Exhibit 4.11


EXECUTION VERSION


 


AGREEMENT BETWEEN NOTE HOLDERS


Dated as of April 29, 2022


by and between


COLUMN FINANCIAL, INC.

(Initial Note A-1 Holder)


and


morgan
stanley bank, n.a.

(Initial Note A-2 Holder)


Pacific View


 




    	 	  	 



    


    


TABLE OF CONTENTS


Page




	Section 1.   Definitions; Conflicts.	1
	Section 2.   Servicing of the Mortgage Loan.	14
	Section 3.   Priority of Payments.	26
	Section 4.   Workout.	27
	Section 5.   Administration of the Mortgage Loan.	27
	Section 6.   Rights of the Controlling Note Holder and Non-Controlling Note Holders.	32
	Section 7.   Appointment of Special Servicer.	35
	Section 8.   Payment Procedure.	36
	Section 9.   Limitation on Liability of the Note Holders.	36
	Section 10.   Bankruptcy.	37
	Section 11.   Representations of the Note Holders.	37
	Section 12.   No Creation of a Partnership or Exclusive Purchase Right.	38
	Section 13.   Other Business Activities of the Note Holders.	38
	Section 14.   Sale of the Notes.	38
	Section 15.   Registration of the Notes and Each Note Holder.	41
	Section 16.   Governing Law; Waiver of Jury Trial.	42
	Section 17.   Submission To Jurisdiction; Waivers.	42
	Section 18.   Modifications.	43
	Section 19.   Successors and Assigns; Third Party Beneficiaries.	43
	Section 20.   Counterparts.	43
	Section 21.   Captions.	43
	Section 22.   Severability.	44
	Section 23.   Entire Agreement.	44



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	Section 24.   Withholding Taxes.	44
	Section 25.   Custody of Mortgage Loan Documents.	45
	Section 26.   Cooperation in Securitization.	45
	Section 27.   Notices.	46
	Section 28.   Broker.	47
	Section 29.   Certain Matters Affecting the Agent.	47
	Section 30.   Reserved.	47
	Section 31.   Resignation of Agent.	47
	Section 32.   Resizing.	48


 




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This AGREEMENT BETWEEN NOTE
HOLDERS (“Agreement”), dated as of April 29, 2022, by and between COLUMN FINANCIAL, INC. (“Column”
and, together with its successors and assigns in interest, in its capacity as initial owner of Note A-1 (as defined below), the “Initial
Note A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”), and morgan
stanley bank, n.a. (“Morgan Stanley” and, together with its successors and assigns in interest, in its capacity
as initial owner of Note A-2 (as defined below), the “Initial Note A-2 Holder” and, together with the Initial Note
A-1 Holder, the “Initial Note Holders”).


W I T N E S S E T H:


WHEREAS, pursuant to the
Mortgage Loan Agreement (as defined herein), Column originated a certain loan (the “Mortgage Loan”) described on the
schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to Macerich Buenaventura Limited Partnership,
a Delaware limited partnership (the “Mortgage Loan Borrower”), which is evidenced, inter alia, by (i) one promissory
note in the original principal amount of $42,000,000.00 (as amended, modified, consolidated, or supplemented, “Note A-1”),
made by the Mortgage Loan Borrower in favor of the Initial Note A-1 Holder and (ii) one promissory note in the original principal amount
of $30,000,000.00 (as amended, modified, consolidated, or supplemented, “Note A-2” and together with Note A-1, the
“Notes”), made by the Mortgage Loan Borrower in favor of the Initial Note A-2 Holder, each of which is secured by a
first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain real property located as described
on the Mortgage Loan Schedule (the “Mortgaged Property”); and


WHEREAS, each Initial Note
Holder desires to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold the
Notes.


NOW, THEREFORE, in consideration
of the mutual covenants herein contained, the parties hereto mutually agree as follows:


Section 1.               
Definitions; Conflicts. References to a “Section”, “preamble” or the “recitals” are,
unless otherwise specified, to a Section, the preamble or the recitals of this Agreement. Capitalized terms not otherwise defined herein
shall have the meaning ascribed to such terms, or terms of substantially similar import, in the Lead Securitization Servicing Agreement.
To the extent of any conflict between this Agreement and the Lead Securitization Servicing Agreement, the terms of this Agreement shall
control. Whenever used in this Agreement, the following terms shall have the respective meanings set forth below unless the context clearly
requires otherwise.


“Accelerated Mezzanine
Loan Lender” shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Advance Interest”
shall mean the interest accrued on any Servicing Advance which is payable to the party that made that Servicing Advance, in accordance
with the Lead Securitization Servicing Agreement.


“Affiliate”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.




    	 	  	 



    


    

“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and after the Securitization
Date shall mean the Master Servicer.


“Agent Office”
shall mean the designated office of the Agent, which office initially shall be the office of the Initial Note A-1 Holder listed on Exhibit B
hereto and, after the Securitization Date, shall be the office of the Master Servicer. The Agent Office is the address to which notices
to and correspondence with the Agent should be directed. The Agent may change the address of its designated office by notice to the Note
Holders.


“Agreement”
shall mean this Agreement between Note Holders, the exhibits hereto and all amendments hereof and thereof and supplements hereto and thereto.


“Appraisal”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Approved Servicer”
shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender”.


“Asset Representations
Reviewer” shall mean the “Asset Representations Reviewer” (or similarly named Person that is the “asset representations
reviewer” as defined in Item 1101(m) of Regulation AB) under the Lead Securitization Servicing Agreement.


“Asset Review”
shall mean any review of representations and warranties conducted by the Non-Lead Asset Representations Reviewer, as contemplated by Item
1101(m) of Regulation AB.


“Asset Status Report”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Balloon Payment”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Bankruptcy Code”
shall mean the United States Bankruptcy Code, as amended from time to time, any successor statute or rule promulgated thereto.


“Borrower Party”
shall mean the Mortgage Loan Borrower, a manager of the Mortgaged Property, an Accelerated Mezzanine Loan Lender or any Borrower Party
Affiliate.


“Borrower Party
Affiliate” shall mean, with respect to the Mortgage Loan Borrower, a manager of the Mortgaged Property or an Accelerated Mezzanine
Loan Lender, (a) any other Person controlling or controlled by or under common control with the Mortgage Loan Borrower, manager or Accelerated
Mezzanine Loan Lender, as applicable, or (b) any other Person owning, directly or indirectly, twenty-five percent (25%) or more of the
beneficial interests in the Mortgage Loan Borrower, manager or Accelerated Mezzanine Loan Lender, as applicable. 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.




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“CDO”
shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender”.


“CDO Asset Manager”
with respect to any Securitization Vehicle that is a CDO, shall mean the entity that is responsible for managing or administering a Note
as an underlying asset of such Securitization Vehicle or, if applicable, as an asset of any Intervening Trust Vehicle (including, without
limitation, the right to exercise any consent and control rights available to the holder of such Note).


“Certificate Administrator”
shall mean the certificate administrator appointed as provided in the Lead Securitization Servicing Agreement.


“Code”
shall mean the Internal Revenue Code of 1986, as amended. “Commission” shall have the meaning assigned to such term in Section 2(c)(vi).
“Conduit” shall have the meaning assigned to such term in Section 14(d).


“Co-Lender Decisions”
shall have the meaning assigned to such term in Section 2(g).


“Conduit Credit
Enhancer” shall have the meaning assigned to such term in Section 14(d).


