii)
(to the


 






    -442-


    


    

 


extent
such Special Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated by Article
X) or Section 7.01(b)(x) of this Agreement may be waived only with the consent of the Depositor and each affected
Other Depositor.


 


Section 7.06    Trustee as Maker of Advances. If the Master Servicer fails to fulfill its obligations hereunder to make any Advances
and such failure remains uncured, the Trustee shall perform such obligations (x) within five Business Days of the Master Servicer
Termination Event resulting from such failure by the Master Servicer with respect to Servicing Advances to the extent a Responsible
Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by 12:00 noon
(New York City time) on the related Distribution Date with respect to P&I Advances pursuant to the Trustee’s receipt
of notice of failure pursuant to Section 4.07(a) of this Agreement unless the Trustee has received notice that such
failure has been cured by 11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the
Trustee shall succeed to all of the Master Servicer’s rights with respect to Advances hereunder, including, without limitation,
the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine
that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such rights of reimbursement caused
by the Master Servicer’s failure to perform its obligations hereunder); provided, that if Advances made by the Trustee
and the Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts
available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the
Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement
of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to
a Nonrecoverable Advance or any determination of nonrecoverability in connection therewith by the Master Servicer hereunder.


 


Section 7.07    Termination of the Operating Advisor. (a)  An “Operating Advisor Termination Event”
means any one of the following events whether any such event shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body:


 


(i)          
any failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or
the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period
of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
to the Operating Advisor by any party hereto or to the Operating Advisor, the Certificate Administrator and the Trustee by the
Holders of Certificates having greater than 25% of the aggregate Voting Rights; provided, that with respect to any such
failure which is not curable within such 30-day period, the Operating Advisor shall have an additional cure period of thirty (30)
days to effect such cure so long as it has commenced to cure such failure within the initial 30-day period and has provided the
Trustee and the Certificate Administrator with an Officer’s Certificate certifying that it has diligently pursued, and is
continuing to pursue, such cure;


 


(ii)          
any failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue
unremedied for a period of


 






    -443-


    


    

 


30 days after the date on which written notice of such failure, requiring the same to be remedied,
is given in writing to the Operating Advisor by any party to this Agreement;


 


(iii)         
any failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a
period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, is given in writing
to the Operating Advisor by any party to this Agreement;


 


(iv)         
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall
have remained in force undischarged or unstayed for a period of 60 days;


 


(v)           
the Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Operating Advisor or of or relating to all or substantially all of its property; or


 


(vi)          
the Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.


 


Upon receipt by the Certificate
Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders by posting such notice on the Certificate Administrator’s Website and by
mail, unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event
has occurred then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied,
either (i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not less than 25%
of the Voting Rights of each Class of Regular Certificates, the Trustee shall, terminate all of the rights and obligations of the
Operating Advisor under this Agreement, other than rights and obligations accrued prior to such termination, including the right
to receive all amounts accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events
occurring prior to such termination), by notice in writing to the Operating Advisor; provided that no such termination shall
be effective until a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating Advisor
under this Agreement. Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation,
to notify the Certificate Administrator and the Trustee of any Operating Advisor Termination Event of which the Depositor has actual
knowledge.


 


The holders of Voting
Rights representing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event hereunder may waive such
Operating


 






    -444-


    


    

 


Advisor
Termination Event within twenty (20) days of the receipt of notice from the Certificate Administrator of the occurrence of such
Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor Termination Event, such Operating Advisor Termination
Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. Upon any such waiver of an Operating
Advisor Termination Event by Certificateholders, the Trustee and the Certificate Administrator shall be entitled to recover all
costs and expenses incurred by it in connection with enforcement action taken with respect to such Operating Advisor Termination
Event prior to such waiver from the Trust.


 


(b)           Upon (i) the written direction of holders of Certificates evidencing not less than 15% of the aggregate Voting Rights
requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible
Operating Advisor and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to
be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator shall promptly
provide written notice thereof to the Operating Advisor and to all Certificateholders by (i) posting such notice on the Certificate
Administrator’s Website and (ii) mail at their addresses appearing in the Certificate Register. Upon the written direction
of Holders of Certificates evidencing more than 50% of the Voting Rights that exercise their right to vote (provided that
Holders of at least 50% of the Voting Rights exercise their right to vote), the Trustee shall terminate all of the rights and obligations
of the Operating Advisor with respect to the Mortgage Loans under this Agreement (other than rights and obligations accrued prior
to such termination including the right to receive all amounts accrued and owing to it under this Agreement and other than indemnification
rights arising out of events occurring prior to such termination) by written notice to the Operating Advisor, and the proposed
successor operating advisor will be appointed. The provisions set forth in the foregoing sentences of this Section 7.07(b)
shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. The Operating
Advisor shall not have any cause of action based upon or arising from any breach or alleged breach of such provisions other than
may arise, as a result of the failure to comply with the above described voting procedures. As between the Operating Advisor, on
the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to vote
for the termination or not vote for the termination of the Operating Advisor.


 


(c)          
On or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of
its authority and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall
execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate
to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after
(1) the Operating Advisor resigns pursuant to Section 6.04(a) of this Agreement or (2) the Certificate Administrator
delivers such written notice of termination to the Operating Advisor, the Trustee shall upon the written direction of Holders of
Certificates evidencing not less than 25% of the Voting Rights of each Class of Certificates appoint a successor Operating Advisor
that is an Eligible Operating Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and shall be the proposed
Operating Advisor in the case of a termination pursuant to Section 7.07(b) of this Agreement; provided, that if the
Trustee is acting as the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its Affiliates
shall be the successor Operating Advisor.


 






    -445-


    


    

 


The
Trustee shall provide written notice of the appointment of a successor Operating Advisor to the Master Servicer, the Special Servicer
and the Certificate Administrator (and the Certificate Administrator shall promptly provide such notice to the Controlling Class Representative,
each Serviced Companion Loan Noteholder and each Certificateholder) within one Business Day of such appointment. The Operating
Advisor shall not at any time be the Depositor, the Master Servicer, the Special Servicer, a Mortgage Loan Seller, an Other Depositor,
an Other Servicer, an Other Special Servicer or an Affiliate of any of them. If any of such entities becomes the Operating Advisor,
including by means of an Affiliation arising after the date hereof, the Operating Advisor shall immediately resign or cause an
assignment under Section 6.04 of this Agreement and the Trustee shall upon the written direction of Holders of Certificates
evidencing not less than 25% of the Voting Rights of each Class of Certificates appoint a successor Operating Advisor subject
to and in accordance with this Section 7.07(c), which successor Operating Advisor may be an Affiliate of the Trustee.


 


(d)          
Upon any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall,
as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the
Depositor, the Certificateholders, any Serviced Companion Loan Noteholder, the Risk Retention Consultation Party, the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement) and, if no Consultation Termination Event has occurred and is continuing, the Controlling Class Representative.
If the Operating Advisor is terminated, all of its rights and obligations under this Agreement shall terminate, other than any
rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued and
owing to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such termination).


 


Article VIII



CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR


 


Section 8.01    Duties of Trustee and Certificate Administrator. (a)  Each of the Trustee and the Certificate Administrator
undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and no permissive right
of the Trustee shall be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer
of the Trustee has actual knowledge, the Trustee, subject to the provisions of Section 7.02 and 7.05 of this
Agreement shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill
in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs.


 


(b)           The Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are
specifically required to be furnished to the Trustee or the Certificate Administrator pursuant to any provision of this Agreement
(other than the Mortgage Files, the review of which is specifically governed in Article II, any CREFC® reports,
and any information delivered for posting to the Certificate Administrator’s Website), shall examine them to determine whether
they conform on


 






    -446-


    


    

 


their
face to the requirements of this Agreement; provided, that, the Trustee or the Certificate Administrator, as applicable,
shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document,
order or other instrument provided to it hereunder. If any such instrument is found not to conform on its face to the requirements
of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable, shall request the provider
of such instrument to have the instrument corrected, and if the instrument is not corrected to such Trustee’s or such Certificate
Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator will provide notice thereof to the
Certificateholders.


 


(c)          
None of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control”
persons within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided
that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee,
the Certificate Administrator or any such person, from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct or its own bad faith; and provided, further, that:


 


(i)           
The Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express
provisions of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance
of such duties and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or
obligations shall be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith
on the part of the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions,
certificates, statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate
Administrator, as the case may be, that conform on their face to the requirements of this Agreement to the extent set forth herein
without responsibility for investigating the contents thereof;


 


(ii)          
Reserved;


 


(iii)         
Neither the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than
25% of the Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of
the aggregate Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon
the Trustee or the Certificate Administrator, as the case may be, under this Agreement;


 


(iv)         
Neither the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control
persons shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate
of


 






    -447-


    


    

 


the
Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any other Person, including,
without limitation, in connection with actions taken pursuant to this Agreement;


 


(v)          
Neither the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any
legal action which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement
(and, if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in the case of
any Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided in Section 3.06
hereof, to be reimbursed therefor from amounts on deposit in the Collection Account (and with respect to any Serviced Whole Loan,
the related Serviced Whole Loan Collection Account) or the Distribution Account and identified on the Trust Ledger, unless such
legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any breach
of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein; and


 


(vi)          
Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach
of any Person upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless
a Responsible Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure
or breach. Neither the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s
or the Special Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered
to the Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.


 


None of the provisions
contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate Administrator, in its
capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate
Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it, and none of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate
Administrator, as the case may be, to perform, or be responsible for the manner of performance of, any of the obligations of the
Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer under this Agreement, except,
in the case of the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights,
duties, powers and privileges of, the Master Servicer or the Special Servicer in accordance with the terms of this Agreement. Neither
the Trustee nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance
of its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall


 






    -448-


    


    

 


be
liable for any loss on any investment of funds pursuant to this Agreement. Notwithstanding any other provision hereof, when acting
as the Master Servicer hereunder, the Trustee shall comply with the Servicing Standard.


 


Section 8.02    Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except as otherwise provided in Section 8.01
of this Agreement:


 


(i)            
The Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting
or refraining from acting upon any resolution, Officer’s Certificate, direction of the Depositor, certificate of auditors
or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and neither
the Trustee nor the Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such
party or parties;


 


(ii)           
Each of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted
by it hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;


 


(iii)          
(A) Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts
or powers vested in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator,
as the case may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case
may be, against the costs, expenses and liabilities which may be incurred therein or thereby, provided that nothing contained
herein shall relieve the Trustee of the obligations, upon the occurrence of a Servicer Termination Event (which has not been cured
or waived) of which a Responsible Officer of the Trustee has actual knowledge, to exercise such of the rights and powers vested
in it by this Agreement, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or
use under the circumstances in the conduct of such person’s own affairs; and (B) the right of the Trustee and the Certificate
Administrator to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the Trustee or
the Certificate Administrator, as the case may be, shall not be answerable for other than its own negligence or willful misconduct
or bad faith in the performance of any such act;


 


(iv)          
None of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or
“control” persons within the meaning of the Act shall be personally liable (A) for an error of judgment made in
good faith by a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be proved
that the Trustee or the Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts or (B) for
any action taken, suffered or omitted by it in


 






    -449-


    


    

 


good
faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may be, to be authorized or within
the discretion or rights or powers conferred upon it by this Agreement;


 


(v)           
Neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond
or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such
other percentage as is specified herein) of the Percentage Interests of each affected Class; provided, that if the payment
within a reasonable time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator,
as the case may be, not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security
afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as the case may be, may require indemnity
reasonably satisfactory to it from such requesting Holders against such cost, expense or liability as a condition to taking any
such action. The reasonable expense of every such investigation shall be paid by the Master Servicer, the Special Servicer or the
Operating Advisor, as applicable, if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred and
be continuing relating to the Master Servicer, the Special Servicer or the Operating Advisor, respectively, and otherwise by the
Certificateholders requesting the investigation;


 


(vi)          
The Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the
Certificate Administrator may perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys
but shall not be relieved of the obligations hereunder; provided, that the Trustee or the Certificate Administrator, as
the case may be, may not perform any duties hereunder through any Person that is a Prohibited Party;


 


(vii)          
Other than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee
or the Certificate Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any
kind whatsoever (including, but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable,
has been advised of the likelihood of such loss or damage and regardless of the form of action;


 


(viii)       
In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of
its obligations hereunder due to force majeure or acts of God; provided, that such failure or delay is not also a
result of its own negligence, bad faith or willful misconduct;


 


(ix)          
Except as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular
capacity hereunder will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity
that is unrelated to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in
any other capacity hereunder, except, in the


 






    -450-


    


    

 


case
of either clause (a) or clause (b), where some or all of the obligations performed in such capacities are performed
by one or more employees within the same group or division of Wells Fargo Bank, National Association, or where the groups or divisions
responsible for performing the obligations in such capacities have one or more of the same Responsible Officers, provided
in any event, however, the knowledge of employees performing special servicing functions shall not be imputed to employees performing
master servicing functions, and the knowledge of employees performing master servicing functions shall not be imputed to employees
performing special servicing functions;


 


(x)           
Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law; and


 


(xi)        
Nothing herein shall be construed as an obligation of the parties to this Agreement to advise the Certificateholders with
respect to their rights and protections relative to the Trust.


 


(b)          
Following the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any
provision of this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator
shall have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution)
to the effect that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event.


 


(c)          
All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate
Administrator, may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial
or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator
shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.


 


(d)          
Neither the Trustee nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the
occurrence of any condition requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement
or the eligibility of any Mortgage Loan for purposes of this Agreement.


 


(e)          
Each of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities
and indemnities afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves
hereunder (including, without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).


 


(f)           
In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”),
the Certificate Administrator and the Trustee, as the case may be, are required to obtain, verify and record certain information
relating to individuals and entities that maintain a business relationship with the Certificate Administrator or the Trustee. Accordingly,
each of the parties hereto agrees to provide to the Certificate Administrator and the Trustee, upon its respective request from
time to time, such


 






    -451-


    


    

 


identifying
information and documentation as may be available for such party in order to enable the Certificate Administrator and the Trustee
to comply with Applicable Law.


 


Section 8.03    Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans. The recitals contained herein
and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer, or the Special Servicer and the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer assume no responsibility
for their correctness. The Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the
Master Servicer and the Special Servicer make no representations or warranties as to the validity or sufficiency of this Agreement,
of the Certificates or any offering document used to offer the Certificates for sale or the validity, enforceability or sufficiency
of any Mortgage Loan, or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility
or liability for or with respect to the legality, validity and enforceability of any Mortgage, any Mortgage Loan, or the perfection
and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement. Without
limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: (i) the
existence, condition and ownership of any Mortgaged Property; (ii) the existence of any hazard or other insurance thereon
(other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02
of this Agreement) or the enforceability thereof; (iii) the existence of any Mortgage Loan or the contents of the related
Mortgage File on any computer or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer
or the Special Servicer pursuant to Section 7.02 of this Agreement); (iv) the validity of the assignment of any
Mortgage Loan to the Trust Fund or of any intervening assignment; (v) the completeness of any Mortgage File; the performance
or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer
pursuant to Section 7.02 of this Agreement); (vi) the compliance by the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor or the Asset Representations Reviewer with any warranty or representation made under this Agreement
or in any related document or the accuracy of any such warranty or representation prior to the Trustee’s receipt of written
notice or other discovery of any non-compliance therewith or any breach thereof; (vii) any investment of monies by or at the
direction of the Master Servicer or any loss resulting therefrom, the acts or omissions of any of the Depositor, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer (other than
if the Trustee shall assume the duties of the Certificate Administrator, the Master Servicer or Special Servicer pursuant to Section 7.02
of this Agreement) or any sub-servicer or any Borrower; any action of the Master Servicer or Special Servicer (other than if the
Trustee shall assume the duties of the Master Servicer or Special Servicer pursuant to Section 7.02 of this Agreement)
or any sub-servicer taken in the name of the Trustee, except to the extent such action is taken at the express written direction
of the Trustee; (viii) the failure of the Master Servicer or the Special Servicer or any sub-servicer to act or perform any
duties required of them on behalf of the Trust Fund or the Trustee hereunder; or (ix) any action by or omission of the Trustee
or the Certificate Administrator taken at the instruction of the Master Servicer or the Special Servicer (other than if the Trustee
shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this


 






    -452-


    


    

 


Agreement)
unless the taking of such action is not permitted by the express terms of this Agreement; provided, that the foregoing
shall not relieve the Trustee or the Certificate Administrator of their respective obligations to perform their duties as specifically
set forth in this Agreement. The Trustee or the Certificate Administrator shall not be accountable for the use or application
by the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate
Administrator only), the Master Servicer or the Special Servicer of any of the Certificates or of the proceeds of such Certificates,
or for the use or application of any funds paid to the Depositor, the Certificate Administrator (in the case of the Trustee only),
the Trustee (in the case of the Certificate Administrator only), the Master Servicer or the Special Servicer in respect of the
assignment of the Mortgage Loans or deposited in or withdrawn from the Collection Accounts, any Serviced Whole Loan Collection
Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Lock-Box Account, the Cash Collateral Account,
the Reserve Accounts, the Interest Reserve Account, any REO Account or any Gain-on-Sale Reserve Account or any other account maintained
by or on behalf of the Certificate Administrator, the Master Servicer or the Special Servicer, other than any funds held by the
Trustee or the Certificate Administrator. Neither the Trustee nor the Certificate Administrator shall have any responsibility
for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder (unless the Trustee shall have become the successor Master Servicer)
or to record this Agreement. In making any calculation hereunder which includes as a component thereof the payment or distribution
of interest for a stated period at a stated rate “to the extent permitted by applicable law,” the Trustee or the Certificate
Administrator, as the case may be, shall assume that such payment is so permitted unless a Responsible Officer of the Trustee
or the Certificate Administrator, as the case may be, has actual knowledge, or receives an Opinion of Counsel (at the expense
of the Person asserting the impermissibility) to the effect, that such payment is not permitted by applicable law. The Depositor
is not obligated to monitor or supervise the performance of the Trustee or the Certificate Administrator under this Agreement
or otherwise.


 


Section 8.04    Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any
agent of the Trustee or the Certificate Administrator in its individual capacity or any other capacity may become the owner or
pledgee of Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the
Special Servicer, the Initial Purchasers and the Underwriters in banking transactions, with the same rights it would have if it
were not Trustee, Certificate Administrator or such agent, as the case may be.


 


Section 8.05    Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification. (a) On each
Distribution Date, prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall be entitled
to withdraw and pay the Trustee and itself its respective portion of the Certificate Administrator/Trustee Fee, as reasonable compensation
from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust), for all services rendered in the execution of the trusts hereby created and in
the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator at the Certificate
Administrator/Trustee Fee Rate. The Trustee’s fee shall be paid as a portion of the Certificate Administrator/Trustee Fee.


 






    -453-


    


    

 


(b)           If the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant
to or otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled
to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled (other than
the rights of the Special Servicer to receive any Workout Fee specified in Section 3.12(c) of this Agreement if the
Special Servicer is terminated).


 


(c)          
The Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be entitled
to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein and to
the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations
Section 1.860G-1(b)(iii) except any such expense, disbursement or advance as may arise from its negligence, willful misconduct
or bad faith; provided, that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii)
of this Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective
duties hereunder solely as a result of the failure to be paid their respective portion of the Certificate Administrator/Trustee
Fee, or the Trustee’s, Custodian’s or Certificate Administrator’s previously-incurred expenses, as applicable.
The term “unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any separate
Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated
as of the Closing Date and are attributable to the Lower-Tier REMIC or the Upper-Tier REMIC and the losses, liabilities, damages,
claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with
any litigation arising out of this Agreement attributable to the Lower-Tier REMIC, the Upper-Tier REMIC or the Grantor Trust, including,
without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11,
Section 4.05 and Section 7.01 of this Agreement.


 


The Master Servicer and
the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements and advances
incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the
Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer
or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any
of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other
persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful
misconduct or bad faith of the Trustee.


 


(d)           Each of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer
and the Special Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”) shall
(severally and not jointly) indemnify the Trustee


 






    -454-


    


    

 


(both
in its capacity as Trustee and individually), the Asset Representations Reviewer and the Certificate Administrator (in its capacity
as Certificate Administrator, Custodian, Paying Agent and individually) and each of their Affiliates and each of the partners,
shareholders, members, managers, directors, officers, employees, representatives and agents of the Trustee and the Certificate
Administrator and each of their Affiliates (each, for purposes of this Section 8.05(d), an “Indemnified Party”),
and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees
and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with
this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the Indemnified Party
in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any
third party or otherwise) resulting from each such Indemnifying Party’s respective willful misconduct, bad faith, fraud
or negligence in the performance of each of its respective duties hereunder or by reason of negligent disregard of its respective
obligations and duties hereunder (including in the case of the Master Servicer, any agent of the Master Servicer or sub-servicer).


 


The Trust Fund shall
indemnify each Indemnified Party and the Custodian from, and hold it harmless against, any and all losses, liabilities, damages,
penalties, fines, forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and
disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified
Party or between the Indemnified Party and any third party or otherwise) arising in respect of this Agreement, the Mortgage Loans
or the Certificates other than (i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party
or the Custodian, as applicable, in the performance of its obligations and duties under this Agreement, (ii) by reason of
its negligent disregard of those obligations or duties, or as may arise from a breach of any representation or warranty of the
Indemnified Party or the Custodian, as applicable, made in this Agreement and (iii) as to which such Indemnified Party or
the Custodian, as applicable, is entitled to indemnification pursuant to this Section 8.05(d). The right of reimbursement
of the Indemnified Parties under this Section 8.05(d) shall be senior to the rights of all Certificateholders.


 


For the avoidance of
doubt, with respect to any indemnification provisions in this Agreement providing that the issuing entity or a party to this Agreement
is required to indemnify another party to this Agreement for costs, fees and expenses, such costs, fees and expenses are intended
to include costs (including, but not limited to, reasonable attorney’s fees and expenses) of the enforcement of such indemnity.


 


(e)          
Notwithstanding anything herein to the contrary, this Section 8.05 shall survive the termination or maturity
of this Agreement or the resignation, removal or termination of the Trustee or the Certificate Administrator, as the case may be,
regarding rights accrued prior to such resignation, removal or termination and (with respect to any acts or omissions during its
respective tenures) the resignation, removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the
Certificate Administrator, the Certificate Registrar or the Custodian.


 






    -455-


    


    

 


(f)          
This Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation,
expenses, disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law
or environmental matter.


 


(g)           Each of the Certificate Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself
only, for purposes of this Section 8.05(g), an “Indemnifying Party”) shall (severally and not jointly) indemnify
the Trust Fund, the Depositor, the Master Servicer, the Special Servicer and each other, and each of their respective Affiliates
and each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Master
Servicer and the Special Servicer and their respective Affiliates (each, for purposes of this Section 8.05(g), an “Indemnified
Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable
legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection
with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party
in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third
party or otherwise) resulting from the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence
in the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder.


 


(h)           The
Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party”) shall,
solely in its capacity as the 17g-5 Information Provider, indemnify each Mortgage Loan Seller and Deutsche Bank Securities Inc.
(each, for purposes of this Section 8.05(h), an “Indemnified Party”), and hold each of them harmless
against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without
limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between
the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) related to
(i) the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its
duties hereunder or by reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any
Rating Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange
Act Rule 17g-5(a)(3), to the extent caused by any such willful misconduct, bad faith, fraud or negligence in the performance
of its duties hereunder or by reason of negligent disregard referred to in clause (i) above by the Indemnifying Party.


 


(i)           
Each of the Certificate Administrator, the Custodian, the Paying Agent, the Authenticating Agent, the Certificate Registrar
and the Trustee (in each case with respect to itself only, for purposes of this Section 8.05(i), an “Indemnifying Party”)
shall (severally and not jointly) indemnify the Trust Fund, the Depositor and the Retaining Sponsor and each other, and each
of their respective Affiliates and each of the partners, shareholders, members, managers, directors, officers, employees, representatives
and agents of the Depositor and the Retaining Sponsor and their respective Affiliates (each, for purposes of this Section 8.05(i),
an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and 





 






    -456-


    


    

 


expenses
(including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or
proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise)
that the Indemnified Party may sustain as a result of or relating to a violation of the Exchange Act or Risk Retention Rule if
such violation, in whole or in part, arises out of or results from the applicable Indemnifying Party’s willful misconduct,
bad faith, fraud or negligence in the performance of its duties or by reason of negligent disregard of its obligations and duties,
in each case, as set forth under Section 5.01(j) and Section 5.02(c)(vi) of this Agreement.


 


Section 8.06    Eligibility Requirements for Trustee and Certificate Administrator. The Trustee and Certificate Administrator hereunder
shall at all times:


 


(i)           
be a corporation, national bank, national banking association or a trust company organized and doing business under the
laws of any state or the United States of America,


 


(ii)          
be authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement,


 


(iii)         
have a combined capital and surplus of at least $100,000,000,


 


(iv)         
be subject to supervision or examination by federal or state authority and, solely in the case of the Trustee, shall not
be an Affiliate of the Master Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the
Trustee has assumed the duties of the Master Servicer or Special Servicer, as the case may be, pursuant to Section 7.02 of this
Agreement),


 


(v)          
not be a Prohibited Party,


 


(vi)         
be an institution insured by the Federal Deposit Insurance Corporation, and


 


(vii)        
have a rating on its long-term senior unsecured debt of at least “A” by Fitch and “BBB+” by S&P; provided that
the Trustee will not become ineligible to serve based on a failure to satisfy such rating requirements as long as (a) it has a
rating on its long-term unsecured debt of at least “A-” by Fitch, (b) it has a rating on its short-term debt obligations
of at least “F1” by Fitch and “A-2” by S&P, and (c) the Master Servicer has a rating on its long-term
senior unsecured debt of at least “A+” by Fitch.


 


Notwithstanding the foregoing,
if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and (vi) above, but
does not meet the provisions of clause (iv) above, the Trustee or the Certificate Administrator, as the case may be, shall
be deemed to meet the provisions of such clause (iv) if it appoints a fiscal agent as a back-up liquidity provider, provided
that such fiscal agent meets the provisions of clauses (i) through (vi) above and shall have assumed in writing all obligations
of the Trustee or the Certificate Administrator, as the case may be, to make Advances under this Agreement as and when required
of the Trustee or the Certificate Administrator, as the case may be. If a corporation or association publishes reports of condition
at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes
of this Section the combined


 






    -457-


    


    

 


capital
and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. If the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction
that imposes a tax on the Trust Fund or the net income of any Trust REMIC (other than a tax corresponding to a tax imposed under
the REMIC Provisions) the Trustee shall elect either to (i) resign immediately in the manner and with the effect specified
in Section 8.07 of this Agreement, (ii) pay such tax and continue as Trustee or (iii) administer the Trust
Fund from a state and local jurisdiction that does not impose such a tax. If at any time the Trustee or the Certificate Administrator
shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Certificate Administrator, as
the case may be, shall resign immediately in the manner and with the effect specified in Section 8.07 of this Agreement.


 


Section 8.07    Resignation and Removal of Trustee and Certificate Administrator. The Trustee and the Certificate Administrator may
at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Trustee, the Depositor,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer, the Directing Holder and the 17g-5 Information Provider (who shall promptly post such notice to
the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Upon notice of resignation
from the Trustee, the Depositor shall use its reasonable best efforts to promptly appoint a successor trustee, the appointment
of which is subject to the requirements contained in Section 8.06 of this Agreement and shall be, if no Control Termination
Event has occurred and is continuing, reasonably acceptable to the Directing Holder. Upon notice of resignation from the Certificate
Administrator, the Trustee shall promptly appoint a successor certificate administrator, the appointment of which is subject to
the requirements contained in Section 8.06 of this Agreement. If no successor trustee or certificate administrator
shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Trustee or Certificate Administrator, as the case may be, may petition any court of competent jurisdiction for the
appointment of a successor. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable out of pocket
costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.


 


If at any time the Trustee
or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this
Agreement and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the
Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer
shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs),
for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator (if different than
the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer to timely perform
its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five (5) days,
or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01,
then the Depositor or the Master Servicer may remove


 






    -458-


    


    

 


the
Trustee or the Certificate Administrator, as the case may be, and the Depositor or the Master Servicer shall promptly appoint
a successor by written instrument, which shall be delivered to the Trustee or the Certificate Administrator, as the case may be,
so removed and to the successor.


 


The Holders of Certificates
entitled to at least 50% of the Voting Rights may, with cause (at any time) or without cause (at any time with 30 days’ prior
written notice), remove the Trustee or the Certificate Administrator and appoint a successor by written instrument or instruments,
in eight originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall
be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Trustee, the Certificate Administrator and the successor trustee or certificate administrator, as applicable.


 


In addition, if the Trustee
or the Certificate Administrator is terminated without cause, the terminating party shall pay all of the expenses of the Trustee
or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities to the successor.


 


If the Trustee is terminated
or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the
Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination or
removal (including the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to it under this Agreement,
plus interest at the Reimbursement Rate on all such amounts until received to the extent such amounts bear interest as provided
in this Agreement, with respect to periods prior to the date of such termination or removal).


 


If the Certificate Administrator
is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations under this Agreement
and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such
termination or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued or owing to it
under this Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation,
termination, or removal shall be effective with respect to each of its other capacities hereunder except its capacity as Custodian
(but including, without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).


 


Upon the resignation,
assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee, (a) the outgoing
Trustee, at its own expense without right to reimbursement therefor, shall (A) endorse the original executed Mortgage Note
for each Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing
Trustee), without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 or in blank, and (B) in
the case of the other assignable Loan Documents (to the extent such other Loan Documents were assigned to the outgoing Trustee),
assign and record such Loan Documents to such successor, and such successor shall review the documents delivered to it or to the
Custodian with respect to each Mortgage Loan, and certify in writing that, as to each


 






    -459-


    


    

 


Mortgage
Loan then subject to this Agreement, such endorsement and assignment has been made; (b) if any original executed Mortgage
Note for a Mortgage Loan was not endorsed to the outgoing Trustee, the Custodian shall deliver such Mortgage Note to the successor
trustee and the Custodian shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse,
representation or warranty, express or implied) to the order of the successor trustee, as trustee for the registered holders of
Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 or in blank. If any assignable
Loan Document (other than the Mortgage Note) was not assigned to the outgoing Trustee or if the Trustee is removed pursuant to
Section 8.07 without cause, with respect to the Loan Documents identified in clause (B) of the preceding
sentence, the Custodian shall deliver such Loan Document to the successor trustee and, if appropriate, such Loan Documents shall
be recorded at the expense of the Trust (i) prior to the occurrence and continuance of a Control Termination Event, with
the consent of the Controlling Class Representative, (ii) after the occurrence and continuance of a Control Termination
Event but prior to the occurrence of a Consultation Termination Event, after consultation with the Controlling Class Representative
and the Operating Advisor and (iii) after the occurrence of a Consultation Termination Event, after consultation with the
Operating Advisor and the reasonable cooperation (as determined by the Depositor) of the Depositor.


 


Section 8.08    Successor Trustee and Certificate Administrator. (a) Any successor trustee or certificate administrator shall execute,
acknowledge and deliver to the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer, the Certificate
Administrator (or in the case of a successor certificate administrator, to the predecessor Certificate Administrator) and the Trustee,
as the case may be, instruments accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor
Trustee or Certificate Administrator, as applicable, shall become effective and such successor, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as Trustee or Certificate Administrator, as applicable, herein; provided that such successor
shall satisfy the requirements contained in Section 8.06 of this Agreement and the Certificate Administrator shall
have filed any required Form 8-K pursuant to Section 10.09. The predecessor Trustee or Certificate Administrator, as
applicable, shall deliver to its successor all Mortgage Files and related documents and statements held by it hereunder, and the
Depositor and the predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such instruments and
do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor all such
rights, powers, duties and obligations. No successor trustee or certificate administrator, as the case may be, shall accept appointment
as provided in this Section 8.08 unless at the time of such acceptance such successor shall be eligible under the provisions
of Section 8.06 of this Agreement.


 


Upon acceptance of appointment
by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the succession of such
Trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails
to mail such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause
such notice to be mailed at the expense of the Depositor.


 






    -460-


    


    

 


(b)           Any successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06
hereof.


 


(c)          
Neither the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate
administrator.


 


Section 8.09    Merger or Consolidation of Trustee or Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which it may be consolidated or any Person resulting from any merger, conversion
or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding to all or substantially
all of the corporate trust business of the Trustee or the Certificate Administrator, shall be the successor of the Trustee or the
Certificate Administrator, as the case may be, hereunder; provided that such Person shall be eligible under the provisions
of Section 8.06 of this Agreement without the execution or filing of any paper or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding. The Trustee or the Certificate Administrator, as applicable,
shall notify the other parties hereto of any such event, and the Certificate Administrator shall post notice of such merger or
consolidation to the Certificate Administrator’s Website in accordance with Section 3.14(d) of this Agreement
and provide notice of such event to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement).


 


Section 8.10    Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same
may at the time be located, or for enforcement actions, or where a conflict of interest exists, the Depositor and the Trustee acting
jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee
to act (at the expense of the Trust) as co-Trustee or co-Trustees, jointly with the Trustee, or separate Trustee or separate Trustees,
of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or
any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights
and trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, or in case a Servicer Termination Event shall have occurred
and be continuing, the Trustee alone shall have the power to make such appointment. Except as required by applicable law, the appointment
of a co-Trustee or separate Trustee shall not relieve the Trustee of its responsibilities, obligations and liabilities hereunder.
No co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section 8.06
hereunder and no notice to Holders of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall be required
under Section 8.08 hereof.


 


In the case of any appointment
of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee
or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that


 






    -461-


    


    

 


under
any law of any jurisdiction in which any particular act or acts are to be performed (whether as Trustee hereunder or as successor
to the Master Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event
such rights, powers, duties and obligations (including the holding of title to the Trust Fund or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate Trustee or co-Trustee solely at the direction of the Trustee.


 


No Trustee under this
Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement. The Depositor
and the Trustee acting jointly may at any time accept the resignation of or remove any separate Trustee or co-Trustee, or if the
separate Trustee or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove
any separate Trustee or co-Trustee.


 


Any notice, request or
other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as
effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement
and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate Trustee
and co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee be entitled to any provision relating
to the conduct of, affecting the liability of or affording protection to such separate Trustee or co-Trustee that imposes a standard
of conduct less stringent than that imposed by the Trustee hereunder, affording greater protection than that afforded to the Trustee
hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.


 


Any separate Trustee
or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
Trustee.


 


Article IX



TERMINATION


 


Section 9.01    Termination. (a) The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the
Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee created hereby
with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as hereinafter set forth) shall terminate upon payment (or provision for payment) to the
Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required hereunder to be so paid on


 






    -462-


    


    

 


the
Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by
the Trust Fund in accordance with Section 9.01(c) of this Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of this Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to this Agreement of the last asset held by the Trust Fund; provided, that in no event
shall the trust created hereby continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


For purposes of this
Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to Section 9.01(g),
and then the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special Servicer and
the Master Servicer, in that order, shall have the option to terminate the Trust Fund pursuant to subsection (c). For
purposes of this Section 9.01, the Directing Holder with the consent of the Holders of the Controlling Class, shall
act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.


 


(b)           The Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall
be sold or otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within
the meaning of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and
pursuant to which the applicable Notice of Termination is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the
Upper-Tier REMIC shall terminate on a Distribution Date occurring not more than 90 days following the date of adoption of
the plan of complete liquidation. For purposes of this Section 9.01(b), the Notice of Termination given pursuant to
Section 9.01(c) of this Agreement shall constitute the adoption of the plan of complete liquidation as of the date
such notice is given, which date shall be specified by the Certificate Administrator in the final federal income tax returns of
the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the termination of the Lower-Tier REMIC, the Upper-Tier REMIC or
the Trust Fund, the Certificate Administrator shall be responsible for filing the final Tax Returns for each such Trust REMIC and
for the Grantor Trust for the period ending with such termination, and shall retain books and records with respect to such Trust
REMICs and the Grantor Trust for the same period of retention for which it maintains its own tax returns or such other reasonable
period. The Trustee shall sign all Tax Returns and other reports required by this Section.


 


(c)          
The Certificateholder owning a majority of the Percentage Interest of the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the
Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or
after the Early Termination Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:


 






    -463-


    


    

 


(i)           
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of principal);


 


(ii)          
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days
prior to the last day of the month preceding such Distribution Date;


 


(iii)         
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to
the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of interest); and


 


(iv)         
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
Property Royalty License Fees and Trust Fund expenses.


 


If the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer purchases all
of the Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust Fund in accordance with
this Section 9.01(c), the Certificateholder owning a majority of the Percentage Interests in the Controlling Class,
the Master Servicer or the Special Servicer, as applicable, shall deposit in the Lower-Tier Distribution Account, as applicable,
not later than the Master Servicer Remittance Date relating to the Anticipated Termination Date on which the final distribution
on the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive
of any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a) of this
Agreement, which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the
Certificate Administrator for deposit in the Lower-Tier Distribution Account, as applicable, all amounts required to be transferred
thereto on the Master Servicer Remittance Date from the Collection Account, together with any other amounts on deposit in the Collection
Account that would otherwise be held for future distribution. Upon confirmation by the Master Servicer in writing that it has transferred
all such amounts to the Certificate Administrator, the Custodian shall release or cause to be released to the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer, as applicable,
the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by such purchasing party as shall be necessary to effectuate transfer of the Mortgage Loans and all property acquired in
respect of any Mortgage Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article IX.


 


For purposes of this
Section 9.01, the Directing Holder with the consent of the Holders of the Controlling Class, shall act on behalf of
the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.


 






    -464-


    


    

 


As a condition to the
purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver to the Trustee
and the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating that such termination
will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses incurred
by any and all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder.
The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent
appraiser pursuant to this subsection (c).


 


(d)           If the Trust Fund has not been previously terminated pursuant to subsection (c) of this Section 9.01,
the Certificate Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator
reasonably anticipates, based on information with respect to the Mortgage Loans previously provided to it, that the final distribution
will be made to the Holders of outstanding Certificates and the Class VRR Upper-Tier Regular Interests, notwithstanding that such
distribution may be insufficient to distribute in full the Certificate Balance of each Class of Certificates, together with amounts
required to be distributed on such Distribution Date pursuant to Section 4.01(b) of this Agreement; provided,
that, if no such Classes of Certificates are then outstanding, the final distribution shall be made (i) to the Holders of
the Class R Certificates (in respect of the Class LTR Interest) of any amount remaining in the Collection Accounts, the
Lower-Tier Distribution Account, and (ii) to the Holders of the Class R Certificates (in respect of the Class UTR
Interest) of any amount remaining in the Upper-Tier Distribution Account.


 


(e)          
Notice of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate
Administrator to Certificateholders (with a copy to the Trustee, the Master Servicer, the Special Servicer, the Mortgage Loan Sellers,
the Operating Advisor, the Asset Representations Reviewer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement)), at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days,
prior to the Anticipated Termination Date. The notice mailed by the Certificate Administrator to Certificateholders shall:


 


(i)          
 specify the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates
of the Classes specified therein;


 


(ii)          
specify the amount of any such final distribution, if known; and


 


(iii)        
state that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates
at the office of the Paying Agent therein specified.


 


If the Trust Fund is not terminated on
any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each Certificateholder.


 






    -465-


    


    

 


(f)           
Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates
shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund
shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination
as Certificate Administrator hereunder and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue
or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with this Section 9.01. Any amounts remaining in the Excess
Interest Distribution Account representing Excess Interest shall be distributed to the Holders of the Excess Interest Certificates.


 


(g)           Following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount and the Class X-D Notional
Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
by giving written notice to all the parties hereto no later than 60 days prior to the anticipated date of exchange; provided
that such Sole Certificateholder pays to the Certificate Administrator as additional compensation an amount equal to one day of
interest calculated at the Prime Rate on the aggregate Certificate Balance of the Principal Balance Certificates as of the first
day of the current calendar month and such Sole Certificateholder pays to the Master Servicer as additional compensation an amount
equal to (i) the product of (a) the Prime Rate, (b) the aggregate Certificate Balance of the then outstanding Certificates (other
than any Class of Class X Certificates, the Class S Certificates and the Class R Certificates) as of the date of the
exchange and (c) three, divided by (ii) 360, for the Mortgage Loans and any REO Properties remaining in the Trust Fund and such
payments shall be treated as made by the Sole Certificateholder directly to the Certificate Administrator and the Master Servicer
and not through or by either of the Trust REMICs. If the Sole Certificateholder elects to exchange all of the then-outstanding
Certificates (other than the Class S and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining
in the Trust Fund in accordance with the preceding sentence, such Sole Certificateholder, not later than the Distribution Date
on which the final distribution on the Certificates is to occur, shall deposit in the Collection Account


 






    -466-


    


    

 


an
amount in immediately available funds equal to all amounts due and owing to the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor and the Trustee hereunder through the date of the liquidation of the Trust
Fund that may be withdrawn from the Collection Account, or an escrow account acceptable to the respective parties hereto, pursuant
to Section 3.06(a) of this Agreement or that may be withdrawn from the Distribution Accounts pursuant to Section 3.06(g) of this Agreement, but only to the extent that such amounts are not already on deposit in the Collection Account. In addition,
the Master Servicer shall transfer all amounts required to be transferred to the Certificate Administrator for deposit in the
Lower-Tier Distribution Account on such Servicer Remittance Date from the Collection Account pursuant to Section 3.05 of
this Agreement. Upon confirmation from the Certificate Administrator that such final deposits have been made and following the
surrender of all the then-outstanding Certificates (other than the Class R Certificates) on the final Distribution Date to
the Certificate Administrator, the Custodian shall upon receipt of a Request for Release from the Master Servicer, release
to the Sole Certificateholder or any designee thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all
assignments, endorsements and other instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate
transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund and the Trust Fund shall be liquidated in accordance
with this Article IX. The remaining Mortgage Loans and REO Properties are deemed distributed to the Sole Certificateholder
in liquidation of the Trust Fund pursuant to this Article IX. Solely for federal income tax purposes, the Sole Certificateholder
shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance
of its Certificates (other than the Class S and Class R Certificates), plus accrued, unpaid interest with respect thereto,
and the Certificate Administrator shall credit such amounts against amounts distributable in respect of the Lower-Tier Regular
Interests and such Certificates.


 


(h)           [Reserved.]


 


(i)          
The duties of the Operating Advisor under this Agreement will terminate, without cost or expense to the Operating Advisor,
upon termination of the Trust Fund.


 


Article X



EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE


 


Section 10.01   
Intent of the Parties; Reasonableness. Except with respect to Section 10.08, Section 10.11,
Section 10.13, Section 10.14, Section 10.15, Section 10.16 and Section 10.17,
the parties hereto acknowledge and agree that the purpose of this Article X is to facilitate compliance by the Depositor
(and any Other Depositor of any Other Securitization that includes a Serviced Companion Loan) with the provisions of Regulation
AB and related rules and regulations of the Commission. None of the Depositor, the Certificate Administrator or the Trustee shall
exercise its rights to request delivery of information or other performance under these provisions other than in reasonable good
faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and, in each case,
the rules and regulations of the Commission thereunder. The parties to this Agreement acknowledge that interpretations of the requirements
of Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff, and agree to comply,
subject to Section 10.02,


 






    -467-


    


    

 


with
reasonable requests made by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization that includes a
Serviced Companion Loan), the Certificate Administrator or the Trustee in reasonable good faith for delivery of information under
these provisions on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations require compliance
and are not “grandfathered” and do not mandate compliance). In connection with the Benchmark 2018-B1 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2018-B1 and any Other Securitization subject to Regulation AB that includes
a Serviced Companion Loan, subject to the preceding sentence, each of the parties to this Agreement shall cooperate fully with
the Depositor, the Certificate Administrator, the Trustee and any Other Depositor or Other Trustee of any Other Securitization
that includes a Serviced Companion Loan, as applicable, to deliver or make available to the Depositor, the Certificate Administrator,
the Trustee and any such Other Depositor or Other Trustee, as applicable (including any of their assignees or designees), any
and all information in its possession and necessary in the reasonable good faith determination of the Depositor, the Certificate
Administrator, the Trustee or such Other Depositor or Other Trustee, as applicable, to permit the Depositor or such Other Depositor,
as applicable, to comply with the provisions of Regulation AB, together with such disclosure relating to the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee,
as applicable, and any Servicing Function Participant, or the Servicing of the Serviced Mortgage Loans and any related Serviced
Companion Loans, reasonably believed by the Depositor, the Certificate Administrator, the Trustee or the related Other Depositor
or the related Other Trustee, as applicable, in good faith to be necessary in order to effect such compliance. Each party to this
Agreement shall have a reasonable period of time to comply with any written request made under this Section 10.01,
but in any event, shall, upon reasonable advance written request, provide information in sufficient time to allow the Depositor,
the Certificate Administrator or the Trustee, as applicable, to satisfy any related filing requirements.


 


For purposes of this
Article X, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party
to perform, such party hereunder shall not be required to bring any legal action against such third party in connection with such
obligation.


 


Section 10.02   
Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan. (a)  Any
other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines for
delivery set forth in this Article X, in connection with the requirements contained in this Article X that
provide for the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Trustee of
any Other Securitization that includes a Serviced Companion Loan and is subject to Regulation AB, no party hereunder shall be obligated
to provide any such items to or cooperate with such Other Depositor or Other Trustee until the Other Depositor or Other Trustee
of such Other Securitization has provided each party hereto with not less than 10 Business Days’ (or such shorter period
as required for such Other Depositor or Other Trustee to comply with related filing obligations, provided that (i) such Other Depositor
or Other Trustee, as applicable, has provided written notice as soon as reasonably practicable and, concurrently with such written
notice, obtained verbal confirmation of receipt of such written notice, in each case, in accordance with Section 11.05 of this
Agreement and (ii) such period shall not be less than 3 Business Days’) written notice (which shall only be required to be
delivered once) stating that such Other Securitization is subject to Regulation AB and that the Other Securitization is subject
to


 






    -468-


    


    

 


Exchange
Act reporting, and (ii) specifying in reasonable detail the information and other items requested to be delivered (insofar
as such information or other items are not expressly identified herein); provided, that if Exchange Act reporting is being
requested, such Other Depositor or Other Trustee is only required to provide a single written notice to such effect. Any reasonable
cost and expense of the Master Servicer, Special Servicer, Operating Advisor, the Asset Representations Reviewer, Trustee and
Certificate Administrator in cooperating with such Other Depositor or Other Trustee of such Other Securitization (above and beyond
their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization. The parties hereto
shall have the right to request written confirmation from the Other Depositor or Other Trustee of such Other Securitization as
to whether Regulation AB or the Exchange Act requires the delivery of the items identified in this Article X to such
Other Depositor and Other Trustee of such Other Securitization prior to providing any of the reports or other information required
to be delivered under this Article X in connection therewith and if any such party makes such a request, then (i) upon
such requesting party’s receipt of such written confirmation, such requesting party shall comply with the deadlines for
delivery set forth in this Article X with respect to such Other Securitization and (ii) until such requesting
party’s receipt of such written confirmation, such party shall not be required to deliver such items. The parties hereunder
shall also have the right to require that such Other Depositor provide them with the contact details of such Other Depositor,
Other Trustee and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization.


 


(b)           Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable
prior written request given in accordance with the terms of (a) above, and subject to a right of the Master Servicer, the
Special Servicer, the Certificate Administrator or the Trustee, as the case may be, to review and approve such disclosure materials,
permit a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus (updated
as appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable) for inclusion
in the disclosure materials relating to any securitization of a Serviced Companion Loan.


 


(c)          
The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written
request given in accordance with the terms of Section 10.02(a) above, shall each timely provide (to the extent the
reasonable out-of-pocket cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters
with respect to any Other Securitization that includes a Serviced Companion Loan such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to the updated description referred in (b) with respect to such party, substantially
identical to those, if any, delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, or their respective counsel, in connection with the information concerning such party in the Prospectus and/or
any other disclosure materials relating to this Trust (updated as deemed appropriate by the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, or their respective legal counsel, as the case may be). Neither the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall be obligated to deliver any such item with respect to
the securitization of a Serviced Companion Loan if it did not deliver a corresponding item with respect to this Trust.


 






    -469-


    


    

 


(d)           Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior
written request given in accordance with the terms of (a) above, shall provide (to the extent the reasonable out-of-pocket
cost thereof is paid or caused to be paid by the applicable party set forth below in this (d)) to the Other Depositor and
the Other Trustee under the Other Pooling and Servicing Agreement related to any Other Securitization the following: (i) any
information (including, but not limited to, disclosure information) required for such Other Securitization to comply in a timely
manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications
and/or indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, or their respective counsel,
in connection with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this
Trust.


 


In the case of a Form
8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this Benchmark 2018-B1 Mortgage
Trust securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel, certifications and
indemnification agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as the case may be, pursuant to this (d) shall be paid or caused to be paid (pursuant to a payment arrangement
reasonably acceptable to the delivering party and the receiving party and agreed to as a condition precedent to delivery of such
items) by the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the related Other Depositor
for inclusion in such Other Securitization.


 


In the case of a Form
8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation or any other
replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the
out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.02(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses
relating to such termination, removal, resignation or other replacement pursuant to this Agreement.


 


Section 10.03   
Information to be Provided by the Master Servicer and the Special Servicer. (a) For so long as the Trust is subject
to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced Companion
Loan is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained in Section 10.09)
in connection with the succession to the Master Servicer, Special Servicer or any Servicing Function Participant (if such Servicing
Function Participant is a servicer as contemplated by Item 1108(a)(2) of Regulation AB) as servicer or Sub-Servicer under or as
contemplated by this Agreement or any related Other Pooling and Servicing Agreement by any Person (i) into which the Master
Servicer, Special Servicer or such Servicing Function Participant may be merged or consolidated, (ii) which may be appointed
as a sub-servicer (other than the appointment of a Mortgage Loan Seller Sub-Servicer) by a Master Servicer or Special Servicer,
or (iii) that is appointed as a successor Master Servicer or successor Special Servicer pursuant to


 






    -470-


    


    

 


Section 3.22 or Section 7.02, the Master Servicer, the Special Servicer or any Servicing Function Participant (with respect
to the foregoing clauses (i) and (ii)) or the successor Master Servicer or the successor Special Servicer (with respect to the
foregoing clause (iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties
required to pay the costs and expenses relating to such succession pursuant to this Agreement, provide to the Depositor and to
any Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, at least 5 Business Days (other
than a succession or appointment pursuant to Section 7.01(b) for which notice shall be delivered as soon as reasonably
practicable) prior to the effective date of such succession or appointment as long as such disclosure prior to such effective
date would not be violative of any applicable law or confidentiality agreement, otherwise no later than the Business Day following
such effective date, but in no event later than the time required pursuant to Section 10.09, (x) written notice
to the Trustee, the Certificate Administrator and the Depositor (and any Other Trustee and Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan) of such succession or appointment, (y) in writing and in form and
substance reasonably satisfactory to the Trustee, the Certificate Administrator and the Depositor (and any Other Trustee and Other
Depositor of any Other Securitization that includes a Serviced Companion Loan), all information relating to such successor reasonably
requested by the Depositor (or such Other Depositor) so that it may comply with its reporting obligation under Items 1.01 and
6.02 of Form 8-K with respect to any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s)
of counsel, certifications and/or indemnification agreement(s) with respect to such information that are substantially similar
to those delivered by the Master Servicer or the Special Servicer, as the case may be, or their respective counsel, in connection
with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.