“Conduit Inventory
Loan” shall have the meaning assigned to such term in Section 14(d).


“Control”
shall mean the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership interests
of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of
an entity, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlled”, “Controlling”
and “Controls” shall have the correlative meanings thereto.


“Controlling Note”
shall mean Note A-1.


“Controlling Note
Holder” shall mean the holder of the Controlling Note; provided that at any time the Controlling Note is included in
a Securitization, references to the “Controlling Note Holder” herein shall mean the holders of the majority of the class of
securities issued in such Securitization designated as the “controlling class” or such other party otherwise assigned the
rights to exercise the rights of the “Controlling Note Holder” under this Agreement or under the Lead Securitization Servicing
Agreement, as and to the extent provided in the Lead Securitization Servicing Agreement; provided that for so long as fifty percent
(50%) or more of the Controlling Note is held by (or the party assigned the rights to exercise the rights of the “Controlling Note
Holder” (as described above) is) the Mortgage Loan Borrower or a Borrower Party, the holder of the Controlling Note (and such party
assigned the rights to exercise the rights of the “Controlling Note Holder” as described above) shall not be entitled to exercise
any rights of the Controlling Note Holder, and there shall be deemed to be no Controlling Note Holder hereunder. If the Controlling Note
is included in a Securitization, the Lead Securitization Servicing Agreement may contain additional limitations on the rights of the designated
party entitled to exercise the rights of




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the “Controlling Note Holder” hereunder
if such designated party is the Mortgage Loan Borrower or if it has certain relationships with the Mortgage Loan Borrower.


“Controlling Note
Holder Representative” shall have the meaning assigned to such term in Section 6(a).


“DBRS Morningstar”
shall mean DBRS, Inc., and its successors in interest.


“Defaulted Loan”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement


“Depositor”
shall mean the “depositor” under the Lead Securitization Servicing Agreement.


“Event of Default”
shall mean, with respect to the Mortgage Loan, an “Event of Default” as defined in the Mortgage Loan Agreement.


“Exchange Act”
shall mean the Securities Exchange Act of 1934.


“First Securitization”
shall mean the earliest to occur of the Note A-1 Securitization and the Note A-2 Securitization.


“Fitch”
shall mean Fitch Ratings, Inc., and its successors in interest.


“Indemnified Items”
shall have the meaning assigned to such terms in Section 2(b).


“Indemnified Parties”
shall have the meaning assigned to such terms in Section 2(b).


“Initial Agent”
shall have the meaning assigned to such term in the preamble to this Agreement.


“Initial Note A-1
Holder” shall have the meaning assigned to such term in the preamble to this Agreement.


“Initial Note A-2
Holder” shall have the meaning assigned to such term in the preamble to this Agreement.


“Initial Note Holders”
shall have the meaning assigned to such term in the preamble to this Agreement.


“Insolvency Proceeding”
shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or any other insolvency, liquidation,
reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action for the dissolution of the Mortgage Loan
Borrower, any proceeding (judicial or otherwise) concerning the application of the assets of the Mortgage Loan Borrower for the benefit
of its creditors, the appointment of or any proceeding seeking the appointment of a trustee, receiver or other similar custodian for all
or any substantial part of the assets of the Mortgage Loan Borrower or any other action concerning




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the adjustment of the debts of the Mortgage
Loan Borrower, the cessation of business by the Mortgage Loan Borrower, except following a sale, transfer or other disposition of all
or substantially all of the assets of the Mortgage Loan Borrower in a transaction permitted under the Mortgage Loan Documents; provided,
however, that following any such permitted transaction affecting the title to the Mortgaged Property, the Mortgage Loan Borrower
for purposes of this Agreement shall be defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted
pursuant to the Mortgage Loan Documents; provided, further, however, that for the purposes of this definition, in
the event that more than one entity comprises the Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to
any such entity.


“Interest Rate”
shall have the meaning assigned to such term or an analogous term in the Mortgage Loan Documents.


“Interested Person”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Interim Servicer”
shall have the meaning assigned to such term in Section 2(g).


“Intervening Trust
Vehicle” with respect to any Securitization Vehicle that is a CDO, shall mean a trust vehicle or entity that holds any Note
as collateral securing (in whole or in part) any obligation or security held by such Securitization Vehicle as collateral for the CDO.


“KBRA”
shall mean Kroll Bond Rating Agency, LLC and its successors in interest.


“Lead Securitization”
shall mean, if the First Securitization is the Note A-1 Securitization, such Securitization; provided that, if any other Securitization
occurs prior to the Note A-1 Securitization, then the First Securitization shall be the Lead Securitization until such time as the Note
A-1 Securitization occurs, and the Note A-1 Securitization shall be the Lead Securitization thereafter.


“Lead Securitization
Note” shall mean the Note included in the Lead Securitization.


“Lead Securitization
Note Holder” shall mean the holder of the Lead Securitization Note.


“Lead Securitization
Note Holder Representative” shall mean the “Directing Certificateholder” or equivalent Person under the Lead Securitization
Servicing Agreement.


“Lead Securitization
Servicing Agreement” shall mean, as of any date of determination, (i) the pooling and servicing agreement or other comparable
agreement that governs the Securitization that is then the Lead Securitization, and (ii) on and after the date on which the Mortgage Loan
is no longer subject to the provisions of agreement described in clause (i), the Lead Securitization Servicing Agreement shall
be determined in accordance with the second paragraph of Section 2(a).


“Lead Securitization
Trust” shall mean the Securitization Trust created in connection with the Lead Securitization.




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“Major Decision”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Master Servicer”
shall mean the master servicer appointed to act in such capacity with respect to the Mortgage Loan as provided in the Lead Securitization
Servicing Agreement.


“Monthly Payment
Date” shall have the meaning assigned to such term (or analogous term) in the Mortgage Loan Documents.


“Moody’s”
shall mean Moody’s Investors Service, Inc., and its successors in interest.


“Morgan Stanley”
shall have the meaning assigned to such term in the preamble to this Agreement.


“Mortgage”
shall have the meaning assigned to such term in the recitals.


“Mortgage Loan”
shall have the meaning assigned to such term in the recitals.


“Mortgage Loan Agreement”
shall mean the Loan Agreement, dated as of April 29, 2022, between the Mortgage Loan Borrower, as borrower, and Column and Morgan
Stanley, collectively, as lender, as the same may be further amended, restated, supplemented or otherwise modified from time to time,
subject to the terms hereof.


“Mortgage Loan Borrower”
shall have the meaning assigned to such term in the recitals.


“Mortgage Loan Documents”
shall mean, with respect to the Mortgage Loan, the Mortgage Loan Agreement, the Mortgage, the Notes and all other documents now or hereafter
evidencing, guarantying or securing the Mortgage Loan.


“Mortgage Loan Schedule”
shall have the meaning assigned to such term in the recitals.


“Mortgaged Property”
shall have the meaning assigned to such term in the recitals.


“New Notes”
shall have the meaning assigned to such term in Section 32.


“Nonrecoverable
Advance” shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Non-Controlling
Note” means Note A-2.