 


Section 10.04   
Information to be Provided by the Trustee. (a) For so long as the Trust is subject to the reporting requirements
of the Exchange Act, (in addition to any requirements contained in Section 10.09) in connection with the succession
to the Trustee as Trustee or appointment of a co-Trustee under this Agreement by any Person (i) into which the Trustee may
be merged or consolidated, (ii) which may be appointed as a co-Trustee or separate Trustee pursuant to Section 8.10,
or (iii) that is appointed as a successor Trustee pursuant Section 8.08, the Trustee (with respect to the foregoing
clauses (i) and (ii)) or the successor Trustee (with respect to the foregoing clause (iii)) shall, as a condition to such
succession and at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such succession
pursuant to this Agreement, provide to the Depositor and to the Other Depositor related to any Other Securitization that includes
a Serviced Companion Loan, at least 5 calendar days prior to the effective date of such succession or appointment as long as such
disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise immediately
following such effective date, but in no event later than the time required pursuant to Section 10.09, (x) written
notice to the Depositor, and to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan,
of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory to the Depositor, and
to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, all information reasonably
requested by the Depositor, or such Other Depositor, so that it may comply with its reporting obligation under Items 1.01 and 6.02
of Form 8-K with respect to any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel,
certifications and/or indemnification agreement(s)


 






    -471-


    


    

 


with
respect to such information that are substantially similar to those delivered by the Trustee or their respective counsel, in connection
with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.


 


Section 10.05   
Filing Obligations. (a) Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee shall, and each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as applicable, shall use commercially
reasonable efforts to cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered
into a servicing relationship with respect to the Serviced Mortgage Loan to, reasonably cooperate with the Certificate Administrator
and the Depositor (and any Other Trustee or Other Depositor related to any Other Securitization that includes a Serviced Companion
Loan) in connection with the Certificate Administrator’s and Depositor’s (or such Other Trustee’s or Other Depositor’s)
good faith efforts to satisfy the Trust’s (or such Other Securitization’s) reporting requirements under the Exchange
Act.


 


(b)          
[Reserved.]


 


(c)          
With respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified
the Master Servicer and Special Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k)
of Regulation AB) (together with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes
such Serviced Companion Loan, to the extent that the Master Servicer (in the case of non-Specially Serviced Loans) or the Special
Servicer (in the case of Specially Serviced Loans and REO Properties) is in receipt of the updated financial statements of such
“significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year) from the
Borrower, beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or the updated financial
statements of such “significant obligor” for any calendar year, beginning for the calendar year following such notice
from the Other Depositor, as applicable, the Master Servicer or the Special Servicer, as applicable, shall deliver to the Other
Depositor, on or prior to the day that occurs two (2) Business Days prior to the related “significant obligor” NOI
Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable,
(A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant Obligor NOI Quarterly
Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as
applicable, such financial statements of the “significant obligor”, together with the net operating income of such
“significant obligor” for the applicable period as calculated by the Master Servicer or the Special Servicer, as applicable,
in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior to
the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as reported
by the related Borrower in such financial statements.


 






    -472-


    


    

 


If the Master Servicer
or the Special Servicer, as applicable, does not receive financial information satisfactory to comply with Item 6 of Form 10-D
or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor” within ten (10) Business Days after
the date such financial information is required to be delivered under the related Mortgage Loan documents, the Master Servicer
or the Special Servicer, as applicable, shall notify the Other Depositor with respect to such Other Securitization that includes
the related Companion Loan (or shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to notify
such Other Depositor) that it has not received such financial information.  The Master Servicer or the Special Servicer, as
applicable, shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations
of such Other Depositor under the Exchange Act) to obtain the periodic financial statements required to be delivered by the related
Borrower under the related Mortgage Loan documents.


 


The Master Servicer or
the Special Servicer, as applicable, shall (or shall cause any related Sub-Servicing Agreement entered into after receipt of written
notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer
to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the related Borrower related to
any such “significant obligor” (identified to it as such by the Other Depositor in accordance with the second preceding
paragraph) to obtain the required financial information and is unsuccessful and, no less than five (5) Business Days prior to the
date in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the Other Securitization, shall forward an Officer’s
Certificate evidencing its attempts to obtain this information to the certificate administrator and Other Depositor related to
such Other Securitization. This Officer’s Certificate should be addressed to the certificate administrator at its corporate
trust office, as specified in the related Other Pooling and Servicing Agreement.


 


Section 10.06   
Form 10-D and Form ABS-EE Filings. Within 15 days after each Distribution Date (subject to permitted extensions under
the Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D and Form ABS-EE required
by the Exchange Act and the rules and regulations of the Commission thereunder, in form and substance as required by the Exchange
Act and such rules and regulations; provided that, in connection with the filing of the Prospectus and the preliminary prospectus
with respect to the Public Certificates, the Depositor shall file any related Form ABS-EE required to be filed with the Commission
and incorporated by reference into each such document. A duly authorized representative of the Depositor shall sign each Form 10-D
filed on behalf of the Trust. The Certificate Administrator shall file each Form 10-D with a copy of the related Distribution Date
Statement attached thereto; provided that the Certificate Administrator shall redact from such Distribution Date Statement any
information relating to the ratings of the Certificates and the identity of the Rating Agencies. Any disclosure in addition to
the Distribution Date Statement that is required to be included on Form 10-D and/or Form ABS-EE (“Additional Form 10-D
Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
IV and directed to the Certificate Administrator and the Depositor for approval by the Depositor. The Certificate Administrator
will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure (other than
such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule IV) absent such reporting, direction
and approval after the date hereof. The Certificate Administrator shall


 






    -473-


    


    

 


include
in any Form 10-D filed by it, without limitation, to the extent such information is provided to the Certificate Administrator
by the Depositor for inclusion therein, (i) the information required by Rule 15Ga-1(a) under the Exchange Act concerning
all assets of the Trust that were subject of a demand to repurchase or replace for breach of the representations and warranties,
(ii) a reference to the most recent Form ABS-15G filed by the Depositor and each Mortgage Loan Seller, if applicable, and
the Commission assigned “Central Index Key” number for each such filer and (iii) incorporate by reference the
Form ABS-EE filing for the related reporting period (which Form ABS-EE disclosures shall be filed at the time of each filing of
the applicable report on Form 10-D with respect to each Mortgage Loan that was part of the Mortgage Pool during any portion of
the related reporting period). The Certificate Administrator and the Depositor shall be entitled together to determine the manner
of the presentation of such information (including the dates as of which such information is presented) in accordance with applicable
laws and regulations.


 


For so long as the Trust
is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, within five calendar days after the related Distribution
Date, (i) the parties listed on Schedule IV hereto shall be required to provide to the Certificate Administrator and
the Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer) (and to any Other Trustee
or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan), to the extent a Servicing Officer
or Responsible Officer, as the case may be, thereof has actual knowledge (other than Item 1117 of Regulation AB as to such party
which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in house legal department of such party), in EDGAR Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor) and such party, the form and substance
of the Additional Form 10-D Disclosure described on Schedule IV applicable to such party, (ii) the parties listed on
Schedule IV hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the
form attached hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing
the related Form 10-D, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an
event reportable on Form 10-D for which it has not received the necessary Additional Form 10-D Disclosure from the applicable party.
No later than the 7th calendar day after the Distribution Date, the Depositor will approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D or (in the case of asset-level information
required by Item 1A on Form 10-D) Form ABS-EE with respect to the Trust; provided that if the Certificate Administrator
does not receive a response from the Depositor by such time the Depositor will be deemed to have consented to the inclusion of
such Additional Form 10-D Disclosure. Other than to the extent provided for in clause (iii) above, the Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule IV of their duties
under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. The Depositor
will be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with
including any Additional Form 10-D Disclosure on Form 10-D or (in the case of asset-level information required by Item 1A on Form
10-D) Form ABS-EE with respect to the Trust pursuant to this paragraph.


 






    -474-


    


    

 


After preparing the Form
10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable best efforts to provide such copy to the Depositor by the
8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date, the Depositor
shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of
such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the Depositor shall
sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow
by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon signature thereof
as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 15th calendar day
after the related Distribution Date or (ii) if agreed to prior to the time set forth in clause (i) above, such other
time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form
10-D. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Certificate Administrator
shall follow the procedures set forth in Section 10.10(b). After filing with the Commission, the Certificate Administrator
shall, pursuant to Section 4.02(b), make available on the Certificate Administrator’s website a final executed
copy of each Form 10-D prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge that the
performance by the Certificate Administrator of its duties under this Section 10.06 related to the timely preparation
and filing of Form 10-D is contingent upon such parties (and any Additional Servicer or Servicing Function Participant) observing
all applicable deadlines in the performance of their duties under this Section 10.06. The Certificate Administrator
shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare
or file such Form 10-D where such failure results from the Certificate Administrator’s inability or failure to receive on
a timely basis any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not
resulting from its own negligence, bad faith or willful misconduct.


 


Form 10-D requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no
later than the 5th calendar day after the related Distribution Date during any year in which the Trust is required to file a Form
10-D if the answer to the questions should be “no”; provided that if the failure of the Depositor to have filed
such required reports arises in connection with the securitization contemplated by this Agreement, then the Certificate Administrator
shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and
filed by the Certificate Administrator) without being notified by the Depositor; provided, further, that in connection
with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such
notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice
from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such
notifications in preparing, executing and/or filing any Form 10-D.


 






    -475-


    


    

 


The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Forms 10-D
and ABS-EE for each reporting period: Name: Lainie Kaye, Telephone: (212) 504-6678. The Certificate Administrator may rely without
further investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator
with a new individual’s name and phone number in writing.


 


Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.01(b), the
Certificate Administrator shall include such Asset Review Report Summary under Item 1B on the Form 10-D for such reporting period
in which the Asset Review Report Summary was received by the Certificate Administrator.


 


To the extent the Certificate
Administrator receives a Communication Request from any Certificateholder or Certificate Owner to communicate with other Certificateholders
or Certificate Owners pursuant to Section 5.05, the Certificate Administrator shall include under Item 1B on the Form
10-D relating to the reporting period in which such request was received a Special Notice regarding the request to communicate,
and such Special Notice is required to include the following and no more than the following: (a) the name of the Certificateholder
or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate
Administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d)
a description of the method other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder
or Certificate Owner. It is hereby understood that a disclosure in substantially the following form shall be deemed to satisfy
the requirements in the preceding sentence:


 


On [date], the Certificate Administrator
received from [name], a Certificateholder or Certificate Owner, a request to communicate with other Certificateholders and Certificate
Owners in the securitization transaction to which this report on Form 10-D relates (the “Securitization”). The
requesting Certificateholder or Certificate Owner is interested in communicating with other Certificateholders and Certificate
Owners with regard to the possible exercise of rights under the pooling and servicing agreement governing the Securitization. Other
Certificateholders and Certificate Owners may contact the requesting Certificateholder or Certificate Owner at [telephone number],
[email address] and/or [mailing address].


 


At the time required
under Section 10.06, the Certificate Administrator shall file each Form ABS-EE with a copy of the related CREFC®
Schedule AL File received by the Certificate Administrator pursuant to Section 3.13(a) as Exhibit 102 thereto. To the extent
the Certificate Administrator receives any Schedule AL Additional File with respect to such Form ABS-EE pursuant to Section
3.13(a), the Certificate Administrator shall file such Schedule AL Additional File as Exhibit 103 to such Form ABS-EE. The
Certificate Administrator shall not be


 






    -476-


    


    

 


required
to combine multiple CREFC® Schedule AL Files or Schedule AL Additional Files. The Certificate Administrator shall
not be required to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information contained
in any CREFC® Schedule AL File or Schedule AL Additional File. The Certificate Administrator shall not be deemed
to have actual knowledge of the contents of any CREFC® Schedule AL File or Schedule AL Additional File solely by
its receipt thereof.


 


After preparing the Forms
10-D and ABS-EE with respect to the Trust, the Certificate Administrator shall forward electronically copies of such Forms 10-D
and ABS-EE (together with the related CREFC® Schedule AL File and any Schedule AL Additional File received by the
Certificate Administrator) to the Depositor for review no later than seven (7) calendar days after the related Distribution Date
or, if the 7th calendar day after the related Distribution Date is not a Business Day, the immediately preceding Business Day.
The Master Servicer shall reasonably cooperate with the Depositor to answer any questions that the Depositor may pose to the Master
Servicer regarding the data or information contained in, or omitted from, any CREFC® Schedule AL File or Schedule
AL Additional File (other than questions regarding (1) the accuracy as of the Closing Date of data that had been included in the
Initial Schedule AL File, the Initial Schedule AL Additional File or the Annex A-1 to the Prospectus or (2) changes made to such
CREFC® Schedule AL File or Schedule AL Additional File by the Certificate Administrator following receipt from the
Master Servicer). Any questions for the Master Servicer related to the filing shall be directed to ssreports@wellsfargo.com.
The Certificate Administrator, the Master Servicer and the Depositor shall each, to the extent related to such party’s obligations
hereunder, reasonably cooperate to remedy any filing errors regarding any CREFC® Schedule AL File or any Schedule
AL Additional File as soon as possible. Within four (4) Business Days after receipt of copies of such Forms 10-D and ABS-EE from
the Certificate Administrator, but no later than two (2) Business Days prior to the 15th calendar day after the related Distribution
Date, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes
to or approval of such Form 10-D and Form ABS-EE, respectively, and an officer of the Depositor shall sign the Form 10-D and Form
ABS-EE with respect to the Trust and return an electronic or fax copy of each of the signed Form 10-D and Form ABS-EE (with an
original executed hard copy to follow by overnight mail) to the Certificate Administrator. Upon receipt of such signed Form 10-D
and Form ABS-EE (in electronic form or by fax copy), the Certificate Administrator shall deem such reports to be approved by the
Depositor and shall proceed with filing such reports with the Commission. If a Form 10-D or Form ABS-EE with respect to the Trust
cannot be filed on time or if a previously filed Form 10-D or Form ABS-EE with respect to the Trust needs to be amended, the Certificate
Administrator will follow the procedures set forth in Section 10.10(b) of this Agreement. Promptly after filing with the
Commission, the Certificate Administrator will make available on its internet website a final executed copy of each Form 10-D and
Form ABS-EE with respect to the Trust prepared and filed by the Certificate Administrator. The signing party at the Depositor can
be contacted at Deutsche Mortgage & Asset Receiving Corporation at 60 Wall Street, New York, New York 10005, Attention: Lainie
Kaye, with copies via email to cmbs.requests@db.com, or such other address as the Depositor may direct. The parties to this
Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.06 related
to the timely preparation and filing of Form 10-D and Form ABS-EE with respect to the Trust is contingent upon such parties observing
all applicable deadlines in the performance of their duties under this Section 10.06. The Certificate Administrator shall
have no liability for any loss, expense, damage,


 






    -477-


    


    

 


or
claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file any Form 10-D
or Form ABS-EE with respect to the Trust, where such failure results because required disclosure information was either not delivered
to the Certificate Administrator or delivered to the Certificate Administrator after the delivery deadlines set forth in this
Agreement, not resulting from its own negligence, bad faith or willful misconduct.


 


Section 10.07   
Form 10-K Filings. Within 90 days after the end of each fiscal year of the Trust or such earlier date as may
be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for the
Trust ends on December 31st of each year), commencing with fiscal year 2018, the Certificate Administrator shall prepare and
file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include
the following items, in each case to the extent they have been delivered to the Certificate Administrator within the applicable
time frames set forth in this Agreement:


 


(i)           
an annual compliance statement for each applicable Certifying Servicer, as described under Section 10.11;


 


(ii)          
(A) the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer,
as described under Section 10.12, and (B) if any Reporting Servicer’s report on assessment of compliance
with servicing criteria described under Section 10.12 identifies any material instance of noncompliance, disclosure
identifying such instance of noncompliance (including whether such instance of noncompliance involved the servicing of the assets
backing the Certificates issued pursuant to this Agreement and any steps taken to remedy such instance of noncompliance), or if
any Reporting Servicer’s report on assessment of compliance with servicing criteria described under Section 10.12
is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation as to why such
report is not included;


 


(iii)        
(A) the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.13,
and (B) if any registered public accounting firm attestation report described under Section 10.13 identifies any
material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting
firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
as to why such report is not included; and


 


(iv)         
a Sarbanes-Oxley Certification as described in Section 10.08.


 


Any disclosure or information
in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”)
shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule V hereto to the Depositor
and the Certificate Administrator (and to any Other Depositor or Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) and approved by the Depositor (and such Other Depositor), and the Certificate Administrator (or such
Other Trustee) will have no duty or liability for any failure hereunder to determine or prepare any Additional


 






    -478-


    


    

 


Form
10-K Disclosure (other than such Additional Form 10-K Disclosure which is to be reported by it as set forth on Schedule V)
absent such reporting and approval.


 


Not later than 10 Business
Days after the end of each fiscal year for which the Trust (or any Other Securitization that includes a Serviced Companion Loan)
is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator and the Trustee shall provide the other parties to this Agreement and the Mortgage Loan Sellers (and
the parties to any Other Pooling and Servicing Agreement with respect to any Other Securitization that includes such Serviced Companion
Loan) with written notice of the name and address of each Servicing Function Participant retained by such party. Not later than
the end of each year for which the Trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request
provide to each Mortgage Loan Seller, Other Depositor and Other Trustee written notice of any change in the identity of any party
to this Agreement, including the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special
Servicer, as applicable, shall provide to each related Mortgage Loan Seller, Other Depositor and Other Trustee written notice of
any change in the identity of any Sub-Servicer that is a Servicing Function Participant or an Additional Servicer engaged by the
Master Servicer or the Special Servicer, as applicable, including the name and address of any new Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer.


 


With respect to any Other
Securitization that includes a Serviced Companion Loan, not later than the end of each year for which the Other Securitization
trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to each mortgage loan
seller with respect to such Other Securitization written notice of any change in the identity of any party to this Agreement, including
the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer, as applicable,
shall provide to each such mortgage loan seller written notice of any change in the identity of any Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer for the servicing of such
Serviced Whole Loan, as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant
or an Additional Servicer.


 


For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, by March 1st, commencing in March 2019 (i) the parties listed on Schedule V hereto shall be required
to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant with a copy
to the Master Servicer) (and to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced
Companion Loan), to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other
than with respect to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by any Servicing
Officer or any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent available to such
party in such format), or in such other form as otherwise agreed upon by the Certificate Administrator and the Depositor (or such
Other Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-K Disclosure described on Schedule
V applicable to such party, (ii) the parties listed on Schedule V hereto shall include with such Additional Form


 






    -479-


    


    

 


10-K
Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit CC and (iii) the Certificate
Administrator shall, at any time prior to filing the related Form 10-K, provide prompt notice to the Depositor to the extent that
the Certificate Administrator is notified of an event reportable on Form 10-K for which it has not received the necessary Additional
Form 10-K Disclosure from the applicable party. No later than March 10th, the Depositor will approve, as to form and substance,
or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K; provided that if
the Certificate Administrator does not receive a response from the Depositor by such time the Depositor will be deemed to have
consented to the inclusion of such Additional Form 10-K Disclosure. Other than to the extent provided for in clause (iii)
above, the Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed
on Schedule V of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form
10-K Disclosure information. The Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the
Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.


 


After preparing the
Form 10-K, on or prior to the 6th Business Day prior to the 10-K Filing Deadline, the Certificate Administrator shall forward
electronically a copy of the Form 10-K to the Depositor for review and approval. Within three Business Days after receipt of such
copy, but no later than March 24th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished
electronically) of any changes to or approved of such Form 10-K. No later than 5:00 p.m., New York City time, on the 4th
Business Day prior to the 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor shall sign the Form
10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight
mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-K, upon signature thereof as provided
in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 10-K Filing Deadline or (ii) such
other time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing such
Form 10-K, of each year in which a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed on
time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator will follow the procedures set forth
in Section 10.10(b). After filing with the Commission, the Certificate Administrator shall, pursuant to Section 4.02(b),
make available on its internet website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.07 related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer or
Servicing Function Participant) observing all applicable deadlines in the performance of their duties under this Article X.
The Certificate Administrator shall have no liability with respect to any failure to properly prepare or file such Form 10-K resulting
from the Certificate Administrator’s inability or failure to receive from any other party any information needed to prepare,
arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence, bad faith or willful misconduct.


 


Form 10-K requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor 





 






    -480-


    


    

 


shall
notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no later than the 15th calendar
day of March during any year in which the Trust is required to file a Form 10-K if the answer to the questions should be
“no”; provided that if the failure of the Depositor to have filed such required reports arises in connection
with the securitization contemplated by this Agreement, then the Certificate Administrator shall be deemed to have notice of such
failure (only with respect to Exchange Act reports prepared or required to be prepared and filed by the Certificate Administrator)
without being notified by the Depositor; provided, further, that in connection with the delivery of any notice contemplated
by this sentence, the Depositor may instruct the Certificate Administrator that such notice shall be effective for a period (not
to exceed 12 months) from the date of such notice, in which case no further notice from the Depositor shall be required during
such specified period. The Certificate Administrator shall be entitled to rely on such notifications in preparing, executing and/or
filing any Form 10-K.


 


Section 10.08   
Sarbanes-Oxley Certification. Each Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”),
as set forth in Exhibit W attached hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act. Each
Reporting Servicer shall, and each Reporting Servicer shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the
Serviced Mortgage Loans, to provide to the Person who signs the Sarbanes-Oxley Certification for the Trust or any Other Securitization
that includes a Serviced Companion Loan (each such Person, a “Certifying Person”), by March 1st of each
year (commencing in 2019) in which the Trust is subject to the reporting requirements of the Exchange Act and of each year in which
any Other Securitization that includes a Serviced Companion Loan is subject to the reporting requirements of the Exchange Act,
a certification (each, a “Performance Certification”), in the form attached hereto as Exhibit O,
Exhibit P, Exhibit Q, Exhibit R, Exhibit T, Exhibit U or Exhibit V,
as applicable, upon which each Certifying Person, the entity for which such Certifying Person acts as an officer, and such entity’s
officers, directors and Affiliates (collectively with the Certifying Persons, “Certification Parties”) can reasonably
rely. The senior officer in charge of securitization of the Depositor shall serve as the Certifying Person on behalf of the Trust.
The Certifying Person at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving Corporation at 60 Wall
Street, New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo, Esq. If any Reporting Servicer is
terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement, such Reporting Servicer
shall provide a Performance Certification to each Certifying Person pursuant to this Section 10.08 with respect to
the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement. Notwithstanding the foregoing, the
Trustee shall not be required to deliver a Performance Certification with respect to any period during which there was no Relevant
Servicing Criteria applicable to it.


 


Notwithstanding the foregoing,
nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness or
completeness of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer
or any other third party retained by it that is not a Sub-Servicer listed on Exhibit X or a Sub-Servicer appointed
pursuant to Section 3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge
and in accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of
information and reports, to certify anything


 






    -481-


    


    

 


other
than that all fields of information called for in written reports prepared by such Reporting Servicer have been completed except
as they have been left blank on their face.


 


Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 10.11, (ii) annual report on assessment of compliance with servicing criteria provided
pursuant to Section 10.12 and (iii) registered public accounting firm attestation report provided pursuant to
Section 10.13.


 


For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure a Sarbanes-Oxley
back-up certification from the Non-Serviced Mortgage Loan Service Providers, in form and substance similar to a Performance Certification
or to the form, if any, provided in the Other Pooling and Servicing Agreement. The Master Servicer shall promptly forward to the
Certificate Administrator and the Depositor any such Sarbanes-Oxley back-up certification received by the Master Servicer.


 


Section 10.09   
Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure (the “8-K
Filing Deadline”) under Form 8-K (each a “Reportable Event”), to the extent it receives the Form 8-K
Disclosure Information described below, the Certificate Administrator shall, at the direction of the Depositor, prepare and file
on behalf of the Trust any Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com,
provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure
or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K
Disclosure Information”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on
Schedule VI to which such Reportable Event relates and such Form 8-K Disclosure Information shall be delivered to the Depositor
and the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) in EDGAR Compatible Format and approved by the Depositor. The Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information (other than such Form 8-K
Disclosure Information which is to be reported by it as set forth on Schedule VI) absent such reporting and approval.


 


For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, the parties listed on Schedule VI hereto shall, to the extent a Servicing Officer or a Responsible Officer, as
the case may be, thereof has actual knowledge, use their commercially reasonable efforts to provide to the Depositor and the Certificate
Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan) within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later than the end of business
(New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and substance of the Form 8-K
Disclosure Information described on Schedule VI as applicable to such party, in EDGAR Compatible Format, or in such other
format as otherwise agreed to in advance by the Certificate Administrator and the Depositor (and such Other Trustee and Other Depositor)
and such party and accompanied by an Additional Disclosure Notification in


 






    -482-


    


    

 


the
form attached hereto as Exhibit CC. The Depositor will approve, as to form and substance, or disapprove, as the case
may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K by the end of business on the 2nd Business Day after
the Reportable Event; provided that if the Certificate Administrator does not receive a response from the Depositor by
such time as required under this Agreement the Depositor will be deemed to have consented to such Form 8-K Disclosure Information.
The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on
Schedule VI of their duties under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure
Information; provided that to the extent that the Certificate Administrator is notified of such Reportable Event and it
does not receive the necessary Form 8-K Disclosure Information, it shall notify the Depositor that it has not received such
information and, provided, further, that the limitation on liability provided by this sentence shall not be applicable
if the Reportable Event relates to the Certificate Administrator or any party that the Certificate Administrator has engaged to
perform its obligations under this Agreement. The Depositor will be responsible for any reasonable fees assessed and any expenses
incurred by the Certificate Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K pursuant
to this paragraph.


 


After preparing the Form
8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business Day
after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the Depositor
shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to the Form
8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 8-K,
upon signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on
the 4th Business Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator
mutually agree is permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously
filed Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b).
After filing with the Commission, the Certificate Administrator will, pursuant to Section 4.02(b), make available on
its internet website a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties to
this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.09
related to the timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in
the performance of their duties under this Section 10.09. The Certificate Administrator shall have no liability for
any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or
timely file such Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive
approved Form 8-K Disclosure Information within the applicable timeframes set forth in this Section 10.09 and not resulting
from the Certificate Administrator’s own negligence, bad faith or willful misconduct (provided that to the extent that the
Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure
Information, it will notify the Depositor that it has not received such information and further provided that the limitation
on liability provided by this sentence shall not be applicable if the Reportable Event


 






    -483-


    


    

 


relates
to the Certificate Administrator or any party that the Certificate Administrator has engaged to perform its obligations under
this Agreement).


 


In addition to the foregoing,
as to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special Servicer that would constitute
a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate
Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special Servicer or any other
Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s
or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated
effective date of such event.


 


For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, no resignation, removal or replacement of any party to such Other Pooling and Servicing Agreement
that would be required to be reported on a Form 8-K relating to this Trust shall become effective until the Certificate Administrator
shall have filed any required Form 8-K pursuant to this Section 10.09.


 


Section 10.10   
Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports. (a) If at
any time the Trust is permitted to suspend its reporting obligations under the Exchange Act, on or before January 30 of the
first year in which the Certificate Administrator is able to do so under applicable law, the Depositor shall direct the Certificate
Administrator to prepare and file any form necessary to be filed with the Commission to suspend such reporting obligations. With
respect to any reporting period occurring after the filing of such form, except with respect to the Other Securitizations, the
obligations of the parties to this Agreement under Section 10.01, Section 10.03, Section 10.06,
Section 10.07, Section 10.08 and Section 10.09 with respect to the Trust shall be suspended.
The Certificate Administrator shall provide prompt notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Operating Advisor, the Asset Representations Reviewer and the Mortgage Loan Sellers that such form has been filed.


 


(b)              
If the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K,
Form 10-D, Form ABS-EE or Form 10-K required to be filed by this Agreement because required disclosure information either was not
delivered to it or was delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate
Administrator shall promptly notify (which notice (which may be sent by fax or by email notwithstanding the provisions of Section 12.04)
shall include the identity of those Reporting Servicers who either did not deliver such information or delivered such information
to it after the delivery deadlines set forth in this Agreement) the Depositor and each Reporting Servicer that failed to make such
delivery. In the case of Form 10-D, Form ABS-EE and Form 10-K, each such Reporting Servicer shall cooperate with the Depositor
and the Certificate Administrator to prepare and file a Form 12b-25 and a Form 10-D/A, Form ABS-EE/A and Form 10-K/A as applicable,
pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator shall, upon receipt of
all required Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include such disclosure information
on the next Form 10-D, Form ABS-EE that is required to be filed on behalf of the Trust. In the event that


 






    -484-


    


    

 


any
previously filed Form 8-K, Form 10-D, Form ABS-EE or Form 10-K needs to be amended, the Certificate Administrator shall notify
the Depositor and such other parties as needed and such parties shall cooperate to prepare any necessary Form 8-K/A, Form 10-D/A,
Form ABS-EE/A or Form 10-K/A. In the event that any Reporting Servicer receives notice from the applicable parties to any Other
Securitization that any previously filed Form 8-K, Form 10-D, Form ABS-EE or Form 10-K needs to be amended, such party shall cooperate
in preparation of any necessary Form 8-K/A, Form 10-D/A, Form ABS-EE/A or Form 10-K/A. Any Form 12b-25 or any amendment to Form
8-K, Form 10-D, Form ABS-EE or Form 10-K shall be signed by the Depositor. The parties to this agreement acknowledge that the
performance by the Certificate Administrator of its duties under this Section 10.10 related to the timely preparation
and filing of a Form 12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is contingent upon the Master Servicer,
the Special Servicer and the Depositor performing their duties under this Section. The Certificate Administrator shall have no
liability for any loss, expense, damage or claim arising out of or with respect to any failure to properly prepare and/or timely
file any such Form 12b-25 or any amendments to Forms 8-K, Form 10-D, Form ABS-EE or Form 10-K, where such failure results from
the Certificate Administrator’s inability or failure to receive, on a timely basis, any information from any other party
hereto needed to prepare, arrange for execution or file such Form 12b-25 or any amendments to Form 8-K, Form 10-D, Form ABS-EE
or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.


 


Section 10.11   
Annual Compliance Statements. (a) The Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator,
any Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant is a servicer contemplated
by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying Servicer”) shall deliver
(and the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator shall use commercially reasonable
efforts to cause each Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant is a
servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (other than any party to this Agreement)
with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans, to deliver) to the Trustee,
the Depositor, the Certificate Administrator, the Operating Advisor (in the case of the Special Servicer only), each Other Trustee,
each Other Depositor and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement) on or before March 1st of each year, commencing in 2019,
an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s activities
during a reporting period consisting of the preceding calendar year or portion thereof and of such Certifying Servicer’s
performance under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional
Servicer, has been made under such officer’s supervision and (B) that, to the best of such officer’s knowledge,
based on such review, such Certifying Servicer has fulfilled all its obligations under this Agreement, or the applicable sub-servicing
agreement or primary servicing agreement in the case of an Additional Servicer, in all material respects throughout such reporting
period, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known
to such officer and the nature and status thereof.


 


(b)           With respect to any Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, the Certificate
Administrator shall use commercially reasonable efforts to procure an Officer’s Certificate as described in this Section from
the Non-Serviced


 






    -485-


    


    

 


Mortgage
Loan Service Providers in form and substance similar to the Officer’s Certificate described in this Section.


 


(c)          
Promptly after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable, consult
with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment
of any of the Certifying Servicer’s obligations hereunder or under the applicable sub-servicing agreement. None of the Certifying
Servicers or any Additional Servicer or any Servicing Function Participant shall be required to deliver, or to endeavor to cause
the delivery of, any such Officer’s Certificate until April 15, in any given year so long as it has received written
confirmation from the Depositor (and the Other Depositor for any Other Securitization that includes a Serviced Companion Loan)
that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the related
Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Certifying Servicer is
terminated or resigns pursuant to the terms of this Agreement or any applicable Sub-Servicing Agreement, as the case may be, such
Certifying Servicer shall provide the Officer’s Certificate pursuant to this Section 10.11 with respect to the
period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the case may be.


 


Section 10.12   
Annual Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year, commencing in
March 2019, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing
of any Mortgage Loan), the Certificate Administrator, the Custodian, the Trustee (only with respect to any period during which
any Relevant Servicing Criteria was applicable to it), the Operating Advisor and each Servicing Function Participant (each, a “Reporting
Servicer”), each at its own expense, shall furnish (and each Reporting Servicer, as applicable, shall use commercially
reasonable efforts to cause, by March 1st each Servicing Function Participant (other than a party to this Agreement), with
which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans to furnish, each at its own expense,
to the Trustee, the Certificate Administrator, the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization
that includes a Serviced Companion Loan) and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.16(d) of this Agreement) in an EDGAR Compatible Format, or in such
other format as otherwise agreed upon by the Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor,
as applicable) a report on an assessment of compliance with the Relevant Servicing Criteria with respect to commercial mortgage
backed securities transactions taken as a whole involving such party that contains (A) a statement by such Reporting Servicer
of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer
used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s
assessment of compliance with the Relevant Servicing Criteria as of and for the period ending the end of the fiscal year covered
by the Form 10-K required to be filed pursuant to Section 10.07,
including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each
such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an
attestation report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for
such period. Copies of all compliance reports delivered


 






    -486-


    


    

 


pursuant
to this Section 10.12 shall be made available to any Privileged Person by the Certificate Administrator pursuant to Section 4.02(c)
of this Agreement and to any Rating Agency and NRSRO by the 17g-5 Information Provider pursuant to Section 3.16(d) of this
Agreement.


 


No later than 10 Business
Days after the end of each fiscal year for the Trust (and for any Other Securitization that includes a Serviced Companion Loan)
for which a Form 10-K is required to be filed, the Master Servicer, the Special Servicer and the Operating Advisor shall each forward
to the Certificate Administrator and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization that
includes a Serviced Companion Loan) the name and contact information of each Servicing Function Participant engaged by it during
such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer) and what Relevant Servicing Criteria
will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and each Servicing Function
Participant submit their respective assessments by March 1st, as applicable, to the Certificate Administrator (and each Other
Trustee), each such party shall also at such time, if it has received the assessment (and attestation pursuant to Section 10.13)
of each Servicing Function Participant engaged by it, include such assessment (and attestation) in its submission to the Certificate
Administrator (and such Other Trustee).


 


Promptly after receipt
of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization that
includes a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with the Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and any Servicing
Function Participant as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee or any Servicing
Function Participant, and (ii) the Certificate Administrator shall confirm that the assessments, taken individually, address
the Relevant Servicing Criteria for each party as set forth on Schedule II and notify the Depositor (and each Other Depositor for
an Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator
shall not be responsible for confirming whether any such party has certified to all the Relevant Servicing Criteria applicable
to it. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating
Advisor or any Servicing Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any such reports
until April 15 in any given year so long as it has received written confirmation from the Depositor (and the Other Depositor
for any Other Securitization that includes a Serviced Companion Loan) that a Form 10-K is not required to be filed in respect of
the Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion
Loan) for the preceding calendar year. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement,
or any applicable Sub-Servicing Agreement, as the case may be, such Reporting Servicer shall provide the reports and statements
pursuant to this Section 10.12 with respect to the period of time it was subject to this Agreement or the applicable
Sub-Servicing Agreement, as the case may be.


 


The parties hereto acknowledge
that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment of compliance pursuant
to this


 






    -487-


    


    

 


Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian
shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’ obligations or a Servicer
Termination Event or Operating Advisor Termination Event, as applicable, under this Agreement unless otherwise provided for in
this Agreement.


 


For so long as the Trust
is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an
Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure an annual
report on assessment of compliance as described in this Section and an attestation as described in Section 10.13
from the Non-Serviced Mortgage Loan Service Providers in form and substance similar to the annual report on assessment of compliance
described in this Section (or in such Other Pooling and Servicing Agreement, as the case may be) and the attestation described
in Section 10.13. The Master Servicer shall promptly forward to the Certificate Administrator and the Depositor any
such assessment of compliance received by the Master Servicer. Until such time as the Certificate Administrator receives notice
that the Non-Serviced Mortgage Loan Service Providers no longer have a continuing obligation under the Other Pooling and Servicing
Agreement related to an Other Securitization that includes the related Non-Serviced Companion Loan to provide to the Trust an annual
report on assessment of compliance as described in this Section and an attestation as described in Section 10.13
for any year that the Trust formed under this Agreement is not subject to the reporting requirements of the Exchange Act, the Certificate
Administrator shall notify the Non-Serviced Mortgage Loan Service Providers if such parties fail to deliver to the Certificate
Administrator such assessment of compliance and attestation within the time frame required by such Other Pooling and Servicing
Agreement.


 


Section 10.13   
Annual Independent Public Accountants’ Servicing Report. By March 1st, of each year, commencing in March 2019,
each Reporting Servicer, each at its own expense, shall cause, and each Reporting Servicer, as applicable, shall use commercially
reasonable efforts to cause each Servicing Function Participant (other than a party to this Agreement) with which it has entered
into a servicing relationship with respect to the Serviced Mortgage Loans, each at such Servicing Function Participant’s
own expense, a registered public accounting firm (which may also render other services to the Master Servicer, the Special Servicer,
the Operating Advisor and such Servicing Function Participant, as the case may be) and that is a member of the American Institute
of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator, the Depositor (and to any Other
Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan), the Operating Advisor (in the
case of the Special Servicer only) and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.16(d) of this Agreement) to the effect that (i) it has obtained
a representation regarding certain matters from the management of such Reporting Servicer, which includes an assessment from such
Reporting Servicer of its compliance with the Relevant Servicing Criteria in all material respects, and (ii) on the basis
of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB,
it is expressing an opinion as to whether such Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly
stated in all material respects, or it cannot express an overall opinion regarding such Reporting Servicer’s assessment of
compliance with the Relevant Servicing Criteria. If an overall


 






    -488-


    


    

 


opinion
cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion.
Such report must be available for general use and not contain restricted use language. Notwithstanding the foregoing, the Trustee
shall not be required to deliver an annual independent public accountants’ servicing report with respect to any period during
which there was no Relevant Servicing Criteria applicable to it.


 


Promptly after receipt
of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization
that includes a Serviced Companion Loan) shall have the right to review the report and, if applicable, consult with the related
Reporting Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria
applicable to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder
or under any applicable sub-servicing agreement or primary servicing agreement, and (ii) the Certificate Administrator shall
confirm that each assessment submitted pursuant to Section 10.12
is coupled with an attestation meeting the requirements of this Section and notify the Depositor (and any Other Depositor
related to an Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided, that the Certificate Administrator
shall not be responsible for confirming whether any particular Reporting Servicer has certified to all of the Relevant Servicing
Criteria applicable to it. No Reporting Servicer shall be required to deliver, or to endeavor to cause the delivery of, such reports
until April 15 in any given year so long as it has received written confirmation from the Depositor that a Form 10-K is not
required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization that
includes such Serviced Companion Loan) for the preceding calendar year. If any Reporting Servicer is terminated or resigns pursuant
to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be, such
Reporting Servicer shall provide the report pursuant to this Section 10.13 with respect to the period of time it was
subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be.


 


Section 10.14   
Exchange Act Reporting Indemnification. Each of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Custodian (if not the Certificate Administrator), the Certificate Administrator and the
Trustee shall indemnify and hold harmless each Certification Party, the Depositor (and any Other Depositor related to an Other
Securitization that includes a Serviced Companion Loan), their respective directors and officers, and each other person who controls
any such entity within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against
any and all expenses, losses, claims, damages and other liabilities, including without limitation the costs of investigation, legal
defense and any amounts paid in settlement of any claim or litigation arising out of (i) the failure to perform its obligations
to the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or Certificate
Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article X
by the time required, (ii) any untrue statement or alleged untrue statement of a material fact contained in any information (x)
regarding such party or any Servicing Function Participant, Additional Servicer or subcontractor engaged by it (other than any
Mortgage Loan Seller Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting
firm, attorney or other agent retained by such party to prepare such information and (z) delivered by or on behalf of such party
in connection with the performance of


 






    -489-


    


    

 


such
party’s obligations described in this Article X, or the omission or alleged omission to state in any such information
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided, that the applicable party shall be entitled to participate in any action arising out of the foregoing and the Depositor
shall consult with such party with respect to any litigation or audit strategy, as applicable, in connection with the foregoing
and any potential settlement terms related thereto, (iii) the failure of any Servicing Function Participant or Additional
Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations to the Depositor (or any Other
Depositor related to an Other Securitization that includes a Serviced Companion Loan) or Certificate Administrator (or any Other
Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article X by the time
required or (iv) any Deficient Exchange Act Deliverable.


 


In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor (and each Other Depositor) as necessary for
the Depositor (and such Other Depositor) to conduct any reasonable due diligence necessary to evaluate and assess any material
instances of non-compliance disclosed in any of the deliverables required by the applicable reporting requirements under the Securities
Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting Requirements”).


 


In connection with comments
provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered by the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator,
the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”),
(y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting
firm, attorney or other agent retained by such party to prepare such information, which information is contained in a report filed
by the Depositor or such Other Depositor, as applicable, under the Reporting Requirements and which comments are received subsequent
to the Depositor’s or such Other Depositor’s, as applicable, filing of such report, the Depositor shall (or such Other Depositor
may) promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party. Upon receipt
of such comments, such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission
for inclusion in the Depositor’s or such Other Depositor’s, as applicable, response to the Commission, unless such
Affected Reporting Party elects, with the consent of the Depositor or such Other Depositor, as applicable (which consent shall
not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution
with the Commission; provided, however, if an Affected Reporting Party is a Servicing Function Participant or Additional
Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications pursuant to this
Section 10.14. If such election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating
such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected Reporting Party
shall use reasonable efforts to keep the Depositor or such Other Depositor, as applicable, informed of its progress with the Commission
and copy the Depositor or such Other Depositor, as applicable, on all correspondence with the Commission and provide the


 






    -490-


    


    

 


Depositor
or such Other Depositor, as applicable, with the opportunity to participate (at the Depositor’s or such Other Depositor’s
expense, as applicable) in any telephone conferences and meetings with the Commission and (ii) the Depositor or such Other Depositor,
as applicable, shall cooperate with any Affected Reporting Party in order to authorize such Affected Reporting Party and its representatives
to respond to and negotiate directly with the Commission with respect to any comments from the Commission relating to such Affected
Reporting Party and to notify the Commission of such authorization. The Depositor (or such Other Depositor, as applicable) and
the Affected Reporting Party shall cooperate and coordinate with one another with respect to any requests made to the Commission
for extension of time for submitting a response or compliance. All respective reasonable out-of-pocket costs and expenses incurred
by the Depositor or such Other Depositor, as applicable (including reasonable legal fees and expenses of outside counsel to the
Depositor or such Other Depositor, as applicable), in connection with the foregoing (other than those costs and expenses required
to be at the Depositor’s or such Other Depositor’s expense, as applicable and as set forth above) and any amendments
to any reports filed with the Commission related thereto shall be promptly paid by the applicable Affected Reporting Party upon
receipt of an itemized invoice from the Depositor or such Other Depositor, as applicable. Each of the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator and the Trustee
shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained by it to
comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.


 


The Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
shall use commercially reasonable efforts to cause each Servicing Function Participant (other than any party to this Agreement)
with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans to indemnify and hold harmless
each Certification Party from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related
costs, judgments and other costs and expenses incurred by such Certification Party arising out of (i) a breach of its obligations
to provide any of the annual compliance statements or annual assessment of servicing criteria or attestation reports pursuant to
this Agreement, or the applicable Sub-Servicing Agreement, as applicable or (ii) any Deficient Exchange Act Deliverable.


 


If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, each Additional
Servicer or other Servicing Function Participant (the “Performing Party”) shall, and the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall
use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered into a servicing relationship
(other than a party to this Agreement) with respect to the Serviced Mortgage Loans to contribute to the amount paid or payable
to the Certification Party as a result of the losses, claims, damages or liabilities of the Certification Party in such proportion
as is appropriate to reflect the relative fault of the Certification Party on the one hand and the Performing Party on the other
in connection with a breach of the Performing Party’s obligations pursuant to this Article X. The Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
shall use commercially reasonable efforts


 






    -491-


    


    

 


to
cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered into a servicing
relationship with respect to the Serviced Mortgage Loans to agree to the foregoing indemnification and contribution obligations.


 


Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject
of such investigation) include both the indemnifying party and the indemnified party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying
party fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the indemnified party (which
approval shall not be unreasonably withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses
of more than one counsel (in addition to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent. However, if settled with such consent, the indemnifying party shall indemnify the indemnified party
from and against any loss or liability by reason of such settlement to the extent that the indemnifying party is otherwise required
to do so under this Agreement. If an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such
proceeding with the consent of the indemnified party (which consent shall not be unreasonably withheld or delayed) or, if such
settlement (i) provides for an unconditional release of the indemnified party in connection with all matters relating to the
proceeding that have been asserted against the indemnified party in such proceeding by the other parties to such settlement and
(ii) does not require an admission of fault by the indemnified party, without the consent of the indemnified party.


 


Section 10.15   
Amendments. This Article X may be amended by the written consent of all the parties hereto pursuant to
Section 12.07 for purposes of complying with Regulation AB without, in each case, any Opinions of Counsel, Officer’s
Certificates, Rating


 






    -492-


    


    

 


Agency
Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.


 


Section 10.16   
Exchange Act Report Signatures; Delivery of Notices. (a) Each Form 8-K report, Form 10-D report, Form 10-K report
and Form ABS-EE shall be signed by the Depositor in accordance with procedures to be agreed upon by the Depositor and the Certificate
Administrator. The signing party at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving Corporation
at 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo.


 


(b)           Notwithstanding anything in Section 12.04 to the contrary, any notice required to be delivered to (i) the Depositor
under this Article X shall be properly given if sent by email to cmbs.request@db.com (or such other email address
as the Depositor may instruct) and (ii) to the Certificate Administrator under this Article X shall be properly
given if sent by facsimile to (410) 884-2380, Attention: Core Services, or such other number as the Certificate Administrator may
instruct and with a copy by email to cts.sec.notifications@wellsfargo.com (or such other email address as the Certificate
Administrator may instruct).


 


(c)          
For the avoidance of doubt:


 


(i)          
Neither Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant
to the second clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination
Event,” as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, during any grace
period provided for in such second clause; provided, that if any such party fails to comply with the requirements of this
Article X by the expiration of any applicable grace period such failure shall constitute a Servicer Termination Event
with respect to such party;


 


(ii)          
Neither Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant
to the last clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination
Event,” as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver
any item required under this Article X by the time required hereunder with respect to any reporting period for which
the Trust and each Other Securitization is not required to file Exchange Act reports.


 


(d)           If
the Certificate Administrator or the Depositor does not receive the report on assessment of compliance and/or attestation report
pursuant to Section 10.12 and 10.13, respectively, with respect to any Servicing Function Participant, or with respect
to any Servicing Function Participant retained or engaged by a party hereto that is actually known by a Responsible Officer of
the Certificate Administrator or the Depositor, as the case may be, by March 1st of any year during which an Annual Report
on Form 10-K is required to be filed with the Commission with respect to the Trust, then the Certificate Administrator shall, and
the Depositor may, forward a Servicer Notice to such Servicing Function Participant or the party hereto that retained or engaged
such Sub-Servicing Function Participant, as the case may be, with a copy of such Servicer Notice to the Depositor (if the Certificate
Administrator is sending the


 






    -493-


    


    

 


Servicer
Notice) or the Certificate Administrator (if the Depositor is sending the Servicer Notice), as applicable, within two (2) Business
Days of such failure. For the purposes of this Article X and Section 7.01 of this Agreement, a “Servicer
Notice” shall constitute either any writing forwarded to such party or, in the case of the Master Servicer and the Special
Servicer, notwithstanding the provisions of Section 12.05, e-mail notice or fax notice which, in the case of an email transmission,
shall be forwarded to all of the following e-mail addresses for the applicable party: in the case of the Master Servicer and the
Special Servicer, to the applicable email address as provided in writing by the Master Servicer or the Special Servicer, as applicable,
upon request, or such other e-mail addresses as are provided in writing by the Master Servicer or the Special Servicer, as applicable,
to the Certificate Administrator and the Depositor (but any party to this Agreement (or someone acting on their behalf) shall
only be required to forward any such notice to be delivered to the Master Servicer to no more than three e-mail addresses in the
aggregate in order to fulfill its notification requirements as set forth in the preceding sentence and/or under the provisions
of Section 7.01. Notwithstanding anything herein to the contrary, the forwarding of a Servicer Notice shall not relieve
any Master Servicer or the Special Servicer of any liability under Section 7.01(a)(viii) or Section 7.01(b)(viii),
respectively, for the failure of any Servicing Function Participant or Sub-Servicing Entity to deliver any Exchange Act reporting
items pursuant to this Article X.


 


Section 10.17   
Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement,
the Depositor may direct the Trustee to, and the Trustee shall upon such direction, terminate the Certificate Administrator upon
five Business Days’ notice if the Certificate Administrator fails to comply with any of its obligations under this Article X;
provided that (a) such termination shall not be effective until a successor certificate administrator shall have accepted
the appointment, (b) the Certificate Administrator may not be terminated if it cannot perform its obligations due to its failure
to properly prepare or file on a timely basis any Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments to such forms
or any Form 12b-25 where such failure results from the Certificate Administrator’s inability or failure to receive, within
the exact time frames set forth in this Agreement any information, approval, direction or signature from any other party hereto
needed to prepare, arrange for execution or file any such Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments to such
forms or any Form 12b-25 not resulting from its own negligence, bad faith or willful misconduct, (c) the Certificate Administrator
may not be terminated if, following the Certificate Administrator’s failure to comply with any of such obligations under
Section 10.06, Section 10.07, Section 10.09, Section 10.11, Section 10.12
or Section 10.13 on or prior to the dates by which such obligations are to be performed pursuant to, and as set forth
in, such Sections the Certificate Administrator subsequently complies with such obligations before the Depositor gives written
notice to it that it is terminated in accordance with this Section 10.17 and (d) the Certificate Administrator
may not be terminated if the Certificate Administrator’s failure to comply does not cause it to fail in its obligations to
timely file the related Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, as the case may be, by the related deadline for filing such
Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, then the Depositor shall cease to have the right to terminate the Certificate Administrator
under this Section 10.17 on the date on which such Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is so filed.


 






    -494-


    


    

 


Article XI



THE ASSET REPRESENTATIONS REVIEWER


 


Section 11.01   
Asset Review.