“Non-Controlling
Note Holder” means each holder of a Non-Controlling Note; provided that with respect to each Non-Controlling Note, at
any time such Non-Controlling Note is included in a Securitization, references to a “Non-Controlling Note Holder” herein shall
mean the holders of the majority of the class of securities issued in such Securitization designated as the “controlling class”
(or analogous term) or such other party otherwise assigned the rights to exercise




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the rights of a “Non-Controlling Note
Holder” under this Agreement or under the related Securitization Servicing Agreement, as and to the extent provided in the related
Securitization Servicing Agreement, and as to the identity of which the Controlling Note Holder (and, if applicable, the Master Servicer
and the Special Servicer) has been given written notice; provided, further that if at any time fifty percent (50%) or more
of any Non-Controlling Note (or class of securities issued in a Securitization into which such Non-Controlling Note has been deposited
is designated as the “controlling class”) is held by (or such other party otherwise assigned the rights to exercise the rights
of the “controlling class” under the related Securitization Servicing Agreement is) the Mortgage Loan Borrower or a Borrower
Party, no such Note Holder or other Person shall be entitled to exercise any rights of such Non-Controlling Note Holder under this Agreement
or the related Securitization Servicing Agreement, and there shall be deemed to be no Non-Controlling Note Holder with respect to such
Non-Controlling Note. The Controlling Note Holder and the Lead Securitization Note Holder (or, if applicable, the Master Servicer or the
Special Servicer acting on its behalf) shall not be required at any time to deal with more than one party exercising the rights of a “Non-Controlling
Note Holder” herein or under the Lead Securitization Servicing Agreement (it being understood for the avoidance of doubt that the
Lead Securitization Note Holder (or the Master Servicer or Special Servicer on its behalf) may additionally need to deal with the master
servicer, special servicer or other person party to the related Securitization Servicing Agreement) and, (x) to the extent that the related
Securitization Servicing Agreement assigns such rights to more than one party or (y) to the extent the related Non-Controlling Note is
split into two or more New Notes pursuant to Section 32 and notice thereof is not provided to the Controlling Note Holder
and the Lead Securitization Note Holder (or, if applicable, the Master Servicer or the Special Servicer acting on its behalf), for purposes
of this Agreement, such Securitization Servicing Agreement or the holders of such New Notes shall designate one party to deal with the
Controlling Note Holder and the Lead Securitization Note Holder (or, the Master Servicer or the Special Servicer acting on its behalf)
and provide written notice of such designation to the Controlling Note Holder and the Lead Securitization Note Holder (or, the Master
Servicer and the Special Servicer acting on its behalf); provided that, in the absence of such designation and notice, the Controlling
Note Holder and the Lead Securitization Note Holder (or, the Master Servicer or the Special Servicer acting on its behalf) shall be entitled
to treat the last party as to which it has received written notice as having been designated as the Non-Controlling Note Holder with respect
to such Non-Controlling Note for all purposes of this Agreement. As of the date hereof and until further notice from the Non-Controlling
Note Holder (or, if applicable, the related Non-Lead Master Servicer or another party acting on its behalf), the Initial Note A-2 Holder
is the Non-Controlling Note Holder with respect to Note A-2. If the Non-Controlling Note is included in a Securitization, the related
Securitization Servicing Agreement may contain additional limitations on the rights of the designated party entitled to exercise the rights
of the “Non-Controlling Note Holder” hereunder if such designated party is the Mortgage Loan Borrower or if it has certain
relationships with the Mortgage Loan Borrower.


“Non-Controlling
Note Holder Representative” shall have the meaning assigned to such term in Section 6(b).


“Non-Exempt Person”
shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent for the relevant year such
duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which, pursuant to applicable provisions
of (A) any income tax treaty between the United States and the country of residence of




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such Person, (B) the Code or (C) any applicable
rules or regulations in effect under clauses (A) or (B) above, permit any Servicer on behalf of the Note Holders to
make such payments free of any obligation or liability for withholding.


“Non-Lead Asset
Representations Reviewer” shall mean the “Asset Representations Reviewer” (or similarly named Person that is the
“asset representations reviewer” as defined in Item 1101(m) of Regulation AB) under any Non-Lead Securitization Servicing
Agreement.


“Non-Lead Depositor”
shall mean the “depositor” under any Non-Lead Securitization Servicing Agreement.


“Non-Lead Master
Servicer” shall mean the applicable “master servicer” under any Non-Lead Securitization Servicing Agreement.


“Non-Lead Operating
Advisor” shall mean the “trust advisor”, “senior trust advisor”, “operating advisor” (or
other analogous Person) under any Non-Lead Securitization Servicing Agreement.


“Non-Lead Securitization”
shall mean any Securitization of a Note in a Securitization Trust other than the Securitization that is then the Lead Securitization.


“Non-Lead Securitization
Note” shall mean any Note other than the Lead Securitization Note.


“Non-Lead Securitization
Note Holder” shall mean each holder of a Non-Lead Securitization Note.


“Non-Lead Securitization
Note Holder Representative” shall mean the “Directing Certificateholder” or equivalent Person under the Non-Lead
Securitization Servicing Agreement.


“Non-Lead Securitization
Servicing Agreement” shall have the meaning assigned to such term in Section 2(b).


“Non-Lead Special
Servicer” shall mean the “special servicer” under any Non-Lead Securitization Servicing Agreement.


“Non-Lead Trustee”
shall mean the “trustee” under any Non-Lead Securitization Servicing Agreement.


“Non-Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder other than a Securitizing Note Holder with respect
to such Securitization.


“Note A-1”
shall have the meaning assigned to such term in the recitals.


“Note A-1 Holder”
shall mean the Initial Note A-1 Holder or any subsequent holder of Note A-1, as applicable.




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“Note A-1 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-1 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof) received
by the Note A-1 Holder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant to Section 3
or 4, as applicable.


“Note A-1 PSA”
shall mean the pooling and servicing agreement or other comparable agreement entered into in connection with the Note A-1 Securitization.


“Note A-1 Securitization”
shall mean the first sale by the Note A-1 Holder of all or a portion of Note A-1 to a depositor who will in turn include such portion
of Note A-1 as part of the securitization of one or more mortgage loans.


“Note A-2”
shall have the meaning assigned to such term in the recitals.


“Note A-2 Holder”
shall mean the Initial Note A-2 Holder or any subsequent holder of Note A-2, as applicable.


“Note A-2 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-2 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof) received
by the Note A-2 Holder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant to Section 3
or 4, as applicable.


“Note A-2 Securitization”
shall mean the first sale by the Note A-2 Holder of all or a portion of Note A-2 to a depositor who will in turn include such portion
of Note A-2 as part of the securitization of one or more mortgage loans.


“Note Holder Representative”
shall mean a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative, as applicable.


“Note Holders”
shall mean collectively, the Note A-1 Holder and the Note A-2 Holder.


“Note Pledgee”
shall have the meaning assigned to such term in Section 14(c).


“Note Principal
Balance” shall mean, (i) with respect to Note A-1, the Note A-1 Principal Balance and (ii) with respect to Note A-2, the Note
A-2 Principal Balance.


“Note Register”
shall have the meaning assigned to such term in Section 15.


“Notes”
shall have the meaning assigned to such term in the recitals.


“Operating Advisor”
shall mean the trust advisor, senior trust advisor, operating advisor or other analogous term as defined under the Lead Securitization
Servicing Agreement.




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“P&I Advance”
shall mean an advance made by a party to any Securitization Servicing Agreement in respect of a delinquent monthly debt service payment
on the Note(s) securitized pursuant to such Securitization Servicing Agreement.


“Percentage Interest”
shall mean, with respect to each Note Holder, a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance
of the Note held by such Note Holder and the denominator of which is the sum of the Note Principal Balances of all of the Notes.


“Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests relating
to commercial real estate, (ii) investing through a fund with committed capital of at least $250,000,000 and (iii) not subject to a proceeding
relating to the bankruptcy, insolvency, reorganization or relief of debtors.


“Pledge”
shall have the meaning assigned to such term in Section 14(c).


“Pro Rata and Pari
Passu Basis” shall mean with respect to the Notes and the Note Holders, the allocation of any particular payment, collection,
cost, expense, liability or other amount between such Notes or such Note Holders, as the case may be, without any priority of any such
Note or any such Note Holder over another such Note or Note Holder, as the case may be, and in any event such that each Note or Note Holder,
as the case may be, is allocated its respective Percentage Interest of such particular payment, collection, cost, expense, liability or
other amount.


“Qualified Institutional
Lender” shall mean each of the Initial Note Holders and any other Person that is:


(a)              
an entity Controlled by, under common Control with or that Controls any of the Initial Note Holders, or


(b)              
one or more of the following:


(i)               
an insurance company, bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension
plan, pension fund, pension fund advisory firm, mutual fund, real estate investment trust, governmental entity or plan, or


(ii)              
an investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, or an “accredited investor” within the meaning of Rule 501(a) (1), (2), (3) or (7)
of Regulation D under the Securities Act of 1933, as amended, or


(iii)              an
institution substantially similar to any of the foregoing entities described in clauses (i) or (ii), or




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(iv)              any entity Controlled by or under common Control or Controlling any of the entities described in clauses (i), (ii)
or (iii), or


(v)              
a Qualified Trustee (or, in the case of a collateralized debt (or loan) obligations (“CDO”), a single-purpose,
bankruptcy remote entity that contemporaneously pledges its interest in a Note to a Qualified Trustee) in connection with (a) a securitization
of, (b) the creation of a CDO secured by, or (c) a financing through an “owner trust” of, a Note or any interest therein (any
of the foregoing, a “Securitization Vehicle”), provided that (1) one or more classes of securities issued by
such Securitization Vehicle is initially rated at least investment grade by each of the Rating Agencies that assigned a rating to one
or more classes of securities issued in connection with that Securitization; (2) in the case of a Securitization Vehicle that is not a
CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer Rating or is otherwise subject to Rating Agency
Confirmations from the Rating Agencies rating each Securitization (such entity, an “Approved Servicer”) and such Approved
Servicer is required to service and administer such Note or any interest therein in accordance with servicing arrangements for the assets
held by the Securitization Vehicle which require that such Approved Servicer act in accordance with a servicing standard notwithstanding
any contrary direction or instruction from any other Person; or (3) in the case of a Securitization Vehicle that is a CDO, the CDO Asset
Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CDO Asset Manager which is a Qualified
Institutional Lender, are each a Qualified Institutional Lender under clauses (i), (ii), (iii), (iv)
or (vi) of this definition, or


(vi)              an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments of at
least $250,000,000, in which (A) any Note Holder, (B) a person that is otherwise a Qualified Institutional Lender under clauses (i),
(ii), (iii) or (iv) (with respect to an institution substantially similar to the entities referred to in clause (i)
or (ii)), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund manager responsible for
the day-to-day management and operation of such investment vehicle and provided that at least fifty percent (50%) of the equity
interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Institutional
Lenders (without regard to the capital surplus/equity and total asset requirements set forth below in the definition), and


in the case of any entity referred to in clauses (i),
(ii), (iii), (iv) or (vi)(B) of this definition, (x) such entity has at least $200,000,000 in capital/statutory
surplus or shareholders’ equity (except with respect to a pension advisory firm or similar fiduciary) and at least $600,000,000
in total assets (in name or under management), and (y) is regularly engaged in the business of making or owning commercial real estate
loans (or interests therein) similar to the Mortgage Loan (or mezzanine loans with respect thereto) or owning or operating commercial
real estate properties; provided that, in the case of the entity described in clause (vi)(B) above, the requirements
of this




    	 	  -11-	 



    


    

clause (y) may be satisfied by
a general partner, managing member, or the fund manager responsible for the day-to-day management and operation of such entity; or


(c)              
any entity Controlled by any of the entities described in clause (b)(i), (ii), (iv)(B) or (v)
above or subject to a Rating Agency Confirmation as a Qualified Institutional Lender for purposes of this Agreement from each of the Rating
Agencies engaged to rate the securities for any Securitization.


“Qualified Trustee”
shall mean (i) 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, authorized under such laws to exercise corporate trust powers and to accept the trust conferred,
having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authority
or (ii) an institution whose long-term senior unsecured debt is rated in either of the then in effect top three rating categories of each
of the applicable Rating Agencies (or, if not rated by an applicable Rating Agency, an equivalent (or higher) rating from any two of Fitch,
Moody’s and S&P).


“Rating Agencies”
shall mean DBRS Morningstar, Fitch, KBRA, Moody’s and S&P and their respective successors in interest or, if any of such entities
shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical rating
agency reasonably engaged by any Note Holder to rate the securities issued in connection with the Securitization of the related Note;
provided, however, that, at any time during which one or more of the Notes is an asset of one or more Securitizations, “Rating
Agencies” or “Rating Agency” shall mean only those rating agencies that are engaged by the related depositor (or its
Affiliate) from time to time to rate the securities issued in connection with the Securitizations of the related Notes.


“Rating Agency Confirmation”
shall mean, with respect to any Securitization, a confirmation in writing (which may be in electronic form) by each of the applicable
Rating Agencies for such Securitization 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 securities of such Securitization
(if then rated by such Rating Agency); provided that a written waiver or other acknowledgment from any such 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. If no such securities are outstanding with respect
to any Securitization, any action that would otherwise require a Rating Agency Confirmation shall instead require the consent of the Controlling
Note Holder, which consent shall not be unreasonably withheld, conditioned or delayed.


“Redirection Notice”
shall have the meaning assigned to such term in Section 14(c).


“Regulation AB”
shall mean 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 its staff,
or as may be provided by the Commission or its staff from time to time.




    	 	  -12-	 



    


    

“REMIC”
shall have the meaning assigned to such term in Section 5(d).


“REMIC Provisions”
shall mean provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A
through 860G of subchapter M of Chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed regulations)
and rulings promulgated thereunder, as the foregoing may be in effect from time to time.


“Remittance Date”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Repurchase Price”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”, (ii)
in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer,
(iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included in a commercial
mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the date of determination, and
Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class
of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage
loans and (iv) in the case of DBRS Morningstar or KBRA, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by DBRS Morningstar or KBRA, as applicable, within the twelve (12) month period
prior to the date of determination, and DBRS Morningstar or KBRA, as applicable, has not cited servicing concerns of such special servicer
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 a transaction serviced by such special servicer prior to the time
of determination.


“S&P”
shall mean S&P Global Ratings and its successors in interest.


“Securitization”
shall mean the Note A-1 Securitization or the Note A-2 Securitization.


“Securitization
Date” shall mean the effective date of the First Securitization.


“Securitization
Servicing Agreement” shall mean the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing Agreement.


“Securitization
Trust” shall mean a trust formed pursuant to a Securitization.


“Securitization
Vehicle” shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender”.


“Securitizing Note
Holder” shall mean, with respect to a Securitization, each Note Holder that is contributing its Note to such Securitization.




    	 	  -13-	 



    


    

“Servicer”
shall mean the Master Servicer or the Special Servicer, as the context may require.


“Servicer Termination
Event” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.


“Servicing Advance”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.