 


(a)          
On or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report or the CREFC®
Loan Periodic Update File, the Certificate Administrator shall determine if an Asset Review Trigger has occurred. If an
Asset Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide notice to the Asset
Representations Reviewer, the Master Servicer, the Special Servicer, the Controlling Class Representative and all Certificateholders
and each other party to this Agreement. Any notice required to be delivered to the Certificateholders pursuant to this Article
XI shall be delivered by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website,
by mailing such notice to their addresses appearing in the Certificate Register in the case of Individual Certificates and by
delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator shall include
in the Form 10-D relating to the reporting period in which the Asset Review Trigger occurred the following date a statement describing
the events that caused the Asset Review Trigger to occur: “As of the [Date of Distribution], the following mortgage loans
identified below are 60 or more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement
has occurred.” On each Distribution Date after providing such notice to Certificateholders, the Certificate Administrator,
based on information provided to it by the Master Servicer or the Special Servicer, shall determine whether (1) any additional
Mortgage Loan has become a Delinquent Mortgage Loan, (2) any Mortgage Loan has ceased to be a Delinquent Mortgage Loan and
(3) an Asset Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified
in clauses (1), (2) or (3), deliver such information in a written notice (which may be via email) substantially
in the form attached hereto as Exhibit LL within 2 Business Days to the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Controlling Class Representative.


 


If Certificateholders
evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator, within 90 days after
the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence
an Asset Review (such written direction, the “Asset Review Vote Election”), then upon receipt of the Asset Review
Vote Election, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer
and to all Certificateholders and to conduct a solicitation of votes to authorize an Asset Review. Upon the affirmative vote to
authorize an Asset Review by Holders of Certificates evidencing at least a majority of an Asset Review Quorum within 150 days of
receipt of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator
shall promptly provide written notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the
Controlling Class Representative, the Risk Retention Consultation Party and the Certificateholders. In the event an Affirmative
Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review Vote Election, no Certificateholder
may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer will not be required to review


 



    -495-


    


    

 


any
Delinquent Mortgage Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Mortgage Loan after the
expiration of such 150-day period, (B) an additional Asset Review Trigger has occurred as a result or otherwise is in effect,
(C) the Certificate Administrator has timely received any Asset Review Vote Election after the occurrence of the events described
in clauses (A) and (B) in this sentence and (D) an Affirmative Asset Review Vote has occurred within 150 days after the Asset
Review Vote Election described in clause (C) in this sentence. After the occurrence of any Asset Review Vote Election or an Affirmative
Asset Review Vote, no Certificateholder may make any additional Asset Review Vote Election except as described in the immediately
preceding sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator in connection with administering
such vote will be paid as an expense of the Trust from the Collection Account. The Certificate Administrator shall be entitled
to administer any vote in connection with the foregoing through an agent.


 


(b)        
(i) Upon receipt of such notice of an Affirmative Asset Review Vote (the “Asset Review Notice”), the
Custodian (with respect to clauses (1) – (5) for Performing Loans), the Master Servicer (with respect to clauses
(6) and (7) for Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans), in each case
to the extent in such party’s possession, will be required to promptly, but in no event later than 10 Business Days (except
with respect to clause (7)) after receipt of such notice from the Certificate Administrator, provide the following materials
to the asset representations reviewer (collectively, with the Diligence Files, a copy of the Prospectus, a copy of each related
Mortgage Loan Purchase Agreement and a copy of this Agreement, the “Review Materials”):


 


(1)        
a copy of an assignment of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced
Mortgage Loan), with evidence of recording thereon, for each Delinquent Mortgage Loan that is subject to an Asset Review;


 


(2)        
a copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor
of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan), with evidence of recording thereon,
related to each Delinquent Mortgage Loan that is subject to an Asset Review;


 


(3)        
a copy of the assignment of all unrecorded documents relating to each Delinquent Mortgage Loan that is subject to an Asset
Review, if not already covered pursuant to items (1) or (2) above;


 


(4)        
a copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to
each Delinquent Mortgage Loan that is subject to an Asset Review;


 


(5)        
a copy of an assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan)
of any financing statement executed and filed in the relevant jurisdiction related to each Delinquent Mortgage Loan that is subject
to an Asset Review;


 


(6)        
a copy of any notice previously delivered by the Master Servicer or the Special Servicer, as applicable, of any alleged
defect or breach with respect to any Delinquent Loan; and


 






    -496-


    


    

 


(7)        
any other related documents that were entered into or delivered in connection with the origination of such Mortgage Loan
that are necessary in connection with the Asset Representations Reviewer’s completion of any Asset Review and that are that
are reasonably requested by the Asset Representations Reviewer in the time frame and as otherwise described below.


 


(ii)          
If, as part of an Asset Review of any Mortgage Loan, the Asset Representations Reviewer determines that it is missing any
documents that are required to be a part of the Review Materials for such Mortgage Loan or which were entered into or delivered
in connection with the origination of such Mortgage Loan, in each case that are necessary to review and assess one or more documents
comprising the Diligence File in connection with its completion of any Test, then the Asset Representations Reviewer shall promptly,
but in no event later than 10 Business Days after receipt of the Review Materials identified in clauses (1) through (5)
above, notify (in writing) that the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to
Specially Serviced Loans), as applicable, of such missing documents, and provide a written request (in accordance with this Agreement)
that the Master Servicer or the Special Servicer, as applicable, promptly, but in no event later than 10 Business Days after
receipt of such notification from the Asset Representations Reviewer, to deliver to the Asset Representations Reviewer such missing
documents to the extent in its possession; provided that any such notification and/or request shall be in writing, specifically
identify the documents being requested and sent to the notice address for the related party set forth in Section 12.05
of this Agreement. In the event any such missing documents are not provided by the Master Servicer or Special Servicer, as applicable,
within such 10 Business Day period, the Asset Representations Reviewer shall request such documents from the related Mortgage Loan
Seller. The Mortgage Loan Seller will be required under the related Mortgage Loan Purchase Agreement to deliver such additional
documents only to the extent in the possession of such Mortgage Loan Seller; provided that the Mortgage Loan Seller shall
not be required to deliver information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents
or privileged or internal communications.


 


 (iii)        
The Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to
it by a Person that is not a party to this Agreement or the related Mortgage Loan Seller, and shall do so only if such information
can be independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined
by the Asset Representations Reviewer in its good faith and sole discretion to be relevant to the Asset Review conducted pursuant
to this Section 11.01 hereof (such information, “Unsolicited Information”).


 


 (iv)        
Upon receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File posted to
the Secure Data Room with respect to a Delinquent Mortgage Loan, the Asset Representations Reviewer, as an independent contractor,
shall commence a review of the compliance of each Delinquent Mortgage Loan with the representations and warranties related to
that Delinquent Mortgage Loan in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ


 



    -497-


    


    

 


hereto
(such review, the “Asset Review”). The Asset Representations Reviewer shall perform an Asset Review with respect
to each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Mortgage Loan in accordance
with the procedures set forth on Exhibit JJ (each such procedure, a “Test”); provided, however,
the Asset Representations Reviewer may, but is under no obligation to, modify any Test and/or associated Review Materials described
in Exhibit JJ, if, and only to the extent, the Asset Representations Reviewer determines pursuant to the Asset Review Standard
that it is necessary to modify such Test and/or such associated Review Materials in order to facilitate its Asset Review in accordance
with the Asset Review Standard. Once an Asset Review of a Mortgage Loan is completed, no further Asset Review shall be required
in respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may continue to be a Delinquent Mortgage
Loan or again become a Delinquent Mortgage Loan at a time when a new Asset Review Trigger occurs and a New Affirmative Asset Review
Vote is obtained subsequent to the occurrence of such New Asset Review Trigger.


 


 (v)         
The Asset Representations Reviewer will not be permitted to review any information other than (x) the Review Materials,
and (y) if applicable, Unsolicited Information.


 


 (vi)        
The Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without
independent investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii)
conclusively rely on such Review Materials.


 


 (vii)       
If the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and such
missing documentation is not delivered to the Asset Representations Reviewer by the applicable Mortgage Loan Seller, the Master
Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans) within 10 days of
the written request by the Asset Representations Reviewer, then the Asset Representations Reviewer shall list such missing documents
in a preliminary report setting forth the preliminary results of the application of the Tests and the reasons why such missing
documents are necessary to complete a Test and (if the Asset Representations Reviewer has so concluded) that the absence of such
documents shall be deemed to be a failure of such Test. The Asset Representations Reviewer shall provide such preliminary report
to the Master Servicer or the Special Servicer, as applicable, and to the related Mortgage Loan Seller no later than 60 days after
the date on which access to the Diligence Files in the Secure Data Room is made available to the Asset Representations Reviewer
by the Certificate Administrator. If the preliminary report indicates that any of the representations and warranties fails or is
deemed to fail any Test, the related Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”) to
remedy or otherwise refute the failure. Any documents provided or explanations given to support a conclusion that the representation
and warranty has not failed a Test or that any missing documents in the Review Materials are not required to complete a Test shall
be promptly delivered by the related Mortgage Loan Seller to the Asset Representations Reviewer.


 






    -498-


    


    

 


 (viii)      
The Asset Representations Reviewer shall, within the later of (x) 60 days after the date on which access to the Diligence
Files in the Secure Data Room is made available to the Asset Representations Reviewer by the Certificate Administrator or (y) 10
days after the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Mortgage Loan and
deliver (i) a report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it
has determined there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations
Reviewer’s findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review
Report”) to each party to this Agreement and the applicable Mortgage Loan Seller for each Delinquent Mortgage Loan and
the Controlling Class Representative and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such
Asset Review Report (an “Asset Review Report Summary”) to the Trustee, the Certificate Administrator, the Master
Servicer and the Special Servicer. The period of time by which the Asset Review Report must be completed and delivered may be extended
by up to an additional 30 days, upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if
the Asset Representations Reviewer determines pursuant to the Asset Review Standard that such additional time is required due to
the characteristics of the Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no event may the Asset Representations
Reviewer determine whether any Test failure constitutes a Material Breach or Material Defect, or whether the Trust should enforce
any rights it may have against the applicable Mortgage Loan Seller, which, in each case, shall be a responsibility of the Master
Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans) pursuant to Section 2.03(g)
of this Agreement.


 


 (ix)         
In addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from
the Master Servicer or the Special Servicer, as applicable, or the related Mortgage Loan Seller in sufficient time to allow the
Asset Representations Reviewer to complete its Asset Review and deliver an Asset Review Report (as such date may have been extended
pursuant to this Agreement), the Asset Representations Reviewer shall prepare the Asset Review Report solely based on the documentation
received by the Asset Representations Reviewer with respect to the related Delinquent Mortgage Loan, and the Asset Representations
Reviewer shall have no responsibility to independently obtain any such documentation from any party to this Agreement.


 


 (x)          
Within 45 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Master Servicer (with respect
to any Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans) shall determine whether at that time,
based on the Servicing Standard, whether there exists a Material Breach or Material Defect with respect to such Mortgage Loan.
If the Master Servicer or the Special Servicer, as applicable, determines that a Material Breach or Material Defect exists, the
Master Servicer or Special Servicer, as applicable, shall enforce the obligations of the related Mortgage Loan Seller with respect
to such Material Breach or Material Defect in accordance with Section 2.03(d).


 






    -499-


    


    

 


(c)         The Asset Representations Reviewer and its Affiliates shall keep all information appropriately labeled as “Privileged
Information” confidential and shall not disclose such Privileged Information to any Person (including Certificateholders),
other than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties
to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information
Exception. Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice
stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the
prior written consent of the Special Servicer other than pursuant to a Privileged Information Exception. The Asset Representations
Reviewer shall keep all documents and information received by the Asset Representations Reviewer in connection with an Asset Review
that are provided by the applicable Mortgage Loan Seller, the Master Servicer and the Special Servicer confidential and shall not
disclose such documents or information except (i) for purposes of complying with its duties and obligations under this Agreement,
(ii) if such documents or information become generally available and known to the public other than as a result of a disclosure
directly or indirectly by the Asset Representations Reviewer, (iii) if it is reasonable and necessary for the Asset Representations
Reviewer to disclose such documents or information in working with legal counsel, auditors, taxing authorities or other governmental
agencies, (iv) if such documents or information was already known to the Asset Representations Reviewer and not otherwise subject
to a confidentiality obligation and/or (v) if the Asset Representations Reviewer is required by law, rule, regulation, order, judgment
or decree to disclose such document or information.


 


(d)        
The Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements
or arrangements with such agents or subcontractors are consistent with the provisions of this Section 11.01; provided
that no agent or subcontractor may (1) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor,
the Certificate Administrator, the Trustee, the Directing Holder or any of their respective Affiliates or (ii) have been paid any
fees, compensation or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator,
the Trustee, the Directing Holder or any of their respective Affiliates in connection with due diligence or other services with
respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations Reviewer
shall remain obligated and primarily liable for any Asset Review required hereunder in accordance with the provisions of this Agreement
without diminution of such obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification
from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Asset
Representations Reviewer alone were performing its obligations under this Agreement. The Asset Representations Reviewer shall be
entitled to enter into an agreement with any agent or subcontractor providing for indemnification of the Asset Representations
Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.


 






    -500-


    


    

 


Section 11.02   
Payment of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability.


 


(a)         
As compensation for the performance of its duties hereunder, upon the completion of any Asset Review with respect to a
Delinquent Mortgage Loan, the Asset Representations Reviewer shall be entitled to a fee that is a reasonable and customary hourly
fee charged by the Asset Representations Reviewer for similar consulting assignments at the time of such review and any related
costs and expenses; provided that the total payment to the Asset Representations Reviewer shall not be greater than the
Asset Representations Reviewer Fee Cap (the “Asset Representations Reviewer Asset Review Fee”). With respect
to an individual Asset Review Trigger and the Mortgage Loans that are Delinquent Mortgage Loans and are subject to an Asset Review
(the “Subject Loans”), the “Asset Representations Reviewer Fee Cap” shall equal the sum
of: (i) $10,250 multiplied by the number of Subject Loans, plus (ii) $2,000 per Mortgaged Property relating to the Subject Loans
in excess of one Mortgaged Property per Subject Loan, plus (iii) $2,000 per Mortgaged Property relating to a Subject Loan subject
to a ground lease, plus (iv) $1,500 per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel
management agreement or hotel license agreement, subject, in the case of each of clauses (i) through (iv), to adjustments
on the basis of the year-end Consumer Price Index for All Urban Consumers, or other similar index if the Consumer Price Index
for All Urban Consumers is no longer calculated, for the year of the Closing Date and for the year of the occurrence of the Asset
Review.


 


(b)        
[Reserved.]


 


(c)        
The related Mortgage Loan Seller with respect to each Delinquent Mortgage Loan that is subject to an Asset Review shall
pay the portion of the Asset Representations Reviewer Asset Review Fee attributable to the Delinquent Mortgage Loan(s) contributed
by it, as allocated on the basis of the hourly charges and costs and expenses incurred with respect to its related Delinquent Mortgage
Loans; provided that if the total charge for the Asset Representations Reviewer on an hourly fee plus costs and expenses
basis would exceed the Asset Representations Reviewer Fee Cap, each Mortgage Loan Seller’s required payment shall be reduced
pro rata according to its proportion of the total charges until the aggregate amount owed by all Mortgage Loan Sellers is
equal to the Asset Representations Reviewer Fee Cap; provided, however, that if the related Mortgage Loan Seller
is insolvent or fails to pay such amount within 90 days of written request by the Asset Representations Reviewer, such fee shall
be paid by the Trust following delivery by the Asset Representations Reviewer of evidence reasonably satisfactory to the Master
Servicer or the Special Servicer, as applicable, of such insolvency or failure to pay such amount; provided, further,
that notwithstanding any payment of such fee by the issuing entity to the Asset Representations Reviewer, such fee shall remain
an obligation of the related Mortgage Loan Seller and the Master Servicer or the Special Servicer, as applicable, shall, to the
extent consistent with the Servicing Standard, pursue remedies against such Mortgage Loan Seller in order to seek recovery of such
amounts from such Mortgage Loan Seller or its insolvency estate. The Asset Representations Reviewer Asset Review Fee with respect
to a Delinquent Mortgage Loan shall be included in the Purchase Price for any Mortgage Loan that was the subject of a completed
Asset Review and that is repurchased by the related Mortgage Loan Seller.


 






    -501-


    


    

 


(d)        
The Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically
imposed by this Agreement.


 


(e)         
The Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale
or transfer of all or substantially all of its Asset Representations Reviewer portfolio, provided that: (i) the purchaser
or transferee accepting such assignment and delegation (A) is an Eligible Asset Representations Reviewer, organized and doing business
under the laws of the United States of America, any state of the United States of America or the District of Columbia, authorized
under such laws to perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession
that is permitted under this Agreement, (B) executes and delivers to the Trustee and the Certificate Administrator an agreement
that contains an assumption by such person of the due and punctual performance and observance of each covenant and condition to
be performed or observed by the asset representations reviewer under this Agreement from and after the date of such agreement and
(C) is not be a prohibited party under this Agreement; (ii) the Asset Representations Reviewer shall not be released from its obligations
under this Agreement that arose prior to the effective date of such assignment and delegation; (iii) the rate at which the Asset
Representations Reviewer Asset Review Fee (or any component thereof) is calculated shall not exceed the rate then in effect and
(iv) the resigning Asset Representations Reviewer shall be responsible for the reasonable costs and expenses of each other party
to this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation,
the purchaser or transferee shall provide notice to each party to this Agreement and then will be the successor asset representations
reviewer hereunder.


 


Section 11.03   
Resignation of the Asset Representations Reviewer.
 The Asset Representations Reviewer may resign and be discharged from its obligations hereunder by giving written notice
thereof to the other parties to this Agreement and the 17g-5 Information Provider. Upon such notice of resignation, the Depositor
shall promptly appoint a successor Asset Representations Reviewer that is an Eligible Asset Representations Reviewer. If no successor
Asset Representations Reviewer shall have been so appointed and have accepted appointment within 30 days after the giving
of such notice of resignation, the resigning Asset Representations Reviewer may petition any court of competent jurisdiction for
the appointment of a successor Asset Representations Reviewer that is an Eligible Asset Representations Reviewer. The Asset Representations
Reviewer will bear all reasonable costs and expenses of each other party hereto and each Rating Agency in connection with its
resignation.


 


Section 11.04   
Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its Affiliates
shall make any investment in any Class of Certificates; provided, however, that such prohibition shall not apply
to (i) riskless principal transactions effected by a broker-dealer Affiliate of the Asset Representations Reviewer or (ii) investments
by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Asset Representations Reviewer under this Agreement
from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from
gaining access to information regarding the Trust and the Asset Representations


 



    -502-


    


    

 


Reviewer and its personnel from gaining access
to such Affiliate’s information regarding its investment activities.


 


Section 11.05   
Termination of the Asset Representations Reviewer.


 


(a)         
An “Asset Representations Reviewer Termination Event” means any one of the following events whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body:


 


(i)         
any failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or
agreements or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied
for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have
been given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the
Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates; provided
that if such failure is capable of being cured and the Asset Representations Reviewer is diligently pursuing such cure, such 30
day period shall be extended by an additional period of 30 days;


 


(ii)        
any failure by the Asset Representations Reviewer to perform in accordance with the Asset Review Standard in any material
respect, which failure shall continue unremedied for a period of 30 days after the date written notice of such failure, requiring
the same to be remedied, is given to the Asset Representations Reviewer by any party to this Agreement;


 


 (iii)         any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of 30 days after the date written notice of such failure, requiring the same to be remedied, is given to the
Asset Representations Reviewer by any party to this Agreement;


 


(iv)        a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Asset Representations Reviewer, and such decree or
order shall have remained in force undischarged or unstayed for a period of 60 days;


 


(v)         the Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation
committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings
of or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or


 


(vi)       
the Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file
a petition to take advantage of any


 



    -503-


    


    

 


applicable insolvency or reorganization statute, make an assignment for the benefit of its
creditors, or voluntarily suspend payment of its obligations.


 


Upon receipt by the Certificate
Administrator (which shall be simultaneously delivered to the Asset Representations Reviewer) of written notice of the occurrence
of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly provide written notice to
all Certificateholders in accordance with the notice distribution procedures described in Section 11.01(a), unless
the Certificate Administrator has received written notice that such Asset Representations Reviewer Termination Event has been remedied.
If an Asset Representations Reviewer Termination Event shall occur then, and in each and every such case, so long as such Asset
Representations Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon the
written direction of holders of Certificates evidencing not less than 25% of the Voting Rights shall, terminate all of the rights
and obligations of the Asset Representations Reviewer under this Agreement, other than rights and obligations accrued prior to
such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification
rights (arising out of events occurring prior to such termination), by notice in writing to the Asset Representations Reviewer.
The Asset Representations Reviewer shall bear all reasonable costs and expenses of itself and of each other party to this Agreement
in connection with its termination due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein
to the contrary, the Depositor and each Sponsor shall have the right, but not the obligation, to notify the Certificate Administrator
and the Trustee of any Asset Representations Reviewer Termination Event of which it becomes aware.


 


(b)        
Upon (i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights requesting
a vote to terminate and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that
is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to the Certificate Administrator of the reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator
shall promptly provide written notice thereof to the Asset Representations Reviewer and to all Certificateholders by (i) posting
such notice on its internet website, and (ii) mailing such notice to all Certificateholders at their addresses appearing in
the Certificate Register and to the Asset Representations Reviewer. Upon the written direction of holders of Certificates evidencing
at least 75% of a Certificateholder Quorum, the Trustee shall terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date of such termination and other
than indemnification rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations
Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Asset Representations Reviewer. In the event that holders of the certificates evidencing at least 75% of a Certificateholder
Quorum elect to remove the asset representations reviewer without cause and appoint a successor, the successor Asset Representations
Reviewer shall be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.


 






    -504-


    


    

 


(c)         
On or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 11.03 of this Agreement or (2) the Trustee delivers
such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor Asset Representations
Reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an
Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Holder and each Certificateholder within one Business Day of such appointment.


 


The Asset Representations
Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations Reviewer ceases to be
an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign under Section 11.03
of this Agreement and the Trustee shall use commercially reasonable efforts to appoint a successor Asset Representations Reviewer
subject to and in accordance with this Section 11.05. Notwithstanding the foregoing, if the Trustee is unable to find a
successor Asset Representations Reviewer within 30 days of the termination of the Asset Representations Reviewer, the Depositor
shall be permitted to find a replacement. The Trustee shall not be liable for any failure to identify and appoint a successor asset
representations reviewer so long as the Trustee uses commercially reasonable efforts to conduct a search for a successor asset
representations reviewer and such failure is not a result of the Trustee’s negligence, bad faith or willful misconduct in
the performance of its obligations hereunder.


 


(d)        
Upon any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer,
the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the
Sponsors, the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Holder
and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and obligations under
this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including
the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out
of events occurring prior to such termination).


 


Article XII



MISCELLANEOUS PROVISIONS


 


Section 12.01   
Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which counterparts
shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Delivery of an executed


 



    -505-


    


    

 


counterpart of a signature page of this Agreement in Portable Document Format (PDF), any other electronic format or by facsimile
transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.


 


Section 12.02   
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, or otherwise affect
the rights, obligations and liabilities of the parties hereto or any of them.


 


No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained in the terms of the Certificates,
shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; and no
Certificateholder shall be under any liability to any third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.


 


Other than with respect
to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section 2.03(k)(i),
no Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60
days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder
or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of
the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 12.02,


 



    -506-


    


    

 


each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.


 


No Certificateholder
shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of its ownership
of a Certificate.


 


Section 12.03   
Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT,
THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.


 


Section 12.04   
Waiver of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY
HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED
TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY
TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY
HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING,
THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION,
COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT,
ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.


 


TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE
AND FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREES
THAT ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES
THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV) AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE


 



    -507-


    


    

 


CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.


 


Section 12.05   
Notices. Unless otherwise specified in this Agreement, all demands, notices and communications hereunder shall be
in writing, shall be deemed to have been given upon receipt (except that notices to Holders of Class R Certificates or Holders
of any Class of Certificates no longer held through a Depository and instead held in registered, definitive form shall be deemed
to have been given upon being sent by first-class mail, postage prepaid or by overnight courier) as follows:


 


If to the Trustee, to:


 


Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1


 


with a copy to:


 


E-mail: cmbstrustee@wilmingtontrust.com


 


If to the Certificate Administrator,
to:


 


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services — Benchmark 2018-B1


 


with copies to:



cts.cmbs.bond.admin@wellsfargo.com; and

trustadministrationgroup@wellsfargo.com.


 


If to the Certificate Administrator
in connection with a release or transfer of a Retained Certificate:


 


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Risk Retention Custody — Benchmark 2018-B1


 


with a copy to:



riskretentioncustody@wellsfargo.com


 


If to the Certificate Registrar
in connection with a transfer, exchange or surrender of any Certificate other than a Retained Certificate:


 






    -508-


    


    

 


Wells Fargo Bank, National Association

600 South 4th Street

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Services (CMBS) — Benchmark 2018-B1


 


If to the Custodian, to:



Wells Fargo Bank, N.A.

Document Custody Group

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Benchmark 2018-B1 – Document Custody Group

Email: CMBSCustody@wellsfargo.com


 


If to the Depositor, to:



Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with copies via email to:

cmbs.requests@db.com


 


If to the Operating Advisor,
to:



Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com


 


If to the Asset Representations
Reviewer, to:


 


Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com


 


If to the Master Servicer, to:


 






    -509-


    


    

 


Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager

Facsimile number: (704) 715-0036


 


With a copy by email to: commercial.servicing@wellsfargo.com



and with respect to any notice relating to Rating Agency requests:



RAInvRequests@wellsfargo.com



and with respect to any notice relating to investor requests:



REAM_InvestorRelations@wellsfargo.com



with a copy to:



Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166

Attention: Commercial Mortgage Servicing Legal Support

Facsimile number: (704) 383-0353

Reference: Benchmark 2018-B1



with a copy to:



K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: Benchmark 2018-B1

Fax Number: (704) 353-3190

Email: stacy.ackermann@klgates.com


 






    -510-


    


    

 


If to the Special Servicer, to:



Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565



with a copy to:


 


Eversheds Sutherland (US) LLP

700 Sixth Street, NW

Washington, DC 20001

Fax Number: (202) 637-3593

Attention: Lisa A. Rosen


 


If to German American Capital
Corporation, as Mortgage Loan Seller, to:



German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with copies via email to:


 


cmbs.requests@db.com


 


If to JPMorgan Chase Bank, National
Association, as Mortgage Loan Seller, to:



JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal Singh

Email: US_CMBS_Notice@jpmorgan.com


 


with a copy to:



JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Esq.

Email: US_CMBS_Notice@jpmorgan.com


 






    -511-


    


    

 


If to Citi Real Estate Funding
Inc., as Mortgage Loan Seller, to:



Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599


 


with a copy to:


 


Citi Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943


 


with copies by electronic mail to:


 


richard.simpson@citi.com,
and ryan.m.oconnor@citi.com and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com


 


If to Deutsche Bank Securities
Inc., as Initial Purchaser or Underwriter, to:



Deutsche Bank Securities Inc.

Commercial Mortgage-Backed Securities

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with copies via email to:


 


cmbs.requests@db.com


 


If to J.P. Morgan Securities
LLC, as Initial Purchaser or Underwriter, to:



J.P. Morgan Securities LLC

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: SPG Syndicate

Email: ABS_Synd@jpmorgan.com


 


with a copy to:



J.P. Morgan Securities LLC

383 Madison Avenue, 32nd Floor

New York, New York 10179


 



    -512-


    


    



Attention: Bianca A. Russo, Esq.

Email: US_CMBS_Notice@jpmorgan.com


 


If to Citigroup Global Markets
Inc., as Initial Purchaser or Underwriter, to:


 


Citigroup Global Markets Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599


 


with a copy to:


 


Citi Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943


 


with copies by electronic mail to:


 


richard.simpson@citi.com,
and ryan.m.oconnor@citi.com


 


If to Academy Securities, Inc.,
as Underwriter, to:


 


Academy Securities, Inc.


277 Park Avenue


New York, New York 10172


Attention: Michael Boyd, Chief
Compliance Officer


Facsimile: (646) 328-2943


 


If to the initial Controlling
Class Representative with respect to any Mortgage Loan, to:



Eightfold Real Estate Capital, L.P.

1111 Lincoln Road, Suite 802


Miami Beach, Florida 33139

Attention: Brian Tageson

Email: btageson@eightfoldcapital.com


 


If to Deutsche Bank AG, acting
through its New York Branch, as the initial Risk Retention Consultation Party, to:



Deutsche Bank AG, acting through its New York Branch

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 



    -513-


    


    

 


with copies via email to:


 


cmbs.requests@db.com


 


If to the 17g-5 Information Provider,
electronically to:



17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “Benchmark 2018-B1 Mortgage Trust” and an identification of the type of information
being provided in the body of such electronic mail)


 


or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.


 


Solely to the extent
the provisions herein contemplate electronic delivery of information, such information shall be transmitted via electronic mail
with a subject reference to include “Benchmark 2018-B1 Mortgage Trust” (or substantially similar language) (i) in
the case of the Depositor, to cmbs.requests@db.com, (ii) in the case of the Trustee, to cmbstrustee@wilmingtontrust.com, (iii)
in the case of the Certificate Administrator, to the email address specified on the Certificate Administrator’s Website (and,
if no such email address is specified therein, to cts.cmbs.bond.admin@wellsfargo.com), (iv) in the case of the Operating Advisor,
to cmbs.notices@parkbridgefinancial.com, (v) in the case of the Asset Representations Reviewer, to cmbs.notices@parkbridgefinancial.com,
(vi) in the case of the Master Servicer to commercial.servicing@wellsfargo.com, (vii) in the case of the Special Servicer,
to NoticeAdmin@midlandls.com (and solely with respect to notices under Section 3.14, with a copy to AskMidland@midlandls.com)
(viii) in the case of German American Capital Corporation, to cmbs.requests@db.com, (ix) in the case of JPMorgan Chase Bank, National
Association, to US_CMBS_Notice@jpmorgan.com, (x) in the case of Citi Real Estate Funding Inc., to richard.simpson@citi.com and
ryan.m.oconnor@citi.com; and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com, (xi) in the case of Deutsche Bank Securities
Inc., to cmbs.requests@db.com, (xii) in the case of J.P. Morgan Securities LLC, to ABS_Synd@jpmorgan.com and US_CMBS_Notice@jpmorgan.com,
(xiii) in the case of Citigroup Global Markets Inc., to paul.t.vanderslice@citi.com, (xiv) in the case of Academy Securities, Inc.,
to mboyd@academysecurities.com, (xv) in the case of Deutsche Bank AG, acting through its New York Branch, as the initial Risk Retention
Consultation Party, to cmbs.requests@db.com, and (xvi) in the case of the 17g-5 Information Provider, to 17g5informationprovider@wellsfargo.com;
or, in the case of the parties to this Agreement, to such other electronic mail address as such party shall specify by written
notice (which may be electronic) to the other parties hereto.


 


The obligation of any
party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer, Other Special
Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such party to this
Agreement has received notice of the identity and contact information of such Other


 



    -514-


    


    

 


Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the name and contact
information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, as applicable, and shall be entitled to assume that the identity and contact information for such Other Depositor, Other
Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable has not changed, absent receipt
of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider,
or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a change with respect to the identity and
contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, as applicable.


 


Section 12.06   
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in
no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of
the Holders thereof.


 


Section 12.07   
Notice to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall promptly provide notice,
promptly furnish (or make available) to the Depositor, the Underwriters, the Initial Purchasers, the Directing Holder (if no Consultation
Termination Event has occurred and is continuing), the Trustee the related Serviced Companion Loan Noteholder (if any) and the
17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website) with respect
to each of the following of which a Responsible Officer of the Certificate Administrator has actual knowledge:


 


 (i)           
any material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or any Intercreditor Agreement;


 


 (ii)          
the occurrence of any Servicer Termination Event that has not been cured;


 


 (iii)         
the merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer or the Trustee; and


 


 (iv)         
the repurchase of Mortgage Loans pursuant to Section 2.03(e) of this Agreement.


 


(b)         
The Certificate Administrator shall promptly furnish to the Depositor, the Underwriters, the Initial Purchasers, the Directing
Holder and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):


 


 (i)           
notice of the final payment to any Class of Certificateholders;


 


 (ii)          
notice of any change in the location of the Distribution Accounts, the Interest Reserve Account, or the Gain-on-Sale Reserve
Account; and


 



    -515-


    


    




 (iii)         
each report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.


 


(c)          
The Master Servicer (or, in the case of items collected pursuant to Section 3.04 and referenced in clause (i)
below, the Special Servicer) shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials to
the 17g-5 Information Provider’s Website) and the related Other 17g-5 Information Provider (if any):


 


 (i)          
 upon request, a copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent
such information is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03
of this Agreement or pursuant to Section 3.04 of this Agreement;


 


 (ii)          
notice of any change in the location of the Collection Account or any Serviced Whole Loan Collection Account,


 


 (iii)         
a copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage Loan;


 


 (iv)         
any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;


 


 (v)          
any change in the lien priority of a Mortgage Loan;


 


 (vi)         
any new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;


 


 (vii)        
any material damage to a Mortgaged Property; and


 


 (viii)       
any amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.


 


(d)          
Any party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall
deliver such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the
address listed below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the
Certificate Administrator and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested
by the Rating Agencies to the extent such party has or can obtain such information without unreasonable effort or expense; provided
that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in
Section 3.14(d). Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute
a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required
hereunder shall be in writing.


 


Notices to each Rating Agency
shall be addressed as follows:


 






    -516-


    


    

 


Kroll Bond Rating Agency, Inc.


845 Third Avenue 4th Floor

New York, New York 10022


Attention: CMBS


Facsimile No.: (646) 731-2395


 


Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 635-0295

Email: info.cmbs@fitchratings.com


 


S&P Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com


 


or in each case to such other address as
any Rating Agency shall specify by written notice to the parties hereto.


 


Section 12.08   
Amendment. This Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee
without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders:


 


 (i)           
to cure any ambiguity or to correct any manifest error;


 


 (ii)          
to cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in the
Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or this Agreement or to correct or supplement
any provisions herein or therein which may be defective or inconsistent with any other provisions herein or therein;


 


(iii)          
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder,
as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each Rating Agency with respect to such amendment;


 


(iv)        
to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that


 



    -517-


    


    

 


any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder;


 


(v)         
to modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates;
provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust
Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;


 


(vi)         
to revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change;
provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates);


 


 (vii)        
to amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates);


 


 (viii)       
to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event has not occurred and is not continuing, the Directing Holder,


 



    -518-


    


    

 


determine that the commercial mortgage
backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such
modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor
trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates);


 


(ix)         
to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating
Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any
such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website;


 


 (x)           
to modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the
requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and


 


 (xi)          
to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements
of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other
regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent
required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal,
as evidenced by an Opinion of Counsel;


 


provided that
any amendment under this Section 12.08 (a) shall not materially increase the obligations of the Depositor, the
Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5
Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely
affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto,
as evidenced in the case of clauses (iii) through (x) above by (1) an Opinion of Counsel or (2) solely in the case of
a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall
any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail
to qualify as a grantor trust.


 


This Agreement or any
Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written


 



    -519-


    


    

 


consent of the
Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each
Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion
Loan Noteholders; provided, that no such amendment may:


 


(1)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Serviced Whole Loan which are required
to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;


 


(2)          reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;


 


(3)          adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;


 


(4)          change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or


 


(5)          amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates).


 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend this Agreement to modify, eliminate or add to any of its provisions (i) to such extent
as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification
of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to


 



    -520-


    


    

 


maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange
Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


If neither the Depositor
nor any successor thereto, if any, is in existence, any amendment under this Section 12.08 shall be effective with the consent
of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and
the Special Servicer, in writing, and to the extent required by this Section 12.08, the Certificateholders and Serviced
Companion Loan Noteholders.


 


It shall not be necessary
for the consent of Certificateholders under this Section 12.08 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders and, if applicable, Serviced Companion Loan Noteholders, shall
be subject to such reasonable regulations as the Trustee may prescribe; provided, that such method shall always be by affirmation
and in writing.


 


Notwithstanding any contrary
provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee and the
Certificate Administrator have received an Opinion of Counsel, at the expense of the Trust Fund (and, in the case of any Whole
Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement)
confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto
have been satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC at any time that any Certificates are outstanding, or cause the Grantor Trust to fail to qualify as
a grantor trust, or cause a tax to be imposed on the Trust Fund or any such Trust REMIC or the Grantor Trust.


 


Prior to the execution
of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively
upon an Opinion of Counsel and an Officer’s Certificate, at the expense of the party requesting such amendment (or, if such
amendment is required to maintain the rating issued by any Rating Agency or requested by the Trustee for any purpose described
in clauses (i), (ii) or (iii) of the first sentence of this Section 12.08 (which do not modify or otherwise
relate solely to the obligations, duties or rights of the Trustee), then at the expense of the Trust Fund (and, in the case of
any Whole Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor
Agreement)) confirming that the execution of such amendment is authorized or permitted by this Agreement and that all conditions
precedent with respect thereto have been satisfied. The Trustee, the Certificate Administrator, the Operating Advisor or the Asset
Representations Reviewer may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s, the
Certificate Administrator’s, the Operating Advisor’s or the Asset Representations Reviewer’s own rights, duties
or immunities under this Agreement.


 






    -521-


    


    

 


Notwithstanding any contrary
provision contained in this Agreement, no amendment shall be made to this Agreement (i) which adversely affects the rights, including
(without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation, in the case of
a Mortgage Loan Seller, under the related Mortgage Loan Purchase Agreement) of any Mortgage Loan Seller, Initial Purchaser or Underwriter
without the written consent of such Mortgage Loan Seller, Initial Purchaser or Underwriter, as applicable or (ii) which adversely
affects (as determined by the applicable Companion Loan Noteholder in good faith) the rights and/or obligations of any Companion
Loan Noteholder without the written consent of such Companion Loan Noteholder.


 


Promptly after the execution
of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s
Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement, and thereafter, the Certificate Administrator
shall furnish a written notification of the substance of such amendment to each Certificateholder, the Depositor, the Master Servicer
(who shall promptly forward such notification to each Serviced Companion Loan Holder, Other Depositor, Other Servicer, Other Special
Servicer and Other Trustee), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each
Mortgage Loan Seller, the Underwriters and the Initial Purchasers.


 


In addition, within one
(1) Business Day following the execution of any amendment to this Agreement, the party requesting such amendment shall deliver
(or cause to be delivered) such amendment (in EDGAR Compatible Format) to each Serviced Companion Loan Holder, Other Depositor,
Other Servicer, Other Special Servicer and Other Trustee.


 


Notwithstanding any contrary
provision contained in this Agreement, if one but not all of the Notes evidencing a Joint Mortgage Loan is repurchased by the applicable
Mortgage Loan Seller, this Agreement may be amended by the parties hereto (at the expense of the party requesting such amendment),
without the consent of any Certificateholder, to add or modify provisions relating to the applicable Repurchased Note for purposes
of the servicing and administration of such Repurchased Note, provided that the amendment shall not adversely affect in any material
respect the interests of the Certificateholders, as evidenced by a No Downgrade Confirmation from each Rating Agency (obtained
at the expense of the repurchasing Mortgage Loan Seller) with respect to such amendment (or, if no such No Downgrade Confirmation
is actually received, by an opinion of counsel to such effect). Prior to the effectiveness of such amendment, if one but not all
of the Notes with respect to a Joint Mortgage Loan is repurchased, the terms of Article III shall govern the servicing and
administration of such Joint Mortgage Loan.


 


Section 12.09   
Confirmation of Intent. It is the express intent of the parties hereto that the conveyance of the Trust Fund (including
the Mortgage Loans) by the Depositor to the Trustee on behalf of Certificateholders as contemplated by this Agreement be treated
for all purposes as a sale by the Depositor of the Trust Fund to the Trustee. It is, further, not the intention of the parties
that such conveyance be deemed a pledge of the Trust Fund by the Depositor to the Trustee to secure a debt or other obligation
of the Depositor. However, if, notwithstanding the intent of the parties, the Trust Fund is held to continue to be property of
the


 



    -522-


    


    

 


Depositor then (a) this Agreement shall also be deemed to be a security agreement under applicable law; (b) the transfer
of the Trust Fund provided for herein shall be deemed to be a grant by the Depositor to the Trustee on behalf of Certificateholders
of a first priority security interest in, and the Depositor hereby grants to the Trustee a security interest in, all of the Depositor’s
right, title and interest in and to, whether now owned or existing or hereafter acquired or arising, the property identified in
clauses (i) through (xiv) of the definition of “Trust Fund” and all proceeds thereof; (c) the possession
by the Trustee (or the Custodian on its behalf) of Mortgage Notes and such other items of property as constitute instruments, money,
negotiable documents or chattel paper shall be deemed to be “possession by the secured party” for purposes of perfecting
the security interest pursuant to Section 9-313 of the New York Uniform Commercial Code; and (d) notifications to Persons
holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed notifications
to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under applicable law. The Depositor shall, and upon the request and direction
of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement (and at the expense of the Trust Fund (and,
in the case of any Whole Loan, such expense shall be allocated in accordance with the expense allocation provision of the related
Intercreditor Agreement)), take such actions as may be necessary to ensure that such security interest is a perfected security
interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. It is the
intent of the parties that such a security interest would be effective whether any of the Certificates are sold, pledged or assigned.


 


Section 12.10   
No Intended Third-Party Beneficiaries. Except as specified in Section 12.12 of this Agreement, no Person other
than a party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser, any Underwriter or any Certificateholder shall
have any rights with respect to the enforcement of any of the rights or obligations hereunder. Without limiting the foregoing and
for the avoidance of doubt, subject to Section 12.12 of this Agreement, the parties to this Agreement specifically
state that no Borrower, Manager or other party to a Mortgage Loan is an intended third-party beneficiary of this Agreement.


 


Section 12.11   
Entire Agreement. This Agreement (and, with respect to each Whole Loan, together with the related Intercreditor Agreement)
contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes
all prior and contemporaneous agreements, understanding, inducements and conditions, express or implied, oral or written, of any
nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersedes any course of performance
or usage of the trade inconsistent with any of the terms hereof.


 


Section 12.12   
Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer acknowledge that (i) each Mortgage Loan Seller and Deutsche Bank Securities Inc. are third party beneficiaries with
respect to Section 8.05(h) of this Agreement, the obligations of any party to this Agreement to deliver information
to the 17g-5 Information Provider hereunder and the obligations of the 17g-5 Information Provider to post information to the 17g-5
Information Provider’s Website (or make available to the NRSROs the items referenced in Section 3.13(b) and (d))
and the express obligations of any party hereto to deliver documents, notices, information or funds to a Mortgage


 



    -523-


    


    

 


Loan Seller,
(ii) each Mortgage Loan Seller is a third party beneficiary with respect to Section 2.01, Section 2.02,
Section 2.03, Section 3.33, Section 8.05, Section 11.01 and Section 12.08 of this
Agreement and its rights as a Privileged Person, (iii) each Initial Purchaser and each Underwriter is a third party beneficiary
with respect to its rights to receive any notices, documents, certifications and/or information hereunder and its rights under
Section 12.08 of this Agreement, (iv) each holder of a Companion Loan and any related Other Depositor is an intended
third party beneficiary in respect of the rights afforded it under this Agreement and may directly (or, in the case of a holder
of a Companion Loan, the related Other Servicer may) enforce such rights, (v) each of the Serviced Companion Loan Service Providers
under the applicable Other Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect
to any provision herein expressly relating to compensation, reimbursement or indemnification of such Serviced Companion Loan Service
Provider and the provisions regarding the coordination of Advances, (vi) each of the Non-Serviced Mortgage Loan Service Providers
under the applicable Other Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect
to any provisions herein relating to (1) the reimbursement of any nonrecoverable advances made with respect to the applicable Non-Serviced
Mortgage Loan by such Persons, (2) the indemnification of each applicable Other Servicer, Other Special Servicer and Other Trustee
and certain other parties pursuant to Section 1.04 or any other section of this Agreement against any claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred
in connection with the related Other Pooling and Servicing Agreement and this Agreement that relate solely to its servicing of
the related Whole Loan and any related reimbursement provisions, (3) the provisions set forth in Section 4.07 of
this Agreement regarding advancing coordination and (4) the provisions set forth in Sections 3.29 and 6.07, as applicable,
of this Agreement and (vii) if one, but not all, of the Notes with respect to any Joint Mortgage Loan is repurchased, the applicable
Repurchasing Seller shall be a third party beneficiary of this Agreement to the same extent as if it was a Companion Loan Noteholder,
as contemplated by Section 3.33 hereof.


 


Section 12.13   
PNC Bank, National Association. PNC Bank, National Association, by execution hereof by its division, Midland Loan
Services, a Division of PNC Bank, National Association, acknowledges and agrees that this Agreement is binding upon and enforceable
against PNC Bank, National Association to the full extent of the obligations set forth herein with respect to Midland Loan Services,
a Division of PNC Bank, National Association.


 


[NO FURTHER TEXT ON THIS
PAGE]


 




    -524-


    


    
 


 



 


 


IN WITNESS WHEREOF, the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the
Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized
all as of the day and year first above written.


 





	 	DEUTSCHE MORTGAGE & ASSET
	 	 	RECEIVING CORPORATION,
	 	 	as Depositor
	 	 	 
	 	By:	 /s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director
	 	 	 
	 	By:	 /s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title:  Director
	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	as Master Servicer
	 	 	 
	 	By:	/s/ Nachette Hadden
	 	 	Name: Nachette Hadden
	 	 	Title:   Director
	 	 	 
	 	MIDLAND LOAN SERVICES, A DIVISION
	 	 	OF PNC BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	as Special Servicer
	 	 	 
	 	By:	 /s/ David D. Spotts
	 	 	Name: David D. Spotts
	 	 	Title: Senior Vice President




 


Benchmark
2018-B1 – Pooling and Servicing Agreement


 



    


     


    

 





	 	WILMINGTON TRUST, NATIONAL
	 	 	ASSOCIATION,
	 	 	as Trustee
	 	 	 
	 	By:	 /s/ Drew Davis
	 	 	Name: Drew Davis
	 	 	Title: Vice President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	as Certificate Administrator, Paying Agent
	 	 	and Custodian
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title: Vice President




 


Benchmark
2018-B1 – Pooling and Servicing Agreement


 



    


     


    

 


	 	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Asset Representations Reviewer
	 	 	 
	 	 	By: Park Bridge Advisors LLC
	 	 	Its Sole Member



 


	 	 	By: Park Bridge Financial LLC
	 	 	Its Sole Member



 


	 	By:	/s/ Robert J. Spinna, Jr. 
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title: Managing Member




 


	 	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Asset Representations Reviewer
	 	 	 
	 	 	By: Park Bridge Advisors LLC
	 	 	Its Sole Member



 


	 	 	By: Park Bridge Financial LLC
	 	 	Its Sole Member



 


	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title: Managing Member




 


Benchmark
2018-B1 – Pooling and Servicing Agreement


 



    


     


    

 





	STATE OF NEW YORK	)	 
	 	:   ss.:
	COUNTY OF  NEW YORK	)	 




 


On the 30th day of
January in the year 2018, before me, the undersigned, personally appeared Matt
Smith and Natalie Grainger, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to
me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that
such individual made such appearance before the undersigned in the New York (insert the city or other
political subdivision and the state or county or other place the acknowledgment was taken).


 


	 	Christine L. Last
	 	Signature and Office of individual taking acknowledgment
	 	 
	 	Christine L. Last
	 	Notary Public - State of New York
	 	Qualified in New York County
	 	No. 01LA6274862
	 	My Commission Expires 1/14/2021









 


This instrument prepared by:


 


		Name:	Sidley Austin LLP



		Address:	787 Seventh Avenue



		 	New York, New York 10019



 


Benchmark
2018-B1 – Pooling and Servicing Agreement


 



    


     


    








	STATE OF NORTH CAROLINA	)	 
	 	)	ss.:
	COUNTY OF MECKLENBURG	)	 


 





On the 24   day of
January, 2018, personally appeared before me Nachette Hadden, to me known (or proved to me on the basis of satisfactory
evidence) to be a Director of Wells Fargo Bank, National Association, a national banking association, that executed
the within and foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said
entity, for the uses and purposes therein mentioned, and on oath stated that she was authorized to execute said instrument,
and that by her signature on the instrument the entity upon behalf of which she acted, executed the instrument.





 





	 	 	/s/ Erica L. Smith
	 	 	Notary Public
	 	 	 
		 	ERICA L. SMITH
	 	 	NOTARY PUBLIC
	My commission expires:	 	MECKLENBURG COUNTY, NC
	07/20/2022	 	My Commission Expires 07-20-2022


 


Benchmark
2018-B1 – Pooling and Servicing Agreement


 






     


     


    

 





	STATE OF KANSAS	)	 
	 	)	ss.:
	COUNTY OF JOHNSON	)	 


 








On the
24rd day of January in the year 2018, before me, the undersigned, personally appeared David D. Spotts, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument, and that such individual made such appearance before the undersigned
in the city of Overland Park.







 





	 	 	/s/ Brent Kinder
	 	 	Signature and Office of individual taking acknowledgment
	 	 	 
		 	BRENT KINDER
	 	 	NOTARY PUBLIC - State of Kansas
		 	My Appt. Exp. January 30, 2018
		 	 


 


This instrument prepared by:


 


		Name:	Sidley Austin LLP



		Address:	787 Seventh Avenue



		 	New York, New York 10019



 


Benchmark
2018-B1 – Pooling and Servicing Agreement


 







     


     


    








	STATE OF DELAWARE	)	 
	 	)	ss.:
	COUNTY OF NEW CASTLE	)	 


  





On the 23rd day of
January in the year 2018, before me, the undersigned, personally appearedDrew H. Davis, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies) , and that by
his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument, and that such individual made such appearance before the undersigned in the New Castle, Delaware
(insert the city or other political subdivision and the state or county or other place the acknowledgment was taken).







 





	 	 	/s/ Christina Bader
	 	 	Signature and Office of individual taking acknowledgment
	 	 	 
		 	CHRISTINA BADER
	 	 	NOTARY PUBLIC
		 	STATE OF DELAWARE
		 	MY COMMISSION EXPIRES MARCH 22, 2020





This instrument prepared by:


 


		Name:	Sidley Austin LLP



		Address:	787 Seventh Avenue



		 	New York, New York 10019



 


Benchmark
2018-B1 – Pooling and Servicing Agreement





  







     


     


    




 


	STATE OF: Maryland	)	 
	 	)	ss.:
	COUNTY OF: Howard	)	 


 





On
this 23rd day of January, 2018, before me, the undersigned, a Notary Public in and for the State of Maryland, duly commissioned
and sworn, personally appeared Stacey Gross, to me known who, by me duly sworn, that s/he is the Vice President of Wells Fargo
Bank, N.A., the entity described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under
authority of the board of directors of said entity and on behalf of such entity.