“Servicing Standard”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement. The Servicing Standard
in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan,
must take into account the interests of each Note Holder.


“Special Servicer”
shall mean the special servicer appointed to act in such capacity with respect to the Mortgage Loan as provided in the Lead Securitization
Servicing Agreement.


“Taxes”
shall mean any income or other taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature, now or hereafter
imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein.


“Transfer”
shall have the meaning assigned to such term in Section 14.


“Trust Fund”
shall mean the trust formed pursuant to the Lead Securitization Servicing Agreement.


“Trustee”
shall mean the trustee appointed as provided in the Lead Securitization Servicing Agreement.


“U.S. Person”
shall mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided in applicable Treasury
Regulations) 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, or 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, a trust in existence on August 20, 1996 which is eligible to elect
to be treated as a U.S. Person).


Section 2.               
Servicing of the Mortgage Loan.


(a)              
Each Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from
and after the Securitization Date by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement and the Lead
Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal
or interest in respect of any Note other than the Lead Securitization Note (unless such other Note is also included in the Lead Securitization)
if such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated to make




    	 	  -14-	 



    


    

Servicing Advances, subject to the terms of
the Lead Securitization Servicing Agreement; provided, further, that the Special Servicer, when appointed, has the Required
Special Servicer Rating from each Rating Agency then rating a Securitization. The Lead Securitization Servicing Agreement shall contain
terms and conditions that are customary for securitization transactions involving assets similar to the Mortgage Loan and that are otherwise
(i) required by the Code relating to the tax elections of any Securitization Trust, (ii) required by law or changes in any law, rule or
regulation or (iii) generally required by the Rating Agencies in connection with the issuance of ratings in securitizations similar to
the Securitizations. Each Note Holder acknowledges that each other Note Holder may elect, in its sole discretion, to include its Note
in a Securitization and agrees that it will, subject to Section 26 hereof, reasonably cooperate with such other Note Holder,
at such other Note Holder’s expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each
Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer and the Trustee under the Lead Securitization
Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably
cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the
Lead Securitization Servicing Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in
the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration
and servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights
of such Note Holder set forth herein and in the Lead Securitization Servicing Agreement). In no event shall the Lead Securitization Servicing
Agreement require the Servicer to enforce the rights of any Note Holder against any other Note Holder or limit the Servicer in enforcing
the rights of one Note Holder against any other Note Holder; however, this statement shall not be construed to otherwise limit the rights
of one Note Holder with respect to any other Note Holder, and is subject in all respect to Section 6.04 of the Lead Securitization
Servicing Agreement. Each Servicer shall (i) be required pursuant to the Lead Securitization Servicing Agreement to service the Mortgage
Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement
and applicable law, (ii) provide information to each servicer under the Non-Lead Securitization Servicing Agreement to enable each such
servicer to perform its servicing duties and (iii) not take any action or refrain from taking any action or follow any direction inconsistent
with the foregoing.


At any time after the First
Securitization that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note
Holders agree to cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders,
pursuant to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement and all
references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement; provided
that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each other
Rating Agency with respect to any such Non-Lead Securitization Note regarding any Special Servicer to be appointed under such replacement
servicing agreement that does not have the Required Special Servicer Rating for such Rating Agency or, with respect to the Master Servicer,
would not otherwise meet the conditions to be a servicer under the Lead Securitization Servicing Agreement that is being replaced; provided,
further, that until a replacement servicing agreement has been entered into, the Lead Securitization Note Holder shall cause the
Mortgage Loan to be serviced pursuant to the provisions of the Lead




    	 	  -15-	 



    


    

Securitization Servicing Agreement, as if such
agreement were still in full force and effect with respect to the Mortgage Loan, by the Servicers in the Lead Securitization or by any
Person appointed by the Lead Securitization Note Holder that is a Person meeting the requirements of a master servicer under the Lead
Securitization Servicing Agreement and, in the case of the Special Servicer, that meets the Required Special Servicer Rating for each
Rating Agency then rating securities of a Non-Lead Securitization.


(b)              
The Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee or the Special
Servicer, to the extent provided in the Lead Securitization Servicing Agreement) shall make the following advances, subject to the terms
of the Lead Securitization Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage Loan and (ii) P&I Advances
on the Lead Securitization Note. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to reimbursement
for a Servicing Advance, first from funds on deposit in the Collection Account and/or the Companion Distribution Account for the
Mortgage Loan that (in any case) represent amounts received on or in respect of the Mortgage Loan, and then, in the case of Nonrecoverable
Advances, if such funds on deposit in the Collection Account or Companion Distribution Account are insufficient, from general collections
of the Lead Securitization as provided in the Lead Securitization Servicing Agreement. The Master Servicer, the Special Servicer and the
Trustee, as applicable, shall be entitled to reimbursement for Advance Interest on a Servicing Advance (including any Nonrecoverable Advance),
in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including from general collections of the
Lead Securitization. Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee, as applicable,
obtains funds from general collections of the Lead Securitization as a reimbursement of a Servicing Advance that is a Nonrecoverable Advance
or any Advance Interest on a Servicing Advance (including any Nonrecoverable Advance), each Non-Lead Securitization Note Holder (including
any Securitization Trust into which a Non-Lead Securitization Note is deposited) shall be required to, promptly following notice from
the Master Servicer, reimburse the Lead Securitization for its pro rata share of such Nonrecoverable Advance or Advance Interest.


In addition, each Non-Lead
Securitization Note Holder (including, but not limited to, any Securitization Trust into which a Non-Lead Securitization Note is deposited)
shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for such Non-Lead Securitization
Note Holder’s pro rata share of any fees, costs or expenses incurred in connection with the servicing and administration
of the Mortgage Loan as to which the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor, the Asset Representations Reviewer or the Depositor, as applicable, is entitled to be reimbursed pursuant to the Lead Securitization
Servicing Agreement, to the extent amounts on deposit in the Companion Distribution Account or Collection Account in respect of the Mortgage
Loan are insufficient for reimbursement of such amounts. Each Non-Lead Securitization Note Holder shall indemnify (as and to the same
extent the Lead Securitization Trust is required to indemnify each of the following parties in respect of other mortgage loans in the
Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement) each of the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, Asset Representations Reviewer and the Depositor (and any
director, officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified parties in the
Lead Securitization Servicing Agreement in respect of other mortgage loans) (the




    	 	  -16-	 



    


    

“Indemnified Parties”) 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 servicing and administration of the Mortgage Loan (or, with respect to the Operating Advisor and
the Asset Representations Reviewer, incurred in connection with the provision of services for the Mortgage Loan) under the Lead Securitization
Servicing Agreement (collectively, the “Indemnified Items”) to the extent of its pro rata share of such Indemnified
Items, and to the extent amounts on deposit in the Companion Distribution Account or Collection Account in respect of the Mortgage Loan,
as applicable, are insufficient for reimbursement of such amounts, each Non-Lead Securitization Note Holder shall be required to, promptly
following notice from the Master Servicer, reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency;
provided, however, that each Non-Lead Securitization Note Holder’s obligation to pay Indemnified Items to the Operating
Advisor shall be subject to any limitations and conditions (including limitations and conditions with respect to the timing of such payments
and the sources of funds for such payments) as may be set forth from time to time in a related Non-Lead Securitization Servicing Agreement.