 


WITNESS my hand and seal hereto affixed the day and
year first above written.


 





	 	 	/s/ Andrew Crews
	 	 	NOTARY PUBLIC in and for the State of Maryland
	 	 	 
		 	ANDREW CREWS
	 	 	NOTARY PUBLIC CECIL COUNTY, MD
		 	STATE OF MARYLAND
		 	MY COMMISSION EXPIRES OCTOBER 27, 2021


 


Benchmark
2018-B1 – Pooling and Servicing Agreement





  







     


     


    




 





	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 


 








On this 23rd day of January, 2018, before me, the undersigned, a
Notary Public in and for the State of New York, duly commissioned and sworn, personally appeared Robert J. Spinna, Jr., to me known
who, by me duly sworn, did depose and acknowledge before me that he is a Managing Member of Park Bridge Financial LLC, which is
the sole member of Park Bridge Advisors LLC, which in turn is the sole member of Park Bridge Lender Services LLC, the entity described
in and that executed the foregoing instrument; and that he signed his name thereto under authority of said entity and on behalf
of such entity.


 


WITNESS my hand and seal hereto affixed the day and year first above
written.







 





	 	 	/s/ Cathy Pampinella
	 	 	NOTARY PUBLIC in and for the State of New York
	 	 	 
	[SEAL]	 	CATHY PAMPINELLA
	 	 	Notary Public, State of New York
	My commission expires:	 	Registration #01PA6303022
	May 12, 2018	 	Qualified in Suffolk County
	 	 	Commission Expires May 12, 2018


This instrument prepared by:


 


		Name:	Sidley Austin LLP



		Address:	787 Seventh Avenue



		 	New York, New York 10019



 


Benchmark
2018-B1 – Pooling and Servicing Agreement





  







     


     


    




 





	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 


 








On this 23rd day of January, 2018, before me, the undersigned, a
Notary Public in and for the State of New York, duly commissioned and sworn, personally appeared Robert J. Spinna, Jr., to me known
who, by me duly sworn, did depose and acknowledge before me that he is a Managing Member of Park Bridge Financial LLC, which is
the sole member of Park Bridge Advisors LLC, which in turn is the sole member of Park Bridge Lender Services LLC, the entity described
in and that executed the foregoing instrument; and that he signed his name thereto under authority of said entity and on behalf
of such entity.


 


WITNESS my hand and seal hereto affixed the day and year first above
written.







 





	 	 	/s/ Cathy Pampinella
	 	 	NOTARY PUBLIC in and for the State of New York
	 	 	 
	[SEAL]	 	CATHY PAMPINELLA
	 	 	Notary Public, State of New York
	My commission expires:	 	Registration #01PA6303022
	May 12, 2018	 	Qualified in Suffolk County
	 	 	Commission Expires May 12, 2018


This instrument prepared by:


 


		Name:	Sidley Austin LLP



		Address:	787 Seventh Avenue



		 	New York, New York 10019



 


Benchmark
2018-B1 – Pooling and Servicing Agreement





  









     


     


    





















  


EXHIBIT
A-1


 


FORM
OF CLASS A-1 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 




 





 


1 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 




    A-1-1 


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-1


 


	Class A-1 Pass-Through
    Rate:  2.560%	 	CUSIP: 08162PAS0

         

        ISIN:    US08162PAS02

         

	Original Aggregate Certificate Balance of the Class A-1 Certificates: $18,703,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date:  February
    16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  June
    2022	 	No.: A-1-[_]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-1
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM,


 



    A-1-2


     


    

 


Class
V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders
of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-1 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class A-1 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of


 



    A-1-3


     


    

 


the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire
transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and
having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at
least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in
the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and
surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the
Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from


 



    A-1-4


     


    

 


time
to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled
or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s
interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents
and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional
security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole
Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies
under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and
the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular
Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the
Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate 


 



    A-1-5


     


    

 


Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer


 



    A-1-6


     


    

 


to
a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that
the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a
Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu
Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party
requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if
any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so
long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine that the
commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and
(c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with
Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is
then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to
the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to
such extent as would be necessary to comply with the


 



    A-1-7


     


    

 


requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that



 






    A-1-8


     


    

 


	 	 	such
                                         action will not result in the downgrade, withdrawal or qualification of its then-current
                                         ratings of any securities related to a Companion Loan, if any (provided that such
                                         rating agency confirmation may be considered satisfied in the same manner as any Rating
                                         Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 






    A-1-9


     


    

 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the


 



    A-1-10


     


    

 


later
of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or
(b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust
Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-1-11


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 




    A-1-12


     


    

 


EXHIBIT
A-2


 


FORM
OF CLASS A-2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 




 





 


1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


  




    A-2-1 


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-2


 


	Class A-2 Pass-Through
    Rate:  3.571%	 	CUSIP: 08162PAT8

         

        ISIN:     US08162PAT84

         

	Original Aggregate Certificate Balance of the Class A-2 Certificates: $157,629,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date:  February
    16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2023	 	No.: A-2-[_]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-2
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the


 



    A-2-2 


     


    

 


“Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to
this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and
Servicing Agreement. The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to
consist of 30 days.


 


All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent
to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the
close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution
Date occurs. 


 



    A-2-3 


     


    

 


Such
distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the
related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity
located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with
wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in
the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail
to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like
manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent
(which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of
such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of


 



    A-2-4 


     


    

 


the
Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received
in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all
assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of
Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale
Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on deposit
therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity
agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage
Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document
delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller
regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv)
the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling
and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 






    A-2-5 


     


    

 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu


 



    A-2-6 


     


    

 


Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such
amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or
supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating
Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or
supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by
confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency
Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the
Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not
occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry
standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not
adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the
relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a
Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating
agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its
then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify,
eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with
the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the
requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other


 



    A-2-7 


     


    

 


regulation
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced
by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered



 






    A-2-8 


     


    

 


	 	 	satisfied
                                         in the same manner as any Rating Agency Confirmation may be considered satisfied with
                                         respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date



 






    A-2-9 


     


    

 


	 	 	(less
                                         any P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing
Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall
terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of
all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be,
required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of
(i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of
the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage
Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation
and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from


 



    A-2-10 


     


    

 


the
death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-2-11 


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.


 


Dated:
January 31, 2018


 





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


  




    A-2-12 


     


    


 


EXHIBIT A-3


 


FORM OF CLASS A-3 CERTIFICATE


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 





 



 








1 Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement. 


 




    A-3-1


     


    

 


BENCHMARK 2018-B1 COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-3


 


	Class A-3 Pass-Through Rate:  3.355%	 	
        CUSIP: 08162PAU5

         

        ISIN:     US08162PAU57

         

	Original Aggregate Certificate Balance of the Class A-3 Certificates: $49,272,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: November 2024	 	No.: A-3-[_]


 


This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.


 


The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM,


 






    A-3-2


     


    

 


Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During each Interest
Accrual Period (as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of


 






    A-3-3


     


    

 


the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage


 






    A-3-4


     


    

 


Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.


 


Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 






    A-3-5


     


    

 


No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu


 






    A-3-6


     


    

 


Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other


 






    A-3-7


     


    

 


regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;



 


		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or



 


		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 



 






    A-3-8


     


    

 





		 	satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates). 


 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:


 


		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);



 


		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 



 






    A-3-9


     


    

 





		 	 (less any P&I Advances previously made on account of interest); and


 


		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.



 


In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.


 


All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the
Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be
so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property
held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement;
and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from


 






    A-3-10


     


    

 


the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-3-11


     


    

 


IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-3 Certificate to be duly executed.


 


Dated: January 31, 2018


 





	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity
    but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class
A-3 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018


 





	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	

                                    

                                   Authorized Signatory



 




    A-3-12


     


    

 


EXHIBIT A-4


 


FORM OF CLASS A-SB CERTIFICATE


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 





 



 





1 Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement. 


 




    A-4-1


     


    

 


BENCHMARK 2018-B1 COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-SB


 


	Class A-SB Pass-Through Rate: Equal to the lesser of (i) the WAC Rate and (ii) 3.602%	 	
        CUSIP: 08162PAV3

         

        ISIN:     US08162PAV31

         

	Original Aggregate Certificate Balance of the Class A-SB Certificates: $40,449,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: August 2027	 	No.: A-SB-[_]


 


This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-SB Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.


 


The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the


 






    A-4-2


     


    

 


“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During each Interest
Accrual Period (as defined below), interest on the Class A-SB Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs.


 






    A-4-3


     


    

 


Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of


 






    A-4-4


     


    

 


the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.


 


Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 






    A-4-5


     


    

 


No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu


 






    A-4-6


     


    

 


Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other


 






    A-4-7


     


    

 


regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;



 


		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or



 


		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 



 






    A-4-8


     


    

 





		 	satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).





 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:


 


		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);



 


		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 



 






    A-4-9


     


    

 





		 	 (less any P&I Advances previously made on account of interest); and


 


		(D)	the aggregate amount of unreimbursed
                                         Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
                                         Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee
                                         Fees, the CREFC® Intellectual Property Royalty License Fees and Trust
                                         Fund expenses.



 


In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.


 


All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the
Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be
so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property
held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement;
and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from


 






    A-4-10


     


    

 


the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-4-11


     


    

 


IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-SB Certificate to be duly executed.


 


Dated: January 31, 2018


 





	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class
A-SB Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018


 





	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 




    A-4-12


     


    

 


EXHIBIT A-5


 


FORM OF CLASS A-4 CERTIFICATE


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 





 



 


1 Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.







 




    A-5-1


     


    

 


BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-4


 


	Class A-4 Pass-Through Rate:  3.402%	 	
        CUSIP: 08162PAW1

         

        ISIN:     US08162PAW14

         

	Original Aggregate Certificate Balance of the Class A-4 Certificates: $135,000,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  October 2027	 	No.: A-4-[_]


 


This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.


 


The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the


 






    A-5-2


     


    

 


“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-4 Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During each Interest
Accrual Period (as defined below), interest on the Class A-4 Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs.


 






    A-5-3


     


    

 


Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of


 






    A-5-4


     


    

 


the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.


 


Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 






    A-5-5


     


    

 


No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu


 






    A-5-6


     


    

 


Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other


 






    A-5-7


     


    

 


regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;



 


		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or



 


		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 



 






    A-5-8


     


    

 





		 	satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).


 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:


 


		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);



 


		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 



 






    A-5-9


     


    

 





		 	(less any P&I Advances previously made on account of interest); and


 


		(D)	the aggregate amount of unreimbursed
                                         Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
                                         Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee
                                         Fees, the CREFC® Intellectual Property Royalty License Fees and Trust
                                         Fund expenses.



 


In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.


 


All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from


 






    A-5-10


     


    

 


the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-5-11


     


    

 


IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-4 Certificate to be duly executed.


 


Dated: January 31, 2018


 





	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class A-4
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018


 





	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 




    A-5-12


     


    










EXHIBIT
A-6


 


FORM
OF CLASS A-5 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 


 





1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 




    A-6-1 


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-5


 


	Class A-5 Pass-Through
    Rate:  Equal to the lesser of (i) the WAC Rate and (ii) 3.666%	 	CUSIP: 08162PAX9

         

        ISIN:     US08162PAX96

         

	Original Aggregate Certificate Balance of the

    Class A-5 Certificates: $387,112,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December
    2027	 	No.: A-5-[_]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-5
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM,


 



    A-6-2 


     


    

 


Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-5 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class A-5 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of


 



    A-6-3 


     


    

 


the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage 


 



    A-6-4 


     


    

 


Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 






    A-6-5 


     


    

 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu


 



    A-6-6 


     


    

 


Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other


 



    A-6-7 


     


    

 


regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered 



 






    A-6-8 


     


    

 


	 	 	satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 



 






    A-6-9 


     


    

 


	 	 	(less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from


 



    A-6-10 


     


    

 


the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-6-11 


     


    
 


IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-5 Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class A-5
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 




    A-6-12 


     


    

 


EXHIBIT
A-7


 


FORM
OF CLASS A-M CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 




 





1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 




    A-7-1 


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-M


 


	Class A-M Pass-Through
    Rate:  Equal to the lesser of (i) the WAC Rate and (ii) 3.878%	 	CUSIP:   08162PAZ4

         

        ISIN:      US08162PAZ45

         

	Original Aggregate Certificate Balance of the

    Class A-M Certificates: $97,114,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December
    2027	 	No.: A-M-[_]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-M
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the


 



    A-7-2 


     


    

 


“Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-M Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class A-M Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.


 



    A-7-3 


     


    

 


Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of


 



    A-7-4 


     


    

 


the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 






    A-7-5 


     


    

 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu


 



    A-7-6 


     


    

 


Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other 


 



    A-7-7 


     


    

 


regulation
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent
required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such
repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered 



 






    A-7-8 


     


    

 


	 	 	satisfied
                                         in the same manner as any Rating Agency Confirmation may be considered satisfied with
                                         respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 



 






    A-7-9 


     


    

 


	 	 	(less
                                         any P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from


 



    A-7-10 


     


    

 


the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-7-11 


     


    

 


IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-M Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class A-M
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


    A-7-12 


     


    

 


EXHIBIT
A-8


 


FORM
OF CLASS B CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 





 




1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.




 




    A-8-1 


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS B


 


	Class B Pass-Through
    Rate:  Equal to the lesser of (i) the WAC Rate and (ii) 4.059%	 	CUSIP:  08162PBA8

         

        ISIN:     US08162PBA84

         

	Original Aggregate Certificate Balance of the

    Class B Certificates: $47,853,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date:  February
    16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December
    2027	 	No.: B-[_]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class B
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM,


 



    A-8-2 


     


    

 


Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of 


 



    A-8-3 


     


    

 


the calendar
month immediately preceding the month in which such Distribution Date occurs. Such
distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the
related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity
located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with
wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in
the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail
to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like
manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent
(which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of
such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage 


 



    A-8-4 


     


    

 


Files
relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the
Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property;
(v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities
or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection
Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest
Reserve Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited
thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating
to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 






    A-8-5 


     


    

 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu


 



    A-8-6 


     


    

 


Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other


 



    A-8-7 


     


    

 


regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered 



 



    A-8-8 


     


    

 





	 	 	satisfied
                                         in the same manner as any Rating Agency Confirmation may be considered satisfied with
                                         respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 



 






    A-8-9 


     


    




	 	 	(less
                                         any P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from


 



    A-8-10 


     


    

 


the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-8-11 


     


    

 


IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class B Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class B
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 




    A-8-12 


     


    

 


EXHIBIT
A-9


 


FORM
OF CLASS C CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 




 




1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 




    A-9-1 


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS C


 


	Class C Pass-Through
    Rate:  Equal to the WAC Rate	 	CUSIP:
                           08162PBB6

         

        ISIN:     US08162PBB67

         

	Original Aggregate Certificate Balance of the

    Class C Certificates: $52,075,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.: C-[_]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class C
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the


 



    A-9-2 


     


    

 


“Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.


 



    A-9-3 


     


    

 


Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of


 



    A-9-4 


     


    

 


the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 






    A-9-5 


     


    

 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu


 



    A-9-6 


     


    

 


Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other


 



    A-9-7 


     


    

 


regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered 



 






    A-9-8 


     


    

 


	 	 	satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 



 






    A-9-9 


     


    

 


	 	 	(less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from


 



    A-9-10 


     


    

 


the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-9-11 


     


    

 


IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class C Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class C
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 





    A-9-12 


     


    


 


EXHIBIT
A-10


 


FORM
OF CLASS D [RULE 144A] 1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES


 


 






 





1
For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






    A-10-1 


     


    

 


LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 






    A-10-2 


     


    

 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4


 





 






 


4
For Reg S Global Certificates only.


  




    A-10-3 


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D


 


	Class D Pass-Through
    Rate:   2.750%	 	CUSIP:
   08162PAG65

                           U0733TAD96

                           08162PAH47

         

        ISIN:       US08162PAG638
         USU0733TAD919
         US08162PAH4710

         

	Original
        Aggregate Certificate Balance of the Class D Certificates: $60,520,000

         
	 	Initial Certificate Balance of this Certificate:
    $[__]
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

         

	Assumed Final Distribution Date:  January
    2028	 	No.: D-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class D
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as 


 


 






 


5
For Rule 144A Certificates 


6
For Regulation S Certificates 


7
For IAI Certificates 


8
For Rule 144A Certificates 


9
For Regulation S Certificates 


10 For
IAI Certificates


  






    A-10-4 


     


    

 


master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






    A-10-5 


     


    

 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 






    A-10-6 


     


    

 


invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.


 






    A-10-7 


     


    

 


Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel


 






    A-10-8 


     


    

 


(at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of


 






    A-10-9 


     


    

 


the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 






    A-10-10 


     


    




 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 






    A-10-11 


     


    

 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on


 






    A-10-12 


     


    

 


behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-10-13 


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


  


Certificate
of Authentication


 


This
is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


   


 



    A-10-14 


     


    




  


EXHIBIT
A-11


 


FORM
OF CLASS E [RULE 144A] 1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 





1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.


  






    A-11-1 


     


    




 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME


 






    A-11-2 


     


    

 


SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY
SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i)
TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH
AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS
AS MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS
GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY
WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS


 






    A-11-3 


     


    

 


406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS
I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4


 


 



 





4
For Reg S Global Certificates only.


 




    A-11-4 


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS E


 


	Class E Pass-Through
    Rate:   Equal to the lesser of (i) the WAC Rate and (ii) 3.000%	 	CUSIP:    08162PAJ05

                           U0733TAE76

                           08162PAK77

         

        ISIN:        US08162PAJ038

        USU0733TAE74 9

        US08162PAK7510

         

	Original
        Aggregate Certificate Balance of the Class E Certificates: $25,334,000

         
	 	Initial Certificate Balance of this Certificate:
    $[__]
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

         

	Assumed Final Distribution Date:  January
    2028	 	No.: E-[__]



 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class E
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as


 





 



 





5
For Rule 144A Certificates 


6
For Regulation S Certificates 


7
For IAI Certificates 


8
For Rule 144A Certificates 


9
For Regulation S Certificates 


10 For IAI Certificates


  






    A-11-5 


     


    

 


master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.


 


During
each Interest Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






    A-11-6 


     


    

 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 






    A-11-7 


     


    

 


invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.


 






    A-11-8 


     


    

 


Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel


 






    A-11-9 


     


    

 


(at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of


 






    A-11-10 


     


    

 


the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 






    A-11-11 


     


    

 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner as
                                         any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 






    A-11-12 


     


    

 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on


 






    A-11-13 


     


    

 


behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-11-14 


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class E Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator

	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class E Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018 





	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent 

	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


  




    A-11-15 


     


    





 


EXHIBIT A-12


 


FORM OF CLASS F-RR [RULE 144A]1
[REG S]2 CERTIFICATE


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 






 


1 For Rule 144A Global
Certificates only.


2 For Reg S Global Certificates
only.


3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.







 






    A-12-1


     


    

 


THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING
SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE INITIAL PURCHASER
OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. 


 


THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.


 


ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 






    A-12-2


     


    

 


TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.


 


THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR,


 






    A-12-3


     


    

 


THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.


 


FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4


 





 



 


4
For Reg S Global Certificates only.


 






    A-12-4


     


    

 


BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS F-RR


 


	Class F-RR Pass-Through Rate:  Equal to WAC Rate	 	
        CUSIP:  08162PAL55

                      U0733TAF46

                      08162PAM37

         

        ISIN:     US08162PAL588

                      USU0733TAF409

                      US08162PAM3210

         

	Original Aggregate Certificate Balance of the

Class F-RR Certificates: $14,074,000	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 2028	 	No.: F-RR-[__]


 


This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class F-RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.


 


The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as


 





 



 





5 For Rule 144A Certificates


6 For Regulation S Certificates


7 For IAI Certificates


8 For Rule 144A Certificates


9 For Regulation S Certificates


10 For IAI
Certificates







 






    A-12-5


     


    

 


master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class F-RR Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.


 


During each Interest
Accrual Period (as defined below), interest on the Class F-RR Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.


 






    A-12-6


     


    

 


Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 






    A-12-7


     


    

 


invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.


 






    A-12-8


     


    

 


Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.


 


Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel


 






    A-12-9


     


    

 


(at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of


 






    A-12-10


     


    

 


the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;



 






    A-12-11


     


    

 


		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or



 


		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).



 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:


 


		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);



 






    A-12-12


     


    

 


		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and



 


		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.



 


In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.


 


All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on


 






    A-12-13


     


    

 


behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-12-14


     


    




 


IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class F-RR Certificate to be duly executed.


 


Dated: January 31, 2018 





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class F-RR
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-12-15


     


    

 


EXHIBIT A-13


 


FORM OF CLASS G-RR [RULE 144A]1
[REG S]2 CERTIFICATE


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 





1 For Rule 144A Global
Certificates only.


2 For Reg S Global Certificates
only.


3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.







 






    A-13-1


     


    

 


THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING
SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE INITIAL PURCHASER
OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. 


 


THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.


 


ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 






    A-13-2


     


    

 


TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.


 


THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR,


 






    A-13-3


     


    

 


THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.


 


FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4


 





 



 


4
For Reg S Global Certificates only.


 






    A-13-4


     


    

 


 


BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS G-RR


 


	Class G-RR Pass-Through Rate:  Equal to WAC Rate	 	
        CUSIP:  08162PAN15

                      U0733TAG26

                      08162PAP67

         

        ISIN:     US08162PAN158

                      USU0733TAG239

                      US08162PAP6210

         

	Original Aggregate Certificate Balance of the

Class G-RR Certificates: $40,816,346	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 2028	 	No.: G-RR-[__]


 


This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G-RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.


 


The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as


 





 



 





5 For Rule 144A Certificates


6 For Regulation S Certificates


7 For IAI Certificates


8 For Rule 144A Certificates


9 For Regulation S Certificates


10 For IAI
Certificates







 






    A-13-5


     


    

 


master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class G-RR Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.


 


During each Interest
Accrual Period (as defined below), interest on the Class G-RR Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.


 






    A-13-6


     


    

 


Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 






    A-13-7


     


    

 


invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.


 






    A-13-8


     


    

 


Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.


 


Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel


 






    A-13-9


     


    

 


(at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of


 






    A-13-10


     


    

 


the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;



 






    A-13-11


     


    

 


		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or



 


		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).



 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:


 


		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);



 






    A-13-12


     


    

 


		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and



 


		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.



 


In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.


 


All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on


 






    A-13-13


     


    

 


behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-13-14


     


    

 


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class G-RR Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class G-RR
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-13-15


     


    




 


EXHIBIT A-14


 


FORM OF CLASS X-A CERTIFICATE


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


THE HOLDERS OF THIS CLASS X-A CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET
FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.


 


FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 





 



 


1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






    A-14-1


     


    

 


BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A


 


	Class X-A Pass-Through Rate:  Variable	 	
        CUSIP: 08162PAY7

         

        ISIN:    US08162PAY79

         

	Original Aggregate Notional Balance of the

Class X-A Certificates: $885,279,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December 2027	 	No.: X-A-[_]


 


This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.


 


The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM,


 






    A-14-2


     


    

 


Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.


 


During each Interest
Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.


 


Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of


 






    A-14-3


     


    

 


the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage


 






    A-14-4


     


    

 


Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.


 


Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 






    A-14-5


     


    

 


No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu


 






    A-14-6


     


    

 


Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other


 






    A-14-7


     


    

 


regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;



 


		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or



 


		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 



 






    A-14-8


     


    

 


satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).


 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:


 


		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);



 


		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 



 






    A-14-9


     


    

 





			 (less any P&I Advances previously made on account of interest); and


 


		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.



 


In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.


 


All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from


 






    A-14-10


     


    

 


the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-14-11


     


    

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class X-A Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class X-A
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-14-12


     


    

 


EXHIBIT A-15


 


FORM OF CLASS X-B [RULE 144A]1
[REG S]2 CERTIFICATE


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 





1 For Rule 144A Global
Certificates only.


2 For Reg S Global Certificates
only.


3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.







 






    A-15-1


     


    

 


ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE
REGISTRAR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER
IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


THE HOLDERS OF THIS CLASS X-B CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.


 


TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4


 





 



 


4
For Reg S Global Certificates only.


 






    A-15-2


     


    

 


BENCHMARK 2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-B


 


	
        Class X-B Pass-Through Rate: Variable

         
	 	
        CUSIP:  08162PAA95

        U0733TAA56

        08162PAB77

         

        ISIN:     US08162PAA938

        USU0733TAA529

        US08162PAB7610

         

	Original Aggregate Notional Balance of the

Class X-B Certificates:  $47,853,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date:  February 16, 2018	 	Cut-off Date:  The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December 2027	 	No.:  X-B-[__]


 


This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.


 





 



 





5 For Rule 144A Certificates


6 For Regulation S Certificates


7 For IAI Certificates


8 For Rule 144A Certificates


9 For Regulation S Certificates


10 For IAI
Certificates


 






    A-15-3


     


    

 


The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.


 






    A-15-4


     


    

 


During each Interest
Accrual Period (as defined below), interest on the Class X-B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.


 


Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and


 






    A-15-5


     


    

 


Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement,


 






    A-15-6


     


    

 


the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.


 


Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or


 






    A-15-7


     


    

 


minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency


 






    A-15-8


     


    

 


confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 






    A-15-9


     


    

 


		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;



 


		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or



 


		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).



 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:


 


		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such 



 






    A-15-10


     


    

 





		 	 Anticipated Termination Date (less any P&I Advances previously made on account of principal);


 


 


		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and



 


		(D)	the aggregate amount of unreimbursed
                                         Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
                                         Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee
                                         Fees, the CREFC® Intellectual Property Royalty License Fees and Trust
                                         Fund expenses.



 


In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.


 


All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make


 






    A-15-11


     


    

 


certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-15-12


     


    

  


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-B Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class X-B
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-15-13


     


    

 


EXHIBIT A-16


 


FORM OF CLASS X-D [RULE 144A]1
[REG S]2 CERTIFICATE


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 





1 For Rule 144A Global
Certificates only.


2 For Reg S Global Certificates
only.


3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.







 






    A-16-1


     


    

 


ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


THE HOLDERS OF THIS CLASS X-D CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.


 


TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4




 


 





 



 


4
For Reg S Global Certificates only.


 






    A-16-2


     


    

 


BENCHMARK 2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-D


 


	Class X-D Pass-Through Rate:  Variable	 	
        CUSIP:  08162PAC55

        U0733TAB36

        08162PAD37

        

        

         

        ISIN:     US08162PAC598

        USU0733TAB369

        US08162PAD3310

         

	Original Aggregate Notional Balance of the

Class X-D Certificates:  $60,520,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2028	 	No.:  X-D-[__]


 


This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.


 





 






 


5 For Rule 144A Certificates


6 For Regulation S Certificates


7 For IAI Certificates


8 For Rule 144A Certificates


9 For Regulation S Certificates


10 For IAI
Certificates







 






    A-16-3


     


    

 


The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.


 






    A-16-4


     


    

 


During each Interest
Accrual Period (as defined below), interest on the Class X-D Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.


 


Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and


 






    A-16-5


     


    

 


Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement,


 






    A-16-6


     


    

 


the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.


 


Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or


 






    A-16-7


     


    

 


minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency


 






    A-16-8


     


    

 


confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 






    A-16-9


     


    

 


		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;



 


		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or



 


		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).



 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:


 


		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such 



 






    A-16-10


     


    

 





		 	Anticipated Termination Date (less any P&I Advances previously made on account of principal);


 


		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and



 


		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.



 


In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.


 


All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make


 






    A-16-11


     


    

 


certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-16-12


     


    

 


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-D Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class X-D
Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-16-13


     


    








  


EXHIBIT
A-17


 


FORM
OF CLASS X-E [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 




	1	For
                                         Rule 144A Global Certificates only.






	2	For
                                         Reg S Global Certificates only.






	3	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






     A-17-1


     


    




 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


THE
HOLDERS OF THIS CLASS X-E CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-E
CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-E
CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON


 






     A-17-2


     


    

 


ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY
SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i)
TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH
AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS
AS MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS
GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY
WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS
I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED


 






     A-17-3


     


    

  





STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4


  


 






 

	4	For
                                         Reg S Global Certificates only.



 







     A-17-4


     


    




 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-E


 


	Class X-E Pass-Through
    Rate:  Variable	 	CUSIP: 08162PAE15

                           U0733TAC16

                           08162PAF87

                           


         

        ISIN: US08162PAE168

        USU0733TAC199

        US08162PAF8010

         

	Original Aggregate Notional Balance of the

    Class X-E Certificates:  $25,334,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  X-E-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class X-E
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as


 





 



  

		5	For
                                         Rule 144A Certificates






		6	For
                                         Regulation S Certificates






		7	For
                                         IAI Certificates






		8	For
                                         Rule 144A Certificates






		9	For
                                         Regulation S Certificates






		10	For
                                         IAI Certificates



 



     A-17-5


     


    




 





master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-E Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.


 


During
each Interest Accrual Period (as defined below), interest on the Class X-E Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Notional Balance hereof.


 



     A-17-6


     


    

 





Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be 


 






     A-17-7


     


    

 


invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.


 






     A-17-8


     


    

 


Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel


 






     A-17-9


     


    

 


(at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of


 






     A-17-10


     


    

 


the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 



     A-17-11


     


    

 





		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 



     A-17-12


     


    

 





		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on


 






     A-17-13


     


    

  


behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 



     A-17-14


     


    




  


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-E Certificate to be duly executed.


 


Dated: January 31, 2018


 





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class X-E Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018


 





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






     A-17-15


     


    

 



 


EXHIBIT
A-18


 


FORM
OF CLASS S CERTIFICATE


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH
ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,”
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN
ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE


 






    A-18-1


     


    

 


MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.


 




    A-18-2


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS S


 


	No.: S-1	 	Percentage
                           Interest: [_]%

         

        CUSIP: 08162PBC41

         

        ISIN: 
           US08162PBC412

         



This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class S Certificates.
The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial
and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and
the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial ownership interest in a portion of the Excess Interest collected on the ARD Loans and amounts
held from time to time in the Excess Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.


 





 



 


1
For IAI Certificates


 


2
For IAI Certificates 


 






    A-18-3


     


    

 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class S Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable


 






    A-18-4


     


    

 


state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class S Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests,


 






    A-18-5


     


    

 


rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing


 






    A-18-6


     


    

 


and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the


 






    A-18-7


     


    

 


Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 






    A-18-8


     


    

 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the


 






    A-18-9


     


    

 


Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any


 






    A-18-10


     


    

 


determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-18-11


     


    






 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class S Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class S Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-18-12


     


    

  





EXHIBIT
A-19


 


FORM
OF CLASS R CERTIFICATE


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE
INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED
THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(l) OF THE POOLING AND SERVICING
AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT,
AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN
AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED
BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS
TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION
OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND
VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL
INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR
FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED,
THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE
AND EITHER TO PAY A SPECIFIED AMOUNT TO THE


 






    A-19-1


     


    

 


PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.


 


THE
HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO ACT AS “TAX MATTERS PERSON”
AND “PARTNERSHIP REPRESENTATIVE” (AS DEFINED IN CODE SECTION 6223, TO THE EXTENT SUCH PROVISION IS APPLICABLE TO THE
TRUST REMICS) OF THE UPPER-TIER REMIC AND THE LOWER-TIER REMIC AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY-IN-FACT
AND AGENT FOR THE “TAX MATTERS PERSON” AND “PARTNERSHIP REPRESENTATIVE” OR AS OTHERWISE PROVIDED IN THE
POOLING AND SERVICING AGREEMENT TO PERFORM THE FUNCTIONS OF A “TAX MATTERS PARTNER” AND “PARTNERSHIP REPRESENTATIVE”
FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (2) FOR SO
LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”),
TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 






    A-19-2


     


    

 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND
WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT
TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING
ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR
LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES
OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING
AND SERVICING AGREEMENT TO SUCH EFFECT. 


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 




    A-19-3


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R


 


	No.: R-1	Percentage Interest: [_]%
	 	 
	 	CUSIP: 08162PAR21 

         

        ISIN:     US08162PAR292

         



This
certifies that [              ] is the registered
owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates issued by the Trust Fund. The Class R
Certificateholder is not entitled to interest or principal distributions. The Class R Certificateholder will be entitled
to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution Date for
the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions
in reduction of principal balance have reduced the principal balances of the Certificates to zero. It is not anticipated that
there will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the
distributions on the Regular Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master
Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Pooling and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 





 



 


1
For Rule 144A Certificates 


2
For Rule 144A Certificates 


 






    A-19-4


     


    

 


This
Class R Certificate represents the sole “residual interest” in two “real estate mortgage investment conduits”,
as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates
shall be the “tax matters person” pursuant to Treasury Regulations Section 1.860F-4(d) and “partnership representative”
(within the meaning of Section 6223 of the Code, to the extent such provision is applicable to the Trust REMICs) for each Trust
REMIC, and the Certificate Administrator is hereby irrevocably designated and shall serve as attorney-in-fact and agent for any
such Person that is the “tax matters person” and “partnership representative”.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust


 






    A-19-5


     


    

 


and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests,


 






    A-19-6


     


    

 


rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing


 






    A-19-7


     


    

 


and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the


 






    A-19-8


     


    

 


Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 






    A-19-9


     


    

 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the


 






    A-19-10


     


    

 


Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any


 






    A-19-11


     


    

 


determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-19-12


     


    

 










IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-19-13


     


    

 











EXHIBIT
A-20


 


FORM
OF CLASS V2 [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED


 





 



1
For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 


 






    A-20-1


     


    

 


INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A BENEFICIAL INTEREST IN MULTIPLE “REGULAR INTERESTS”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL


 






    A-20-2


     


    

 


REVENUE CODE OF 1986, AS AMENDED, AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF
IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR OTHER EXCHANGEABLE CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 







    A-20-3


     


    

 


 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V2


 


	Class V2 Pass-Through
    Rate:  N/A.  The Class V2 Certificates will not have a Pass-Through Rate, but will be entitled to
    receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBD2


         

        ISIN:    US08162PBD24

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V2 Certificates: $40,426,662

         

        The
        aggregate initial Certificate Balance of the Class V2 Certificates represents the maximum aggregate Certificate Balance
        of the Class V2 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate
    as of the Closing Date:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V2-[__]
	 	 	 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V2
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the


 






    A-20-4


     


    

 


Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents (i) a beneficial interest in multiple “regular interests” in a “real estate mortgage
investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code
of 1986, as amended, and (ii) a beneficial interest in the Excess Interest and proceeds thereof in the Excess Interest Distribution
Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment
of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and
franchise taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class V2 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the


 






    A-20-5


     


    

 


eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 






    A-20-6


     


    

 


invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.


 






    A-20-7


     


    

 


Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel


 






    A-20-8


     


    

 


(at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of


 






    A-20-9


     


    

 


the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 






    A-20-10


     


    

 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 






    A-20-11


     


    

 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on


 






    A-20-12


     


    

 


behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-20-13


     


    










 










IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V2 Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class V2 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-20-14


     


    

  


EXHIBIT
A-21


 


FORM
OF CLASS V1-A1 [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES


 





 



 


1
For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






    A-21-1


     


    

 


ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 






    A-21-2


     


    

 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.



 






    A-21-3


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A1


 


	Class V1-A1 Pass-Through
    Rate:  N/A.  The Class V1-A1 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBE04

                           

         

        ISIN:     US08162PBE075

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A1 Certificates: $671,521

         

        The
        aggregate initial Certificate Balance of the Class V1-A1 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A1 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A1-[__]
	 	 	 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A1


 





 



 


4
For IAI Certificates


5
For IAI Certificates


 






    A-21-4


     


    

 


Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A1
Certificates


 






    A-21-5


     


    

 


for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-A1 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate


 






    A-21-6


     


    

 


Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 






    A-21-7


     


    

 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private


 






    A-21-8


     


    

 


Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the


 






    A-21-9


     


    

 


same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the 



 



    A-21-10


     


    

 





	 	 	Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby or which are required to be distributed to any Companion Loan Noteholders
                                         without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer,


 






    A-21-11


     


    

 


and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 






    A-21-12


     


    

 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-21-13


     


    












 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A1 Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class V1-A1 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-21-14


     


    

 





EXHIBIT
A-22


 


FORM
OF CLASS V1-A2 [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


 



 


1
For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.





 






    A-22-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE


 






    A-22-2


     


    

 


MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.



 






    A-22-3


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A2


 


	Class V1-A2 Pass-Through
    Rate:  N/A.  The Class V1-A2 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBF714

                            


         

        ISIN:     US08162PBF7115

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A2 Certificates: $5,659,582

         

        The
        aggregate initial Certificate Balance of the Class V1-A2 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A2 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A2-[__]
	 	 	 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A2


 





 



 


4
For IAI Certificates


5
For IAI Certificates


 






    A-22-4


     


    

 


Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A2
Certificates


 






    A-22-5


     


    

 


for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-A2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s


 






    A-22-6


     


    

 


failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate


 






    A-22-7


     


    

 


in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely


 






    A-22-8


     


    

 


affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such






    A-22-9


     


    

 


modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 



 






    A-22-10


     


    

 


	 	 	requirement
                                         to obtain consent of any Companion Loan Noteholder, in any such case without the consent
                                         of the Holders of all Certificates of such Class then-outstanding or such Companion Loan
                                         Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






    A-22-11


     


    

 


included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 






    A-22-12


     


    

 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-22-13


     


    







 










IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A2 Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class V1-A2 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-22-14


     


    

 





 



 



EXHIBIT
A-23


 


FORM
OF CLASS V1-A3 [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


 



 


1
                                         For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 



    A-23-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE


 






    A-23-2


     


    

 


MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.



 



    A-23-3


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A3


 


	Class V1-A3 Pass-Through
    Rate:  N/A.  The Class V1-A3 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBG54

         

        ISIN: US08162PBG545

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A3 Certificates: $1,769,084

         

        The
        aggregate initial Certificate Balance of the Class V1-A3 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A3 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A3-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A3


 


 



 


4
For IAI Certificates


5
For IAI Certificates


 







    A-23-4


     


    

 


Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A3
Certificates


 






    A-23-5


     


    

 


for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-A3Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s


 






    A-23-6


     


    

 


failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate


 






    A-23-7


     


    

 


in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely


 






    A-23-8


     


    

 


affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such


 






    A-23-9


     


    

 


modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 



 



    A-23-10


     


    

 


	 	 	requirement
                                         to obtain consent of any Companion Loan Noteholder, in any such case without the consent
                                         of the Holders of all Certificates of such Class then-outstanding or such Companion Loan
                                         Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






    A-23-11


     


    

 


included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 



    A-23-12


     


    

 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-23-13


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A3 Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory





 


Certificate
of Authentication


 


This
is one of the Class V1-A3 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory








 




    A-23-14


     


    

 


EXHIBIT
A-24


 


FORM
OF CLASS V1-ASB [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 


1
                                         For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 



    A-24-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE


 






    A-24-2


     


    

 


MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.



 



    A-24-3


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-ASB


 


	Class V1-ASB Pass-Through
    Rate:  N/A.  The Class V1-ASB Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBH34

         

        ISIN: US08162PBH385

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-ASB Certificates: $1,452,299

         

        The
        aggregate initial Certificate Balance of the Class V1-ASB Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-ASB Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-ASB -[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-ASB


 


 



 


4
                                         For IAI Certificates


5
For IAI Certificates



 






    A-24-4


     


    

 


Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the
Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day
after each Determination Date (each such date, a “Distribution Date”) an amount equal to such
Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the
aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-ASB


 






    A-24-5


     


    

 


Certificates for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-ASB Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s


 






    A-24-6


     


    

 


failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate


 






    A-24-7


     


    

 


in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely


 






    A-24-8


     


    

 


affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such


 






    A-24-9


     


    

 


modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 



 



    A-24-10


     


    

 


	 	 	requirement
                                         to obtain consent of any Companion Loan Noteholder, in any such case without the consent
                                         of the Holders of all Certificates of such Class then-outstanding or such Companion Loan
                                         Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






    A-24-11


     


    

 


included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 



    A-24-12


     


    

 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-24-13


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-ASB Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory








 


Certificate
of Authentication


 


This
is one of the Class V1-ASB Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory





 




    A-24-14


     


    

 


EXHIBIT
A-25


 


FORM
OF CLASS V1-A4 [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


 



 


1
                                         For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 



    A-25-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE


 






    A-25-2


     


    

 


MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.



 



    A-25-3


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A4


 


	Class V1-A4 Pass-Through
    Rate:  N/A.  The Class V1-A4 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBJ94

         

        ISIN: US08162PBJ935

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A4 Certificates: $4,847,101

         

        The
        aggregate initial Certificate Balance of the Class V1-A4 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A4 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A4-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A4


 





 



 


4
For IAI Certificates


5
For IAI Certificates



 



    A-25-4


     


    

 


Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A4
Certificates


 






    A-25-5


     


    

 


for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-A4 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s


 






    A-25-6


     


    

 


failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate


 






    A-25-7


     


    

 


in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely


 






    A-25-8


     


    

 


affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such


 






    A-25-9


     


    

 


modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 



 



    A-25-10


     


    

 


	 	 	requirement
                                         to obtain consent of any Companion Loan Noteholder, in any such case without the consent
                                         of the Holders of all Certificates of such Class then-outstanding or such Companion Loan
                                         Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






    A-25-11


     


    

 


included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 



    A-25-12


     


    

 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-25-13


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A4 Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory





 


Certificate
of Authentication


 


This
is one of the Class V1-A4 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory





 




    A-25-14


     


    

 


EXHIBIT
A-26


 


FORM
OF CLASS V1-A5 [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


 



 


1
                                         For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 



    A-26-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE


 






    A-26-2


     


    

 


MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.



 



    A-26-3


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A5


 


	Class V1-A5 Pass-Through
    Rate:  N/A.  The Class V1-A5 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBK64

         

        ISIN: US08162PBK665

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A5 Certificates: $13,899,043

         

        The
        aggregate initial Certificate Balance of the Class V1-A5 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A5 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A5-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A5


 


 



 


4
                                         For IAI Certificates


5
For IAI Certificates


 



    A-26-4


     


    

 


Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A5
Certificates


 






    A-26-5


     


    

 


for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-A5 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s


 






    A-26-6


     


    

 


failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate


 






    A-26-7


     


    

 


in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely


 






    A-26-8


     


    

 


affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such


 






    A-26-9


     


    

 


modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 



 



    A-26-10


     


    

 


	 	 	requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






    A-26-11


     


    

 


included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 



    A-26-12


     


    

 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-26-13


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A5 Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory





 


Certificate
of Authentication


 


This
is one of the Class V1-A5 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory








 




    A-26-14


     


    



  


EXHIBIT
A-27


 


FORM
OF CLASS V1-AM [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 




 



  


1
For Rule 144A Global Certificates only.





2
For Reg S Global Certificates only. 


3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






    A-27-1 


     


    

 





THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE


 






    A-27-2 


     


    

 


MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 



    A-27-3 


     


    





 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-AM


 


	Class V1-AM
                           Pass-Through Rate:  N/A.  The Class V1-AM Certificates will not have a Pass-Through
                           Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the
                           product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied
                           by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class
                           A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C,
                           Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBL44

                           

         

        ISIN:     US08162PBL405

         

	Original
Aggregate Certificate Balance of the Class V1-AM Certificates: $3,486,825

         

        The
        aggregate initial Certificate Balance of the Class V1-AM Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-AM Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-AM -[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-AM


 





 



  

4
For IAI Certificates





5
For IAI Certificates




 






    A-27-4 


     


    

 


Certificates.
The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial
and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and
the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-AM
Certificates


 






    A-27-5 


     


    

 


for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is
defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day,
then the next Business Day, commencing in February 2018. Holders of this Certificate may be entitled to Prepayment Premiums and
Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-AM Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s


 






    A-27-6 


     


    

 


failure
to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts
transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment
of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate


 






    A-27-7 


     


    

 


in
the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely


 






    A-27-8 


     


    




 


affect
in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to
such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund
or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC
or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall
not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of
a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed
securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such


 






    A-27-9 


     


    

  


modification
does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement
relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect
in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for
posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such
extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided
in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will
be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the
event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction
are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention
requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 



 



    A-27-10 


     


    

 


requirement
to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of
such Class then-outstanding or such Companion Loan Noteholder, as applicable;


 





		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






    A-27-11 


     


    

 


included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 



    A-27-12 


     


    

 





The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 



    A-27-13 


     


    




 









 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-AM Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class V1-AM Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    A-27-14 


     


    

  


EXHIBIT
A-28


 


FORM
OF CLASS V1-B [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



  

1
For Rule 144A Global Certificates only.





2
For Reg S Global Certificates only.





3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 






     A-28-1


     


    

 





THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 



     A-28-2


     


    

 





THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 







     A-28-3


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-B


 


	Class V1-B
                           Pass-Through Rate:  N/A.  The Class V1-B Certificates will not have a Pass-Through
                           Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the
                           product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied
                           by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class
                           A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C,
                           Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP:
08162PBM24

 

        ISIN:     US08162PBM235

         

	Original
Aggregate Certificate Balance of the Class V1-B Certificates: $1,718,136

         

        The
        aggregate initial Certificate Balance of the Class V1-B Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-B Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off
        Date:  The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or,
        in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been
        its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that
        month) and the date of origination of such Mortgage Loan

         

	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-B -[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-B




 


 






 





4
For IAI Certificates





5
For IAI Certificates

  






     A-28-4


     


    

 


Certificates.
The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial
and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and
the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-B
Certificates


 






     A-28-5


     


    

 





for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is
defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day,
then the next Business Day, commencing in February 2018. Holders of this Certificate may be entitled to Prepayment Premiums and
Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-B Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s


 






     A-28-6


     


    

 


failure
to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts
transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment
of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate


 






     A-28-7


     


    

 


in
the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely


 






     A-28-8


     


    

 


affect
in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to
such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund
or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC
or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall
not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of
a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed
securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such


 






     A-28-9


     


    

 


modification
does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement
relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect
in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for
posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such
extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided
in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will
be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the
event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction
are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention
requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 



 



     A-28-10


     


    

 


requirement
to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of
such Class then-outstanding or such Companion Loan Noteholder, as applicable;


 





		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






     A-28-11


     


    

 


included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 



     A-28-12


     


    

 





The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 









     A-28-13


     


    

  


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-B Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class V1-B Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






     A-28-14


     


    

 





 EXHIBIT
A-29


 


FORM
OF CLASS V1-C [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.





 


 






 








1
For Rule 144A Global Certificates only.





2
For Reg S Global Certificates only.





3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 



     A-29-1


     


    

 





THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 



     A-29-2


     


    

 





THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 



     A-29-3


     


    





 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-C


 


	Class V1-C
                           Pass-Through Rate:  N/A.  The Class V1-C Certificates will not have a Pass-Through
                           Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the
                           product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied
                           by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class
                           A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C,
                           Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBN04

                           

         

        ISIN:     US08162PBN065

         

	Original
Aggregate Certificate Balance of the Class V1-C Certificates: $1,869,724

         

        The
        aggregate initial Certificate Balance of the Class V1-C Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-C Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off
        Date:  The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or,
        in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been
        its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that
        month) and the date of origination of such Mortgage Loan

         

	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-C -[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-C


 





 



  

4
For IAI Certificates





5
For IAI Certificates

 






     A-29-4


     


    

 


Certificates.
The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial
and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and
the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-C
Certificates


 






     A-29-5


     


    

 





for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is
defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day,
then the next Business Day, commencing in February 2018. Holders of this Certificate may be entitled to Prepayment Premiums and
Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-C Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s


 






     A-29-6


     


    

 


failure
to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts
transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment
of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate


 






     A-29-7


     


    

 


in
the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely


 






     A-29-8


     


    

 


affect
in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to
such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund
or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC
or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall
not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of
a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed
securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such


 






     A-29-9


     


    

 


modification
does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement
relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect
in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for
posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such
extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided
in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will
be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the
event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction
are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention
requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the



 






     A-29-10


     


    

 





requirement
to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of
such Class then-outstanding or such Companion Loan Noteholder, as applicable;


 





		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






     A-29-11


     


    

 


included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 



     A-29-12


     


    

 





The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 





 



     A-29-13


     


    

 










IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-C Certificate to be duly executed.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class V1-C Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018





	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






     A-29-14


     


    

 





 


 



  


EXHIBIT
A-30


 


FORM
OF CLASS V1-D [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


 



 





1
For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3 Legend required as
long as DTC is the Depository under the Pooling and Servicing Agreement.









  






    A-30-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 






    A-30-2


     


    

 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.







 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.



 






    A-30-3


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-D


 


	Class V1-D Pass-Through
    Rate:  N/A.  The Class V1-D Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBP54

         

        ISIN:    US08162PBP535

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-D Certificates: $2,172,937

         

        The
        aggregate initial Certificate Balance of the Class V1-D Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-D Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-D -[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-D


 


 



 


		4	For
                                         IAI Certificates



		5	For
                                         IAI Certificates




 



    A-30-4


     


    

 


Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-D
Certificates






 






    A-30-5


     


    

 


for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is
defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day,
then the next Business Day, commencing in February 2018. Holders of this Certificate may be entitled to Prepayment Premiums and
Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-D Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s


 






    A-30-6


     


    

 


failure
to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts
transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment
of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate


 






    A-30-7


     


    

 


in
the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely


 






    A-30-8


     


    

 


affect
in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to
such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund
or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC
or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall
not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of
a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed
securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such


 






    A-30-9


     


    

 


modification
does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement
relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect
in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for
posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such
extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided
in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will
be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the
event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction
are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention
requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the



 






    A-30-10


     


    

 


			requirement to
                                                                           obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of
                                                                           such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






    A-30-11


     


    

 


included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 






    A-30-12


     


    

 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




    A-30-13


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-D Certificate to be duly executed.


 


Dated:
January 31, 2018


 





	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity
    but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory





 


Certificate
of Authentication


 


This
is one of the Class V1-D Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
January 31, 2018


 





	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity
    but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory





 




    A-30-14


     


    

 






  


EXHIBIT
A-31


 


FORM
OF CLASS V1-E [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



  


1
For Rule 144A Global Certificates only.





2
For Reg S Global Certificates only.





3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 






     A-31-1


     


    




 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 



     A-31-2


     


    

 





THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING


 






     A-31-3


     


    




 


PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.