Any Non-Lead Master Servicer
(or if not made by such Non-Lead Master Servicer, the Non-Lead Trustee) may be required to make P&I Advances on the related Non-Lead
Securitization Note, from time to time, subject to the terms of the related servicing agreement for the related Securitization (each such
agreement, a “Non-Lead Securitization Servicing Agreement”), the Lead Securitization Servicing Agreement and this Agreement.
The Master Servicer, the Special Servicer and the Trustee, as applicable, shall each be entitled to make its own recoverability determination
with respect to a P&I Advance to be made on the Lead Securitization Note based on the information that it has on hand and in accordance
with the Lead Securitization Servicing Agreement. Each Non-Lead Master Servicer, Non-Lead Special Servicer and Non-Lead Trustee under
the related Non-Lead Securitization Servicing Agreement, as applicable, shall be entitled to make their own recoverability determination
with respect to a P&I Advance to be made on the related Non-Lead Securitization Note based on the information that they have on hand
and in accordance with the Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee, as applicable, and the related
Non-Lead Master Servicer or the related Non-Lead Trustee shall be required to notify the other of the amount of its P&I Advance within
two (2) Business Days of making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect
to the Lead Securitization Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer or a Non-Lead Trustee, as applicable (with respect
to a Non-Lead Securitization Note), determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I
Advance is or would be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines
that a proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, then the
Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability
by the Master Servicer, the Special Servicer or the Trustee) or the related Non-Lead Master Servicer or the related Non-Lead Trustee (as
provided in the related Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the related
Non-Lead Master Servicer, the related Non-Lead Special Servicer or the related Non-Lead Trustee) shall notify the Master Servicer and
the Trustee, or the Non-Lead Master Servicer and the Non-Lead Trustee, as the case may be, of the other Securitization within two (2)
Business Days of making such determination. Each of the Master Servicer, the Trustee, a Non-Lead Master Servicer and a Non-Lead Trustee,
as applicable,




    	 	  -17-	 



    


    

will only be entitled to reimbursement for
a P&I Advance that becomes non-recoverable first from the Companion Distribution Account from amounts allocable to the Note
for which such P&I Advance was made, and then, if funds are insufficient, (i) in the case of the Lead Securitization Note,
from general collections of the Lead Securitization Trust, pursuant to the terms of the Lead Securitization Servicing Agreement and (ii)
in the case of a Non-Lead Securitization Note, from general collections of the Securitization Trust that owns such Non-Lead Securitization
Note, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.


(c)              
The Lead Securitization Note Holder agrees that it shall cause the Lead Securitization Servicing Agreement to provide as follows
(and to the extent such following provisions are not included in the Lead Securitization Servicing Agreement, they shall be deemed incorporated
therein and made a part thereof):


(i)               
the Master Servicer shall remit all payments received with respect to the Non-Lead Securitization Note, net of the primary servicing
fee payable to the Master Servicer and servicing fees payable to the Special Servicer with respect to such Non-Lead Securitization Note,
and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the Non-Lead
Securitization Note Holder by the earlier of (x) the Remittance Date and (y) the Business Day following the “determination date”
(or any term substantially similar thereto) as defined in the Non-Lead Securitization Servicing Agreement (such determination date, the
“Non-Lead Securitization Determination Date”), in each case as long as the date on which remittance is required under
this clause (i) is at least one (1) business day after the scheduled monthly payment date under the Mortgage Loan Agreement,
provided that any late collections received by the Master Servicer after the related due date under the Mortgage Loan shall be
remitted by the Master Servicer in accordance with clause (c)(xiii) below;


(ii)               
with respect to the Non-Lead Securitization Note that is held by a Securitization, the Master Servicer agrees to deliver or cause
to be delivered or to make available to the Non-Lead Master Servicer all reports required to be delivered by the Master Servicer to the
Certificate Administrator under the Lead Securitization Servicing Agreement (which shall include all loan-level reports constituting the
CREFC® Investor Reporting Package (IRP)) pursuant to the terms of the Lead Securitization Servicing Agreement, to the extent related
to the Mortgage Loan, the Mortgaged Property, the Non-Lead Securitization Note, the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, by the earlier of (x) the Remittance Date and (y) the Business Day following the Non-Lead Securitization
Determination Date, in each case so long as the date on which delivery is required under this clause (ii) is at least one
(1) business day after the scheduled monthly payment date under the Mortgage Loan Agreement;


(iii)               the
Master Servicer and Special Servicer, as applicable, shall provide (in electronic media) to each Non-Controlling Note Holder all documents,
certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding the Mortgage Loan that
it has provided, or that it is required to provide, to the Controlling Note Holder or the Operating Advisor in connection with any request
for consent made to, or consultation with, the Non-Controlling Note Holder;




    	 	  -18-	 



    


    

(iv)               the Non-Lead Securitization Note Holder shall be entitled to the same indemnity as the Lead Securitization Note Holder under the
Lead Securitization Servicing Agreement; each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Custodian shall be required to (and shall require any Servicing Function Participant or Additional Servicer
engaged by it to) indemnify each Certifying Person and the depositor of any public Securitization related to a Non-Lead Securitization
Note, and their respective directors and officers and controlling persons, to the same extent that they indemnify the Depositor (as depositor
in respect of the Lead Securitization) and each Certifying Person for (i) its failure to deliver the items in clause (v) below
in a timely manner, (ii) its failure to perform its obligations to such depositor or Non-Lead Trustee under Article XI (or
any article substantially similar thereto that addresses Exchange Act reporting and Regulation AB compliance) of the Lead Securitization
Servicing Agreement by the time required after giving effect to any applicable grace period or cure period, (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 such depositor or trustee under such Article XI (or any article substantially similar thereto that addresses Exchange Act
reporting and Regulation AB compliance) of the Lead Securitization Servicing Agreement by the time required and/or (iv) any Deficient
Exchange Act Deliverable regarding, and delivered by or on behalf of, such party;


(v)              
 with respect to any Non-Lead Securitization that is subject to reporting requirements under the Securities Act, the Exchange Act
(including Rule 15Ga-1), and Regulation AB, (a) the Master Servicer, any primary servicer, the Special Servicer, the Trustee, the Certificate
Administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause
each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained
or engaged by it to deliver; provided that such party shall only be required to use commercially reasonable efforts to cause a
Mortgage Loan Seller Sub-Servicer to deliver), to the Non-Lead Depositor and the Non-Lead Trustee, in a timely manner, (i) the reports,
certifications, compliance statements, accountants’ assessments and attestations, and all information to be included in reports
(including, without limitation, Form ABS 15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified
in the Non-Lead Securitization Servicing Agreement, in the case of clauses (i) and (ii), as the parties to each Non-Lead
Securitization may reasonably require in order to comply with their obligations under the Securities Act, the Exchange Act (including
Rule 15Ga-1), Regulation AB and Form SF-3 and (b) without limiting the generality of the foregoing, the Initial Note Holder of the Lead
Securitization Note shall provide in a timely manner to the Non-Lead Depositor and the Non-Lead Trustee, if any, a copy of the Lead Securitization
Servicing Agreement in EDGAR-compatible format (but not later than one (1) business day following the closing date of the Lead Securitization)
and each Servicer under the Lead Securitization Servicing Agreement will be required, upon prior written request, to provide to the Non-Lead
Depositor and the Non-Lead Trustee, if any, any other information required to comply in a timely manner with applicable filing requirements
under Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB, in each case in a timely manner
for inclusion in any disclosure document (or for filing under Form 8-K, as applicable), and




    	 	  -19-	 



    