 



     A-31-4


     


    




 






 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-E


 


	Class V1-E Pass-Through Rate:  N/A.  The Class V1-E Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBQ34

         

        ISIN:     US08162PBQ375

         

	Original
        Aggregate Certificate Balance of the Class V1-E Certificates: $909,603

         

        The
        aggregate initial Certificate Balance of the Class V1-E Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-E Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-E -[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-E


 





 



  


4
For IAI Certificates





5
For IAI Certificates


 






     A-31-5


     


    

  


Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-E
Certificates


 






     A-31-6


     


    

 


for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-E Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and 


 






     A-31-7


     


    

 



Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in


 






     A-31-8


     


    

 


authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an


 






     A-31-9


     


    

 


Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status


 






     A-31-10


     


    

 


of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any 



 



     A-31-11


     


    

 


such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;


 





		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






     A-31-12


     


    

 


included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 



     A-31-13


     


    

 





The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 





 



     A-31-14


     


    









 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-E Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class V1-E Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






     A-31-15


     


    




 


EXHIBIT
A-32


 


FORM
OF CLASS V1-F [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



  

1
For Rule 144A Global Certificates only.





2
For Reg S Global Certificates only.





3
Legend required as long as DTC is the Depository under the Pooling
and Servicing Agreement.

 



     A-32-1


     


    

 





THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 



     A-32-2


     


    

 








THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING


 






     A-32-3


     


    

  


PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.


 



     A-32-4


     


    





 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-F


 


	Class V1-F Pass-Through Rate:  N/A.  The Class V1-F Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBR14

         

        ISIN:    US08162PBR105

         

	Original
        Aggregate Certificate Balance of the Class V1-F Certificates: $505,319

         

        The
        aggregate initial Certificate Balance of the Class V1-F Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-F Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-F -[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-F


 


 



  

4
For IAI Certificates





5
For IAI Certificates

 






     A-32-5


     


    

 


Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the
Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day
after each Determination Date (each such date, a “Distribution Date”) an amount equal to such
Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the
aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-F
Certificates 


 



     A-32-6


     


    




 


for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-F Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and


 






     A-32-7


     


    

 


Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in


 






     A-32-8


     


    

 


authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an


 






     A-32-9


     


    

 


Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status


 






     A-32-10


     


    




 


of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any 



 



     A-32-11


     


    

 


such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;


 





		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then


 






     A-32-12


     


    

 


included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 



     A-32-13


     


    

 





The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 









     A-32-14


     


    

 





IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-F Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class V1-F Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






     A-32-15


     


    

 





 EXHIBIT
A-33


 


FORM
OF CLASS V1-G [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



  


1
For Rule 144A Global Certificates only.





2
For Reg S Global Certificates only.





3
Legend required as long as DTC is the Depository under the Pooling
and Servicing Agreement.

 









     A-33-1


     


    

 





THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


  



     A-33-2


     


    

 





THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN
A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF
IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER


 






     A-33-3


     


    

 


PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.


 









     A-33-4


     


    

 


BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-G


 


	Class V1-G Pass-Through Rate:  N/A.  The Class V1-G Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBS91

         

        ISIN:     US08162PBS922

         

	Original
        Aggregate Certificate Balance of the Class V1-G Certificates: $1,465,488

         

        The
        aggregate initial Certificate Balance of the Class V1-G Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-G Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-G -[__]


 





 



  

1
For IAI Certificates





2
For IAI Certificates


 



     A-33-5


     


    



 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-G
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents (i) a beneficial interest in a “regular interest” in a “real estate mortgage investment
conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986,
as amended, and (ii) a beneficial interest in the Excess Interest and proceeds thereof in the Excess Interest Distribution Account.
Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of,
this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each


 






     A-33-6


     


    

 


Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share
(based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and
interest then distributable, if any, allocable to the Class V1-G Certificates for such Distribution Date, all as more
fully described in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and
Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business
Day, commencing in February 2018.


 


During
each Interest Accrual Period (as defined below), interest on the Class V1-G Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall


 






     A-33-7


     


    

 


accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of


 






     A-33-8


     


    

 


this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO


 






     A-33-9


     


    

 


Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing,


 






     A-33-10


     


    

 


the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;



 



     A-33-11


     


    

 





		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the


 






     A-33-12


     


    

  


Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:


 


		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);



 


		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;



 


		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.



 


In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any


 






     A-33-13


     


    

  


determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 



     A-33-14


     


    




 








IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-G Certificate to be duly executed.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 


Certificate
of Authentication


 


This
is one of the Class V1-G Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: January 31, 2018





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






     A-33-15


     


    

 




 


EXHIBIT
B


 


MORTGAGE
LOAN SCHEDULE


 






    	B-1 



     


    






 





	BMARK 2018-B1 - Mortgage Loan Schedule	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Mortgage
    Loan	 	 	 	 	 	Mortage	Original
    Principal	Cut-off
    Date 	Maturity
    Date	Due
	ID	Loan
    Number	 Seller	Mortgage
    Loan Name	Street
    Address	City	State	Zip
    Code	Rate	Balance	Stated
    Principal Balance	or
    ARD	Date
    
	JPMCB1	1	JPMCB	90
    Hudson	90
    Hudson Street	Jersey
    City	NJ	07302	4.1400%	$70,000,000	$70,000,000.00	11/1/2027	1
	GACC2	2	GACC	Valencia
    Town Center	24300,
    24303 and 24305 Town Center Drive, 24200 and 24204 Magic Mountain Parkway, 26950 Theater Drive and 26735 Circle Drive	Santa
    Clarita	CA	91355	4.1860%	$58,000,000	$58,000,000.00	12/6/2027	6
	CREFI3	3	CREFI	The
    Woods	4300
    The Woods Drive	San
    Jose	CA	95136	2.9405%	$57,500,000	$57,500,000.00	12/6/2022	6
	GACC4	4	GACC	Griffin
    Portfolio	Various	Various	Various	Various	3.7700%	$55,000,000	$55,000,000.00	10/1/2027	1
	GACC4.01	4.01	GACC	Restoration
    Hardware Distribution	825
    Rogers Road	Patterson	CA	95363	3.7700%	$11,440,000	$11,440,000.00	 	 
	GACC4.02	4.02	GACC	State
    Farm Regional HQ	64
    & 66 Perimeter Center East	Atlanta	GA	30346	3.7700%	$10,187,613	$10,187,613.33	 	 
	GACC4.03	4.03	GACC	North
    Pointe I 	6380
    & 6440 Aviation Way	West
    Chester	OH	45069	3.7700%	$5,815,333	$5,815,333.33	 	 
	GACC4.04	4.04	GACC	Corporate
    Campus at Norterra	25500
    & 25600 North Norterra Drive	Phoenix	AZ	85085	3.7700%	$5,720,000	$5,720,000.00	 	 
	GACC4.05	4.05	GACC	CHRISTUS
    Health HQ	919
    Hidden Ridge	Irving	TX	75038	3.7700%	$5,309,113	$5,309,113.33	 	 
	GACC4.06	4.06	GACC	Duke
    Bridges I 	7668
    Warren Parkway	Frisco	TX	75034	3.7700%	$4,029,740	$4,029,740.00	 	 
	GACC4.07	4.07	GACC	Wells
    Fargo Operations Center	8740
    Research Drive	Charlotte	NC	28262	3.7700%	$3,956,333	$3,956,333.33	 	 
	GACC4.08	4.08	GACC	Ace
    Hardware HQ	2200-2222
    Kensington Court	Oak
    Brook	IL	60523	3.7700%	$3,336,667	$3,336,666.67	 	 
	GACC4.09	4.09	GACC	Royal
    Ridge V	3929
    West John Carpenter Freeway	Irving	TX	75063	3.7700%	$3,136,467	$3,136,466.67	 	 
	GACC4.1	4.10	GACC	Comcast
    Regional HQ	15815
    25th Avenue West	Lynnwood	WA	98087	3.7700%	$2,068,733	$2,068,733.33	 	 
	GACC5	5	GACC	Worldwide
    Plaza	825
    Eighth Avenue	New
    York	NY	10019	3.6045425532%	$50,000,000	$50,000,000.00	11/6/2027	6
	JPMCB6	6	JPMCB	Station
    Place III	700
    2nd Street Northeast	Washington	DC	20002	3.6000%	$50,000,000	$50,000,000.00	11/1/2027	1
	JPMCB7	7	JPMCB	Atrium
    Center	300
    Boylston Street	Chestnut
    Hill	MA	02467	3.9000%	$50,000,000	$50,000,000.00	1/1/2028	1
	GACC8	8	GACC	Sentinel
    Square II	1050
    First Street Northeast	Washington	DC	20002	3.2420%	$45,000,000	$45,000,000.00	1/6/2023	6
	CREFI9	9	CREFI	Spicetree
    Apartments	4854
    Washtenaw Avenue	Ann
    Arbor	MI	48108	4.3150%	$44,100,000	$44,100,000.00	12/6/2027	6
	JPMCB10	10	JPMCB	Radisson
    Blu Aqua Hotel	221
    North Columbus Drive	Chicago	IL	60601	4.5970%	$44,000,000	$44,000,000.00	11/1/2027	1
	GACC11	11	GACC	8900
    Beverly	8900
    Beverly Boulevard	West
    Hollywood	CA	90048	3.9000%	$43,000,000	$43,000,000.00	12/6/2027	6
	JPMCB12	12	JPMCB	Gateway
    Net Lease Portfolio	Various	Various	Various	Various	3.56283%	$42,100,000	$42,100,000.00	6/5/2024	5
	JPMCB12.01	12.01	JPMCB	BAE
    Facility	4300
    Airport Expressway	Fort
    Wayne	IN	46809	3.56283%	$3,506,455	$3,506,455.07	 	 
	JPMCB12.02	12.02	JPMCB	FedEx
    Ground (Stratford)	825
    Lordship Boulevard	Stratford	CT	06615	3.56283%	$3,377,660	$3,377,659.66	 	 
	JPMCB12.03	12.03	JPMCB	FedEx
    (Baltimore)	6021
    Bethlehem Boulevard	Edgemere	MD	21219	3.56283%	$3,109,604	$3,109,604.21	 	 
	JPMCB12.04	12.04	JPMCB	Harman
    Becker	30001
    Cabot Drive	Novi	MI	48377	3.56283%	$2,476,897	$2,476,896.75	 	 
	JPMCB12.05	12.05	JPMCB	GE
    Aviation (Lafayette)	3720
    US Highway 52 South	Lafayette	IN	47905	3.56283%	$2,359,371	$2,359,370.94	 	 
	JPMCB12.06	12.06	JPMCB	GoDaddy	2155
    East GoDaddy Way	Tempe	AZ	85284	3.56283%	$2,091,315	$2,091,315.49	 	 
	JPMCB12.07	12.07	JPMCB	Carrier	16011
    Applewhite Road	San
    Antonio	TX	78264	3.56283%	$2,063,946	$2,063,946.46	 	 
	JPMCB12.08	12.08	JPMCB	Emerus	8686
    New Trails Drive	The
    Woodlands	TX	77381	3.56283%	$1,678,365	$1,678,365.20	 	 
	JPMCB12.09	12.09	JPMCB	Cardinal
    Health	6000
    Rosa Parks Boulevard	Detroit	MI	48208	3.56283%	$1,632,482	$1,632,481.84	 	 
	JPMCB12.1	12.10	JPMCB	Tyco
    Electronics	501
    Shenandoah Drive	Shakopee	MN	55379	3.56283%	$1,616,382	$1,616,382.41	 	 
	JPMCB12.11	12.11	JPMCB	FCA/Caterpillar	2348
    FM 464	Seguin	TX	78155	3.56283%	$1,523,006	$1,523,005.74	 	 
	JPMCB12.12	12.12	JPMCB	FedEx
    Ground (Staunton)	7
    Industry Way	Staunton	VA	24401	3.56283%	$1,281,514	$1,281,514.34	 	 
	JPMCB12.13	12.13	JPMCB	Quad
    Packaging (Proteus) - Franklin Business Park	1
    & 3 World Packaging Circle	Franklin	WI	53132	3.56283%	$1,072,222	$1,072,221.80	 	 
	JPMCB12.14	12.14	JPMCB	Quad
    Packaging (Transpak) - Franklin Business Park	2
    & 4 World Packaging Circle	Franklin	WI	53132	3.56283%	$1,061,757	$1,061,757.17	 	 
	JPMCB12.15	12.15	JPMCB	T-Mobile
    Call Center	820
    Tom Martin Drive	Birmingham	AL	35211	3.56283%	$990,920	$990,919.69	 	 
	JPMCB12.16	12.16	JPMCB	Sikorsky
    Aircraft R&D Facility	1727
    South Main Street	Dallas	TX	75261	3.56283%	$959,526	$959,525.81	 	 
	JPMCB12.17	12.17	JPMCB	Vatterott
    College	8580
    Evans Avenue	Berkeley	MO	63134	3.56283%	$890,298	$890,298.28	 	 
	JPMCB12.18	12.18	JPMCB	Comcast	12645
    Corporate Lakes Drive	Fort
    Myers	FL	33913	3.56283%	$798,532	$798,531.55	 	 
	JPMCB12.19	12.19	JPMCB	Alfa
    Laval Plant	5400
    International Trade Drive	Richmond	VA	23231	3.56283%	$728,499	$728,499.04	 	 
	JPMCB12.2	12.20	JPMCB	LKQ
    (New Braunfels)	5545
    Goodwin Lane	New
    Braunfels	TX	78130	3.56283%	$718,839	$718,839.39	 	 
	JPMCB12.21	12.21	JPMCB	Hitachi	1375
    North 28th Avenue	Irving	TX	75063	3.56283%	$686,641	$686,640.54	 	 
	JPMCB12.22	12.22	JPMCB	Cameron
    International	2503
    South Main Street	Mansfield	PA	16933	3.56283%	$652,832	$652,831.74	 	 
	JPMCB12.23	12.23	JPMCB	Alliance
    Data Systems Office	220
    West Schrock Road	Westerville	OH	43081	3.56283%	$619,023	$619,022.94	 	 
	JPMCB12.24	12.24	JPMCB	Synchrony
    Financial	140
    Wekiva Springs Road	Longwood	FL	32779	3.56283%	$576,359	$576,359.46	 	 
	JPMCB12.25	12.25	JPMCB	Baxalta
    (Barry Pointe)	9500
    Northeast 82nd Terrace	Kansas
    City	MO	64158	3.56283%	$441,929	$441,929.25	 	 
	JPMCB12.26	12.26	JPMCB	Baxalta
    (Casselberry)	1385
    State Road 436	Casselberry	FL	32707	3.56283%	$421,000	$421,000.00	 	 
	JPMCB12.27	12.27	JPMCB	Baxalta
    (Mounds View)	2325
    County Road 10	Mounds
    View	MN	55112	3.56283%	$397,656	$397,655.83	 	 
	JPMCB12.28	12.28	JPMCB	Baxalta
    (Grand Rapids)	2670
    East Paris Avenue Southeast	Grand
    Rapids	MI	49546	3.56283%	$396,851	$396,850.86	 	 
	JPMCB12.29	12.29	JPMCB	Gerdau	4265
    West Tompkins Avenue	Las
    Vegas	NV	89103	3.56283%	$396,851	$396,850.86	 	 
	JPMCB12.3	12.30	JPMCB	Baxalta
    (Wausau)	3201
    Rib Mountain Drive	Wausau	WI	54401	3.56283%	$386,386	$386,386.23	 	 
	JPMCB12.31	12.31	JPMCB	Baxalta
    (Springfield)	1815
    McCurry Road	Springfield	MO	65807	3.56283%	$375,117	$375,116.63	 	 
	JPMCB12.32	12.32	JPMCB	LKQ
    (Salisbury)	1001
    Carrier Drive	Charlotte	NC	28216	3.56283%	$375,117	$375,116.63	 	 
	JPMCB12.33	12.33	JPMCB	Baxalta
    (Ankeny)	725
    Southeast Oralabor Road	Ankeny	IA	50021	3.56283%	$354,187	$354,187.38	 	 
	JPMCB12.34	12.34	JPMCB	H&E
    Equipment Services (San Antonio)	5327
    & 5423 Tex-Con Road	San
    Antonio	TX	78220	3.56283%	$310,719	$310,718.93	 	 
	JPMCB12.35	12.35	JPMCB	H&E
    Equipment Services (New Orleans)	4202
    Almonaster Avenue	New
    Orleans	LA	70126	3.56283%	$292,205	$292,204.59	 	 
	JPMCB12.36	12.36	JPMCB	GE
    Aviation (Pompano)	2705
    Gateway Drive	Pompano
    Beach	FL	33069	3.56283%	$273,690	$273,690.25	 	 
	JPMCB12.37	12.37	JPMCB	Saint-Gobain
    Warehouse	30
    Sibley Drive	Russellville	AL	35654	3.56283%	$246,321	$246,321.22	 	 
	JPMCB12.38	12.38	JPMCB	H&E
    Equipment Services (Columbia)	1031
    Buckner Park Drive	Columbia	SC	29203	3.56283%	$243,906	$243,906.31	 	 
	JPMCB12.39	12.39	JPMCB	H&E
    Equipment Services (Yukon)	10700
    Northwest 4th Street	Yukon	OK	73099	3.56283%	$240,686	$240,686.42	 	 
	JPMCB12.4	12.40	JPMCB	LKQ
    (Toledo)	6180
    Hagman Road	Toledo	OH	43612	3.56283%	$239,881	$239,881.45	 	 
	JPMCB12.41	12.41	JPMCB	H&E
    Equipment Services (Greer)	585
    Brookshire Road	Greer	SC	29651	3.56283%	$235,052	$235,051.63	 	 
	JPMCB13	13	JPMCB	Lehigh
    Valley Mall	250
    Lehigh Valley Mall	Whitehall	PA	18052	4.0560%	$42,000,000	$41,884,697.24	11/1/2027	1
	GACC14	14	GACC	Rochester
    Hotel Portfolio	Various	Rochester	MN	Various	4.7410%	$40,000,000	$40,000,000.00	11/6/2027	6
	GACC14.01	14.01	GACC	Rochester
    Marriott	101
    1st Avenue Southwest	Rochester	MN	55902	4.7410%	$15,214,286	$15,214,285.71	 	 
	GACC14.02	14.02	GACC	Kahler
    Grand	20
    2nd Avenue Southwest	Rochester	MN	55902	4.7410%	$14,428,571	$14,428,571.43	 	 
	GACC14.03	14.03	GACC	Kahler
    Inn & Suites	9
    3rd Avenue Northwest	Rochester	MN	55901	4.7410%	$6,071,429	$6,071,428.57	 	 
	GACC14.04	14.04	GACC	Residence
    Inn Rochester	441
    West Center Street	Rochester	MN	55902	4.7410%	$4,285,714	$4,285,714.29	 	 
	GACC15	15	GACC	Oasis
    at Pavilion Park	110
    Pavilion Parkway	Midland	TX	79705	3.9990%	$36,000,000	$36,000,000.00	1/6/2028	6
	JPMCB16	16	JPMCB	521-523
    East 72nd Street	521-523
    East 72nd Street	New
    York	NY	10021	3.9500%	$35,000,000	$35,000,000.00	8/1/2027	1
	GACC17	17	GACC	156-168
    Bleecker	156-168
    Bleecker Street	New
    York	NY	10012	4.2000%	$34,000,000	$34,000,000.00	12/6/2027	6
	JPMCB18	18	JPMCB	Marriott
    Charlotte City Center	100
    West Trade Street	Charlotte	NC	28202	4.5300%	$30,000,000	$30,000,000.00	6/1/2022	1
	JPMCB19	19	JPMCB	Miracle
    Mile Shopping Center	4100
    William Penn Highway	Monroeville	PA	15146	4.3400%	$28,000,000	$28,000,000.00	10/6/2027	6
	CREFI20	20	CREFI	Center
    Promenade	6401,
    6477, 6555 & 6633 Telephone Road, 1000 & 1050-1070 South Hill Road and 1001 Partridge Drive	Ventura	CA	93003	4.4250%	$22,200,000	$22,200,000.00	1/6/2028	6
	GACC21	21	GACC	The
    Arbors	3120
    & 3128 Highwoods Boulevard and 3200 Atlantic Avenue	Raleigh	NC	27604	4.3300%	$21,175,500	$21,175,500.00	12/6/2027	6
	JPMCB22	22	JPMCB	Towers
    at University Town Center	6515
    Belcrest Road	Hyattsville	MD	20782	4.7750%	$20,000,000	$20,000,000.00	1/1/2028	1
	CREFI23	23	CREFI	Olive
    Park Shopping Center	9402,
    9414 and 9424 Falls of Neuse Road	Raleigh	NC	27615	4.9300%	$15,850,000	$15,850,000.00	1/6/2028	6
	CREFI24	24	CREFI	Two
    Harbor Point Square	100
    Washington Boulevard	Stamford	CT	06902	4.2169%	$14,750,000	$14,750,000.00	12/6/2027	6
	JPMCB25	25	JPMCB	Valley
    Crossing	715
    East Expressway 83	Weslaco	TX	78599	5.0960%	$14,728,000	$14,712,700.29	12/1/2022	1
	GACC26	26	GACC	AHIP
    Northeast Portfolio I	Various	Various	Various	Various	4.5300%	$14,600,000	$14,600,000.00	7/6/2027	6
	GACC26.01	26.01	GACC	Hilton
    Garden Inn - Baltimore White Marsh	5015
    Campbell Boulevard	Baltimore	MD	21236	4.5300%	$4,179,839	$4,179,838.61	 	 
	GACC26.02	26.02	GACC	Homewood
    Suites - Allentown West Fogelsville	7686
    Industrial Boulevard	Allentown	PA	18106	4.5300%	$2,825,807	$2,825,806.51	 	 
	GACC26.03	26.03	GACC	Courtyard
    by Marriott - Wall at Monmouth Shores	1302
    Campus Parkway	Wall
    Township	NJ	07753	4.5300%	$2,766,936	$2,766,935.57	 	 
	GACC26.04	26.04	GACC	SpringHill
    Suites - Arundel Mills BWI Airport	7544
    Teague Road	Hanover	MD	21076	4.5300%	$2,708,064	$2,708,064.43	 	 
	GACC26.05	26.05	GACC	Homewood
    Suites - Dover Rockaway	2
    Commerce Center Drive	Dover	NJ	07801	4.5300%	$2,119,355	$2,119,354.88	 	 
	GACC27	27	GACC	Starwood
    Capital Group Hotel Portfolio	Various	Various	Various	Various	4.4860%	$14,317,500	$14,317,500.00	6/1/2027	1
	GACC27.01	27.01	GACC	Larkspur
    Landing Sunnyvale	748
    North Mathilda Avenue	Sunnyvale	CA	94085	4.4860%	$844,959	$844,959.02	 	 
	GACC27.02	27.02	GACC	Larkspur
    Landing Milpitas	40
    Ranch Drive	Milpitas	CA	95035	4.4860%	$711,971	$711,971.23	 	 
	GACC27.03	27.03	GACC	Larkspur
    Landing Campbell	550
    West Hamilton Avenue	Campbell	CA	95008	4.4860%	$626,016	$626,015.70	 	 
	GACC27.04	27.04	GACC	Larkspur
    Landing San Francisco	690
    Gateway Boulevard	South
    San Francisco	CA	94080	4.4860%	$515,733	$515,733.16	 	 
	GACC27.05	27.05	GACC	Larkspur
    Landing Pleasanton	5535
    Johnson Drive	Pleasanton	CA	94588	4.4860%	$504,381	$504,380.52	 	 
	GACC27.06	27.06	GACC	Larkspur
    Landing Bellevue	15805
    Southeast 37th Street	Bellevue	WA	98006	4.4860%	$449,239	$449,239.26	 	 
	GACC27.07	27.07	GACC	Larkspur
    Landing Sacramento	555
    Howe Avenue	Sacramento	CA	95825	4.4860%	$335,713	$335,713.10	 	 
	GACC27.08	27.08	GACC	Hampton
    Inn Ann Arbor North	2300
    Green Road	Ann
    Arbor	MI	48105	4.4860%	$327,604	$327,604.08	 	 
	GACC27.09	27.09	GACC	Larkspur
    Landing Hillsboro	3133
    Northeast Shute Road	Hillsboro	OR	97124	4.4860%	$327,604	$327,604.08	 	 
	GACC27.1	27.10	GACC	Larkspur
    Landing Renton	1701
    East Valley Road	Renton	WA	98057	4.4860%	$324,360	$324,360.46	 	 
	GACC27.11	27.11	GACC	Holiday
    Inn Arlington Northeast Rangers Ballpark	1311
    Wet N Wild Way	Arlington	TX	76011	4.4860%	$311,386	$311,386.04	 	 
	GACC27.12	27.12	GACC	Residence
    Inn Toledo Maumee	1370
    Arrowhead Drive	Maumee	OH	43537	4.4860%	$308,142	$308,142.45	 	 
	GACC27.13	27.13	GACC	Residence
    Inn Williamsburg	1648
    Richmond Road	Williamsburg	VA	23185	4.4860%	$295,168	$295,168.03	 	 
	GACC27.14	27.14	GACC	Hampton
    Inn Suites Waco South	2501
    Marketplace Drive	Waco	TX	76711	4.4860%	$272,463	$272,462.79	 	 
	GACC27.15	27.15	GACC	Holiday
    Inn Louisville Airport Fair Expo	447
    Farmington Avenue	Louisville	KY	40209	4.4860%	$267,597	$267,597.39	 	 
	GACC27.16	27.16	GACC	Courtyard
    Tyler	7424
    South Broadway Avenue	Tyler	TX	75703	4.4860%	$262,732	$262,731.99	 	 
	GACC27.17	27.17	GACC	Hilton
    Garden Inn Edison Raritan Center	50
    Raritan Center Parkway	Edison	NJ	08837	4.4860%	$262,732	$262,731.99	 	 
	GACC27.18	27.18	GACC	Hilton
    Garden Inn St Paul Oakdale	420
    Inwood Avenue North	Oakdale	MN	55128	4.4860%	$259,488	$259,488.37	 	 
	GACC27.19	27.19	GACC	Residence
    Inn Grand Rapids West	3451
    Rivertown Point Court Southwest	Grandville	MI	49418	4.4860%	$256,245	$256,244.78	 	 
	GACC27.2	27.20	GACC	Peoria,
    AZ Residence Inn	8435
    West Paradise Lane	Peoria	AZ	85382	4.4860%	$254,623	$254,622.97	 	 
	GACC27.21	27.21	GACC	Hampton
    Inn Suites Bloomington Normal	320
    South Towanda Avenue	Normal	IL	61761	4.4860%	$253,001	$253,001.17	 	 
	GACC27.22	27.22	GACC	Courtyard
    Chico	2481
    Carmichael Drive	Chico	CA	95928	4.4860%	$248,136	$248,135.76	 	 
	GACC27.23	27.23	GACC	Hampton
    Inn Suites Kokomo	2920
    South Reed Road	Kokomo	IN	46902	4.4860%	$240,027	$240,026.75	 	 
	GACC27.24	27.24	GACC	Hampton
    Inn Suites South Bend	52709
    State Road 933	South
    Bend	IN	46637	4.4860%	$240,027	$240,026.75	 	 
	GACC27.25	27.25	GACC	Courtyard
    Wichita Falls	3800
    Tarry Street	Wichita
    Falls	TX	76308	4.4860%	$228,674	$228,674.14	 	 
	GACC27.26	27.26	GACC	Hampton
    Inn Morehead	4035
    Arendell Street	Morehead
    City	NC	28557	4.4860%	$222,187	$222,186.93	 	 
	GACC27.27	27.27	GACC	Residence
    Inn Chico	2485
    Carmichael Drive	Chico	CA	95928	4.4860%	$215,700	$215,699.72	 	 
	GACC27.28	27.28	GACC	Courtyard
    Lufkin	2130
    South First Street	Lufkin	TX	75901	4.4860%	$205,969	$205,968.90	 	 
	GACC27.29	27.29	GACC	Hampton
    Inn Carlisle	1164
    Harrisburg Pike	Carlisle	PA	17013	4.4860%	$204,347	$204,347.09	 	 
	GACC27.3	27.30	GACC	Springhill
    Suites Williamsburg	1644
    Richmond Road	Williamsburg	VA	23185	4.4860%	$204,347	$204,347.09	 	 
	GACC27.31	27.31	GACC	Fairfield
    Inn Bloomington	120
    South Fairfield Drive	Bloomington	IN	47404	4.4860%	$202,725	$202,725.30	 	 
	GACC27.32	27.32	GACC	Waco
    Residence Inn	501
    South University	Waco	TX	76706	4.4860%	$197,860	$197,859.88	 	 
	GACC27.33	27.33	GACC	Holiday
    Inn Express Fishers	9791
    North by Northeast Boulevard	Fishers	IN	46037	4.4860%	$184,885	$184,885.46	 	 
	GACC27.34	27.34	GACC	Larkspur
    Landing Folsom	121
    Iron Point Road	Folsom	CA	95630	4.4860%	$180,020	$180,020.06	 	 
	GACC27.35	27.35	GACC	Springhill
    Suites Chicago Naperville Warrenville	4305
    Weaver Parkway	Warrenville	IL	60555	4.4860%	$170,289	$170,289.24	 	 
	GACC27.36	27.36	GACC	Holiday
    Inn Express & Suites Paris	3025
    Northeast Loop 286	Paris	TX	75460	4.4860%	$168,667	$168,667.45	 	 
	GACC27.37	27.37	GACC	Toledo
    Homewood Suites	1410
    Arrowhead Drive	Maumee	OH	43537	4.4860%	$168,667	$168,667.45	 	 
	GACC27.38	27.38	GACC	Grand
    Rapids Homewood Suites	3920
    Stahl Drive	Grand
    Rapids	MI	49546	4.4860%	$163,802	$163,802.03	 	 
	GACC27.39	27.39	GACC	Cheyenne
    Fairfield Inn and Suites	1415
    Stillwater Avenue	Cheyenne	WY	82009	4.4860%	$152,449	$152,449.42	 	 
	GACC27.40	27.40	GACC	Fairfield
    Inn Laurel	13700
    Baltimore Avenue	Laurel	MD	20707	4.4860%	$152,449	$152,449.42	 	 
	GACC27.41	27.41	GACC	Courtyard
    Akron Stow	4047
    Bridgewater Parkway	Stow	OH	44224	4.4860%	$149,206	$149,205.83	 	 
	GACC27.42	27.42	GACC	Larkspur
    Landing Roseville	1931
    Taylor Road	Roseville	CA	95661	4.4860%	$141,097	$141,096.81	 	 
	GACC27.43	27.43	GACC	Towneplace
    Suites Bloomington	105
    South Franklin Road	Bloomington	IN	47404	4.4860%	$141,097	$141,096.81	 	 
	GACC27.44	27.44	GACC	Hampton
    Inn Danville	97
    Old Valley School Road	Danville	PA	17821	4.4860%	$139,475	$139,475.00	 	 
	GACC27.45	27.45	GACC	Holiday
    Inn Norwich	10
    Laura Boulevard	Norwich	CT	06360	4.4860%	$137,853	$137,853.19	 	 
	GACC27.46	27.46	GACC	Hampton
    Inn Suites Longview North	3044
    North Eastman Road	Longview	TX	75605	4.4860%	$136,231	$136,231.41	 	 
	GACC27.47	27.47	GACC	Springhill
    Suites Peoria Westlake	2701
    West Lake Avenue	Peoria	IL	61615	4.4860%	$136,231	$136,231.41	 	 
	GACC27.48	27.48	GACC	Hampton
    Inn Suites Buda	1201
    Cabelas Drive	Buda	TX	78610	4.4860%	$134,610	$134,609.60	 	 
	GACC27.49	27.49	GACC	Shawnee
    Hampton Inn	4851
    North Kickapoo	Shawnee	OK	74804	4.4860%	$134,610	$134,609.60	 	 
	GACC27.50	27.50	GACC	Racine
    Fairfield Inn	6421
    Washington Avenue	Racine	WI	53406	4.4860%	$131,366	$131,365.98	 	 
	GACC27.51	27.51	GACC	Hampton
    Inn Selinsgrove Shamokin Dam	3
    Stetler Avenue	Shamokin
    Dam	PA	17876	4.4860%	$128,122	$128,122.39	 	 
	GACC27.52	27.52	GACC	Holiday
    Inn Express & Suites Terrell	300
    Tanger Drive	Terrell	TX	75160	4.4860%	$121,635	$121,635.18	 	 
	GACC27.53	27.53	GACC	Westchase
    Homewood Suites	2424
    Rogerdale Road	Houston	TX	77042	4.4860%	$117,730	$117,729.90	 	 
	GACC27.54	27.54	GACC	Holiday
    Inn Express & Suites Tyler South	2421
    East Southeast Loop 323	Tyler	TX	75701	4.4860%	$116,770	$116,769.76	 	 
	GACC27.55	27.55	GACC	Holiday
    Inn Express & Suites Huntsville	148
    Interstate 45 South	Huntsville	TX	77340	4.4860%	$111,904	$111,904.36	 	 
	GACC27.56	27.56	GACC	Hampton
    Inn Sweetwater	302
    Southeast Georgia Avenue	Sweetwater	TX	79556	4.4860%	$102,174	$102,173.56	 	 
	GACC27.57	27.57	GACC	Comfort
    Suites Buda Austin South	15295
    South Interstate 35 Building 800	Buda	TX	78610	4.4860%	$85,956	$85,955.52	 	 
	GACC27.58	27.58	GACC	Fairfield
    Inn & Suites Weatherford	175
    Alford Drive	Weatherford	TX	76087	4.4860%	$81,090	$81,090.12	 	 
	GACC27.59	27.59	GACC	Holiday
    Inn Express & Suites Altus	2812
    East Broadway	Altus	OK	73521	4.4860%	$65,709	$65,709.46	 	 
	GACC27.60	27.60	GACC	Comfort
    Inn & Suites Paris	3035
    Northeast Loop 286	Paris	TX	75460	4.4860%	$58,385	$58,384.88	 	 
	GACC27.61	27.61	GACC	Hampton
    Inn Suites Decatur	110
    South Highway 81/287	Decatur	TX	76234	4.4860%	$55,870	$55,870.32	 	 
	GACC27.62	27.62	GACC	Holiday
    Inn Express & Suites Texarkana East	5210
    Crossroads Parkway	Texarkana	AR	71854	4.4860%	$51,738	$51,738.04	 	 
	GACC27.63	27.63	GACC	Mankato
    Fairfield Inn	141
    Apache Place	Mankato	MN	56001	4.4860%	$46,364	$46,363.88	 	 
	GACC27.64	27.64	GACC	Candlewood
    Suites Texarkana	2901
    South Cowhorn Creek Loop	Texarkana	TX	75503	4.4860%	$35,846	$35,846.48	 	 
	GACC27.65	27.65	GACC	Country
    Inn & Suites Houston Intercontinental Airport East	20611
    Highway 59	Humble	TX	77338	4.4860%	$34,043	$34,043.14	 	 
	GACC28	28	GACC	4400
    PGA Boulevard	4400
    PGA Boulevard	Palm
    Beach Gardens	FL	33410	4.5100%	$13,500,000	$13,500,000.00	10/6/2027	6
	JPMCB29	29	JPMCB	Honey
    Creek Marketplace	4444
    South US Highway 41	Terre
    Haute	IN	47802	4.6540%	$13,300,000	$13,284,689.65	12/1/2022	1
	GACC30	30	GACC	Metro
    Center V	655
    Metro Place South	Dublin	OH	43017	4.4300%	$12,900,000	$12,900,000.00	1/6/2028	6
	CREFI31	31	CREFI	1114-1126
    Lake Street	1114-1126
    Lake Street	Oak
    Park	IL	60301	4.8200%	$12,800,000	$12,800,000.00	1/6/2028	6
	GACC32	32	GACC	William
    Penn Building	501-515
    F Street & 777-779 5th Avenue	San
    Diego	CA	92101	4.8550%	$11,500,000	$11,500,000.00	12/6/2027	6
	JPMCB33	33	JPMCB	Tri
    State Neighborhood Center	10A
    State Route 23	Montague	NJ	07827	4.3100%	$9,800,000	$9,800,000.00	11/1/2024	1
	JPMCB34	34	JPMCB	Fairfield
    Inn & Suites - Panama City Beach	7718
    Front Beach Road	Panama
    City Beach	FL	32407	5.4160%	$9,800,000	$9,786,015.06	12/1/2027	1
	JPMCB35	35	JPMCB	Hampton
    Inn & Suites Shelby	2001-B
    East Dixon Boulevard	Shelby	NC	28152	5.0200%	$9,510,000	$9,495,404.24	12/1/2027	1
	GACC36	36	GACC	Goodale
    Office	1400
    & 1404 Goodale Boulevard	Grandview
    Heights	OH	43212	4.3600%	$8,960,000	$8,960,000.00	10/6/2027	6
	JPMCB37	37	JPMCB	Hampton
    Inn Glenwood Springs	401
    West 1st Street	Glenwood
    Springs	CO	81601	5.1050%	$8,280,000	$8,271,416.97	12/1/2027	1
	CREFI38	38	CREFI	Pick
    ‘n Save Appleton WI	2700
    North Ballard Road	Appleton	WI	54911	4.6800%	$8,090,000	$8,090,000.00	1/6/2028	6
	GACC39	39	GACC	Fresenius
    Portfolio V	Various	Various	Various	Various	4.6125%	$7,300,000	$7,300,000.00	7/6/2027	6
	GACC39.01	39.01	GACC	Fresenius
    Dayton	821
    Edwin C Moses Boulevard	Dayton	OH	45417	4.6125%	$3,405,000	$3,405,000.00	 	 
	GACC39.02	39.02	GACC	Fresenius
    Davenport	120
    Locust Street	Davenport	IA	52803	4.6125%	$1,600,000	$1,600,000.00	 	 
	GACC39.03	39.03	GACC	Fresenius
    Rock Island	2623
    17th Street	Rock
    Island	IL	61201	4.6125%	$1,355,000	$1,355,000.00	 	 
	GACC39.04	39.04	GACC	Fresenius
    Muscatine	311
    Parham Street	Muscatine	IA	52761	4.6125%	$940,000	$940,000.00	 	 
	GACC40	40	GACC	Village
    Square	2220
    Mountain Boulevard	Oakland	CA	94611	4.4900%	$7,200,000	$7,200,000.00	9/6/2027	6
	JPMCB41	41	JPMCB	Q-2
    Self Storage	3520
    Chamberlain Lane	Louisville	KY	40241	5.0780%	$6,500,000	$6,490,128.36	12/1/2027	1
	JPMCB42	42	JPMCB	Best
    Western Plus - Chalmette	3400
    Paris Road	Chalmette	LA	70043	5.4160%	$5,600,000	$5,592,008.61	12/1/2027	1
	GACC43	43	GACC	Afton
    Village	360
    Exchange Street Northwest	Concord	NC	28027	4.9100%	$5,365,000	$5,356,600.94	12/6/2027	6
	CREFI44	44	CREFI	21st
    Century Storage - Miami, FL	200
    Northwest 79th Street and 7750 Northwest 2nd Avenue	Miami	FL	33150	4.7000%	$5,200,000	$5,200,000.00	1/6/2028	6
	GACC45	45	GACC	Hillside
    Mobile Estates	27701
    Murrieta Road	Sun
    City	CA	92586	4.5000%	$4,650,000	$4,644,457.88	12/6/2027	6
	GACC46	46	GACC	Callahan
    Plaza	450076
    State Road 200	Callahan	FL	32011	4.8700%	$4,050,000	$4,016,889.27	6/6/2027	6
	CREFI47	47	CREFI	CityLine
    PA Portfolio	Various	Various	PA	Various	4.6300%	$3,925,000	$3,925,000.00	1/6/2028	6
	CREFI47.01	47.01	CREFI	Carlisle
    Self Storage	906
    Newville Road	Carlisle	PA	17013	4.6300%	$2,340,000	$2,340,000.00	 	 
	CREFI47.02	47.02	CREFI	West
    Chocolate Self Storage	1052
    Old West Chocolate Avenue	Hershey	PA	17033	4.6300%	$1,585,000	$1,585,000.00	 	 
	CREFI48	48	CREFI	CityLine
    BeCubed	22001
    South 104th Avenue	Frankfort	IL	60423	4.8000%	$3,575,000	$3,575,000.00	 	6
	GACC49	49	GACC	Marketplace
    on Grove	1150
    East Philadelphia Street	Ontario	CA	91761	4.8360%	$3,500,000	$3,500,000.00	 	6


 




     


    


    

 


	BMARK 2018-B1 - Mortgage Loan Schedule	 	 	 	 	 
	 	 	 	 	 	Servicing
    Fee Rate	Interest	 	 	 	 	 
	 	 	Mortgage
    Loan	 	Current
    Monthly	Master
    Servicing	Primary
    Servicing	Accrual
    	Letter
    of 	 	Part
    of	Leasehold	Current
    Mezzanine
	ID	Loan
    Number	 Seller	Mortgage
    Loan Name	Debt
    Service	Fee
    Rate	Fee
    Rate	Method	Credit	Post-ARD
    Revised Rate	Whole

                                                                                Loan
	Interest	or
    Subordinate Debt
	JPMCB1	1	JPMCB	90
    Hudson	249,550.00
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC2	2	GACC	Valencia
    Town Center	209,067.44
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Leasehold	No
	CREFI3	3	CREFI	The
    Woods	145,595.59
    	0.00250%	0.02000%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC4	4	GACC	Griffin
    Portfolio	178,551.39
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC4.01	4.01	GACC	Restoration
    Hardware Distribution	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.02	4.02	GACC	State
    Farm Regional HQ	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.03	4.03	GACC	North
    Pointe I 	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.04	4.04	GACC	Corporate
    Campus at Norterra	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.05	4.05	GACC	CHRISTUS
    Health HQ	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.06	4.06	GACC	Duke
    Bridges I 	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.07	4.07	GACC	Wells
    Fargo Operations Center	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.08	4.08	GACC	Ace
    Hardware HQ	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.09	4.09	GACC	Royal
    Ridge V	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.1	4.10	GACC	Comcast
    Regional HQ	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC5	5	GACC	Worldwide
    Plaza	155,195.58
    	0.00250%	0.00125%	Actual/360	None	NAP	Yes	Fee
    Simple	Yes
	JPMCB6	6	JPMCB	Station
    Place III	155,000.00
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB7	7	JPMCB	Atrium
    Center	167,916.67
    	0.00250%	0.01250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC8	8	GACC	Sentinel
    Square II	125,627.50
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	CREFI9	9	CREFI	Spicetree
    Apartments	163,862.13
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB10	10	JPMCB	Radisson
    Blu Aqua Hotel	174,175.22
    	0.00250%	0.01250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC11	11	GACC	8900
    Beverly	144,408.33
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB12	12	JPMCB	Gateway
    Net Lease Portfolio	129,162.48
    	0.00250%	0.00250%	Actual/360	None	NAP	Yes	Fee
    Simple/Leasehold	Yes
	JPMCB12.01	12.01	JPMCB	BAE
    Facility	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.02	12.02	JPMCB	FedEx
    Ground (Stratford)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.03	12.03	JPMCB	FedEx
    (Baltimore)	 	 	 	 	 	 	 	Leasehold	 
	JPMCB12.04	12.04	JPMCB	Harman
    Becker	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.05	12.05	JPMCB	GE
    Aviation (Lafayette)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.06	12.06	JPMCB	GoDaddy	 	 	 	 	 	 	 	Leasehold	 
	JPMCB12.07	12.07	JPMCB	Carrier	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.08	12.08	JPMCB	Emerus	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.09	12.09	JPMCB	Cardinal
    Health	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.1	12.10	JPMCB	Tyco
    Electronics	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.11	12.11	JPMCB	FCA/Caterpillar	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.12	12.12	JPMCB	FedEx
    Ground (Staunton)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.13	12.13	JPMCB	Quad
    Packaging (Proteus) - Franklin Business Park	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.14	12.14	JPMCB	Quad
    Packaging (Transpak) - Franklin Business Park	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.15	12.15	JPMCB	T-Mobile
    Call Center	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.16	12.16	JPMCB	Sikorsky
    Aircraft R&D Facility	 	 	 	 	 	 	 	Leasehold	 
	JPMCB12.17	12.17	JPMCB	Vatterott
    College	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.18	12.18	JPMCB	Comcast	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.19	12.19	JPMCB	Alfa
    Laval Plant	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.2	12.20	JPMCB	LKQ
    (New Braunfels)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.21	12.21	JPMCB	Hitachi	 	 	 	 	 	 	 	Leasehold	 
	JPMCB12.22	12.22	JPMCB	Cameron
    International	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.23	12.23	JPMCB	Alliance
    Data Systems Office	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.24	12.24	JPMCB	Synchrony
    Financial	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.25	12.25	JPMCB	Baxalta
    (Barry Pointe)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.26	12.26	JPMCB	Baxalta
    (Casselberry)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.27	12.27	JPMCB	Baxalta
    (Mounds View)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.28	12.28	JPMCB	Baxalta
    (Grand Rapids)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.29	12.29	JPMCB	Gerdau	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.3	12.30	JPMCB	Baxalta
    (Wausau)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.31	12.31	JPMCB	Baxalta
    (Springfield)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.32	12.32	JPMCB	LKQ
    (Salisbury)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.33	12.33	JPMCB	Baxalta
    (Ankeny)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.34	12.34	JPMCB	H&E
    Equipment Services (San Antonio)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.35	12.35	JPMCB	H&E
    Equipment Services (New Orleans)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.36	12.36	JPMCB	GE
    Aviation (Pompano)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.37	12.37	JPMCB	Saint-Gobain
    Warehouse	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.38	12.38	JPMCB	H&E
    Equipment Services (Columbia)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.39	12.39	JPMCB	H&E
    Equipment Services (Yukon)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.4	12.40	JPMCB	LKQ
    (Toledo)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.41	12.41	JPMCB	H&E
    Equipment Services (Greer)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB13	13	JPMCB	Lehigh
    Valley Mall	201,872.75
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC14	14	GACC	Rochester
    Hotel Portfolio	163,301.11
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC14.01	14.01	GACC	Rochester
    Marriott	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC14.02	14.02	GACC	Kahler
    Grand	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC14.03	14.03	GACC	Kahler
    Inn & Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC14.04	14.04	GACC	Residence
    Inn Rochester	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC15	15	GACC	Oasis
    at Pavilion Park	123,969.00
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB16	16	JPMCB	521-523
    East 72nd Street	119,048.61
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC17	17	GACC	156-168
    Bleecker	122,966.67
    	0.00250%	0.00250%	Actual/360	None	A
    rate per annum equal to the greatest of (i) 7.20%, (ii) the 10-year swap spread on the December 6, 2027 plus four hundred
    eighty two basis points or (iii) when applicable pursuant to this Agreement or any other Loan Document, the Default Rate.	No	Fee
    Simple	No
	JPMCB18	18	JPMCB	Marriott
    Charlotte City Center	117,025.00
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB19	19	JPMCB	Miracle
    Mile Shopping Center	104,642.22
    	0.00250%	0.01250%	Actual/360	None	NAP	No	Fee
    Simple	No
	CREFI20	20	CREFI	Center
    Promenade	84,591.25
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC21	21	GACC	The
    Arbors	78,955.20
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB22	22	JPMCB	Towers
    at University Town Center	82,236.11
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	CREFI23	23	CREFI	Olive
    Park Shopping Center	67,287.65
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	CREFI24	24	CREFI	Two
    Harbor Point Square	53,560.49
    	0.00250%	0.00250%	Actual/360	None	NAP	Yes	Fee
    Simple	Yes
	JPMCB25	25	JPMCB	Valley
    Crossing	79,929.45
    	0.00250%	0.04250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC26	26	GACC	AHIP
    Northeast Portfolio I	56,952.17
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC26.01	26.01	GACC	Hilton
    Garden Inn - Baltimore White Marsh	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC26.02	26.02	GACC	Homewood
    Suites - Allentown West Fogelsville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC26.03	26.03	GACC	Courtyard
    by Marriott - Wall at Monmouth Shores	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC26.04	26.04	GACC	SpringHill
    Suites - Arundel Mills BWI Airport	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC26.05	26.05	GACC	Homewood
    Suites - Dover Rockaway	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27	27	GACC	Starwood
    Capital Group Hotel Portfolio	55,307.71
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple/Leasehold	No
	GACC27.01	27.01	GACC	Larkspur
    Landing Sunnyvale	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.02	27.02	GACC	Larkspur
    Landing Milpitas	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.03	27.03	GACC	Larkspur
    Landing Campbell	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.04	27.04	GACC	Larkspur
    Landing San Francisco	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.05	27.05	GACC	Larkspur
    Landing Pleasanton	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.06	27.06	GACC	Larkspur
    Landing Bellevue	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.07	27.07	GACC	Larkspur
    Landing Sacramento	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.08	27.08	GACC	Hampton
    Inn Ann Arbor North	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.09	27.09	GACC	Larkspur
    Landing Hillsboro	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.1	27.10	GACC	Larkspur
    Landing Renton	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.11	27.11	GACC	Holiday
    Inn Arlington Northeast Rangers Ballpark	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.12	27.12	GACC	Residence
    Inn Toledo Maumee	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.13	27.13	GACC	Residence
    Inn Williamsburg	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.14	27.14	GACC	Hampton
    Inn Suites Waco South	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.15	27.15	GACC	Holiday
    Inn Louisville Airport Fair Expo	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.16	27.16	GACC	Courtyard
    Tyler	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.17	27.17	GACC	Hilton
    Garden Inn Edison Raritan Center	 	 	 	 	 	 	 	Leasehold	 
	GACC27.18	27.18	GACC	Hilton
    Garden Inn St Paul Oakdale	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.19	27.19	GACC	Residence
    Inn Grand Rapids West	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.2	27.20	GACC	Peoria,
    AZ Residence Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.21	27.21	GACC	Hampton
    Inn Suites Bloomington Normal	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.22	27.22	GACC	Courtyard
    Chico	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.23	27.23	GACC	Hampton
    Inn Suites Kokomo	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.24	27.24	GACC	Hampton
    Inn Suites South Bend	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.25	27.25	GACC	Courtyard
    Wichita Falls	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.26	27.26	GACC	Hampton
    Inn Morehead	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.27	27.27	GACC	Residence
    Inn Chico	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.28	27.28	GACC	Courtyard
    Lufkin	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.29	27.29	GACC	Hampton
    Inn Carlisle	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.3	27.30	GACC	Springhill
    Suites Williamsburg	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.31	27.31	GACC	Fairfield
    Inn Bloomington	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.32	27.32	GACC	Waco
    Residence Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.33	27.33	GACC	Holiday
    Inn Express Fishers	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.34	27.34	GACC	Larkspur
    Landing Folsom	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.35	27.35	GACC	Springhill
    Suites Chicago Naperville Warrenville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.36	27.36	GACC	Holiday
    Inn Express & Suites Paris	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.37	27.37	GACC	Toledo
    Homewood Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.38	27.38	GACC	Grand
    Rapids Homewood Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.39	27.39	GACC	Cheyenne
    Fairfield Inn and Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.40	27.40	GACC	Fairfield
    Inn Laurel	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.41	27.41	GACC	Courtyard
    Akron Stow	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.42	27.42	GACC	Larkspur
    Landing Roseville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.43	27.43	GACC	Towneplace
    Suites Bloomington	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.44	27.44	GACC	Hampton
    Inn Danville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.45	27.45	GACC	Holiday
    Inn Norwich	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.46	27.46	GACC	Hampton
    Inn Suites Longview North	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.47	27.47	GACC	Springhill
    Suites Peoria Westlake	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.48	27.48	GACC	Hampton
    Inn Suites Buda	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.49	27.49	GACC	Shawnee
    Hampton Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.50	27.50	GACC	Racine
    Fairfield Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.51	27.51	GACC	Hampton
    Inn Selinsgrove Shamokin Dam	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.52	27.52	GACC	Holiday
    Inn Express & Suites Terrell	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.53	27.53	GACC	Westchase
    Homewood Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.54	27.54	GACC	Holiday
    Inn Express & Suites Tyler South	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.55	27.55	GACC	Holiday
    Inn Express & Suites Huntsville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.56	27.56	GACC	Hampton
    Inn Sweetwater	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.57	27.57	GACC	Comfort
    Suites Buda Austin South	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.58	27.58	GACC	Fairfield
    Inn & Suites Weatherford	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.59	27.59	GACC	Holiday
    Inn Express & Suites Altus	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.60	27.60	GACC	Comfort
    Inn & Suites Paris	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.61	27.61	GACC	Hampton
    Inn Suites Decatur	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.62	27.62	GACC	Holiday
    Inn Express & Suites Texarkana East	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.63	27.63	GACC	Mankato
    Fairfield Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.64	27.64	GACC	Candlewood
    Suites Texarkana	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.65	27.65	GACC	Country
    Inn & Suites Houston Intercontinental Airport East	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC28	28	GACC	4400
    PGA Boulevard	52,428.75
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB29	29	JPMCB	Honey
    Creek Marketplace	68,611.58
    	0.00250%	0.04250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC30	30	GACC	Metro
    Center V	49,209.92
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI31	31	CREFI	1114-1126
    Lake Street	67,311.99
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC32	32	GACC	William
    Penn Building	48,077.99
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB33	33	JPMCB	Tri
    State Neighborhood Center	36,371.61
    	0.00250%	0.04250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB34	34	JPMCB	Fairfield
    Inn & Suites - Panama City Beach	59,689.96
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB35	35	JPMCB	Hampton
    Inn & Suites Shelby	55,705.38
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC36	36	GACC	Goodale
    Office	33,639.82
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB37	37	JPMCB	Hampton
    Inn Glenwood Springs	44,981.68
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI38	38	CREFI	Pick
    ‘n Save Appleton WI	41,860.60
    	0.00250%	0.03250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC39	39	GACC	Fresenius
    Portfolio V	28,994.69
    	0.00250%	0.07000%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC39.01	39.01	GACC	Fresenius
    Dayton	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC39.02	39.02	GACC	Fresenius
    Davenport	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC39.03	39.03	GACC	Fresenius
    Rock Island	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC39.04	39.04	GACC	Fresenius
    Muscatine	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC40	40	GACC	Village
    Square	27,838.00
    	0.00250%	0.07000%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB41	41	JPMCB	Q-2
    Self Storage	38,294.33
    	0.00250%	0.04250%	Actual/360	None	NAP	No	Leasehold	None
	JPMCB42	42	JPMCB	Best
    Western Plus - Chalmette	34,108.55
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC43	43	GACC	Afton
    Village	31,082.58
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI44	44	CREFI	21st
    Century Storage - Miami, FL	26,969.17
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC45	45	GACC	Hillside
    Mobile Estates	23,560.87
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC46	46	GACC	Callahan
    Plaza	21,420.64
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI47	47	CREFI	CityLine
    PA Portfolio	15,648.76
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI47.01	47.01	CREFI	Carlisle
    Self Storage	 	 	 	 	 	 	 	Fee
    Simple	 
	CREFI47.02	47.02	CREFI	West
    Chocolate Self Storage	 	 	 	 	 	 	 	Fee
    Simple	 
	CREFI48	48	CREFI	CityLine
    BeCubed	14,776.67
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC49	49	GACC	Marketplace
    on Grove	14,575.17
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None


 






     


    


    

 










 


 


EXHIBIT
C-1


 


FORM
OF TRANSFEREE AFFIDAVIT


 


AFFIDAVIT
PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED


 





	STATE OF NEW YORK	)	 
	 	)	ss:
	COUNTY OF NEW YORK	)	


 


_________________,
being first duly sworn, deposes and says:


 


1.          That
he/she is a _________________ of _________________ (the “Purchaser”), a _________________ duly organized
and existing under the laws of the State of _________________ on behalf of which he/she makes this affidavit.


 


2.          That
the Purchaser’s Taxpayer Identification Number is _________________.


 


3.          That
the Purchaser of the Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2018-B1, Class R (the “Class R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling
and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC,
as operating advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank,
National Association, as certificate administrator, paying agent and custodian, or is acquiring the Class R Certificate for the
account of, or as agent (including as a broker, nominee, or other middleman) for, a Permitted Transferee and has received from
such person or entity an affidavit substantially in the form of this affidavit. 


 


4.          That the Purchaser historically has paid its debts as they have come due and intends to pay its debts
as they come due in the future and the Purchaser intends to pay taxes associated with holding the Class R Certificate as they become
due.


 


5.          That
the Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flow
generated by the Class R Certificate.


 


6.          That
the Purchaser will not transfer the Class R Certificate to any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth
in paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy
the requirements set forth in paragraph 4 hereof.


  






    C-1-1 


     


    

 





7.          That
the Purchaser is not a Disqualified Non-U.S. Tax Person and is not purchasing the Class R Certificate for the account of, or
as an agent (including as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Tax Person and is otherwise a
Permitted Transferee.


 


8.          That
the Purchaser agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the restrictions
on transfer of the Class R Certificate to a “disqualified organization,” an agent thereof, or a person that does not
satisfy the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.


 


9.          That the Purchaser, pursuant to Section 4.04 of the Pooling and Servicing Agreement, agrees to the designation
of the Certificate Administrator as the “representative” (within the meaning of Code
Section 6223) of each Trust REMIC.


 


10.        The
Purchaser agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement concerning
registration of the transfer and exchange of the Class R Certificate.


 


11.        The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.


 


12.        Check
the applicable paragraph:


 


☐         The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:


 


(i)          the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;


 


(ii)         the
present value of the expected future distributions on such Certificate; and


 


(iii)        the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.


 


For
purposes of this calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section
11(b) (but the tax rate in Code Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if
the Purchaser has been subject to the alternative minimum tax under Code Section 55 in the preceding two years and will compute
its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using
a discount rate equal to the short term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the
compounding period used by the Purchaser.


 


☐         The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,


 









    C-1-2 


     


    

 



(i)          the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;


 


(ii)         at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;


 


(iii)        the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and


 


(iv)        the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.


 


☐           None
of the above.


 


Capitalized
terms used but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.


 


IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on its behalf by its __________________ this ____
day of ________, 20___.


 





	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




  






    C-1-3 


     


    

 


Personally
appeared before me the above named _________________, known or proved to me to be the same person who executed the foregoing instrument and to
be the of the Purchaser, and acknowledged to me that he/she executed the same as his/her free act and deed and the free act and
deed of the Purchaser.


 


Subscribed
and sworn before me this_____day of __________, 20____.


 





	 	 
	NOTARY PUBLIC	 
	 	 
	COUNTY OF	 	 
	 	 	 
	STATE OF	 	 	 


 


My
commission expires the          day of                        ,
20     .


 






    C-1-4 


     


    

 


EXHIBIT
C-2


 


FORM
OF TRANSFEROR LETTER


 


[Date]


 



Wells Fargo Bank, National Association


600 South 4th Street, 7th Floor


MAC N9300-070


Minneapolis, Minnesota
55479


Attention: CTS –
Certificate Transfers Benchmark 2018-B1 Mortgage Trust


 


		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1, Class R	



  


Ladies
and Gentlemen:


 


[Transferor]
has reviewed the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee]
is not a Permitted Transferee (as defined in the Pooling and Servicing Agreement defined in the attached affidavit) and has no
actual knowledge or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor]
relating to the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of
any tax.


 





	 	Very truly
yours,
	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






    C-2-1 


     


    

 


EXHIBIT
C-3


 


FORM
OF TRANSFEREE Certificate for TRANSFERS OF HRR Certificates 


 


[Date]


 





	
        Wells Fargo
        Bank, National Association, as Certificate Administrator

        9062
Old Annapolis Road

        Columbia,
Maryland 21045

Attention: Risk Retention Custody (CMBS) – Benchmark 2018-B1

         
	 	 
	
        German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

         
	 	 
	
        Deutsche
        Mortgage & Asset Receiving Corporation

        60
Wall Street

        New
York, New York 10005

        

        Attention: Lainie Kaye

         

        with a copy via email to:

         

        cmbs.requests@db.com

        
	 	 







 





		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
                                         between Deutsche Mortgage & Asset Receiving Corporation,
                                         as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan
                                         Services, a Division of PNC Bank, National Association, as Special Servicer, Park Bridge
                                         Lender Services LLC , as Operating Advisor and Asset Representations Reviewer, Wilmington
                                         Trust, National Association, as Trustee, and Wells Fargo Bank, National Association,
                                         as Certificate Administrator, Paying Agent and Custodian	 



 


Ladies
and Gentlemen:


 





[_____]
(the “Purchaser”) hereby certifies, represents and warrants to each of the addressees hereto:


 


1.       The
Purchaser is acquiring (the “Transfer”) $[_____] aggregate Certificate Balance of the Class [F-RR][G-RR] Certificates
from [_____] (the “Transferor”).


  







    C-3-1 


     


    

 


2.       The Purchaser is aware that the Certificate Registrar will not register any transfer of any portion of the HRR Certificates by
the Transferor unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things,
a certificate in substantially the same form as this certificate. The Purchaser expressly agrees that it will not consummate any
such transfer if it knows or believes that any representation contained in such certificate is false.


 





3.       The Transfer is in compliance with any applicable credit risk retention agreement in effect between the Retaining Sponsor
and the Transferor (the “Risk Retention Agreement”).


 


4.       If the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition of
the HRR Certificates, (a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to the acquisition
of the HRR Certificates and (b) the acquisition of the HRR Certificates will be effected through Deutsche Bank Securities Inc.,
J.P. Morgan Securities LLC or Citigroup Global Markets Inc. or an Affiliate thereof.


 


5.       Check one of the following:


 


☐
          The Purchaser certifies, represents and warrants to each of the addressees hereto that:


 





		A.	It is a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule,
of the Transferor (a “Majority-Owned Affiliate”).



 


		B.	It is not acquiring the HRR Certificates as a nominee, trustee or agent for any person that is
not a Majority-Owned Affiliate, and that for so long as it retains its interest in the HRR Certificates, it will remain a Majority-Owned
Affiliate.



 


		C.	It will deliver a joinder agreement substantially in the form attached to the Risk Retention Agreement
pursuant to which it has agreed to be bound by the terms of the Risk Retention Agreement to the same extent as if it was the Transferor
itself.



 


☐
          The
Transfer will occur on and after the fifth anniversary of the Closing Date, and the Purchaser certifies, represents and warrants
to each of the addressees hereto that:


 





		A.	It will execute and deliver to the Retaining Sponsor a new credit risk retention agreement in accordance
with the Risk Retention Agreement.



 


		B.	If required by the Retaining Sponsor, an affiliate of the Purchaser will execute and deliver a
guaranty, if required under the Risk Retention Agreement.



 






    C-3-2 


     


    

 


		C.	It will comply with any additional requirements and satisfy any additional conditions set forth
under the Risk Retention Agreement applicable to the Transfer and the Purchaser as a subsequent Third Party Purchaser.



 


☐
          The
Transfer will occur after the termination of the Retained Interest Transfer Restriction Period.


 


Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.



 


	 	By:	 
	 	 	Name:
	 	 	Title:


 






    C-3-3 


     


    

 


EXHIBIT
C-4


 


FORM
OF TRANSFEROR Certificate for TransferS of

HRR Certificates


 


[Date]


  





	Wells
                            Fargo Bank, National Association, as Certificate Administrator

        9062
        Old Annapolis Road

        Columbia,
        Maryland 21045

        Attention:
        Risk Retention Custody (CMBS) – Benchmark 2018-B1

	 
	German
        American Capital Corporation

        60
        Wall Street

        New
        York, New York 10005

        Attention:
        Lainie Kaye

	 
	Deutsche
        Mortgage & Asset Receiving Corporation

        60
        Wall Street

        New
        York, New York 10005

        Attention:
        Lainie Kaye

         

        with
        a copy via email to:

         

        cmbs.requests@db.com








 


		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1 (the “Certificates”)	 



 


Ladies
and Gentlemen:





This
is delivered to you in connection with the transfer (the “Transfer”) by [______] (the “Transferor”)
to [______] (the “Transferee”) of [$[_____] aggregate Certificate Balance of the Class [F-RR][G-RR] Certificates].
The Certificates were issued pursuant to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling
and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer,
Park Bridge Lender Services LLC , as Operating Advisor and Asset Representations Reviewer, Wilmington Trust, National Association,
as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian.


All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement. The Transferor hereby certifies, represents and warrants to you that:







 






    C-4-1 


     


    




		1.	The
                                         Transfer is in compliance with any applicable credit risk retention agreement in effect
                                         between the Retaining Sponsor and the Transferor (the “Risk Retention Agreement”)
                                         and the Pooling and Servicing Agreement.



		2.	If
                                         the Transferee is an insurance company general account relying on PTCE 95-60 to cover
                                         its acquisition of the HRR Certificates, to the Transferor’s knowledge (a) all
                                         of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to
                                         the acquisition of the HRR Certificates and (b) the acquisition of the HRR Certificates
                                         will be effected through Deutsche Bank Securities Inc., J.P. Morgan Securities LLC or
                                         Citigroup Global Markets Inc. or an Affiliate thereof.



		3.	Check
                                         one of the following:



☐
          The Transferor certifies, represents and warrants to you that:


		A.	The
                                         Transferee is a “majority-owned affiliate”, as such term is defined in the
                                         Risk Retention Rule, of the Transferor (a “Majority-Owned Affiliate”).



		B.	The
                                         Transferor has satisfied all of the conditions under the Risk Retention Agreement applicable
                                         to transfers by the Transferor to a Majority-Owned Affiliate.



☐
            The Transfer will occur on and after the fifth anniversary of the
Closing Date, and the Transferor certifies, represents and warrants to you that:


		A.	The
                                         Transferor has satisfied all of the conditions under the Risk Retention Agreement applicable
                                         to transfers by the Transferor to subsequent Third Party Purchasers.



☐
            The Transfer will occur after the termination of the Retained Interest
Transfer Restriction Period.


		4.	The
                                         Transferor certifies, represents and warrants to you that the Transferor has provided
                                         notice of the Transfer to the Retaining Sponsor and [check one of the following]:



☐
          The Retaining Sponsor has consented to the Transfer, a copy of which
is attached hereto.


☐
          At least ten (10) Business Days have passed since the Retaining Sponsor’s
receipt of such written notice, and the Retaining Sponsor has not responded to the Transferor.


		5.	The
                                         Transferor understands that the Transferee has delivered to you a Transferee Certificate
                                         in the form attached to the Pooling and Servicing Agreement as Exhibit C-3. The
                                         Transferor does not know or believe that any representation contained therein is false.





 






    C-4-2 


     


    




 


IN
WITNESS WHEREOF, the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.


 


	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 






    C-4-3 


     


    

 





EXHIBIT C-5


 


FORM
OF TRANSFEREE Certificate for TRANSFERS OF class v1 OR CLASS V2 certificates


 


[Date]


 


	
        Wells Fargo
        Bank, National Association, as Certificate Registrar

        600
South 4th Street, 7th Floor

        

        MAC N9300-070

        Minneapolis, Minnesota 55479

        Attention: Certificate Transfers Group Benchmark 2018-B1

         
	 
	
        German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

         
	 
	
        Deutsche
        Mortgage & Asset Receiving Corporation

        

        60 Wall
        Street

        New
York, New York 10005

        Attention:
Lainie Kaye

         

        with a copy via email to:

         

        cmbs.requests@db.com

        
	 
	 	 	 


		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
                                         between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo
                                         Bank, National Association, as Master Servicer, Midland Loan Services, a Division of
                                         PNC Bank, National Association, as Special Servicer, Park Bridge Lender Services LLC
                                         , as Operating Advisor and Asset Representations Reviewer, Wilmington Trust, National
                                         Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator,
                                         Paying Agent and Custodian.	



 


Ladies and Gentlemen:


 


[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and
Depositor, that:


 






    C-5-1 


     


    

 


		1.	The Purchaser is acquiring from [__________] (the “Transferor”) [$[_____] principal
balance of the Class V2 Certificates (the “Transferred Interest”)] [Class V1 Certificates in the principal balances
set forth below (collectively, the “Transferred Interest”), which Certificates represent the same Percentage
Interest in each and every outstanding Class of Class V1 Certificates:



 


	Class 	Principal balance
	Class V1-A1	$
	Class V1-A2	$
	Class V1-A3	$
	Class V1-ASB	$
	Class V1-A4	$
	Class V1-A5	$
	Class V1-AM	$
	Class V1-B	$
	Class V1-C	$
	Class V1-D	$
	Class V1-E	$
	Class V1-F	$
	Class V1-G	$


 


]


 


		2.	The Purchaser acknowledges and agrees that the Class V1 Certificates it holds shall at all times
represent, and may only transfer any Class V1 Certificates if the transferred Certificates to any particular Person represent,
the same Percentage Interest in each and every outstanding Class of Class V1 Certificates.



 


		3.	The Purchaser is aware that, following its acquisition of the Transferred Interest, the Certificate
Registrar will not register any transfer of the Transferred Interest by the Purchaser unless the transferee, or such transferee’s
agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate.
The Purchaser expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained
in such certificate is false.



 


		4.	If the Purchaser is an employee benefit plan subject to Section 406 of ERISA or a plan subject
to Section 4975 of the Code relying on Department of Labor Final Authorization 



 






    C-5-2 


     


    

 


Number
97-03E or an insurance company general account relying on PTCE 95-60 to cover its acquisition of any Restricted Certificate constituting
a portion of the Transferred Interest, (a) all of the conditions of Final Authorization Number 97-03E or Parts I and III of PTCE
95-60, as applicable, will be satisfied with respect to the acquisition of such Restricted Certificate and (b) the acquisition
of such Restricted Certificate will be effected through Deutsche Bank Securities Inc., J.P. Morgan Securities LLC or Citigroup
Global Markets Inc. or an Affiliate thereof.


  


		5.	Check one of the following:



 


☐
          The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur during the Transfer Restriction Period and that:


 


		A.	The Purchaser is a “majority-owned affiliate”, as such term is defined in the Risk
Retention Rule, of the Transferor (a “Majority-Owned Affiliate”).



 


		B.	The Purchaser is not acquiring the Transferred Interest as a nominee, trustee or agent for any
person that is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the Transferred Interest (or
until the end of the Transfer Restriction Period, if earlier), it will remain a Majority-Owned Affiliate.



 


		C.	The Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary
upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership of the Transferred Interest will satisfy
the risk retention requirements of the Transferor, in its capacity as [the retaining sponsor][an originator] under the Risk Retention
Rule.



 


☐
          The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the Transfer Restriction Period.


 


Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.


 





	 	[PURCHASER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






    C-5-3 


     


    

 


The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:





	 	 	 
	[APPLICABLE RETAINING PARTY]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]	 
	 	 	 
	GERMAN AMERICAN CAPITAL CORPORATION	 
	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 
	[Medallion Stamp Guarantee]	 
	 	 	 
	DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION	 
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 



 






    C-5-4 


     


    

 


	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]	 







 






    C-5-5 


     


    

  


EXHIBIT C-6


 


FORM
OF TRANSFEROR Certificate for TransferS of

class v1 OR CLASS V2 certificates


 


[Date]


 





	
        Wells Fargo Bank, National Association,
        as Certificate Registrar

        600 South 4th Street, 7th Floor

        MAC N9300-070

        Minneapolis, Minnesota 55479

        Attention: Certificate Transfers Group Benchmark 2018-B1

	 
	
        German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

	 
	
        Deutsche Mortgage
        & Asset Receiving Corporation

        60 Wall Street

        New York,
        New York 10005

        Attention: Lainie Kaye

         

        with a copy via email to:

         

        cmbs.requests@db.com





 


	Re:	Benchmark 2018-B1
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 (the
                                         “Certificates”)	



 


 


Ladies and Gentlemen:


 


This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of [$[_____] principal balance of the Class V2 Certificates (the “Transferred Interest”)] [Class V1 Certificates
in the principal balances set forth below (collectively, the “Transferred Interest”):


 


	Class 	Principal balance
	Class V1-A1	$
	Class V1-A2	$
	Class V1-A3	$



 






    C-6-1 


     


    

 


	Class V1-ASB	$
	Class V1-A4	$
	Class V1-A5	$
	Class V1-AM	$
	Class V1-B	$
	Class V1-C	$
	Class V1-D	$
	Class V1-E	$
	Class V1-F	$
	Class V1-G	$


 


]


 


The Certificates were
issued pursuant to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC, as operating
advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National
Association, as certificate administrator, paying agent and custodian. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and Depositor, that:


 


		1.	The transfer is in compliance with Sections 5.01 and 5.02 of the Pooling and Servicing Agreement.



 


		2.	Check one of the following:



 


		☐	The Transferor certifies, represents and warrants to you that the transfer will occur during the
Transfer Restriction Period and that:



 


		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in the Risk
Retention Rule, of the Transferor.



 


		B.	To the Transferor’s knowledge, the Transferee is not acquiring the Transferred Interest as
a nominee, trustee or agent for any person that is not a “majority-owned affiliate”, as such term is defined in the
Risk Retention Rule, of the Transferor, and that for so long as it retains its interest in the 



 






    C-6-2 


     


    

 





			Transferred Interest, it will remain
a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule, of the Transferor.



  


		☐	The Transferor certifies, represents and warrants to you that the transfer will occur after the
termination of the Transfer Restriction Period.



 


		3.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in
the form attached to the Pooling and Servicing Agreement as Exhibit C-5. The Transferor does not know or believe that any
representation contained therein is false.



 


IN WITNESS WHEREOF, the
Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.


 





	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


		
	







 


The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:


 





	[APPLICABLE RETAINING PARTY]	 
	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 







 


[Medallion
Stamp Guarantee]


 


GERMAN AMERICAN CAPITAL CORPORATION


 






    C-6-3 


     


    

 


	By:	 	 
	 	Name:  	 
	 	Title:	 



 





	By:	 	 
	 	Name:  	 
	 	Title:	 


 





[Medallion
Stamp Guarantee]


 


DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION


 





	By:	 	 
	 	Name:  	 
	 	Title:	 


 





	By:	 	 
	 	Name:  	 
	 	Title:	 





 


[Medallion
Stamp Guarantee]


 






    C-6-4 


     


    

 


EXHIBIT D-1


 


FORM OF INVESTMENT REPRESENTATION LETTER


 


Wells Fargo Bank, National Association


600 South 4th Street, 7th Floor


MAC N9300-070


Minneapolis,
Minnesota 55479


Attention:
CTS – Certificate Transfers Benchmark 2018-B1 Mortgage Trust


 


Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with a copy via email to:


 


cmbs.requests@db.com


 


		Re:	Transfer
                                         of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1: Class [     ]	



 


Ladies and Gentlemen:


 


This letter is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of January 1, 2018 (the “Pooling and Servicing
Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank,
National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer,
Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer, Wilmington Trust, National Association,
as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, on behalf of
the holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”)
with respect to the transfer by [__________] (the “Seller”) to the undersigned (the “Purchaser”)
of [$_____ aggregate Certificate Balance][_____% Percentage Interest] of Class [_____] Certificates, in certificated fully registered
form (such registered interest, the “Certificate”). Terms used but not defined herein shall have the meanings
ascribed thereto in the Pooling and Servicing Agreement.


 


In connection with
such transfer, the undersigned hereby represents and warrants to you as follows:


 


[For Institutional
Accredited Investors only] 1. The Purchaser is an institutional “accredited investor” within the meaning of Rule 501
(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
or an entity in which all of the equity owners are such accredited investors (an “Institutional Accredited Investor”),
and has such knowledge and experience in financial and business matters as to be capable of


 






    D-1-1 


     


    

 


evaluating the merits and risks of
the investment in the Certificate, and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the
economic risk of the investment. The Purchaser is acquiring the Certificate for its own account or for one or more accounts (each
of which is an Institutional Accredited Investor) as to each of which the Purchaser exercises sole investment discretion. The Purchaser
hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.


 


[For Qualified
Institutional Buyers only] 1. The Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule
144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser
is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information
required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.


 


		2.	The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s
own account or (b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the
meaning of, and in transactions complying with, Rule 144A promulgated under the Securities Act, (ii) entities qualifying as “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or
any entity in which all of the equity owners are such accredited investors, or (iii) pursuant to any other exemption from the registration
requirements of the Securities Act, subject in the case of this clause (iii) to (a) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to
the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt
by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or
transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign securities
laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.
It understands that the Certificate (and any subsequent Certificate) has not been registered under the Securities Act, by reason
of a specified exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona
fide nature of the Purchaser’s investment intent (or intent to resell to only certain investors in certain exempted transactions)
as expressed herein.



 


		3.	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.



 


		4.	The Purchaser has reviewed the applicable Private Placement Memorandum dated January 22, 2018,
relating to the Certificates (the “Private Placement Memorandum”) and the agreements and other materials referred
to therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions
contemplated by the Private Placement Memorandum.



 






    D-1-2 


     


    

 


		5.	The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing
Agreement in its capacity as an owner of a Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.



 


		6.	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Pooling and Servicing Agreement.



 


		7.	Check one of the following:



 


		☐	The Purchaser is a “U.S.
Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).



 


		☐	The Purchaser is not
a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate(s). The
Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form), which identifies such
Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Tax Person, (ii) two
duly executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iii)]* two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original
issue discount on the Certificate(s) is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]* IRS Forms W-8ECI[,
as the case may be]*, any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.



 


For purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).


 


Please
make all payments due on the Certificates: **


 





 



 


		*	Delete
                                         for Class R.








 






    D-1-3 


     


    

 


		(a)	by wire transfer to the following account at a bank
or entity in New York, New York, having appropriate facilities therefor:



 





	Account number:	 



 





	Institution:	 


  


		(b)	by mailing a check or draft to the following address:



 





		 


 





		 


 





		 


 





	 	Very truly yours,


 


[Purchaser]


	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 


Dated: ________________, 20___


 





 






		**	Only
                                         to be filled out by Purchasers of Individual Certificates. Please select (a) or (b).



 




    D-1-4 


     


    

 




EXHIBIT D-2


FORM OF ERISA REPRESENTATION LETTER


[Date]


Wells Fargo Bank, National Association


600 South
4th Street, 7th Floor


MAC N9300-070


Minneapolis,
Minnesota 55479


Attention: CTS – Certificate
Transfers Benchmark 2018-B1 Mortgage Trust




Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with a copy via email to:


 


cmbs.requests@db.com


		Re:	Benchmark 2018-B1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2018-B1, Class [ ]



Ladies and Gentlemen:






_______________
(the “Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial
Certificate Balance][ or _____% Percentage Interest] of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Class [_____], CUSIP No. _____ (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement
dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving
Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC
Bank, National Association, as special servicer, Park Bridge Lender Services LLC , as operating advisor and asset representations
reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator,
paying agent and custodian. All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the Depositor,
the Certificate Administrator, the Certificate Registrar and the Trustee that:


The Purchaser
is not and will not become (a) an employee benefit plan or other retirement arrangement, including an individual retirement account
or a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Code Section 4975, a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local
law (“Similar Law”) which is to a material extent similar to the foregoing provisions of ERISA or the Code
(each, a “Plan”), or (b) a collective investment fund whose



    D-2-1


     


    




underlying
assets include Plan assets by reason of a Plan’s investment in the collective investment fund (pursuant to U.S. Department
of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, or Similar Law), an insurance company using assets
of separate accounts or general accounts which are deemed pursuant to ERISA or any Similar Law to include assets of Plans, or
other person acting on behalf of any such Plan or using the assets of any such Plan, other than (except in the case of the Class
V2, Class S and Class R Certificates) an insurance company using the assets of its general account under circumstances whereby
such purchase and the subsequent holding of such Certificate by such insurance company would be exempt from the prohibited transaction
provisions of Section 406 and 407 of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or a substantially similar
exemption under Similar Law; and


 


The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class V2, Class S and Class
R Certificates, which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required
to provide to the Certificate Registrar any Opinions of Counsel, officers’ certificates or agreements as may be required
by such persons, and which establishes to the satisfaction of the Depositor, the Certificate Administrator and the Certificate
Registrar that the purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt
prohibited transaction within the meaning of Section 406 and Section 407 of ERISA or Code Section 4975 or any corresponding provision
of any Similar Law, and will not subject the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar to any obligation or liability
(including obligations or liabilities under ERISA, Code Section 4975 or Similar Law), which Opinions of Counsel, officers’
certificates or agreements shall not be at the expense of the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Depositor, the Certificate Administrator, the Trustee or the Certificate Registrar.


IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this ___ day of ___, 20 _. 


	 	Very truly yours,
	 	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:










    D-2-2


     


    

EXHIBIT E


FORM OF REQUEST FOR RELEASE


 


[Date]




Wells Fargo Bank, National Association


1055 10th Avenue SE

Minneapolis, Minnesota 55414


Attention: Document Custody
Group – Benchmark 2018-B1 Mortgage Trust


		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1



Dear __________________:


In connection with
the administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement,
the undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian
with respect to the following described Mortgage Loan for the reason indicated below:





	 	Mortgagor’s Name:________________________________
	 	 	 
	 	Address:________________________________________
	 	 	 
	 	Asset No.:_______________________________________



If only particular
documents in the Mortgage File are requested, please specify which:


Reason for requesting
file (or portion thereof):


	 	_____	1.	Mortgage Loan paid in full. Such [Master Servicer] [Special Servicer][Other Servicer][Other Special
Servicer] hereby certifies that all amounts received in connection with the Mortgage Loan have been or will be, following such
[Master Servicer’s] [Special Servicer’s] [Other Servicer’s][Other Special Servicer’s] release of the Mortgage
File, credited to the Collection Account pursuant to the Pooling and Servicing Agreement.



	 	_____	2.	The Mortgage Loan is being foreclosed.



		_____	3.	Other. (Describe)



The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the






    E-1


     


    

 


[Pooling
and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within ten (10) days
of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant to the applicable
Intercreditor Agreement or Other Pooling and Servicing Agreement.][the Mortgage Loan has been paid in full or otherwise liquidated,
in which case the Mortgage File (or such portion thereof) will be retained by us permanently, or unless the Mortgage Loan is being
foreclosed,] in which case the Mortgage File (or such portion thereof) will be returned when no longer required by us for such
purpose. 





Capitalized terms
used but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.







 





	 	[MASTER SERVICER][SPECIAL SERVICER][OTHER SERVICER][OTHER SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 






    E-2


     


    

 


EXHIBIT F


SECURITIES LEGEND


THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE
HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3)
(EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT
ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH
RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.






    F-1


     


    

EXHIBIT G


FORM OF REGULATION S TRANSFER CERTIFICATE


 


Wells Fargo Bank, National
Association


600 South
4th Street, 7th Floor


MAC N9300-070


Minneapolis,
Minnesota 55479


Attention: CTS – Certificate
Transfers Benchmark 2018-B1 Mortgage Trust


		Re:	Transfer
                                         of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1, Class [    ]



Ladies and Gentlemen:


This certificate is
delivered pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and
Servicing Agreement”), and executed in connection with the above referenced transaction, on behalf of the holders of
the Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2018-B1, Class [_] (the “Certificates”)
in connection with the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Pooling and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).


In connection with
such transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:


(1)       the
offer of the Transferred Interest was not made to a person in the United States;


[(2)     at the time
the buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*


[(2)     the
transaction was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor
or anyone acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor


 


 



* Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.



    G-1


     


    




any
person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*


(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and


(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.


or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.









	 	[Insert Name of Transferor]



	 	 	 
	 	By:	     
	 		Name:
	 	 	Title:



Dated: ________________, 20      








    G-2


     


    

EXHIBIT H


FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD


(Exchanges or transfers pursuant to
Section 5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement)


 


Wells Fargo Bank, National
Association


600 South
4th Street, 7th Floor


MAC N9300-070


Minneapolis,
Minnesota 55479


Attention: CTS – Certificate Transfers Benchmark
2018-B1 Mortgage Trust


 


		Re:	Transfer
                                         of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1, Class [    ]



Reference is hereby
made to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.


This letter relates
to US $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of Rule 144A Global
Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP No.                     )
to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.


In connection with
such request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:


(1)       the
offer of the Certificates was not made to a person in the United States,


[(2)     at
the time the buy order was originated, the transferee was an institution that was outside the United States or the Transferor
and any persons acting on its behalf reasonably believed that the Transferee was outside the United States,]**





 



 *
Select appropriate depository.


**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.






    H-1


     


    

[(2)     the
transaction was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor
or anyone acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]* 


(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and


(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.





	 	[Insert Name of Transferor]



	 	 	 
	 	By:	     
	 		Name:
	 	 	Title:


 


Dated:
________________, 20__


 



    H-2


     


    

EXHIBIT I


FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD


(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)


 


Wells Fargo Bank, National
Association


Sixth Street & Marquette
Avenue


Minneapolis, Minnesota 55479-0113


Attention: CTS – Certificate
Transfers Benchmark 2018-B1 Mortgage Trust


 


		Re:	Transfer of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2018-B1, Class [    ]	



Reference is hereby
made to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.


The letter relates
to U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Rule 144A
Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).


In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:


(1)       the
offer of the Certificates was not made to a person in the United States,


[(2)      at the time
the buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*





 



*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.






    I-1


     


    




[(2)     the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*


(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and


(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;


or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.





	 	[Insert Name of Transferor]



	 	 	 
	 	By:	     
	 		Name:
	 	 	Title:


 Dated:
_______________, 20___ 






    I-2


     


    

EXHIBIT J


FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD


(Exchange or transfers pursuant to
Section 5.02(c)(ii)(C)

of the Pooling and Servicing Agreement)




Wells Fargo Bank, National Association


600 South
4th Street, 7th Floor


MAC N9300-070


Minneapolis,
Minnesota 55479


Attention: CTS – Certificate
Transfers Benchmark 2018-B1 Mortgage Trust


 


		Re:	Transfer of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2018-B1, Class [    ]	



Reference is hereby
made to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.


This letter relates
to U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Regulation
S Global Certificate (CUSIP No.                     )
with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No.
                    ).


In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred
in accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A under the
Securities Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with
respect to which the transferee exercises sole investment discretion and the transferee and any such account is “qualified
institutional buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A
and in accordance with any applicable securities laws of any state of the United States or an jurisdiction.





 



*
Select appropriate depositary.






    J-1


     


    

This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator,
the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.





	 	[Insert Name of Transferor]



	 	 	 
	 	By:	     
	 		Name:
	 	 	Title:





Dated: ______________, 20__ 






    J-2


     


    

EXHIBIT K


FORM OF DISTRIBUTION DATE STATEMENT


 



    K-1


     


    


 


 



 


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18




	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Table
    of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT
    SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification
    Tables	7 - 9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15 - 16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Realized Loss Reconciliation	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21 - 22	 	 	 
	 	 	 	 	Supplemental Reporting	23	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 	Asset
    Representations 

    Reviewer/Operating Advisor	 	 
	 	 	


Deutsche
Mortgage & Asset Receiving Corporation

60
Wall Street
New York, NY 10005


 

 

 

 

Contact:                 Helaine M. Kaplan

Phone Number:      (212) 250-5270
	 	 	 	Wells
                                         Fargo Bank, National Association

Three
                                         Wells Fargo, MAC D1050-084
401 S. Tryon Street,
                                         8th Floor
Charlotte, NC 28202

     

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                       Contact:         REAM_InvestorRelations@
                      wellsfargo.com

	 	 	 	Midland Loan Services

A Division of PNC Bank, N.A.

    10851 Mastin Street, Building 82
Overland Park, KS 66210

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                              Contact:                 Heather Wagner

Phone Number:      (913) 253-9570





	 	 	 	Park
                                         Bridge Lender Services LLC

600
                                         Third Avenue
40th Floor
New
                                         York, NY 10016

 

 

 

 

                                         Contact:
                                                     David Rodgers

                                         Phone Number:  (212) 230-9090
	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo
Bank, N.A. has not independently confirmed the accuracy of the information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Please visit www.ctslink.com for additional information and if applicable, any special notices
and any credit risk retention notices. In addition, certificateholders may register online for email notification when special
notices are posted. For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


  









    Page 1 of 23 


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate
    Distribution Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/
 Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	Current

     Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-5	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-M	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	VRR
    Interest	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	Original

    Notional
 Amount	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1)
                                         Calculated by taking (A) the sum of the ending certificate balance of all classes less
                                         (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate
                                         balance of all classes which are not subordinate to the designated class and dividing
                                         the result by (A).


 


 


 


	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 



    Page 2 of 23 


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18








	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate
    Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

                                         Balance
	Principal

                                         Distribution
	Interest

                                         Distribution
	Prepayment

                                         Premium
	Realized
                                         Loss/

                                         Additional Trust

                                         Fund Expenses
	Ending

                                         Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-5	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-M	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	VRR
    Interest	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-E	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 



 






    Page 3 of 23 


     


    

 











	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18








	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation
    Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled
    Principal	 	Principal
    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Certificate
    Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	Accrued

    Certificate

    Interest	 	Net
    Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC
    CAP

    Shortfall	 	Interest
    

    Shortfall/(Excess)	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

    Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-5	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-M	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	F-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	G-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	VRR
    Interest	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




 





    Page 4 of 23 


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18





	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other
    Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount  (1)	 	    0.00	 		 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class Information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Effective
    as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 
	 	 	Controlling Class Representative: 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	Effective as of: mm/dd/yyyy	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App.
                                         Reduction



	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(1) The Available Distribution Amount includes any Prepayment Fees
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 



    Page 5 of 23 


     


    






 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18








	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Scheduled Interest	0.00	 	 	Master Servicing
    Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest reductions
    due to Nonrecoverability Determinations	0.00	 	 	Trustee Fee - Wilmington
    Trust, National Association	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator
    Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® Intellectual
    Property Royalty License Fee	0.00	 	 
	 	ARD Interest	0.00	 	 	Operating Advisor
    Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Default Interest
    and Late Payment Charges	0.00	 	 	Asset Representations
    Reviewer Fee - Park Bridge Lender	0.00	 	 
	 	Net Prepayment Interest
    Shortfall
	0.00
	 	 	Services LLC	 	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 	Total Fees	 	0.00	 
	 	Extension Interest	0.00	 	 		 	 	 
	 	Interest Reserve
    Withdrawal	0.00	 	 	Additional Trust
    Fund Expenses:	 		 
	 	Total Interest
    Collected	 	0.00	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Workout-Delayed Reimbursement
    Amounts	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional
    Trust Fund Expenses		0.00	 
	 	Negative Amortization	0.00	 	 				 
	 	Principal Adjustments	0.00	 	 	Interest Reserve
    Deposit	 	0.00	 
	 	Total Principal
    Collected		0.00 	 		 		 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance Charges 	0.00	 	 
	 	Excess Liquidation
    Proceeds	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	Net Swap Counterparty
    Payments Received	0.00	 	 	Net Swap Counterparty
    Payments Received	0.00	 	 
	 	Total Other Collected		0.00	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 



 



    Page 6 of 23 


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
        Mortgage Loan and Property Stratification Tables

        Aggregate
        Pool
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled
    Balance	 	State
    (3)	 
	 	 	 	 	 
	 	Scheduled
    

    Balance	#
                                         of


        loans

        	Scheduled


        Balance

        	%
                                         of


        Agg.


        Bal.

        	WAM


        (2)

        	WAC	Weighted


        Avg
        DSCR (1)

        	 	State	#
                                         of


        Props.

        	Scheduled


        Balance

        	%
                                         of


        Agg.


        Bal.

        	WAM


        (2)

        	WAC	Weighted


        Avg
        DSCR (1)

        	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 
	 	 	 
	 	Debt Yield Ratio (4)	 	 	 
	 	 	 	 	 
	 	Debt Yield Ratio	#
                                         of


        loans

        	Scheduled


        Balance

        	%
                                         of


        Agg.


        Bal.

        	WAM


        (2)

        	WAC	Weighted


        Avg
        DSCR (1)

        	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	  See
    footnotes on last page of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 


    Page 7 of 23 


     


    
 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Mortgage Loan and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service Coverage Ratio	 	Property
    Type (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note
    Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See
    footnotes on last page of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 



    Page 8 of 23 


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18







	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Mortgage Loan and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated
    Remaining Term (ARD and Balloon Loans)	 	Remaining
    Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization Term (ARD and Balloon Loans)	 	Age
    of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	


(1) Debt Service
Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the
most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the
offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the borrower for this
calculation.


	 
	 	 	 
	 	(2) Anticipated
                     Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the
                     Anticipated Repayment Date, if applicable, and the Maturity Date. 



	 
	 	 	 
	 	(3) Data
                     in this table was calculated by allocating pro-rata the current loan information to the properties based
                     upon the Cut-Off Date balance of each property as disclosed in the offering document.



	 
	 	 	 
	 	The Scheduled Balance Totals reflect
    the aggregate balances of all pooled loans as reported in the CREFC Loan Periodic Update File. To the extent that the Scheduled
    Balance Total figure for the “State” and “Property” stratification tables is not equal to the sum
    of the scheduled balance figures for each state or property, the difference is explained by loans that have been modified
    into a split loan structure. The “State” and “Property” stratification tables do not include the balance
    of the subordinate note (sometimes called the B-piece or a “hope note”) of a loan that has been modified into
    a split-loan structure. Rather, the scheduled balance for each state or property only reflects the balance of the senior note
    (sometimes called the A-piece) of a loan that has been modified into a split-loan structure.	 
	 	 	 
	 	Note: There are no Hyper-Amortization
    Loans included in the Mortgage Pool.	 
	 	 	 	 	 


 


    Page 9 of 23 


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	SS



	-	Self Storage



	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization on Interest	 
	 	RT 	-	Retail	98	-	Other



	2 	-	Foreclosure	8	-	Resolved	12 	 -	Reps and
    Warranties  	2	-	Amortization Change	7	-	Capitalization on Taxes	 
	 	HC	-	Health Care	SE	-	Securities



	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	 IN	-	Industrial	CH	-	Cooperative
                                         Housing



	4	-	Extension			to Master Servicer	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	- 	Deed in Lieu Of				5	-	Temporary Rate Reduction  	10	-	Forbearance



	 
	 	OF 	-	Office	ZZ



	-	Missing Information



	6	-	DPO



	 	 	Foreclosure



	 	 	 	 	 	 	 	 	 	 
	 	MU







	-	Mixed Use



	SF	-	Single Family



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO



	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 











 


    Page 10 of 23 


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18





	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI (1)	Most

    Recent

    NOI (1)	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
                                         The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data
                                         reported by the Master Servicer. An NOI of 0.00 means the Master Servicer did not report
                                         NOI figures in their loan level reporting.



	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 


 


    Page 11 of 23 


     


    










 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 
	 	Principal
    Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Loan
    Group	Offering
    Document
Cross-Reference	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Payoff
    Amount	Curtailment
    Amount	Prepayment
    

    Premium	Yield
    Maintenance
Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 


    Page 12 of 23 


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Amount 	#	Amount	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals
    are excluded from the delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 


 


    Page 13 of 23 


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer
    Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Performing Matured Balloon



	1	-	Modification	7	-	REO	11	-	Full Payoff



	 	 
	 	 	 	 	But Still in Grace Period	1	- 30-59 Days Delinquent	5 	-	Non Performing Matured
    Balloon	2 	-	Foreclosure	8	-	Resolved	12	-	Reps
    and Warranties	 	 
	 	 	 	 	Or Not Yet Due	2	- 60-89 Days Delinquent	6	-	121+ Days Delinquent	3 	-	Bankruptcy	9	-	Pending Return	13	-	TBD	 	 
	 	 	B	-	Late Payment But Less	3	- 90-120 Days Delinquent	 	 	 	4 	-	Extension			to Master Servicer	98	-	Other



	 	 
	 	 	 	 	Than 30 Days Delinquent	 	 	 	 	 	5 	-	Note Sale	10	 -	Deed
                                      In Lieu Of



				 	 
	 	 	** Outstanding P & I Advances
    include the current period advance.	6	-	DPO	 	 	Foreclosure	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Page 14 of 23 


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	DSCR

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1)
    Resolution Strategy Code	(2)
    Property Type Code	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage



	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other



	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities



	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing



	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse



	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF



	-	Office



	ZZ



	- 	Missing Information



	 
	 	 	 	 	 	 	 	 	 	MU



	- 	Mixed Use



	SF 	- 	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO



	- 	Lodging



	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Page 15 of 23 


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18





	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date	Appraisal
    Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment
                                         from Special Servicer



	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code	(2)
    Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage



	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other



	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities



	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing



	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse



	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF



	-	Office



	ZZ



	-	Missing Information



	 
	 	 	 	 	 	 	 	 	 	MU



	-	Mixed Use



	SF 	-	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO



	-	Lodging



	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Page 16 of 23 


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18





	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	Loan
    Group 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 



    Page 17 of 23 


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 	 
	 	Modified
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 


 


    Page 18 of 23 


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Liquidated Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Page 19 of 23 


     


    



 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18












	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Bond/Collateral Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals     	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 




    Page 20 of 23 


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

    Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Page 21 of 23 


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18






	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	 Other
     (Shortfalls)/ 

     Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total
    Interest Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 



    Page 22 of 23 


     


    

 










	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18





	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	Disclosable
                                         Special Servicer Fees, Loan Event of Default, Servicer Termination Event or Special Servicer
                                         Termination Event information would be disclosed here.





	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 




 






    Page 23 of 23 


     


    




 


EXHIBIT L-1A


 


Form
of Investor Certification for Non-Borrower PartY AND/OR RISK RETENTION CONSULTATION PARTY

(for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)


 


[Date]


  


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045 


Attention: Corporate
Trust Services – Benchmark 2018-B1 Mortgage Trust 


Email: trustadministrationgroup@wellsfargo.com 


cts.cmbs.bond.admin@wellsfargo.com


 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.           The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates or is a Risk Retention
Consultation Party, and is neither the Controlling Class Representative nor a Controlling Class Certificateholder.


 


2.           In
the case of a Publicly Offered Certificate, the undersigned has received a copy of the Prospectus.


 


3.           The
undersigned is not a Borrower Party or is a Risk Retention Consultation Party.


 


4.           The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.


 


In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the


 






    L-1A-1


     


    

 





undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.


 


The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


5.           The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.


 


6.           The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.


 


7.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 


[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]


 





	 	[Certificateholder][Beneficial
    Owner][Prospective Purchaser][Risk Retention Consultation Party]
	 	 	 
	 	By:	
	 	 	Title:

    Company:

    Phone:


 






    L-1A-2


     


    




 


EXHIBIT L-1B


 


Form
of Investor Certification for Non-Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)


 


[Date]


 


	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo 

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565	 	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention:  Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com
	 	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1	 	 
	 	 	 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1






 


In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.           The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].


 


3.           The
undersigned is not a Borrower Party.


 






    L-1B-1


     


    

 


4.           The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.


 


In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law, regulation or legal, judicial or administrative
process; provided, however, that the confidentiality requirement detailed above shall not apply to information which
(i) is already in the undersigned’s possession, (ii) is or becomes publicly available other than as a result of a disclosure
by the undersigned in breach of this agreement or (iii) is or becomes available to the undersigned from a source other than the
Certificate Administrator’s Website.


 


The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


5.           The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.


 


6.           At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification
attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.


 


7.           The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.


 


8.           The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.


 


9.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 






    L-1B-2


     


    

 


[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]


 








	 	[The
Controlling Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 	 
	 	 	Title:

    Company:

    Phone:


 






    L-1B-3


     


    

 





EXHIBIT L-1C


 


Form
of Investor Certification for Borrower PartY

(for Persons other than the Controlling Class Representative, THE RISK RETENTION CONSULTATION PARTY and/or a Controlling Class
Certificateholder)


 


[Date]


  


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2018-B1





Email: trustadministrationgroup@wellsfargo.com 


cts.cmbs.bond.admin@wellsfargo.com


 





Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager 


Email: commercial.servicing@wellsfargo.com


  


Midland Loan Services, a Division of PNC Bank,
National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565


  


Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1


 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:


 






    L-1C-1


     


    

 


1.           The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the
Controlling Class Representative nor a Controlling Class Certificateholder.


 


2            The
undersigned is a Borrower Party.


 


3.           The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.


 


In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.


 


The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


4.           The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.


 


5.           The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.


 


6.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 


[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]


 


	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
	 	By:	
	 	 	Title: 








 






    L-1C-2


     


    

 





	 	 	Company:

Phone:


 






    L-1C-3


     


    

 


EXHIBIT L-1D


 


Form
of Investor Certification for Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)


 


[Date]


 


	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo 

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565	 	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention:  Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com
	 	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1	 	 
	 	 	 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.           The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].


 


2            The
undersigned is a Borrower Party with respect to the following Conflicted Controlling Class Mortgage Loans:


 






    L-1D-1


     


    

 


[IDENTIFY CONFLICTED
CONTROLLING CLASS MORTGAGE LOANS] (the “Conflicted Controlling Class Mortgage Loans”)


 


3.           Except
with respect to the Conflicted Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Pooling and
Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s Website.


 


In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.


 


The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


4.           The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Conflicted Information (as
defined in the Pooling and Servicing Agreement) relating to the Conflicted Controlling Class Mortgage Loans to the extent the undersigned
receives access to such Conflicted Information on the Certificate Administrator’s website or otherwise receives access to
such Conflicted Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.


 


5.           The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each
party to the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.


 


6.           To
the extent the undersigned receives access to any Conflicted Information on the Certificate Administrator’s Website or otherwise
receives access to such Conflicted Information, the undersigned shall be deemed to have agreed that it (i) will not directly or
indirectly provide such Conflicted Information to the related Borrower or (A) any employees or personnel of the undersigned or
any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to
its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will
maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations
described in clause (i) above.


 






    L-1D-2


     


    

 


7.           The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.


 


8.           The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.


 


9.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 


[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]


 





	 	[The
Controlling Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 	 
	 	 	Title:

    Company:

    Phone:


  







    L-1D-3


     


    

 


EXHIBIT L-1E


 


FORM OF NOTICE OF CONFLICTED CONTROLLING
CLASS HOLDER


 


[Date]


 


	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo 

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565	 	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention:  Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com
	 	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1	 	 
	 	 	 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


THIS NOTICE IDENTIFIES
AN “CONFLICTED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2018-B1, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32 OF THE POOLING AND
SERVICING AGREEMENT.