    

with respect to such Servicers, upon
prior written request, market indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered
with respect to the Lead Securitization (in each case at the expense of the Non-Lead Securitization Note Holder). The Master Servicer,
any primary servicer and the Special Servicer shall each be required to provide certification and indemnification to each Certifying Person
with respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms are defined in the Non-Lead Securitization Servicing
Agreement;


(vi)               each
of the Master Servicer, the Special Servicer, the Custodian and the Trustee and each Affected Reporting Party (or analogous term) shall
cooperate (and require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing
Agreement), with the Non-Lead Depositor (including, without limitation, providing all due diligence information, reports, written responses,
negotiations and coordination) to the same extent as such party is required to cooperate with the Depositor under Article XI
(or any article substantially similar thereto that addresses Exchange Act reporting and Regulation AB compliance) of the Lead Securitization
Servicing Agreement and in connection with Deficient Exchange Act Deliverables. All respective reasonable out-of-pocket costs and expenses
incurred by the Non-Lead Depositor (including reasonable legal fees and expenses of outside counsel to such depositor) in connection
with the foregoing (other than those costs and expenses related to participation by the Non-Lead Depositor in any telephone conferences
and meetings with the United States Securities and Exchange Commission (the “Commission”) and other costs the Non-Lead
Depositor must bear pursuant to Article XI (or any article substantially similar thereto that addresses Exchange Act reporting
and Regulation AB compliance) of the Lead Securitization Servicing Agreement) and any amendments to any reports filed with the Commission
therewith shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from such Non-Lead Depositor;


(vii)              each
Non-Lead Securitization Note Holder (unless it is a Borrower Party) is an intended third-party beneficiary in respect of the rights afforded
it under the Lead Securitization Servicing Agreement;


(viii)             each
Non-Lead Master Servicer and each Non-Lead Special Servicer shall be a third-party beneficiary of the Lead Securitization Servicing Agreement
with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification of such Non-Lead Master Servicer
or Non-Lead Special Servicer, as the case may be, and the provisions regarding coordination of advances;


(ix)               
if the Mortgage Loan becomes a Defaulted Loan and the Special Servicer determines to sell the Lead Securitization Note in accordance
with the Lead Securitization Servicing Agreement, it shall have the right and the obligation to sell each of the Notes as notes evidencing
one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection with any such sale, the Special
Servicer shall provide notice to each Non-Lead Master Servicer who shall provide notice to the related Non-Controlling Note Holder of
the planned sale and of such Non-Controlling Note Holder’s opportunity to submit an offer on the Mortgage Loan;




    	 	  -20-	 



    


    

(x)               
 the Lead Securitization Servicing Agreement shall not be amended in any manner that materially and adversely affects any Non-Lead
Securitization Note Holder without the consent of such Non-Lead Securitization Note Holder;


(xi)                Servicer
Termination Events with respect to the Master Servicer and the Special Servicer shall include: (i) solely with respect to the Master
Servicer, the failure to timely remit payments to a Non-Lead Securitization Note Holder, which failure continues unremedied for one (1)
Business Day following the date on which such payment was to be made; (ii) solely with respect to the Special Servicer, the failure to
deposit into any REO Account any amount required to be so deposited within two (2) Business Days after the date such deposit was to be
made, or the failure to remit to the Master Servicer for deposit into the Collection Account or the Companion Distribution Account, as
applicable, any amount required to be so remitted by the Special Servicer within one (1) Business Day after the date such remittance
was to be made; (iii) the qualification, downgrade or withdrawal, or placing on “watch status” in contemplation of a rating
downgrade or withdrawal of the ratings of any class of certificates issued in connection with a Non-Lead Securitization by the rating
agencies rating such securities (and such qualification, downgrade, withdrawal or “watch status” placement shall not have
been withdrawn by such rating agencies within sixty (60) days of actual knowledge of such event by the Master Servicer or the Special
Servicer, as the case may be), and publicly citing servicing concerns with the Master Servicer or Special Servicer, as applicable, as
the sole or a material factor in such rating action; and (iv) the failure to provide to a Non-Lead Securitization Note Holder (if and
to the extent required under the related Non-Lead Securitization) reports required under the Exchange Act, and the rules and regulations
thereunder, in a timely fashion. Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting
a Non-Lead Securitization Note Holder, and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing
Agreement, the Trustee or the Master Servicer shall, upon the direction of a Non-Lead Securitization Note Holder, require the appointment
of a subservicer with respect to the related Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect
to the Special Servicer affecting a Non-Lead Securitization Note Holder, and the Special Servicer is not otherwise terminated pursuant
to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of a Non-Lead Securitization Note Holder, terminate
the Special Servicer with respect to, but only with respect to, the Mortgage Loan;


(xii)               in
connection with (A) any amendment of the Lead Securitization Servicing Agreement, a party to such Lead Securitization Servicing Agreement
is required to provide a copy of the executed amendment to each Non-Lead Depositor and one or more parties to the related Non-Lead Securitization
Servicing Agreement (which may be by e-mail), together with a copy of such amendment in electronic format, no later than the effective
date of such amendment, and (B) the termination, resignation and/or replacement of the Master Servicer or Special Servicer under the
Lead Securitization Servicing Agreement, the replacement “master servicer” or replacement “special servicer”,
as applicable, is required to provide to each Non-Lead Depositor and one or more parties to the related Non-Lead Securitization Servicing
Agreement all disclosure about itself that is required to be included in Form 8-K no later than the date of effectiveness thereof;




    	 	  -21-	 



    


    

(xiii)              any late collections received by the Master Servicer from the Mortgage Loan Borrower that are allocable to a Non-Lead Securitization
Note or reimbursable to a Non-Lead Master Servicer or a Non-Lead Trustee shall be remitted by the Master Servicer to the related Non-Lead
Master Servicer within one (1) Business Day of receipt of properly identified and available funds constituting such late collections;
provided, however, that 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 to such Non-Lead Master Servicer within one
(1) Business Day of receipt of properly identified and available funds but, in any event, the Master Servicer shall remit such amounts
within two (2) Business Days of receipt of properly identified and available funds;


(xiv)              if
a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement,
the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the related Non-Lead Asset Representations
Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any documents reasonably
requested by such Non-Lead Asset Representations Reviewer, but only to the extent (x) such documents are in the possession of the Master
Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and (y) such Non-Lead Asset Representations Reviewer
has not been able to obtain such documents from the related mortgage loan seller;


(xv)              any
conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement, provided
that in no event shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action
in accordance with the terms of this Agreement that would cause the Master Servicer or the Special Servicer, as the case may be, to violate
the Servicing Standard or the REMIC Provisions;


(xvi)              special
servicing, workout and liquidation fee rates shall not exceed one-quarter of one percent (0.25%), one-half of one percent (0.50%) and
one-half of one percent (0.50%), respectively, subject to any market minimum amounts and fee offsets set forth in the Lead Securitization
Servicing Agreement;


(xvii)            each
Lead Securitization Servicing Agreement shall also satisfy Moody’s rating methodology as of the closing date of the Lead Securitization
Servicing Agreement for eligible accounts and permitted investments for a securitization rated “Aaa” by Moody’s;


(xviii)            the
Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing
the Mortgage Loan, must take into account the interests of each Note Holder; and


(xix)              the holder of the Lead Securitization Note shall:




    	 	  -22-	 



    


    

(A)            
 on, or within a timely manner following, the closing date of the Lead Securitization, provide notice of the closing of the Lead
Securitization and send (or provide for access through a financial printer together with notice (which may be by email) and contact information
therefor) a copy (in EDGAR-compatible format) of the Lead Securitization Servicing Agreement to each other Note Holder; and


(B)             
give each other Note Holder written notice in a timely manner (but no later than one (1) business day prior to the applicable filing
date) of any re-filing (other than a filing made in connection with a formal amendment of the Lead Securitization Servicing Agreement)
by the Depositor of the Lead Securitization Servicing Agreement subsequent to the Securitization Date if such filing contains revisions
or changes that are material to the other Note Holders.