 


In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Conflicted Controlling Class Holder”) hereby certifies and agrees as follows:


 


1.          
The undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.


 






    L-1E-1


     


    

 


2.          
The undersigned has become an Conflicted Controlling Class Holder with respect to the following Mortgage Loan(s) (“Conflicted
Controlling Class Mortgage Loans”):






 


	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 


 


3.         
As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below
information to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, the
Certificate Administrator’s determination as to whether a Consultation Termination Event or Control Termination Event is
in effect with respect to the Conflicted Controlling Class Mortgage Loans listed in paragraph 2 if any such mortgage loan is an
Excluded Mortgage Loan:






 


	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 


 


4.          
The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Conflicted Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Conflicted Information relating to the Conflicted Controlling Class Mortgage Loans
on the Certificate Administrator’s website unless and until it has (i) delivered notice of the termination of the related
Conflicted Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 4.02(b) of
the Pooling and Servicing Agreement.


 


5.          
The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters,
the Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any Conflicted Information relating to the Conflicted Controlling Class Mortgage
Loans listed in Paragraph 2 above.


 






    L-1E-2


     


    

 


Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.


 


IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.


 
 


	 	[Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 	 
	 	 	Name:

Title:

Phone:

Email:

Address:


 






    L-1E-3


     


    




 


EXHIBIT L-1F


 


FORM OF NOTICE OF CONFLICTED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR


 


[Date]


 


	
        Via: Email

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Benchmark 2018-B1

        trustadministrationgroup@wellsfargo.com

        cts.cmbs.bond.admin@wellsfargo.com

         

        with a copy to:

         

        Wells Fargo Bank, National Association

        8480 Stagecoach Circle

        Frederick, Maryland 21701-4747

        Attention: Benchmark 2018-B1

        

        

        



		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Conflicted Controlling Class Holder”) hereby directs you as follows:


 


1.          
The undersigned is the [Controlling Class Representative][a Controlling Class Certificateholder] as of the date hereof.


 


2.          
The undersigned has become an Conflicted Controlling Class Holder with respect to the following Mortgage Loan(s) (“Conflicted
Controlling Class Mortgage Loans”):


 





	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 



  






    L-1F-1


     


    

 


	 	 	 	 


 


3.          
The following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate
Administrator’s Website with respect to the Benchmark 2018-B1 Mortgage Trust securitization should be revoked as to such
users:





	 	 	 
	 	 	 
	 	 	 
	 	 	 








 


4.          
The undersigned acknowledges that it is not permitted to access and shall not access any Conflicted Information with respect
to such Conflicted Controlling Class Mortgage Loans on the Certificate Administrator’s website unless and until it (i) is
no longer an Conflicted Controlling Class Holder with respect to such Conflicted Controlling Class Mortgage Loans, (ii) has delivered
notice of the related Conflicted Controlling Class Holder status and (iii) has submitted an investor certification in the form
of Exhibit L-1E to the Pooling and Servicing Agreement.


 


Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.


 


IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.


 





	 	 	[Controlling Class Representative][a Controlling Class
Certificateholder]
	 		 	 
	 	 	Name:

Title:

Phone:

Email:

Address:


  


The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.


 






    L-1F-2


     


    

 


WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator





	 	 
	Name:	
	Title:	





  






    L-1F-3


     


    

 


EXHIBIT L-1G






 


Form
of Certification of the Controlling Class Representative


  


[Date]


 


	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo 

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Deutsche Mortgage & Asset Receiving Corporation 

        60 Wall Street 

        New York, New York 10005 

        Attention: Lainie Kaye 

        with a copy via email to: 

        cmbs.requests@db.com

         

        Midland Loan Services, a Division of PNC Bank,
        National Association

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax Number: (888) 706-3565

         
	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

         

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2018-B1

         



		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


In accordance with Section
3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:


 


1.           The
undersigned has been appointed to act as the Controlling Class Representative.


 


2.           The
undersigned is not a Borrower Party.


 


3.           If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit


 






    L-1G-1


     


    

 


L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.


 


4.           The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.


 


5.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 


[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]


 





	 	[The
Controlling Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:

                                         Company:

                                         Phone:


 









    L-1G-2


     


    

 


EXHIBIT L-1H


 





Form
of Certification of the RISK RETENTION CONSULTATION PARTY


 


[Date]


 


	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: Benchmark 2018-B1 Asset Manager

         

        Email: commercial.servicing@wellsfargo.com

         
	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

        

         
	 	
        Deutsche Mortgage & Asset Receiving Corporation

        

        60 Wall Street 

        New York, New York 10005 

        Attention: Lainie Kaye 

        with a copy via email to: cmbs.requests@db.com

         

	
        Wells
Fargo Bank, National Association 

        600
South 4th Street, 7th Floor 

        MAC N9300-070

        Minneapolis, Minnesota 55479

        Attention: CTS – Certificate Transfers Benchmark 2018-B1

         
	 	
        Midland Loan Services, a Division of 

        PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head 

        Fax Number: (888) 706-3565

        

	 	 	 


		Re:	Benchmark 2018-B1
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1, VRR Interest



 


In accordance with
Section 3.29 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:


 


1.           The
undersigned has been appointed to act as the Risk Retention Consultation Party.


 


2.           The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed
by registered mail, postage prepaid.


 






    L-1H-1


     


    

 


3.           The
contact information for the undersigned for all notices and other communications is as follows:


 


[_____]


 


4.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 


BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.


 





	 	[RISK
RETENTION CONSULTATION PARTY]
	 	 	 
	 	By:	 
	 	 	Name:

        Title:



  


Dated: _______


 






    L-1H-2


     


    

 





EXHIBIT L-2


 


FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION


 


This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.



 


In connection with
the Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association,
as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender
Services LLC, as operating advisor and asset representations reviewer, Wilmington
Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent
and custodian, the undersigned hereby certifies and agrees as follows:


 


		1.	The undersigned is an employee or agent of BlackRock Financial Management, Inc., Moody’s
Analytics, Bloomberg Financial Markets, L.P., CMBS.com, Inc., Intex Solutions, Inc., Trepp, LLC, Interactive Data Corporation,
Markit LLC or Thomson Reuters Corporation, a market data provider that has been given access to the Distribution Date Statements,
CREFC® reports and supplemental notices delivered or made available pursuant to Section 4.02 of the Pooling and
Servicing Agreement to Privileged Persons on www.ctslink.com (the “Website”) by request of the Depositor.



 


		2.	The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have
recertified that the representation above remains true and correct.



 


		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the agreement pursuant to which the Certificates were issued.



 


BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.


 



    L-2-1


     


    

  


EXHIBIT M


 


FORM OF NOTIFICATION FROM CUSTODIAN



 


[DATE]


 


To the Persons Listed on the attached Schedule
A


 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1



 


Ladies and Gentlemen:


 


In accordance with Section
2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that, based upon the review required
under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan set forth on the attached defect schedule contains
a document or documents which (i) has not been executed or received, (ii) has not been recorded or filed (if required), (iii) is
unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, (iv) appears not to be what they purport to be or has
been torn in any materially adverse manner or (v) is mutilated or otherwise defaced, in each case as more fully described on the
attached defect schedule.


 


The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.


 


Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.








	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


  






    M-1


     


    

 





SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN


 


Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with a copy via email to:


 


cmbs.requests@db.com


 


Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com


 






    M-2


     


    

 


Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager

Facsimile number: (704) 715-0036 


With a copy by email to: commercial.servicing@wellsfargo.com



with a copy to:



Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166

Attention: Commercial Mortgage Servicing Legal Support

Facsimile number: (704) 383-0353

Reference: Benchmark 2018-B1



with a copy to:



K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: Benchmark 2018-B1

Fax Number: (704) 353-3190

Email: stacy.ackermann@klgates.com


 


Midland Loan Services, a Division of PNC Bank,
National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565


 


with a copy to:


 


Eversheds Sutherland (US) LLP 


700 Sixth Street, NW, Suite 700 


Washington, DC 20001 


Attention: Lisa A. Rosen 


Fax Number: (202) 637 3593 


Email: LisaRosen@eversheds-sutherland.com


 







    M-3


     


    

 


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — Benchmark 2018-B1


 


with copies to:



ct.cmbs.bond.admin@wellsfargo.com; and

trustadministrationgroup@wellsfargo.com


 


If no Consultation Termination Event has occurred and is continuing:


 


Eightfold Real Estate Capital, L.P.

1111 Lincoln Road, Suite 802

Miami Beach, Florida 33139

Attention: Brian Tageson 


Email: btageson@eightfoldcapital.com


 


To the applicable Mortgage Loan Seller:


 


[German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with a copy via email to:


 


cmbs.requests@db.com]


 


[JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal Singh

Email: US_CMBS_Notice@jpmorgan.com


 


with a copy to:



JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Esq.

Email: US_CMBS_Notice@jpmorgan.com]


 


[Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599


 






    M-4


     


    

 


with a copy to:


 


Citi Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943


 


with copies by electronic mail to:


 


richard.simpson@citi.com, and ryan.m.oconnor@citi.com
and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com]


 



    M-5


     


    




 


DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN


 




    M-6


     


    



 


EXHIBIT N-1


 


FORM OF CLOSING DATE CUSTODIAN CERTIFICATION



[Date]


 


[               ]

[               ]

[               ]

Attention: [               ]


 


		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1	



 


In accordance with Section
2.02 of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage Loan listed on
the Mortgage Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession the documents specified in clause
(i) of the definition of “Mortgage File”, (b) the foregoing documents delivered or caused to be delivered by the Mortgage
Loan Sellers as described in clause (a) above have been reviewed by it or by a Custodian on its behalf and appear regular on their
face, appear to be executed and purports to relate to such Mortgage Loan, except as identified on the schedule attached hereto,
and (c) each of the documents specified in Section 2.01(a)(ii), 2.01(a)(vii), 2.01(a)(xi) and 2.01(a)(xix) of the Pooling and Servicing
Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable)
and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the
Mortgage Loans identified in the Mortgage Loan Schedule.


 


Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.





	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 



    N-1-1


     


    

 


SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION


 


MORTGAGE LOAN SCHEDULE


 



    N-1-2


     


    

 


EXHIBIT N-2


 


FORM OF POST-CLOSING CUSTODIAN CERTIFICATION


 


[Date]


 


[               ]

[               ]

[               ]

Attention: [               ]


 


		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1	



 


In accordance with Section
2.02 of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms of the Pooling and Servicing
Agreement, that, with respect to each Mortgage Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, all documents
(other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Pooling and Servicing Agreement and the documents
referred to in clauses (iii), (iv)(B), (v)(B) and (viii)(B) of Section 2.01(a) of the Pooling and Servicing Agreement and the assignments
of financing statements referred to in clause (xiii) of Section 2.01(a) of the Pooling and Servicing Agreement) referred to in
Section 2.01(a) of the Pooling and Servicing Agreement (in the case of the documents referred to in Section 2.01(a)(iv), (vi),
(viii), (ix), (x), (xi), (xii) through (xvi) and (xviii) through (xx) of the Pooling and Servicing Agreement, as identified to
it in writing as a document required to be delivered by the related Mortgage Loan Seller) and any original recorded documents included
in the delivery of a Mortgage File have been received, have been executed, appear to be what they purport to be, purport to be
recorded or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and
that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule, in each case, except as set forth on
the attached schedule hereto.


 


Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.





	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








 



    N-2-1


     


    

 


SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION


 


MORTGAGE LOAN SCHEDULE


 



    N-2-2


     


    

 


EXHIBIT O


 


FORM OF TRUSTEE BACKUP CERTIFICATION


 


Benchmark 2018-B1 Mortgage Trust (The
“Trust”)


 


The undersigned, __________,
a __________ of Wilmington Trust, National Association, on behalf of Wilmington Trust, National Association, as trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC,
as operating advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), paying
agent and custodian, certifies to [___], Deutsche Mortgage & Asset Receiving Corporation and its officers, directors and affiliates,
to the extent that the following information is within the Trustee’s normal area of responsibilities and duties under the
Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:


 


		1.	I am responsible for reviewing the activities performed by the Trustee and based on my knowledge
and the compliance reviews conducted in preparing the Trustee compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Trustee has fulfilled
its obligations in all material respects under the Pooling and Servicing Agreement; and



 


		2.	The report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed
securities with respect to the Trustee or any Servicing Function Participant retained by the Trustee and related attestation report
on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K
for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.



 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 



    O-1


     


    

 


Date: ________________________





	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 



    O-2


     


    

 


EXHIBIT P


 


FORM OF CUSTODIAN BACKUP CERTIFICATION


 


Benchmark 2018-B1 Mortgage Trust (The
“Trust”)


 


The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as custodian (in such
capacity, the “Custodian”), under that certain Pooling and Servicing Agreement, dated as of January 1, 2018
(the “Pooling and Servicing Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as special servicer, Park Bridge Lender Services LLC, as operating
advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National
Association, as certificate administrator, paying agent and custodian, certifies to [___], Deutsche Mortgage & Asset Receiving
Corporation and its officers, directors and affiliates, to the extent that the following information is within the Custodian’s
normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they
will rely upon this certification, that:


 


		1.	I am responsible for reviewing the activities performed by the Custodian and based on my knowledge
and the compliance reviews conducted in preparing the Custodian compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Custodian has
fulfilled its obligations in all material respects under the Pooling and Servicing Agreement; and



 


		2.	The report on assessment of compliance with servicing criteria applicable to the Custodian for
asset-backed securities with respect to the Custodian or any Servicing Function Participant retained by the Custodian and related
attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report
on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has
been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for
disclosure in such annual report on Form 10-K.



 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 



    P-1


     


    

 


Date:_____________________





	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 



    P-2


     


    


 


EXHIBIT Q


 


FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION


 


Benchmark 2018-B1 Mortgage Trust (The
“Trust”)


 


The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as certificate administrator,
(in such capacity, the “Certificate Administrator”), paying agent and custodian, under that certain Pooling
and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator, custodian and paying agent, and Park Bridge Lender Services LLC,
as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in such
capacity, the “Asset Representations Reviewer”), certifies to [___], Deutsche Mortgage & Asset Receiving Corporation
and its officers, directors and affiliates, to the extent that the following information is within the Certificate Administrator’s
normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they
will rely upon this certification, that:


 


		1.	I have reviewed the annual report on Form 10-K for the fiscal year [20___] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by
the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;



 


		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;



 


		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;



 


		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed
on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing
Agreement; and



 


		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate Administrator and related attestation report on assessment of compliance with servicing 



 



    Q-1


     


    

 


	 	 	criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances
of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.



 


In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Depositor.


 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 


Date:__________________________








	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


  






    Q-2


     


    

 


EXHIBIT R


 


FORM OF OPERATING ADVISOR BACKUP CERTIFICATION


 


Benchmark 2018-B1 Mortgage Trust (the
“Trust”)


 


		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Operating Advisor Reports”)
have been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in these reports;



 


		2.	Based on my knowledge, the operating advisor information contained in the Operating Advisor Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;



 


		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and



 


		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.



 



    R-1


     


    

 


Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.


 


Date:
        _________________





	 	 	 	 
	 	Park
Bridge Lender Services LLC
	 	 	 
	 	By:	Park Bridge
Advisors LLC, Its Sole Member
	 	 	 
	 	By:	Park Bridge
Financial LLC, Its Sole Member
	 	 	 
	 	By:	 	 
	 	Name:
	 	Title:








 






    R-2


     


    




 


EXHIBIT S


 


[RESERVED]


 



    S-1


     


    

 


EXHIBIT T


 


FORM OF MASTER SERVICER BACKUP CERTIFICATION


 


Benchmark 2018-B1 Mortgage
Trust (the “Trust”)


 


I, [identify the certifying
individual], a [_______________] of Wells Fargo Bank, National Association (in such capacity, the “Master Servicer”)
under that certain Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, the Master Servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as special servicer (the “Special Servicer”), Park Bridge Lender Services
LLC, as operating advisor and asset representations reviewer, Wilmington Trust,
National Association , as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, on behalf of the Master Servicer, certify to [Name
of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and with
the knowledge and intent that they will rely upon this certification, that:


 


		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable Other
Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each applicable
Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period, all servicing information and all reports
required to be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.13(a) and 3.13(c) of the
Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
on Form 10-D or Form 8-K (the “Servicer Reports”) have been submitted by the Master Servicer to the Certificate
Administrator for inclusion in these reports;



 


		2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by
the Special Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period,
the master servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;



 


		3.	I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of
Regulation AB with respect to the Master Servicer, and except 



 



    T-1


     


    

 


	 	 	as disclosed in the compliance certificate delivered by the Master
Servicer under Section 10.11 of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the
Pooling and Servicing Agreement in all material respects in the year to which such report applies;



 


		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and



 


		5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer
for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.



 


In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of servicer, sub-servicer, co-servicer, Other Servicer, Other Special Servicer or Other Trustee not retained by the master
servicer giving certification] and, notwithstanding the foregoing certifications, neither I nor Master Servicer makes any certification
under the foregoing clauses (2) and (3) with respect to the information in the Servicing Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement or by any Other Servicer, Other Special
Servicer or Other Trustee.


 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 


Date: ________________________





	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:









 



    T-2


     


    

 


EXHIBIT U


 


FORM OF SPECIAL SERVICER BACKUP CERTIFICATION


 


Benchmark 2018-B1 Mortgage Trust (the
“Trust”)


 


I, [identify the certifying
individual], a [_______________ ] of Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer (the “Special Servicer”) under that certain Pooling and Servicing Agreement dated as of
January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Park Bridge Lender Services LLC, as operating advisor and asset representations
reviewer, Wilmington Trust, National Association, as trustee, Wells Fargo, National Association, as certificate administrator (in
such capacity, the “Certificate Administrator”), paying agent and custodian, Wells Fargo Bank, National Association,
as master servicer (in such capacity, the “Master Servicer”) and Midland Loan Services, a Division of PNC Bank,
National Association, as the Special Servicer, on behalf of the Special Servicer, certify to [Name of Certifying Person(s) for
Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that
they will rely upon this certification, that:


 


		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports required to be submitted by the Special Servicer to the
Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement
for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the
“Special Servicer Reports”) have been submitted by the Special Servicer to the Master Servicer, the Depositor,
the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;



 


		2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made therein, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by these reports;



 


		3.	I am, or an officer under my supervision is, responsible for reviewing the activities performed
by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews
conducted in preparing the servicer compliance statements required in this report under Item 1123 of Regulation AB with respect
to the Special Servicer, and except as disclosed in the compliance certificate delivered by the Special Servicer under Section
10.11 of the Pooling and Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such report applies;



 


		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the 



 



    U-1


     


    

 


	 	 	Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order
to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB;
and



 


		5.	The report on assessment of compliance with servicing criteria applicable to the Special Servicer
for asset-backed securities with respect to the Special Servicer or any Servicing Function Participant retained by the Special
Servicer and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.



 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 


Date: ________________________


	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 



    U-2


     


    

 


EXHIBIT V


 


FORM OF SUB-SERVICER BACKUP CERTIFICATION


 


Benchmark 2018-B1 Mortgage
Trust (the “Trust”)


 


As contemplated by Section 10.08 of
that certain Pooling and Servicing Agreement dated as of January 1, 2018 (the “Pooling and Servicing
Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan Services, a
Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Park Bridge
Lender Services LLC, as operating advisor and asset representations reviewer,
Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, [identify the certifying
individual], a _____________ of _____________, a  _____________ [corporation] (the “Sub-Servicer”) as Sub-Servicer in connection with
the sub-servicing of one or more Mortgage Loans and/or Serviced Companion Loan under the Pooling and Servicing Agreement, on
behalf of the Sub-Servicer, certify to [Name of Each Certifying Person for Sarbanes-Oxley Certification], the Depositor, the
Master Servicer and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon
this certification, that:


 


		1.	I have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating
to the Mortgage Loans and/or Serviced Companion Loan delivered by the Sub-Servicer to the Master Servicer, pursuant to the Sub-Servicing
Agreement dated [___________], 20[__] by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing Agreement”);



 


		2.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all reports required to be submitted by the Sub-Servicer to the Certificate Administrator
pursuant to the Pooling and Servicing Agreement (the “Servicer Reports”) for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Sub-Servicer
to the Certificate Administrator for inclusion in these reports;



 


		3.	Based on my knowledge, with respect to the Relevant Period, all servicing information and all reports
required to be submitted by the Sub-Servicer to the Master Servicer pursuant to the Sub-Servicing Agreement (the “Sub-Servicer
Reports”) have been submitted by the Sub-Servicer to the Master Servicer;



 


		4.	Based on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports;



 



    V-1


     


    

 


		5.	Based upon my knowledge and the annual compliance review performed as required under Section [__]
of the Sub-Servicing Agreement, and except as disclosed in the compliance certificate delivered pursuant to Section [__] of the
Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects;



 


		6.	[I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Sub-Servicer under the Sub-Servicing Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB
with respect to the Sub-Servicer, and except as disclosed in the compliance certificate delivered by the Sub-Servicer under Section
[__] of the Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material
respects in the year which such report applies];



 


		7.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Sub-Servicer with respect to the Trust’s fiscal year _____ have been provided
all information relating to the Sub-Servicer’s assessment of compliance with the Relevant Servicing Criteria, in order to
enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and



 


		8.	The report on assessment of compliance with servicing criteria applicable to the Sub-Servicer for
asset-backed securities with respect to the Sub-Servicer or any Servicing Function Participant retained by the Sub-Servicer and
related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the
annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.



 


Capitalized terms used but not defined
herein have the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing Agreement, then the meanings
set forth in the Pooling and Servicing Agreement.


 


Date:        ________________





	 	 	 
	 	[Insert NAME OF SUB-SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 



    V-2


     


    

 


EXHIBIT W


 


FORM OF SARBANES-OXLEY CERTIFICATION


 


I, [identify the certifying
individual], certify that:


 


1.          I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the Benchmark 2018-B1 Mortgage Trust (the “Exchange Act periodic reports”);


 


2.          Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;


 


3.          Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;


 


4.          Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in
all material respects; and


 


5.          All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.


 



    W-1


     


    

 


In giving the certifications above, I have
reasonably relied on information provided to me by the following unaffiliated parties: Wells Fargo Bank, National Association,
Midland Loan Services, a Division of PNC Bank, National Association, Wilmington Trust, National Association, Park Bridge Lender
Services LLC and [list any sub-servicers].


 


Dated: _______________


	 	 
	 	[_____]

    (Senior officer in charge of securitization of the depositor)





 



    W-2


     


    

 


EXHIBIT X


 


MORTGAGE LOAN SELLER SUB-SERVICERS


 


	Mortgage Loan	Sub-Servicer Name
	Atrium Center	Holliday Fenoglio Fowler, L.P.
	Radisson Blu Aqua Hotel	Holliday Fenoglio Fowler, L.P.
	Valley Crossing	CBRE Loan Services, Inc.
	Honey Creek Marketplace	Holliday Fenoglio Fowler, L.P.
	Tri State Neighborhood Center	Colliers International New England, LLC
	Pick ‘n Save Appleton WI	Holliday Fenoglio Fowler, L.P.
	Q-2 Self Storage	Bellwether Enterprise Real Estate Capital, LLC


 


    X-1


     


    
 

EXHIBIT Y


 


[Reserved]


 


    Y-1


     


    

  




EXHIBIT
Z


 


FORM
OF NRSRO CERTIFICATION


 


[Date]




 


Wells
Fargo Bank, National Association 


9062
Old Annapolis Road 


Columbia,
Maryland 21045 


Attention:
Corporate Trust Services – Benchmark 2018-B1 Mortgage Trust


 





with
copies to:  


 


ct.cmbs.bond.admin@wellsfargo.com,
and 


trustadministrationgroup@wellsfargo.com


 





		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 



 





In
accordance with the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Agreement”), and executed
in connection with the above-referenced transaction, with respect to the certificates issued thereunder (the “Certificates”),
the undersigned hereby certifies as follows:


 


1.           (a)          The
undersigned is a Rating Agency; or


 


(b)          The
undersigned is a nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date,
is requesting access pursuant to the Agreement to certain information (the “Information”) on such 17g-5 website
pursuant to the provisions of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned with
respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable
to information obtained from the 17g-5 Information Provider’s Website (including without limitation, to any information
received by the Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have
access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions
of the confidentiality agreement attached hereto as Annex A which shall be applicable to it with respect to any information
obtained from the 17g-5 Information Provider’s Website, including any information that is obtained from the section of the
17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing Date.


 


2.           The
undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during the most
recently ended calendar year, or (b) has determined and maintained credit ratings for at least 10% of the issued securities and
money market instruments for which it accessed information pursuant to Rule 17g–5(a)(3)(iii) in the


 






     Z-1


     


    

  


calendar
year prior to the year covered by the SEC Certification, if it accessed such information for 10 or more issued securities or money
market instruments.


 


3.           The
undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.


 


Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 


BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.


 



     Z-2


     


    




 


ANNEX
A


 


CONFIDENTIALITY
AGREEMENT


 


This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with [________] (together
with its affiliates, “[_______]”, the “Furnishing Entities” and each a “Furnishing Entity”)
furnishing certain financial, operational, structural and other information relating to the issuance of the Benchmark 2018-B1
Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”) pursuant to the Pooling and
Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC,
as operating advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank,
National Association, as certificate administrator, paying agent and custodian, and the assets underlying or referenced by the
Certificates, including the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and
lessees with respect to such assets (together, the “Collateral”) to you (the “NRSRO”) through
the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Pooling and Servicing Agreement,
including the [section of the 17g-5 Information Provider’s website that hosts the Depositor’s 17g-5 website after
the Closing Date (as defined in the Pooling and Servicing Agreement]. Information provided by each Furnishing Entity is labeled
as provided by the specific Furnishing Entity.


 


		1.	Definition
                                         of Confidential Information. For purposes of this Confidentiality Agreement, the
                                         term “Confidential Information” shall include the following information
                                         (irrespective of its source or form of communication, including information obtained
                                         by you through access to this site) that may be furnished to you by or on behalf of a
                                         Furnishing Entity in connection with the issuance or monitoring of a rating with respect
                                         to the Certificates: (x) all data, reports, interpretations, forecasts, records,
                                         agreements, legal documents and other information (such information, the “Evaluation
                                         Material”) and (y)  any of the terms, conditions or other facts with respect
                                         to the transactions contemplated by the Pooling and Servicing Agreement, including the
                                         status thereof; provided, however, that the term Confidential Information
                                         shall not include information which:



 

		-	was
                                         or becomes generally available to the public (including through filing with the Securities
                                         and Exchange Commission or disclosure in an offering document) other than as a result
                                         of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i)
                                         below) in violation of this Confidentiality Agreement;



 





		-	was
                                         or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
                                         that (i) is reasonably believed by you to be under no obligation to maintain the
                                         information as confidential and (ii) provides it to you without any obligation to
                                         maintain the information as confidential; or



 



     Z-3


     


    

 





		-	is
                                         independently developed by the NRSRO without reference to any Confidential Information.



 


		2.	Information
                                         to Be Held in Confidence.



 





		(a)	You
                                         will use the Confidential Information solely for the purpose of determining or monitoring
                                         a credit rating on the Certificates and, to the extent that any information used is derived
                                         from but does not reveal any Confidential Information, for benchmarking, modeling or
                                         research purposes (the “Intended Purpose”).



 


		(b)	You
                                         acknowledge that you are aware that the United States and state securities laws impose
                                         restrictions on trading in securities when in possession of material, non-public information
                                         and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
                                         who is informed of the matters that are the subject of this Confidentiality Agreement
                                         to that effect.



 


		(c)	You
                                         will treat the Confidential Information as private and confidential. Subject to Section
                                         4, without the prior written consent of the applicable Furnishing Entity, you will not
                                         disclose to any person any Confidential Information, whether such Confidential Information
                                         was furnished to you before, on or after the date of this Confidentiality Agreement.
                                         Notwithstanding the foregoing, you may:



 


		(i)	disclose
                                         the Confidential Information to any of the NRSRO’s affiliates, directors, officers,
                                         employees, legal representatives, agents and advisors (each, a “NRSRO Representative”)
                                         who, in the reasonable judgment of the NRSRO, need to know such Confidential Information
                                         in connection with the Intended Purpose; provided, that, prior to disclosure of
                                         the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable
                                         precautions to ensure, and shall be satisfied, that such NRSRO Representative will act
                                         in accordance with this Confidentiality Agreement;



 


		(ii)	solely
                                         to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),
                                         post the Confidential Information to the NRSRO’s password protected website; and



 


		(iii)	use
                                         information derived from the Confidential Information in connection with an Intended
                                         Purpose, if such derived information does not reveal any Confidential Information.



  


		3.	Disclosures
                                         Required by Law. If you or any NRSRO Representative is requested or required (orally
                                         or in writing, by interrogatory, subpoena, civil investigatory demand, request for information
                                         or documents, deposition or similar process relating to any legal proceeding, investigation,
                                         hearing or otherwise) to disclose any Confidential Information, you agree to provide
                                         the relevant Furnishing Entity with notice as soon as practicable (except in the case
                                         of regulatory or other governmental inquiry, examination or investigation, and otherwise
                                         to the extent practical and permitted by law, regulation or regulatory or other governmental
                                         authority) that a request to disclose the Confidential Information has been made so that
                                         the relevant Furnishing Entity may seek an



 






     Z-4


     


    

 



appropriate
protective order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it
so chooses. Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you
been informed by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance
for confidential treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential
Information while the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential
treatment is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order
or other reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that
is being disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the
NRSRO be required to take a position that such information should be entitled to receive such a protective order or reasonable
assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree
to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing
Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the
provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required
to disclose, at the sole expense of the relevant Furnishing Entity. 


 


	 	4.	Obligation
                                         to Return Evaluation Material. Promptly upon written request by or on behalf of the
                                         relevant Furnishing Entity, all material or documents, including copies thereof, that
                                         contain Evaluation Material will be destroyed or, in your sole discretion, returned to
                                         the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may
                                         retain one or more copies of any document or other material containing Evaluation Material
                                         to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s
                                         internal policies and procedures designed to ensure legal or regulatory compliance) and
                                         (b) the NRSRO may retain any portion of the Evaluation Material that may be found
                                         in backup tapes or other archive or electronic media or other documents prepared by the
                                         NRSRO and any Evaluation Material obtained in an oral communication; provided,
                                         that any Evaluation Material so retained by the NRSRO will remain subject to this Confidentiality
                                         Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.



 


		5.	Violations
                                         of this Confidentiality Agreement.



 


		(a)	The
                                         NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the
                                         NRSRO or any NRSRO Representative.



 


		(b)	You
                                         agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation
                                         or unauthorized disclosure or use by any person of the Confidential Information which
                                         may come to your attention and to take all steps reasonably requested by such Furnishing
                                         Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure
                                         or use.



 


		(c)	You
                                         acknowledge and agree that the Furnishing Entities would not have an adequate remedy
                                         at law and would be irreparably harmed in the event that any of the



 









     Z-5


     


    

  


provisions
of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief to prevent breaches
of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other remedy
to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that no failure to or delay
in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege. 


 


		6.	Term.
                                        Notwithstanding the termination or cancellation of this Confidentiality Agreement
                                        and regardless of whether the NRSRO has provided a credit rating on a Security, your obligations
                                        under this Confidentiality Agreement will survive indefinitely.



 


		7.	Governing
                                        Law. This Confidentiality Agreement and any claim, controversy or dispute arising
                                        under the Confidentiality Agreement, the relationships of the parties and/or the interpretation
                                        and enforcement of the rights and duties of the parties shall be governed by and construed
                                        in accordance with the laws of the State of New York applicable to agreements made and
                                        to be performed within such State.



 


		8.	Amendments.
                                        This Confidentiality Agreement may be modified or waived only by a separate writing by
                                        the NRSRO and each Furnishing Entity.



 


		9.	Entire
                                        Agreement. This Confidentiality Agreement represents the entire agreement between
                                        you and the Furnishing Entities relating to the treatment of Confidential Information
                                        heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other
                                        understandings and agreements between us relating to such matters; provided, however,
                                        that, if the terms of this Confidentiality Agreement conflict with another agreement relating
                                        to the Confidential Information that specifically states that the terms of such agreement
                                        shall supersede, modify or amend the terms of this Confidentiality Agreement, then to
                                        the extent the terms of this Confidentiality Agreement conflict with such agreement, the
                                        terms of such agreement shall control notwithstanding acceptance by you of the terms hereof
                                        by entry into this website.



 


		10.	Contact
                                         Information. Notices for each Furnishing Entity under this Confidentiality Agreement,
                                         shall be directed as set forth below:



  


[__________________]


 



     Z-6


     


    




 


EXHIBIT
AA-1


 


FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


 


[Date]


 


Deutsche
Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with
a copy via email to:


 


cmbs.requests@db.com


 


	 	Re:	Deutsche
                                         Mortgage & Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2018-B1



 







Ladies
and Gentlemen:


 


This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), and executed with respect to the above-referenced
transaction. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as Depositor, that:


 


1.           The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans for which
_________________ is the Master Servicer (the “Excess Servicing Fee Right”), with the full right to transfer
the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.


 


2.           Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the


 






     AA-1-1


     


    

  


Securities
Act or any state securities laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to
the Securities Act or any state securities laws. 


 


	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 





 



     AA-1-2


     


    




 


EXHIBIT
AA-2


 


FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


 


[Date]


 


Deutsche
Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with
a copy via email to:


 


cmbs.requests@db.com








Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager 


Facsimile
number: (704) 715-0036 


Email:
commercial.servicing@wellsfargo.com


 


	Re: Trust	Deutsche
          Mortgage & Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Commercial Mortgage Pass-Through Certificates,
          Series 2018-B1



  










Ladies
and Gentlemen:


 


This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), entered into and executed with respect
to the above-referenced transaction. All capitalized terms used but not otherwise defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor
and the Master Servicer, that:


 


1.           The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loans as to which __________________
is the applicable Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and
not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which
would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities
laws.


 



    AA-2-1 


     


    

 





2.           The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit AA-1 to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a
certificate from the prospective transferee substantially in the form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.


 


3.           The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.


 


4.           Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.


 


5.           The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and
servicing of the Mortgage Loans, and (e) all related matters that it has requested.


 


6.           The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an


 






    AA-2-2 


     


    

 


investment
in the Excess Servicing Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision; and the Transferee is able to bear the economic risks of such investment and can afford
a complete loss of such investment.


 


7.           The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other
than such Persons’ auditors, legal counsel and regulators.


 


8.           The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement.


  





	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






    AA-2-3 


     


    




  


EXHIBIT
BB


 


FORM
OF OPERATING ADVISOR ANNUAL REPORT1


 


Report
Date: This report will be delivered annually no later than 120 days after the end of the calendar year, pursuant to the
terms and conditions of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing
Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association,
as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender
Services LLC, as operating advisor and asset representations reviewer, Wilmington
Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent
and custodian.

Transaction: Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2018-B1

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer as of December 31: [__________]

Controlling Class Representative: [__________]


 





		I.	Population
                                         of Mortgage Loans that Were Considered in Compiling this Report



 


		1.	The
                                         Special Servicer has notified the Operating Advisor that [●] Specially Serviced
                                         Loans were transferred to special servicing in the prior calendar year [INSERT YEAR].



 


		a.	[●]
                                         of those Specially Serviced Loans are still being analyzed by the Special Servicer as
                                         part of the development of [a Final] Asset Status Report.



 


		b.	[Final]
                                         Asset Status Reports were issued with respect to [●] of such Specially Serviced
                                         Loans. This report is based only on the Specially Serviced Loans in respect of which
                                         [a Final] Asset Status Report has been issued. The [Final] Asset Status Reports may not
                                         yet be fully implemented.



 


		2.	The
                                         Special Servicer has notified the Operating Advisor that it has completed a Major Decision
                                         with respect to [●] Specially Serviced Loans [INSERT AFTER AN OPERATING ADVISOR
                                         CONSULTATION EVENT: and [●] non-Specially Serviced Loans], and provided the Major
                                         Decision Reporting Package or Asset Status Report with respect to [●] Specially
                                         Serviced Loans [INSERT AFTER AN OPERATING ADVISOR CONSULTATION EVENT: and [●] non-Specially
                                         Serviced Loans] to the operating advisor.



 





 



  

1
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject
to the compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to
Privileged Information.

 






     BB-1


     


    

 





	II.	Executive
                                         Summary



 


Based
on the requirements and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below, the
Operating Advisor (in accordance with the Operating Advisor’s analysis requirements outlined in the Pooling and Servicing
Agreement) has undertaken a limited review of the Special Servicer’s reported actions under the Pooling and Servicing Agreement
on the loans identified in this report. Based solely on such limited review and subject to the assumptions, limitations and qualifications
set forth herein, the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is
not] operating in compliance with the Servicing Standard with respect to its performance of its duties under the Pooling and Servicing
Agreement during the prior calendar year on an “asset-level basis”. [The Operating Advisor believes, in its sole discretion
exercised in good faith, that the Special Servicer has failed to materially comply with the Servicing Standard as a result of
the following material deviations.]


 


		●	[LIST
                                         OF MATERIAL DEVIATION ITEMS]



 





In
addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].


 


[ADD
RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]


 


		III.	List
                                         of Items that Were Considered in Compiling this Report



 


In
rendering our assessment herein, we examined and relied upon the accuracy and completeness of the items listed below:


 


	1.	Any Major
                                Decision Reporting Package that is delivered or made available to the Operating Advisor by the
                                Special Servicer pursuant to the Pooling and Servicing Agreement.



 


	2.	Reports
                                by the Special Servicer made available to Privileged Persons that are posted on the certificate
                                administrator’s website that is relevant to the operating advisor’s obligations under
                                the PSA and certain information it has reasonably requested from the special servicer [AFTER AN
                                OPERATING ADVISOR CONSULTATION EVENT:] and each Asset Status Report (after the occurrence and
                                continuance of an Operating Advisor Consultation Event) and each Final Asset Status Report, in
                                each case, delivered or made available to the Operating Advisor pursuant to the terms of the Pooling
                                and Servicing Agreement.



 


	3.	The Special
                                Servicer’s assessment of compliance report, attestation report by a third party regarding
                                the Special Servicer’s compliance with its obligations, and non-discretionary portions of
                                net present value calculations and Appraisal Reduction Amount calculations delivered or made available
                                to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement.



 


	4.	[LIST OTHER
                                REVIEWED INFORMATION]



 



     BB-2


     


    

 





	5.	[INSERT
                                IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT:] Consulted with the Special Servicer as provided
                                under the Pooling and Servicing Agreement on Asset Status Reports for a Specially Serviced Loan
                                delivered or made available to the Operating Advisor pursuant to the terms of the Pooling and
                                Servicing Agreement and with respect to Major Decisions processed by the Special Servicer.



 


	6.	[INSERT
                                IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT:] During the prior year, the Operating Advisor
                                consulted with the Special Servicer regarding its strategy plan for a limited number of issues
                                related to the following Specially Serviced Loans: [LIST]. The Operating Advisor participated
                                in discussions and made strategic observations and recommended alternative courses of action to
                                the extent it deemed such observations and recommendations appropriate.



 


NOTE:
The Operating Advisor’s review of the above materials should be considered a limited review and not be considered a full
or limited audit. For instance, we did not review each page of the Special Servicer’s policy and procedure manuals (including
amendments and appendices), review underlying lease agreements or similar underlying documents, re-engineer the quantitative aspects
of their net present value calculation, visit any related property, visit the Special Servicer, visit the Directing Holder or
interact with any borrower. In addition, our review of the net present value calculations and Appraisal Reduction calculations
is limited to the mathematical accuracy of the calculations and the corresponding application of the non-discretionary portions
of the applicable formulas, and as such, does not take into account the reasonableness of the discretionary portions of such formulas. 


 


IV.
Assumptions, Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related to this Report


 


		1.	[As
                                         provided in the Pooling and Servicing Agreement, the Operating Advisor is not required
                                         to report on instances of non-compliance with, or deviations from, the Servicing Standard
                                         or the special servicer’s obligations under the Pooling and Servicing Agreement
                                         that the Operating Advisor determines, in its sole discretion exercised in good faith,
                                         to be immaterial.]



 


		2.	In
                                         rendering our assessment herein, we have assumed that all executed factual statements,
                                         instruments, and other documents that we have relied upon in rendering this assessment
                                         have been executed by persons with legal capacity to execute such documents.



 


		3.	Other
                                         than the receipt of any Major Decision Reporting Package or any Asset Status Report that
                                         is delivered or made available to the Operating Advisor pursuant to the terms of the
                                         Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have
                                         access to, the Special Servicer’s and Directing Holder’s discussion(s) regarding
                                         any Specially Serviced Loan. The Operating Advisor does not have authority to speak with
                                         the Directing Holder or borrower directly. As such, the Operating Advisor relied upon
                                         the information delivered to it by the Special Servicer as well as its interaction with
                                         the Special Servicer, if any, in gathering the relevant information to generate this
                                         report. The



 









     BB-3


     


    

 


services
that we perform are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.


  


		4.	The
                                         Special Servicer has the legal authority and responsibility to service any Specially
                                         Serviced Loans pursuant to the Pooling and Servicing Agreement. The Operating Advisor
                                         has no responsibility or authority to alter the standards set forth in the Pooling and
                                         Servicing Agreement or the actions of the Special Servicer.



 


		5.	Confidentiality
                                         and other contractual limitations limit the Operating Advisor’s ability to outline
                                         the details or substance of any communication held between it and the Special Servicer
                                         regarding any Specially Serviced Loans and certain information it reviewed in connection
                                         with its duties under the Pooling and Servicing Agreement. As a result, this report may
                                         not reflect all the relevant information that the Operating Advisor is given access to
                                         by the Special Servicer.



 


		6.	The
                                         Operating Advisor is not empowered to speak with any investors directly. If the investors
                                         have questions regarding this report, they should address such questions to the certificate
                                         administrator through the certificate administrator’s website.



 


		7.	This
                                         report does not constitute recommendations to buy, sell or hold any security, nor does
                                         the Operating Advisor take into account market prices of securities or financial markets
                                         generally when performing its limited review of the Special Servicer as described above.
                                         The Operating Advisor does not have a fiduciary relationship with any Certificateholder
                                         or any other party or individual. Nothing is intended to or should be construed as creating
                                         a fiduciary relationship between the Operating Advisor and any Certificateholder, party
                                         or individual.



 


Terms
used but not defined herein have the meaning set forth in the Pooling and Servicing Agreement. 





 


	 	PARK BRIDGE LENDER SERVICES LLC
	 	 	 
	 	 	By:	Park Bridge Advisors LLC, Its Sole Member
	 	 	 
	 	 	By:	Park Bridge Financial LLC, Its Sole Member
	 	 	 
	 	 	By:	 
	 	 		Name:
	 	 		Title:



 









     BB-4


     


    



 


EXHIBIT CC


 


ADDITIONAL DISCLOSURE NOTIFICATION


 


**SEND VIA FAX TO (410)715-2380 AND VIA
EMAIL TO cts.sec.notifications@wellsfargo.com AND [_____] AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY BELOW**





 


Wells Fargo Bank, National Association


9062 Old Annapolis Road

Columbia, Maryland 21045


Attention: Corporate Trust Services – Benchmark 2018-B1
Mortgage Trust



 


with copies to:


 


ct.cmbs.bond.admin@wellsfargo.com,
and


trustadministrationgroup@wellsfargo.com



 


Deutsche Mortgage & Asset Receiving Corporation,

as Depositor

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with a copy via email to:


cmbs.requests@db.com


 


		Re:	**Additional
                                         Form [10-D][10-K][8-K] Disclosure Required **



 


Ladies and Gentlemen:


 


In accordance with Section [10.06][10.07][10.09]
of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer
(in such capacity, the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, the undersigned, as                          ,
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].


 


Description of Additional Form [10-D][10-K][8-K]
Disclosure:


 



    CC-1


     


    

 


List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure: 


 


Any inquiries related to this notification
should be directed to                          ,
phone number:                          ;
email address:                          .


 





	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 





    CC-2


     


    




 


EXHIBIT DD-1 


 


FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR MASTER SERVICER


 


RECORDING REQUESTED BY:


 



Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202


 





 






 SPACE ABOVE THIS LINE FOR RECORDER’S
USE


 


 LIMITED
POWER OF ATTORNEY 


 


KNOW ALL MEN BY THESE PRESENTS, that Wilmington
Trust, National Association, a national banking association, incorporated and existing under the laws of the United States, having
its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890 as Trustee (the “Trustee”)
pursuant to that Pooling and Servicing Agreement dated as of January 1, 2018 (the “Agreement”) between Deutsche
Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank, National Association, as Certificate Administrator,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Wells Fargo Bank, National Association,
as Master Servicer (in such capacity, the “Master Servicer”), Midland Loan Services, a Division of PNC Bank,
National Association, as Special Servicer (the “Special Servicer”) and Wilmington Trust, National Association,
as Trustee, and the Trustee hereby constitutes and appoints the Master Servicer, by and through the Master Servicer’s officers,
the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s
benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced by the Servicer and all properties
(“Properties”) administered by the Master Servicer pursuant to the Agreement, to execute and acknowledge in
writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate to effectuate the enumerated
transactions described in items 1 through 12 below with respect to the Mortgage Loans and Properties; provided however, that the
documents described below may only be executed and delivered by such Attorneys-in-Fact if such documents are required or permitted
under the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement. 


 


		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.



 


		2.	The modification or re-recording of a Mortgage or deed
of trust, where said modification or re-recording is solely for the purpose of correcting the Mortgage or deed of trust to



  






    DD-1-1


     


    

 


			conform same to the original intent of the parties thereto or to correct title errors
                                                                           discovered after such title insurance was issued; provided that (i) said modification or re-recording, in either instance,
                                                                           does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions
                                                                           of the Agreement.



 


		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company of a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.




 


		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real
estate owned, or conveyance of title to real estate owned.




 


		5.	The completion of loan assumption agreements.




 


		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.



  


		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the mortgage
loan secured and evidenced thereby.



  


		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.



  


		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:



  


		a.	the substitution of trustee(s) serving under a deed of
trust, in accordance with state law and the deed of trust;



 


		b.	the preparation and issuance of statements of breach or non-performance;




 


		c.	the preparation and filing of notices of default and/or notices of sale;




 


		d.	the cancellation/rescission of notices of default and/or notices of sale;




 



    DD-1-2


     


    

 


		e.	the taking of deed in lieu of foreclosure;







 


		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy
cases affecting Mortgage Notes, Mortgages or deeds of trust;




 


		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute
and complete eviction actions or proceedings;




 


		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance
claims, including but not limited to appearing on behalf of the Trustee in quiet title actions; and




 


		i.	the preparation and execution of such other documents and performance of such other actions as may
be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs
9.a. through 9.h. above.



  


		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:




 


		a.	listing agreements;




 


		b.	purchase and sale agreements;




 


		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of  the property to a party contracted
to purchase same;



  


		d.	escrow instructions; and




 


		e.	any and all documents necessary to effect the transfer of property.



  


		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property or reserves for replacement
of personal property.



  


		12.	The execution and delivery of the following:



  


		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related
Mortgaged Property and other related collateral;



  


		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and



  


		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to
transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents
to



  



    DD-1-3


     


    

 





			any mezzanine financing to be secured by the ownership interests in a borrower, consents to
                                                                           and monitoring of the application of any proceeds of insurance policies or condemnation awards to the restoration of the
                                                                           related Mortgaged Property or otherwise, documents relating to the management, operation, maintenance, repair, leasing and
                                                                           marketing of the related Mortgaged Properties (including agreements and requests by any borrower with respect to
                                                                           modifications of the standards of operation and management of such Mortgaged Properties or the replacement of asset
                                                                           managers), documents exercising any or all of the rights, powers and privileges granted or provided to the holder of any
                                                                           Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance and attornment agreements or
                                                                           other leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable servitudes, or land use
                                                                           or zoning requirements with respect to the Mortgaged Properties, instruments relating to the custody of any collateral that
                                                                           now secures or hereafter may secure any Mortgage Loan and any other consents.



 


The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or
could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below. 


 


This appointment is to be construed and
interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to,
nor does it give rise to, and it is not to be construed as a general power of attorney. 


 


Solely to the extent that the Master Servicer
has the power to delegate its rights or obligations under the Agreement, the Master Servicer also has the power to delegate the
authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes
of performing its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are
necessary for such purpose. The Master Servicer's attorneys-in-fact shall have no greater authority than that held by the Master
Servicer.


  


Nothing contained herein shall: (i) limit
in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Master Servicer the power to initiate or defend any
suit, litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein.
If the Master Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association,
then the Master Servicer shall promptly forward a copy of same to the Trustee.


 


This limited power of attorney is not
intended to extend the powers granted to the Master Servicer under the Agreement or to allow the Master Servicer to take any action
with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement. 


 






    DD-1-4


     


    

 


The Master Servicer hereby agrees to indemnify
and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Master Servicer.
The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation
or removal of the Trustee under the Agreement. 


 


This Limited Power of Attorney is entered
into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state. 


 


Third parties without actual notice may
rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power
of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made
in writing by the undersigned. 


 


IN WITNESS WHEREOF, Wilmington Trust, National
Association, as Trustee for [_____________] has caused its corporate seal to be hereto affixed and these presents to be signed
and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________ day of ____________.


  


	 	Wilmington Trust, National Association,
    as Trustee for [________________]
	 	 	 	 
	 	By:	 	 
	 		Name:	 
	 		Title:	 
	 	 	 	 	 
	 	Prepared
    by:	 
	 	 	 
	 		Name:	 



 


	Witness:	 
	 	 
	 	 
	Witness:	 
	 	 	 	 






 









    DD-1-5


     


    




 


	State of Delaware}	 
	County of ____}	 









  


On
________________________, before me, _________________________________Notary Public, personally appeared
___________________________, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by
his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.


 


I certify under PENALTY OF PERJURY under
the laws of the State of Delaware that the foregoing paragraph is true and correct.


 


Witness my hand and official seal.


 


	 	 
	Notary signature	 












 



    DD-1-6


     


    




 


EXHIBIT DD-2 


 


FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR SPECIAL SERVICER


 


RECORDING REQUESTED BY:


 


Midland Loan Services, a Division of PNC Bank,
National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210



 


 






 SPACE ABOVE THIS LINE FOR RECORDER’S
USE





 


LIMITED POWER OF ATTORNEY


 


KNOW ALL MEN BY THESE PRESENTS, that Wilmington
Trust, National Association, a national banking association, incorporated and existing under the laws of the United States, having
its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890 as Trustee (the “Trustee”)
pursuant to that Pooling and Servicing Agreement dated as of January 1, 2018 (the “Agreement”) by and among
Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank, National Association, as Certificate
Administrator, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Wells Fargo Bank, National
Association, as Master Servicer (in such capacity, the “Master Servicer”), Midland Loan Services, a Division
of PNC Bank, National Association, as Special Servicer (the “Special Servicer”) and Wilmington Trust, National
Association, as Trustee, and the Trustee hereby constitutes and appoints the Special Servicer, by and through the Special Servicer’s
officers and authorized employees, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and
stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced
by the Special Servicer and all properties (“REO Properties”) administered by the Special Servicer pursuant
to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary
and appropriate to effectuate the enumerated transactions described in items 1 through 12 below with respect to the Mortgage Loans
and REO Properties; provided however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact
if such documents are required or permitted under the terms of the Agreement. Capitalized terms used herein and not otherwise
defined herein have the meanings set forth in the Agreement. 


 


		1.	The endorsement on behalf of the Trustee of all checks,
drafts and/or other negotiable instruments made payable to the Trustee and to draw upon, replace, substitute, release or amend
letters of credit standing as collateral securing any Mortgage Loan.



 


		2.	The modification or re-recording of a Mortgage or deed
of trust, where said modification or re-recording is solely for the purpose of correcting such Mortgage or deed of trust to conform
same to the original intent of the parties thereto or to correct title errors discovered after such title insurance was issued;
provided that said modification or re-recording, in either instance, (i) does not adversely affect the lien of the Mortgage or
deed



 






    DD-2-1


     


    

 


			of trust as insured and (ii) otherwise conforms to the provisions of the Agreement.



 


		3.	The subordination of the lien of a Mortgage or deed of
trust to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain; this section
shall include, without limitation, the execution of partial satisfactions/releases, partial reconveyances or the execution or
requests to trustees to accomplish same.



 


		4.	The conveyance of any property to the mortgage insurer,
or the closing of title to any mortgaged property (a “Mortgaged Property”) to be acquired as REO Property,
or conveyance of title to any REO Property.



 


		5.	The completion of loan assumption agreements and transfers
of interest in borrower entities.




 

		6.	The full satisfaction/release of a Mortgage or deed of
trust or full conveyance upon payment and discharge of all sums secured thereby, including, without limitation, cancellation of
the related Mortgage Note.



 


		7.	The assignment of any Mortgage or deed of trust and the
related Mortgage Note and other loan documents, in connection with the purchaser or repurchase of the mortgage loan secured and
evidenced thereby.



 


		8.	The full assignment of a Mortgage or deed of trust upon
payment and discharge of all sums secured thereby in conjunction with the refinancing thereof, including, without limitation,
the assignment of the related Mortgage Note and other loan documents.



 


		9.	The full enforcement of and preservation of the Trustee’s
interests in any Mortgage Notes, Mortgages or deeds of trust, and in the proceeds thereof, by way of, including but not limited
to, taking title to any Mortgaged Property on behalf of the Trust, foreclosure, the taking of a deed in lieu of foreclosure, or
the completion of judicial or non-judicial foreclosure and/or any related litigation, including without limitation, guaranty or
receivership litigation, or litigation on the Mortgage Note or the termination, cancellation or rescission of any such foreclosure
or the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, the initiation or defense of any litigation related to the ownership
of any REO Property and the pursuit of title insurance, hazard insurance and claims in bankruptcy proceedings, including, without
limitation, any and all of the following acts:



 


		a.	the substitution of trustee(s) serving under a deed of
trust, in accordance with state law and the deed of trust;



 


		b.	the preparation and issuance of statements of breach or
non-performance; 



 






    DD-2-2


     


    

 


		c.	the preparation and filing of notices of default and/or
notices of sale;



 


		d.	the cancellation/rescission of notices of default and/or
notices of sale;



 


		e.	the taking of deed in lieu of foreclosure;



 


		f.	the filing, prosecution and defense of claims, and to appear
on behalf of the Trustee, in bankruptcy cases affecting any Mortgage Notes, Mortgages or deeds of trust;



 


		g.	the preparation and service of notices to quit and all
other documents necessary to initiate, prosecute and complete eviction actions or proceedings;



 


		h.	the tendering, filing, prosecution and defense, as applicable,
of hazard insurance and title insurance claims, including but not limited to appearing on behalf of the Trustee in quiet title
actions;



 


		i.	the creation of a wholly owned entity of the Trust for
purposes of holding foreclosed property; and



 


		j.	the preparation and execution of such other documents and
performance of such other actions as may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously
complete said transactions in paragraphs 9a. through 9.i. above.



 


		10.	With respect to the sale of property acquired through a
foreclosure or deed-in lieu of foreclosure, including, without limitation, the execution of the following documentation:



 


		a.	listing agreements;



 


		b.	purchase and sale agreements;



 


		c.	grant/warranty/quit claim deeds or any other deed causing
the transfer of title of the property to a party contracted to purchase same;



 


		d.	escrow instructions; and



 


		e.	any and all documents necessary to effect the transfer
of property.



 


		11.	The modification or amendment of escrow agreements established
for repairs to the mortgaged property or reserves for replacement of personal property.



 


		12.	Execute and/or file such documents and take such other
action as is proper an necessary to defend the Trustee, solely in its capacity as Trustee, in litigation and to resolve such litigation,
provided such resolution shall not include any admission of fault or wrongdoing by the Trustee or, without the Trustee’s
consent, subject the Trustee to any form of injunctive relief.



 






    DD-2-3


     


    

 


		13.	The execution and delivery of the following:



 


		a.	any and all financing statements, continuation statements
and other documents or instruments necessary to maintain the lien created by the Mortgage, deed of trust or other security document
in the related Mortgage File or the related Mortgaged Property and other related collateral;



 


		b.	any and all instruments of satisfaction or cancellation,
or of partial or full release or discharge, or of partial or full defeasance, and all other comparable instruments; and



 


		c.	any and all assumptions, modifications, waivers, substitutions,
extensions, amendments, consents to transfers of interests in borrowers, consents to any subordinate financings to be secured
by any related Mortgaged Property, consents to any mezzanine financing to be secured by the ownership interests in a borrower,
consents to and monitoring of the application of any proceeds of insurance policies or condemnation awards to the restoration
of the related Mortgaged Property, REO Property or otherwise, documents relating to the management, operation, maintenance, repair,
leasing and marketing of the related Mortgaged Properties (including agreements and requests by any borrower with respect to modifications
of the standards of operation and management of such Mortgaged Properties or the replacement of asset managers) or REO Properties,
documents exercising any or all of the rights, powers and privileges granted or provided to the holder of any Mortgage Loan under
the related loan documents, lease subordination agreements, non-disturbance and attornment agreements or other leasing or rental
arrangements, management agreements, any easements, covenants, conditions, restrictions, equitable servitudes, or land use or
zoning requirements with respect to the Mortgaged Properties or REO Properties, instruments relating to the custody of any collateral
that now secures or hereafter may secure any Mortgage Loan and any other consents and any and all documents, instruments and certifications
as are reasonably necessary to complete or accomplish the Special Servicer’s duties and responsibilities under the Agreement.



The undersigned gives said Attorney-in-Fact full power and
authority to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect
the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do, and hereby
does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.


This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.


Solely to the extent that the Special Servicer has the power
to delegate its rights or obligations under the Agreement, the Special Servicer also has the power to delegate the authority given
to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes of performing its
obligations and duties by executing such additional powers of






    DD-2-4


     


    

attorney in favor of its attorneys-in-fact as are necessary
for such purpose. The Special Servicer's attorneys-in-fact shall have no greater authority than that held by the Special Servicer.


Nothing contained herein shall: (i) limit in any manner any
indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections afforded the Trustee
under the Agreement, or (iii) be construed to grant the Special Servicer the power to initiate or defend any suit, litigation or
proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein or in the Agreement.
If the Special Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association,
then the Special Servicer shall promptly forward a copy of same to the Trustee.


This limited power of attorney is not intended to extend or
limit the powers granted to the Special Servicer under the Agreement or to allow the Special Servicer to take any action with respect
to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.


The Special Servicer hereby agrees to indemnify and hold the
Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by the
Trustee by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Special
Servicer of the powers granted. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the
Agreement or the earlier resignation or removal of the Trustee under the Agreement.


This Limited Power of Attorney is entered into and shall be
governed by the laws of the State of New York, without regard to conflicts of law principles of such state.


IN WITNESS WHEREOF, Wilmington Trust, National Association,
as Trustee for [_____________] has caused its corporate seal to be hereto affixed and these presents to be signed and acknowledged
in its name and behalf by a duly elected and authorized signatory this ___________ day of ____________.





	 	Wilmington Trust, National Association, as Trustee for [________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





	Witness:	 
	 	 
	 	 
	Witness:	 



 






    DD-2-5


     


    

 


	 









    DD-2-6


     


    




State
of Delaware}


County of ____}


On ________________________, before me,
_________________________________Notary Public, personally appeared ___________________________, who proved to me on the basis
of


satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her
signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.


I certify under PENALTY OF PERJURY under the laws of the State
of Delaware that the foregoing paragraph is true and correct.


Witness my hand and official seal.





	Notary	signature



 



    DD-2-7


     


    


 


EXHIBIT EE


 


FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION


  


	[Other Depositor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Trustee]*

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

*If the Other Trustee is comprised of multiple entities (such as a separate trustee and certificate administrator), this form shall be addressed to each such entity
	 	 
	[Other Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Special Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]
	 	 
	[Other Operating Advisor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Asset Representations Reviewer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]


 





		Re:	[Other Securitization Trust]



 


Ladies and Gentlemen:


 


Reference is hereby
made to the [Trust][Pooling] and Servicing Agreement, dated as of [_____] (the “Other Pooling and Servicing Agreement”),
between [_____], as Depositor, [_____], as master servicer, [_____], as special servicer, [_____], as certificate administrator
and as trustee, and [_____], as operating advisor and asset representations reviewer. Capitalized terms used but not defined herein
shall have the meanings given to them (or an analogous term) in the Other Pooling and Servicing Agreement.


 


The undersigned is the
certificate administrator under the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “B1 PSA”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “B1 Depositor”), Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “B1 Master Servicer”), Midland Loan Services,
a Division of PNC Bank, National Association, as special servicer (the “B1 Special Servicer”), Wilmington Trust,
National Association, as trustee (the “B1 Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “B1 Certificate Administrator”), paying agent and custodian, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “B1 Operating
Advisor”) and asset representations reviewer (in such capacity, the “B1 Asset Representations Reviewer”),
pursuant to which the


 






    EE-1


     


    

 


Benchmark 2018-B1 Mortgage Trust (the “B1 Trust”) was established and the [The Woods][Griffin
Portfolio][Worldwide Plaza][Station Place III][Gateway Net Lease Portfolio][521-523 East 72nd Street][Miracle Mile Shopping Center][AHIP
Northeast Portfolio I][Starwood Capital Group Hotel Portfolio] Companion Loan was transferred to the B1 Trust as of January 31,
2018 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.       Wells
Fargo Bank, National Association, as trustee under the B1 PSA, is the holder of the [The Woods][Griffin Portfolio][Worldwide Plaza][Station
Place III][Gateway Net Lease Portfolio][521-523 East 72nd Street][Miracle Mile Shopping Center][AHIP Northeast Portfolio I][Starwood
Capital Group Hotel Portfolio] Companion Loan.


 


2.       The
[The Woods][Griffin Portfolio][Worldwide Plaza][Station Place III][Gateway Net Lease Portfolio][521-523 East 72nd Street][Miracle
Mile Shopping Center][AHIP Northeast Portfolio I][Starwood Capital Group Hotel Portfolio] Mortgage Loan [is][is not] a Significant
Obligor (as such term is defined in the B1 PSA) under the B1 PSA.


 


3.       The
contact information for the B1 Depositor, B1 Trustee, the B1 Certificate Administrator, the B1 Master Servicer, the B1 Special
Servicer, the B1 Operating Advisor, the B1 Asset Representations Reviewer, each Rating Agency (as defined in the B1 PSA) and the
Controlling Class Representative (as defined in the B1 PSA) with respect to the [The Woods][Griffin Portfolio][Worldwide Plaza][Station
Place III][Gateway Net Lease Portfolio][521-523 East 72nd Street][Miracle Mile Shopping Center][AHIP Northeast Portfolio I][Starwood
Capital Group Hotel Portfolio] Companion Loan are as set forth on Schedule I attached hereto.


 


4.       You
are directed to remit to Wells Fargo Bank, National Association, as the B1 Master Servicer, to the collection account set forth
on Schedule II attached hereto no later than one (1) Business Day after each Determination Date (as defined in the B1 PSA) all
amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association,
as B1 Master Servicer, no later than one (1) Business Day after each Determination Date (as defined in the B1 PSA) all reports,
statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to,
the holder of the [The Woods][Griffin Portfolio][Worldwide Plaza][Station Place III][Gateway Net Lease Portfolio][521-523 East
72nd Street][Miracle Mile Shopping Center][AHIP Northeast Portfolio I][Starwood Capital Group Hotel Portfolio] Companion Loan,
under the Other Pooling and Servicing Agreement, and the [The Woods][Griffin Portfolio][Worldwide Plaza][Station Place III][Gateway
Net Lease Portfolio][521-523 East 72nd Street][Miracle Mile Shopping Center][AHIP Northeast Portfolio I][Starwood Capital Group
Hotel Portfolio] Intercreditor Agreement, as applicable.


 


5.       The
B1 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as it may be amended from time to time.


 


6.       A
copy of an executed version of the B1 PSA is [attached hereto][enclosed herewith].


 






    EE-2


     


    

 


Thank you for your attention
to this matter.


 





	 	 Wells Fargo Bank, National Association,
as Certificate Administrator for the Holders of the Benchmark 2018-B1 Mortgage Trust Pass-Through Certificates, Series 2018-B1
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]


 






    EE-3


     


    




 


SCHEDULE I


 


TO FORM OF NOTICE
FROM THE CERTIFICATE ADMINISTRATOR 


REGARDING [NON-SERVICED WHOLE LOAN]


 


	B1 Depositor:	
        Deutsche Mortgage & Asset
Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye 

        with a copy via email to: 

        cmbs.requests@db.com

         

	B1 Trustee:	
        Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1 

        with a copy to: 

        E-mail: cmbstrustee@wilmingtontrust.com

         

        

	B1 Certificate Administrator:	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services — Benchmark 2018-B1

         

        with copies to:

        

        ct.cmbs.bond.admin@wellsfargo.com; and

        trustadministrationgroup@wellsfargo.com

        

         

	B1 Master Servicer:	
        Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager

Facsimile number: (704) 715-0036 

        With a copy by email to:

        commercial.servicing@wellsfargo.com



with a copy to:



Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166




 






    EE-4


     


    




 


	 	Attention: Commercial Mortgage Servicing Legal Support

        Facsimile number: (704) 383-0353

        Reference: Benchmark 2018-B1

        

        with a copy to:

        

        K&L Gates LLP

        Hearst Tower, 47th Floor

        214 North Tryon Street

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

        Reference: Benchmark 2018-B1

        Fax Number: (704) 353-3190

        Email: stacy.ackermann@klgates.com
	 	 
	B1 Special Servicer:	
        Midland Loan Services, a Division of PNC Bank,
        National Association

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax Number: (888) 706-3565

        

        with a copy to:

         

        Eversheds Sutherland (US) LLP 

        700 Sixth Street, NW, Suite 700 

        Washington, DC 20001 

        Attention: Lisa A. Rosen 

        Fax number: (202) 637 3593 

        Email: LisaRosen@eversheds-sutherland.com

          

	B1 Operating Advisor:	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

          

	B1 Asset Representation Reviewer:	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

          

	B1 Rating Agencies:	Kroll Bond Rating Agency, Inc.



 






    EE-5


     


    

 


		
        845 Third Avenue, 4th Floor

        New York, New York 10022

        Attention: CMBS Surveillance

        Facsimile No.: (646) 731-2395

         

        Fitch Ratings, Inc.

        33 Whitehall Street

        New York, New York 10004

        Attention: CMBS Surveillance

        Email: info.cmbs@fitchratings.com

         

        S&P Global Ratings, a Standard
& Poor’s Financial Services LLC Business 

        55 Water Street, 41st Floor 

        New York, New York 10041 

        Attention: Commercial Mortgage Surveillance
        Manager

        

        Email: cmbs_info_17g5@standardandpoors.com

          

	B1 Controlling Class Representative:	
        Eightfold Real Estate Capital, L.P. 

        1111 Lincoln Road, Suite 802 

        Miami Beach, Florida 33139 

        Attention: Brian Tageson 

        Email: btageson@eightfoldcapital.com

        

	 	 


 






    EE-6


     


    

 


SCHEDULE II TO FORM OF NOTICE 


 


FROM THE CERTIFICATE
ADMINISTRATOR 


REGARDING [NON-SERVICED WHOLE LOAN] 


  


	 	Account:	     Collection
Account
	 	 	 
	 	Account
#:	[______]
	 	 	 
		Title:	Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2018-B1
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 Collection Account



 


		Location:	[___]



 






    EE-7


     


    

 


EXHIBIT FF


 


FORM OF COMPANION LOAN NOTEHOLDER CERTIFICATION


 


[Date]







Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com





Facsimile number: (704)
715-0036


 


Wells Fargo Bank, National Association 


9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2018-B1


 


with copies to:


 


ct.cmbs.bond.admin@wellsfargo.com,
and 


trustadministrationgroup@wellsfargo.com


  


		Re:	Benchmark
                                         2018-B1 Mortgage Trust – Companion Loan



 


In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of January 1, 2018, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National
Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park
Bridge Lender Services LLC, as operating advisor and asset representations reviewer,
Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying
agent and custodian, with respect to any Companion Loan (as defined in the Agreement), the undersigned hereby certifies and agrees
as follows:


 


1.       The
undersigned is a Companion Loan Noteholder (as defined in the Agreement).


 


2.       The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s Website.


 


In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside


 






    FF-1


     


    

 


persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner, in whole or in part.


 


The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


3.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations contained herein remain true and correct.


 


4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.


 


5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 


IN WITNESS WHEREOF, the
undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year written above.


 





	 	[Companion Loan Noteholder]
	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:


 









    FF-2


     


    





 


EXHIBIT GG


 





[RESERVED]


 






    GG-1


     


    

 


EXHIBIT HH


 


FORM OF ASSET REVIEW
REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER2


 


To: [Addresses of Recipients]


 


		Re:	Benchmark 2018-B1
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


Ladies and Gentlemen:


 


In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report.


 


		1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
Administrator and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as specifically
detailed on the scorecard attached hereto as Exhibit A] with respect to the Delinquent Mortgage Loans.



 


		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.



 


		3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above,
will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.



 


		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.



 


 



 


2
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.


 






    HH-1


     


    

 











	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
		By:	Park
                                         Bridge Advisors LLC, a New York limited liability company, its sole member



 


		By:	Park Bridge Financial LLC, a New York limited liability company, its sole member



	 	 	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 	 



 










    HH-2


     


    

 





Exhibit A


 


Detailed Scorecard

[Template Example Below]


 


	Test Failures
	Loan #	Loan Name	Mortgage Loan Seller	R&W #	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws	[Insert Test Description]	[Insert Test findings]
	31	Single-Purpose Entity	 	 


 






    HH-3


     


    




 





EXHIBIT
II


 


FORM OF ASSET REVIEW
REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER3


 


To: [Addresses of Recipients]


 


		Re:	Benchmark 2018-B1
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


Ladies and Gentlemen:


 


In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report Summary.


 


		1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
Administrator and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as identified
on the summary scorecard attached hereto as Exhibit A] with respect to the Delinquent Mortgage Loans.



 


		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.



 


		3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the
parties listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report Summary.



 


		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.






 


 



 


3
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.


 









    II-1


     


    

 














	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
	 	By: Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 
	 	By: Park Bridge Financial LLC, a New York limited liability company, its sole member







	 	 	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 	 



  






    II-2


     


    

 





Exhibit A


 


Summary Scorecard

[Template Example Below]


 


	Test failures
	Loan #	Loan Name	Mortgage Loan Seller	Representations and Warranty #	Representation and Warranty Name
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws
	31	Single-Purpose Entity


 




    II-3


     


    

 






EXHIBIT
JJ


 


ASSET
REVIEW PROCEDURES


 


Subject
to the Pooling and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each
Delinquent Mortgage Loan based on the information provided for an Asset Review. Capitalized terms used herein and not defined
herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this
Exhibit JJ and the terms of the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern
the Asset Representation Reviewer’s responsibilities and duties with respect to Asset Reviews.


 


Call
for Review and Collection and Inventory of Review Materials 


 


	Step 1 	Asset
                                         Representations Reviewer (“ARR”) receives the following items before
                                         beginning its review from the parties specified in Section 11.01 of the Pooling and Servicing
                                         Agreement:






 


		■	Notice
                                         of Asset Review Trigger (with attachments)



 


		■	Asset
                                         Review Vote Election



 


		■	Notice
                                         of Affirmative Asset Review Vote



 


		■	List
                                         of all Delinquent Mortgage Loans subject to the Asset Review



 


		■	Review
                                         Materials for each Delinquent Mortgage Loan via Secure Data Room access, including the
                                         Diligence File



 


		■	Any
                                         Unsolicited Information (if applicable)



 





	Step 2	 For
                                         each Delinquent Mortgage Loan, ARR inventories all Review Materials to which ARR is provided
                                         access in the Secure Data Room to determine what, if any, Review Materials for such Delinquent
                                         Mortgage Loan are missing, using the list of documents in Section 2.01(a)(i) through
                                         Section 2.01(a)(xxi) of this Agreement, any comparable lists included in the related
                                         Mortgage Loan Purchase Agreement, and any closing checklist from the origination of such
                                         Delinquent Mortgage Loan, to guide its review and determination



 



     JJ-1


     


    

 





	Step 3 	If
                                         ARR determines that the information made available to it in the Secure Data Room with
                                         respect to any Delinquent Mortgage Loan is missing any documents required to complete
                                         an Asset Review of such Delinquent Mortgage Loan, ARR shall prepare a list of such missing
                                         documents and notify Master Servicer (with respect to Non-Specially Serviced Loans) and
                                         Special Servicer (with respect to Specially Serviced Loans) or applicable Mortgage Loan
                                         Seller of such missing documents. If the Master Servicer or Special Servicer, as applicable,
                                         does not provide such document as provided in the Pooling and Servicing Agreement, the
                                         ARR shall notify the related Mortgage Loan Seller of such missing information



  





Analysis
and Testing of Representations and Warranties


 





	Step 4	 For
                                         each Delinquent Mortgage Loan for which ARR has received all Review Materials required
                                         to complete an Asset Review of such Delinquent Mortgage Loan, ARR tests such Delinquent
                                         Mortgage Loan for compliance with each representation and warranty made by the related
                                         Mortgage Loan Seller with respect to such Delinquent Mortgage Loan as follows:



 


		■	ARR
                                         reviews each representation and warranty and each item included in the Review Materials
                                         applicable or related to such representation or warranty to determine whether there is
                                         any evidence that such representation or warranty was not true when made by the related
                                         Mortgage Loan Seller



 


		■	For
                                         each representation and warranty, ARR lists



 








		●	all
                                         items from the Review Materials reviewed or used in its testing of such representation
                                         and warranty



 


		●	whether
                                         ARR has determined that there is any evidence that such representation or warranty was
                                         not true when made by the related Mortgage Loan Seller, and



 


		○	if
                                         so, stating the aspect of the applicable representation or warranty that does not appear
                                         to have been true when made by the related Mortgage Loan Seller and ARR’s basis
                                         for its conclusion



 


		○	completing
                                         the Asset Review Report by setting forth, for each Delinquent Mortgage Loan, the information
                                         contemplated herein with respect to each representation and warranty



 










ARR
will not attempt (and has no obligation) to determine the materiality of any potential breach of a representation or warranty
that it discovers evidence of during its review as contemplated herein.


 



     JJ-2


     


    




 





EXHIBIT
KK


 


FORM
OF CERTIFICATION TO CERTIFICATE ADMINISTRATOR REQUESTING ACCESS TO SECURE DATA ROOM


 


Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – Benchmark 2018-B1

Email: trustadministrationgroup@wellsfargo.com


	Attention:
	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


In
accordance with the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement,
dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset
Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC,
as operating advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank,
National Association, as certificate administrator, paying agent and custodian, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:


 


1.       The
undersigned is an authorized representative of [________________________].


 


2.       The
undersigned acknowledges and agrees that (a) access to the Secure Data Room is being granted to it solely for purposes of the
undersigned carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make
information contained on the Secure Data Room available to any other person except in accordance with the Pooling and Servicing
Agreement or otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage
Loans to which the Asset Review relates.


 


3.       The
undersigned agrees that each time it accesses the Secure Data Room, the undersigned is deemed to have recertified that the representations
above remains true and correct.


 



     KK-1


     


    




 


4.       [The
undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*


 


BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.


 





 


 


	 	 	[NAME OF PARTY], as [role]
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:



 


	Dated:	 	 	 
	 	 	 	 
	[Deutsche Mortgage & Asset Receiving Corporation]§	 	 
	 	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 






 





 





	§	 Required
                                         to the extent that a party other than the Asset Representations Reviewer is identified
                                         by the Depositor as needing access to the Secure Data Room.



 












     KK-2


     


    

 


EXHIBIT
LL


 


FORM
OF NOTICE OF [ADDITIONAL DELINQUENT MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]


 


[Date]


 


	Wells
        Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: Benchmark 2018-B1 Asset Manager 

        Facsimile
        number: (704) 715-0036 

        Email:
        commercial.servicing@wellsfargo.com

         
	Park
                           Bridge Lender Services LLC
 600 Third Avenue, 40th Floor
 New York, New York 10016
 Attention:  Benchmark
                           2018-B1-Surveillance

                           Manager
                           (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

	Midland Loan Services, a Division of
    PNC Bank, National Association

    10851 Mastin Street, Suite 700

    Overland Park, Kansas 66210

    Attention: Executive Vice President – Division Head

    Fax Number: (888) 706-3565	Eightfold
        Real Estate Capital, L.P. 

        1111
        Lincoln Road, Suite 802 

        Miami
        Beach, Florida 33139 

        Attention:
        Brian Tageson 

        Email:
        btageson@eightfoldcapital.com 



 


	Attention:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1



 


In
accordance with Section 11.01(a) of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and
Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank,
National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer,
Park Bridge Lender Services LLC, as operating advisor and asset representations
reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, the Certificate Administrator
hereby notifies you that as of [RELATED DISTRIBUTION DATE]:


 


1.       _____
 An additional Mortgage Loan has become a Delinquent Mortgage Loan.


 


2.       _____
 A Mortgage Loan has ceased to be a Delinquent Mortgage Loan.


 


3.       _____ An
Asset Review Trigger has ceased to exist.


 



     LL-1


     


    

 





(check
all that apply)


 


Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement. 


 


	 	Wells Fargo Bank, National Association, as Certificate
    Administrator for the Holders of the Benchmark 2018-B1 Mortgage Trust Pass-Through Certificates, Series 2018-B1
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]






 



     LL-2


     


    




 
EXHIBIT
MM


 


Form
of Certificate Administrator Receipt of the retained CERTIFICATES


 


[Date]


 


[Retaining
Party]


 


		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1
                                         (Deutsche Mortgage & Asset Receiving Corporation as Depositor) 



 


In
accordance with Section 5.01(j) of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Agreement”),
pursuant to which the captioned series of commercial mortgage pass-through certificates (the “Certificates”)
were issued, the undersigned, as Certificate Administrator, hereby acknowledges receipt and possession of, and further agrees
that it will hereafter hold in the Retained Interest Safekeeping Account, the Certificates identified on Schedule I attached hereto
(the “Subject Certificates”), which constitute some or all of the [Class V2 Certificates][Class V1 Certificates][HRR
Certificates], for the benefit of [Retaining Party], the registered holder of the Subject Certificates, pursuant to the Agreement.
Payments on the Subject Certificates will be made to the registered holder thereof in accordance with the Agreement, including
pursuant to any written wiring instructions provided in accordance with the Agreement.


 


This
receipt is solely for the benefit of the addressee and is non-transferable. Possession of this receipt by any other Person will
not entitle such Person to delivery of, or any rights in respect of, the Subject Certificates. The Subject Certificates are subject
to the restrictions on transfer set forth in, and may not be released from the Retained Interest Safekeeping Account except in
accordance with, the Agreement.


 


Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.


 


 


	 	WELLS Fargo
    Bank, National Association,
	 	 	not in its individual capacity

    but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






  






     MM-1


     


    

 


Schedule
I 


 


Certificates
Registered in the Name of [Retaining Party]


 


	Class

        (CUSIP) 
	Certificate

        No. 
	Initial

        Certificate Balance 

	 	 	 


 






     MM-2


     


    

 





EXHIBIT
NN


 


FORM
OF NOTICE OF EXCHANGE OF EXCHANGEABLE GROUPS OF CERTIFICATES


 


[Date]


 


[Certificateholder
Letterhead]


 


Wells
Fargo Bank, National Association 


600
South 4th Street, 7th Floor 


MAC
N9300-070 


Minneapolis,
Minnesota 55479 


Attention:
CTS – Certificate Transfers Benchmark 2018-B1 


 


		Re:	Deutsche
                                         Mortgage & Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2018-B1 



 


Ladies
and Gentlemen:


 


Pursuant
to the terms of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
entered into and executed in connection with the above-referenced transaction, we hereby (i) certify that as of the date above,
the undersigned is the beneficial owner of the Exchangeable Group of Certificates described on the attached Schedule I, is duly
authorized to deliver this notice to the Certificate Administrator and that such power has not been granted or assigned to any
other Person and the Certificate Administrator may conclusively rely upon this notice and (ii) give notice of our intent to present
and surrender the Exchangeable Group of Certificates specified on Schedule I attached hereto and all of our right, title and interest
in and to such Certificates, including all payments of interest thereon received after [_____________], in exchange for the corresponding
Certificates specified on Schedule I attached hereto. We propose an Exchange Date of [______].


 


We
agree that upon such exchange, our interests in the portions of the Certificates surrendered in exchange shall be reduced and
our interest in the portion of the Certificate received in such exchange shall be increased. 


 


[[If
Applicable] Our Depository participant number is [________].] 


 


Capitalized
terms used in this notice but not defined herein have the meanings assigned to them in the Pooling and Servicing Agreement.


  



     NN-1


     


    




 


Sincerely,


 





[_____________]


 





	By:	 	 
	 	Name:	 
	 	Title:	 






 





[Medallion
Stamp Guarantee]


 






     NN-2


     


    

 


Schedule
I to Exhibit NN 


 


	Certificates
        to be Surrendered 
	 	Certificates
        to be Received  

	CUSIP 
	 	Outstanding
        Certificate Balance 
	 	Initial
        Certificate Balance 
	 	CUSIP 



 






     NN-3


     


    

 





SCHEDULE
I


 


DIRECTING
HOLDERS 


 


	Mortgage
    Loan	Directing
    Holder	Contact
    Information
	All
        Serviced Mortgage Loans

         

         

         
	Eightfold
    Real Estate Capital, L.P.	Eightfold
        Real Estate Capital, L.P.

        1111 Lincoln Road, Suite 802 

        Miami
        Beach, Florida 33139 

        Attention:
        Brian Tageson 

        Email:
        btageson@eightfoldcapital.com



 




     Sch. I-1


     


    


 



SCHEDULE II


 


SERVICING CRITERIA TO BE ADDRESSED IN
ASSESSMENT OF COMPLIANCE


 


The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria” (with each
Servicing Function Participant deemed to be responsible for the items applicable to the functions it is performing and for which
the party that retained such Servicing Function Participant is responsible):


 


	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master Servicer

Special Servicer
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master Servicer

Special Servicer

Certificate Administrator
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	Master Servicer

Special Servicer



 



    Sch. II-1


     


    

 


	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert. Admin.
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee

Master Servicer

Special Servicer
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	 	Investor Remittances and Reporting	 



 



    Sch. II-2


     


    

 


	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Master Servicer.	Cert. Admin.

Operating Adv. 

(excluding clauses (C) and (D) in the case of the Operating Adv.)
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Cert. Admin.
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s investor records, or such other number of days specified in the transaction agreements.	Cert. Admin.

 
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert. Admin.
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

Master Servicer

Special Servicer
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Master Servicer

Special Servicer



 



    Sch. II-3


     


    

 


	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Master Servicer
	1122(d)(4)(v)	The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master Servicer

Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer

Operating Adv.
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer



 



    Sch. II-4


     


    

 


	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A


 


At all times that the
Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined assessment
of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.


 



    Sch. II-5


     


    

 


SCHEDULE III


 


CLASS A-SB PLANNED PRINCIPAL BALANCE
SCHEDULE


 





	Period
	Balance($)
	 	Period
	Balance($)

	1	40,449,000.00	 	61	39,807,100.73
	2	40,449,000.00	 	62	39,007,036.57
	3	40,449,000.00	 	63	38,359,999.80
	4	40,449,000.00	 	64	37,658,568.87
	5	40,449,000.00	 	65	37,006,267.50
	6	40,449,000.00	 	66	36,299,721.77
	7	40,449,000.00	 	67	35,642,115.02
	8	40,449,000.00	 	68	34,981,940.70
	9	40,449,000.00	 	69	34,267,746.07
	10	40,449,000.00	 	70	33,602,205.40
	11	40,449,000.00	 	71	32,882,797.12
	12	40,449,000.00	 	72	32,211,848.52
	13	40,449,000.00	 	73	31,538,279.95
	14	40,449,000.00	 	74	30,760,063.32
	15	40,449,000.00	 	75	30,080,825.42
	16	40,449,000.00	 	76	29,348,109.68
	17	40,449,000.00	 	77	28,663,357.75
	18	40,449,000.00	 	78	27,925,284.89
	19	40,449,000.00	 	79	27,234,976.24
	20	40,449,000.00	 	80	26,541,971.53
	21	40,449,000.00	 	81	25,795,880.72
	22	40,449,000.00	 	82	25,097,194.76
	23	40,449,000.00	 	83	24,361,514.70
	24	40,449,000.00	 	84	23,672,122.13
	25	40,449,000.00	 	85	22,980,033.86
	26	40,449,000.00	 	86	22,138,548.20
	27	40,449,000.00	 	87	21,440,463.21
	28	40,449,000.00	 	88	20,690,945.49
	29	40,449,000.00	 	89	19,987,199.57
	30	40,449,000.00	 	90	19,232,181.98
	31	40,449,000.00	 	91	18,522,731.21
	32	40,449,000.00	 	92	17,810,505.81
	33	40,449,000.00	 	93	17,047,249.97
	34	40,449,000.00	 	94	16,329,253.94
	35	40,449,000.00	 	95	15,560,391.63
	36	40,449,000.00	 	96	14,836,580.18
	37	40,449,000.00	 	97	14,109,937.59
	38	40,449,000.00	 	98	13,237,118.74
	39	40,449,000.00	 	99	12,504,220.15
	40	40,449,000.00	 	100	11,720,879.26
	41	40,449,000.00	 	101	10,982,049.62
	42	40,449,000.00	 	102	10,192,946.41
	43	40,449,000.00	 	103	9,448,139.70
	44	40,449,000.00	 	104	8,700,419.20
	45	40,449,000.00	 	105	7,902,678.07
	46	40,449,000.00	 	106	7,148,911.50
	47	40,449,000.00	 	107	6,345,296.30
	48	40,449,000.00	 	108	5,585,436.73
	49	40,449,000.00	 	109	4,822,604.12
	50	40,449,000.00	 	110	3,916,968.85
	51	40,449,000.00	 	111	3,147,608.61
	52	40,449,000.00	 	112 	2,328,843.35
	53	40,449,000.00	 	113	1,553,269.07
	54	40,449,000.00	 	114	736,156.22
	58	40,449,000.00	 	115 and thereafter	0.00
	59	40,449,000.00	 	 	 
	60	40,448,509.84	 	 	 







 



 



    Sch. III-1


     


    

 


SCHEDULE IV


 


ADDITIONAL FORM 10-D DISCLOSURE


 


The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.06 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with Item 6 below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this Benchmark 2018-B1 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.


 


	Item on Form 10-D	Party Responsible
	Item 1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included on the Distribution Date Statement	
        ●     Each
        Master Servicer (only with respect to 1121(a)(12) as to non-Specially Serviced Loans)

        

        ●     Special
        Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        

        ●     Depositor

        

        ●     Certificate
        Administrator

        

        ●     Asset
        Representations Reviewer

        

        ●     Each
        Mortgage Loan Seller (only with respect to 1121(c)(2))

        

	Item 2: Legal Proceedings:

Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ●     Master
        Servicer (as to itself)

        

        ●     Special
        Servicer (as to itself)

        

        ●     Trustee
        (as to itself)

        

        ●     Certificate
        Administrator (as to itself)

        

        ●     Depositor
        (as to itself)

        

        



 



    Sch. IV-1


     


    

 


	 	●     Any
        other Reporting Servicer (as to itself)

        

        ●     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        

        ●     Each
        Mortgage Loan Seller

        

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

	Item 3: Sale of Securities and Use of Proceeds	
            ●     Depositor

	Item 4: Defaults Upon Senior Securities	
        ●     Certificate
        Administrator

        

        ●     Trustee

        

	Item 5: Submission of Matters to a Vote of Security Holders	
            ●     Certificate Administrator

	Item 6: Significant Obligors of Pool Assets	
            ●     Master Servicer

	Item 7: Change in Sponsor Interest in the Securities:

Item 1124 of Regulation AB	
            ●     Each Mortgage Loan Seller

	Item 8: Significant Enhancement Provider Information	
            ●     N/A

	Item 9: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	
            ●     Any party responsible for disclosure items on Form 8-K to the extent of such items

	Item 10: Exhibits	
        ●     Depositor
        (exhibits required by Item 601 of Regulation S-K, such as material agreements)

        

        ●     Certificate
        Administrator (Monthly Statement to Certificateholders)

        




 


    Sch. IV-2


     


    

 


SCHEDULE V


 


ADDITIONAL FORM 10-K DISCLOSURE


 


The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.07 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with 1112(b) below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this Benchmark 2018-B1 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.


 


	Item on Form 10-K	Party Responsible
	Item 1B: Unresolved Staff Comments	
            ●     Depositor

	Item 9B: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	
            ●     Any party responsible for disclosure items on Form 8-K to the extent of such items

	Item 15: Exhibits, Financial Statement Schedules	
        ●     Certificate
        Administrator

        

        ●     Depositor

        

	Additional Item:

Disclosure per Item 1112(b)(1) of Regulation AB	
             

            ●     Master Servicer

	Additional Item:

Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	
             

            ●     N/A




 



    Sch. V-1


     


    

 


	Additional Item:

Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ●     Master
        Servicer (as to itself)

        

        ●     Special
        Servicer (as to itself)

        

        ●     Certificate
        Administrator (as to itself)

        

        ●     Trustee
        (as to itself)

        

        ●     Depositor
        (as to itself)

        

        ●     Operating
        Advisor (as to itself)

        

        ●     Asset
        Representations Reviewer (as to itself)

        

        ●     Any
        other Reporting Servicer (as to itself)

        

        ●     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        

        ●     Each
        Mortgage Loan Seller

        

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        




 



    Sch. V-2


     


    

 


	Additional Item:

Disclosure per Item 1119 of Regulation AB	
        ●     Master
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
        Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        

        ●     Special
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
        Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        

        ●     Certificate
        Administrator (as to itself) (to the extent material to Certificateholders)

        

        ●     Trustee
        (as to itself) (to the extent material to Certificateholders)

        

        ●     Depositor
        (as to itself)

        

        ●     Depositor
        (as to the Trust)

        

        ●     Each
        Mortgage Loan Seller

        

        ●     Operating
        Advisor (as to itself)

        

        ●     Asset
        Representations Reviewer (as to itself)

        

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        




 



    Sch. V-3


     


    

 


SCHEDULE VI


 


FORM 8-K DISCLOSURE INFORMATION


 


The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.09 of the Pooling
and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence of any event described in the
corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that
there is no “significant obligor” other than a party identified as such in the Prospectus. For this Benchmark 2018-B1
Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master
Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.


 


	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement



Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party. 



Examples: servicing agreement, custodial agreement.



Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	
            ●     Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)

	Item 1.02- Termination of a Material Definitive Agreement



Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party. 	
            ●     Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)




 



    Sch. VI-1


     


    

 


	Item
    on Form 8-K	Party
    Responsible 
	

                                                                                Examples: servicing agreement, custodial agreement.
	 
	Item
    1.03- Bankruptcy or Receivership	●     Depositor

        ●     Each
        Mortgage Loan Seller

        

	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement

    

    Includes an early amortization, performance trigger or other event,
    including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

    

    Disclosure will be made of events other than waterfall triggers which
    are disclosed in the monthly statements to the certificateholders.	●     Depositor

        

        ●     Certificate
        Administrator

         

	Item
    3.03- Material Modification to Rights of Security Holders

    

    Disclosure is required of any material modification to documents
    defining the rights of Certificateholders, including the Pooling and Servicing Agreement.	●     Certificate
                                         Administrator

	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

    

    Disclosure is required of any amendment “to the governing documents
    of the issuing entity”.	●     Depositor

	Item
    5.06 – Change in Shell Company Status	●     Depositor

	Item
    5.07 – Submission of Matters to a Vote of Security Holders	●     Depositor

	Item
    5.08 – Shareholder Director Nomination	●     Depositor

	Item
    6.01- ABS Informational and Computational Material	●     Depositor

	Item
    6.02- Change of Servicer or Trustee 

    

    Requires disclosure of any removal, replacement, substitution or
    addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report,
    other material servicers or trustee.	●     Master
                                         Servicer (as to itself or a servicer retained by it)

        

        ●     Special
        Servicer (as to itself or a servicer retained by it)

        

        ●     Certificate
        Administrator (as to itself or an entity retained by it)

        

        ●     Trustee

        

        



 



    Sch. VI-2


     


    

 


	Item
    on Form 8-K	Party
    Responsible 
	 	●     Depositor

        

	Reg
    AB disclosure about any new servicer or master servicer is also required.	●     Master
    Servicer or Special Servicer, as applicable

	Reg
    AB disclosure about any new Trustee is also required.	●     Trustee

	Reg
    AB disclosure about any new Certificate Administrator is also required.	●     Certificate
    Administrator

	Item
    6.03- Change in Credit Enhancement or Other External Support	N/A

	Item
    6.04- Failure to Make a Required Distribution	●     Certificate
    Administrator

	Item
    6.05- Securities Act Updating Disclosure

    

    If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in
    the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

    

    If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide
    the information called for in Items 1108 and 1110 respectively.	●     Depositor

	Item
    7.01- Regulation FD Disclosure	●     Depositor

	Item
    8.01 – Other Events

    

    Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance
    to certificateholders.	●     Depositor

	Item
    9.01 – Financial Statements and Exhibits	●     Responsible
    party for reporting/disclosing the financial statement or exhibit




 



    Sch. VI-3


     


    

 



SCHEDULE VII  


 


INITIAL SERVICED COMPANION
LOAN NOTEHOLDERS  


 


	Serviced Companion	 	 	 	 
	 Loan	 	Initial Noteholders	 	Address
	90 Hudson	 	
        JPMorgan Chase Bank,

        National Association (Note A-2

        Holder)

         

         

         
	 	
        JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh

Email:

        US_CMBS_Notice@jpmorgan.com  

         

        and



JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Managing 

Director & Associate General Counsel

Email:

        US_CMBS_Notice@jpmorgan.com  

         

        with a copy to:  

         

        Cadwalader, Wickersham & Taft
LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309 

         

	Atrium Center	 	JPMorgan Chase Bank,

        National Association (Note A-2

        Holder, Note A-3 Holder)
	 	JPMorgan Chase Bank, National Association

        383 Madison Avenue, 31st Floor

        New York, New York 10179

        Attention: Kunal K. Singh

        Email:

        US_CMBS_Notice@jpmorgan.com

                                                             

                                                            and

                                                             

                                                            JPMorgan Chase Bank, National 




 






     Sch. VII-1


     


    

  





		 	
         

        

         
	 	 Association

 383 Madison Avenue, 32nd
    Floor
         New York, New York 10179
         Attention: Bianca A. Russo, Managing

 Director & Associate General
    Counsel
         Email: 

US_CMBS_Notice@jpmorgan.com
         

        

        

        with a copy to:

         

        Cadwalader, Wickersham & Taft LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309 

         

	Sentinel Square II	 	Deutsche Bank AG, New York

        Branch (Note A-1 Holder)
	 	
        Deutsche Bank AG, New York Branch

60 Wall Street

New York, New York 10005

Attention: Robert Pettinato 

        Telecopier: (212) 797-4488 

        E-mail: Robert.pettinato@db.com

         

        with a copy to: 

         

        Deutsche Bank AG, New York Branch 

        60 Wall Street 

        New York, New York 10005 

        Attention: General Counsel

         

	Radisson Blu Aqua Hotel	 	JPMorgan Chase Bank,

        National Association (Note A-2

        Holder)
	 	
        JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh

Email: 

US_CMBS_Notice@jpmorgan.com 

         

        and



JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Managing

Director & Associate General Counsel




 






     Sch. VII-2


     


    




 


	 	 	 	 	Email:

        US_CMBS_Notice@jpmorgan.com 

         

        with a copy to:

         

        Cadwalader, Wickersham & Taft LLP

        227 West Trade Street 

        Charlotte, NC 28202

        Attention: David Burkholder  

        Facsimile No.: (704) 348-5309

         

	Lehigh Valley Mall	 	CSAIL 2017-CX10 (Note A-1-

                                             B Holder)
	 	
        KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

Email: keybank_notices@keybank.com

         

        with a copy to: 

         

        Polsinelli 

        900 West 48th Street, Suite
900 

        Kansas City, MO 64112 

        Attention: Kraig Kohring 

        Email: kkohring@polsinelli.com 

         

	 	 	JPMorgan Chase Bank,

                                 National Association (Note A-

                                 2-A Holder)
	 	
        JPMorgan Chase Bank, National

        Association 

        383 Madison Avenue 

        New York, New York 10179 

        Attention: Joseph E. Geoghan 

        Facsimile No.: (212) 272-7047 

         

        -and- 

         

        JPMorgan Chase Bank, National Association 

        383 Madison Avenue 

        New York, New York 10179 

        Attention: Nancy Alto 

        Facsimile No.: (212) 623-4779 

        with a copy to:  

         

        Cadwalader, Wickersham & Taft
LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309 




 






     Sch. VII-3


     


    

 





	 	 	Column Financial, Inc. (Note

                                             A-2-B Holder)
	 	
        Column Financial, Inc. 

        11 Madison Avenue 

        New York, New York 10010 

        Attention: N. Dante LaRocca 

        Facsimile No.: (212) 325-8717 

         

        with a copy to: 

         

        Column Financial, Inc. 

        One Madison Avenue 

        New York, New York 10010 

        Legal and Compliance Department 

        Attention: Sarah Nelson 

         

        Facsimile No.: (917) 326-84337

         

	 	 	Cantor Commercial Real Estate

                                 Lending, L.P. (Note A-1-C

                                 Holder, Note A-2-C Holder )
	 	
        Cantor Commercial Real Estate

        Lending,
L.P. 

        110 East 59th Street, 6th Floor 

        New York, New York 10022 

        Attention: Gary F. Stellato 

        Facsimile No.: (212) 610-3623 

         

	Rochester Hotel Portfolio	 	Deutsche Bank AG, New York

                                 Branch (Note A-1 Holder, Note

                                 A-3 Holder, Note A-4-B

                                 Holder)
	 	
        Deutsche Bank AG, New York Branch

60 Wall Street

New York, New York 10005

Attention: Robert Pettinato 

        Telecopier: (212) 797-4488 

        E-mail: Robert.pettinato@db.com 

         

        with a copy to: 

         

        Deutsche Bank AG, New York Branch 

        60 Wall Street 

        New York, New York 10005 

        Attention: General Counsel 

         

	Marriott Charlotte City Center	 	JPMorgan Chase Bank,

                                 National Association (Note A-2

                                 Holder, Note A-3 Holder)
	 	JPMorgan Chase Bank, National Association

        383 Madison Avenue, 31st Floor

        New York, New York 10179

        Attention: Kunal K. Singh

        Email:

        US_CMBS_Notice@jpmorgan.com 

         

        -and-




 






     Sch. VII-4


     


    




 


		 	 	 	
        JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Managing

Director & Associate General Counsel

Email: US_CMBS_Notice@jpmorgan.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309 

         

	Towers at University Town Center	 	JPMorgan Chase Bank,

                                 National Association (Note A-1

                                 Holder)
	 	
        JPMorgan Chase Bank, National Association 

        383 Madison Avenue, 31st Floor 

        New York, New York 10179 

        Attention: Kunal K. Singh 

        Email:

        US_CMBS_Notice@jpmorgan.com 

         

        -and-  

         

        JPMorgan Chase Bank, National Association 

        383 Madison Avenue, 32nd Floor 

        New York, New York 10179 

        Attention: Bianca A. Russo, Managing


Director & Associate General Counsel 

        Email:

        US_CMBS_Notice@jpmorgan.com  

         

        with a copy to:  

         

        Cadwalader, Wickersham & Taft
LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309

         

	Two Harbor Point Square	 	Citi Real Estate Funding Inc.

                                 (Note A-1-A Holder)
	 	Citi Real Estate Funding Inc.

        390 Greenwich Street, 7th Floor




 






     Sch. VII-5


     


    




 


		 		 	
        New York, New York 10013

Attention: Ana Rosu Marmann

Facsimile: (646) 328-2938 

         

        with a copy
to: 

         

        Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Telecopier: (212) 723-8599 

        paul.t.vanderslice@citi.com 

         

        with a copy to:  

         

        Citi Real Estate Funding Inc.

390 Greenwich Street, 19th Floor

New York, New York 10013

Attention: Richard Simpson

Telecopier: (646) 328-2943 

        Email: Richard.simpson@citi.com  

         

        Ryan M. O’Connor 

        Telecopier: (646) 328-2943 

        E-mail: ryan.m.oconnor@citi.com 

         

        Sidley Austin LLP 

        787 Seventh Avenue 

        New York, New York 10019 

        Attention: Charles Schrank and Joseph
Kelly 

        Telecopier: (212) 839-5599 

        E-mail: cschrank@sidley.com and

        jkelly@sidley.com 

         

	 	 	Deutsche Bank AG, New York

                                 Branch (Note A-2 Holder)
	 	Deutsche Bank AG, New York Branch

        60 Wall Street

        New York, New York 10005

        Attention: Robert Pettinato

        Telecopier: (212) 797-4488

        E-mail: Robert.pettinato@db.com

         

        with a copy to:

         

        Deutsche Bank AG, New York Branch

        60 Wall Street 




 



     Sch. VII-6


     


    




 





	 	 		 	
        New York, New York 10005 

        Attention: General Counsel 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Robert Kim 



 






     Sch. VII-7


     


    

 


SCHEDULE VIII 


 


CONTACT INFORMATION
FOR THE OTHER 17G-5 INFORMATION PROVIDER


 


	Other 17g-5 Information Provider	Transaction	Contact Information
	Wells Fargo Bank, National Association	CSAIL 2017-CX10	17g5informationprovider@wellsfargo.com, specifically with a subject reference of “CSAIL 2017-CX10” and an identification of the type of information being provided in the body of such electronic mail.


  






     Sch. VIII-1


     


    

 


SCHEDULE IX 


 


MORTGAGE LOANS WITH “PERFORMANCE”,
“EARN-OUT” OR “HOLDBACK” ESCROWS OR RESERVES EXCEEDING 10% OF THE STATED PRINCIPAL BALANCE OF THE MORTGAGE
POOL AS OF THE CUT-OFF DATE 


 


 


None. 


 



     Sch. IX-1