(d)              
Each Non-Lead Securitization Note Holder agrees that, if the related Non-Lead Securitization Note is included in a Securitization,
it shall cause the applicable Non-Lead Securitization Servicing Agreement to contain provisions to the effect that:


(i)                
such Non-Lead Securitization Note Holder shall be responsible for its pro rata share of any Nonrecoverable Advances relating
to Servicing Advances (and Advance Interest thereon) and any additional expenses of the Trust Fund, but only to the extent that such expenses
relate to servicing and administration of the Notes, including without limitation, any unpaid Special Servicing Fees, Liquidation Fees
and Workout Fees relating to the Notes, and that in the event that amounts on deposit in the Companion Distribution Account or Collection
Account in respect of the Mortgage Loan, as applicable, are insufficient for reimbursement of such amounts, (A) the related Non-Lead Master
Servicer will be required to, promptly following notice from the Master Servicer, reimburse the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, as applicable, out of general collections in the collection account (or equivalent account)
established under the Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata
share of any such Nonrecoverable Advances and/or additional expenses of the Trust Fund, and (B) if the Lead Securitization Servicing Agreement
permits the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee to reimburse itself from the Lead Securitization
Trust’s general collections, then the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable,
may do so and the related Non-Lead Master Servicer will be required to, promptly following notice from the Master Servicer, reimburse
the Lead Securitization Trust out of general collections in the collection account (or equivalent account) established under the related
Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any such Nonrecoverable
Advances and/or additional expenses of the Trust Fund;


(ii)               
each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of Lead Securitization
Servicing Agreement) by each Securitization Trust holding a Non-Lead Securitization Note, against any of the Indemnified Items to the
extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the




    	 	  -23-	 



    


    

Companion Distribution Account are insufficient
for reimbursement of such amounts, the related Non-Lead Master Servicer will be required to reimburse each of the applicable Indemnified
Parties for its pro rata share of the insufficiency out of general collections in the collection account (or equivalent account)
established under the related Non-Lead Securitization Servicing Agreement; provided, however, that such Non-Lead Securitization
Servicing Agreement may include limitations and conditions on the payment or reimbursement of Indemnified Items to the Operating Advisor
(including limitations and conditions with respect to the timing of such payments or reimbursements and the sources of funds for such
payments or reimbursements);


(iii)               
the related Non-Lead Master Servicer, related Non-Lead Trustee or certificate administrator under the related Non-Lead Securitization
Servicing Agreement will be required to deliver to the Trustee, the Certificate Administrator, the Special Servicer, the Master Servicer
and the Operating Advisor (i) promptly following Securitization of such Non-Lead Securitization Note, notice of the deposit of such Non-Lead
Securitization Note into a Securitization Trust (which notice shall also provide contact information for the related Non-Lead Trustee,
the related certificate administrator, the related Non-Lead Master Servicer, the related Non-Lead Special Servicer and the party designated
to exercise the rights of the related “Non-Controlling Note Holder” and “Non-Lead Securitization Note Holder”
under this Agreement), accompanied by a certified copy of the related executed Non-Lead Securitization Servicing Agreement and (ii) notice
of any subsequent change in the identity of the related Non-Lead Master Servicer or the party designated to exercise the rights of the
related “Non-Controlling Note Holder” or “Non-Lead Securitization Note Holder” under this Agreement (together
with the relevant contact information); and


(iv)               
the Master Servicer and the Special Servicer and the Lead Securitization Trust shall be third party beneficiaries of the foregoing
provisions.


(e)              
Prior to the Securitization of a Non-Lead Securitization Note (including any New Note), all notices, reports, information or other
deliverables required to be delivered to the related Non-Lead Securitization Note Holder pursuant to this Agreement or the Lead Securitization
Servicing Agreement by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only
need to be delivered to the related Non-Lead Securitization Note Holder (or its Note Holder Representative) and, when so delivered to
such Non-Lead Securitization Note Holder (or its Note Holder Representative, as applicable), the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect
to such items hereunder or under the Lead Securitization Servicing Agreement. Following the Securitization of a Non-Lead Securitization
Note (including any New Note), as applicable, all notices, reports, information or other deliverables required to be delivered to the
related Non-Lead Securitization Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the related Non-Lead Master Servicer
and Non-Lead Special Servicer (who then may forward such items to the party entitled to receive such items as and to the extent provided
in the related Non-Lead Securitization Servicing Agreement) and, when so delivered to such Non-Lead Master Servicer and such Non-Lead
Special Servicer, the Lead Securitization Note




    	 	  -24-	 



    


    

Holder (or the Master Servicer or the Special
Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under
the Lead Securitization Servicing Agreement (except where required by this Agreement or the Lead Securitization Servicing Agreement to
deliver items directly to a Non-Lead Depositor or other party to a Non-Lead Securitization Servicing Agreement for purposes of compliance
with securities laws).


(f)               
The Lead Securitization Note Holder agrees that, if a Non-Lead Securitization Note is included in a Securitization, and such Non-Lead
Securitization is subject to reporting requirements under Regulation AB, the Master Servicer, the Special Servicer, the Trustee and the
Custodian shall be required to reasonably cooperate with the Non-Lead Asset Representations Reviewer in connection with such Non-Lead
Asset Representations Reviewer’s obligations under any Non-Lead Securitization Servicing Agreement with respect to the Mortgage
Loan by providing any documents reasonably requested by the Non-Lead Asset Representations Reviewer or other requesting party in connection
with the Non-Lead Asset Representations Reviewer’s obligations, but only to the extent such documents are in the possession of the
Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, but in any event excluding any documents known
to such the Master Servicer, the Special Servicer, the Trustee or the Custodian to contain information that is proprietary to the related
originator or Initial Note Holders or any draft documents or privileged or internal communications. The reasonable out-of-pocket expenses
of the Master Servicer, Special Servicer, the Trustee and the Custodian actually incurred in connection with their compliance with such
requests shall be reimbursable by the Non-Lead Asset Representations Reviewer or, if not paid by the Non-Lead Asset Representations Reviewer,
the Non-Lead Securitization Note Holder.


(g)              
The following provisions shall govern the servicing and administration of the Mortgage Loan during the period prior to the First
Securitization:


(i)                
Unless otherwise agreed to by Column and Morgan Stanley, the Mortgage Loan shall be serviced pursuant to that certain interim servicing
agreement, between Column and KeyBank National Association (in such capacity, the “Interim Servicer”), which shall
service the Mortgage Loan in accordance with the terms of this Agreement, the Mortgage Loan Documents, applicable law and the Servicing
Standard. The Servicer shall collect all amounts due on the Mortgage Loan, and remit such amounts (net of amounts due to the Servicer)
to the Note Holders on the second (2nd) business day after receipt.


(ii)                Decisions related to the servicing and administration of the Mortgage Loan shall be made by Column in accordance with the terms
of this Agreement, the Mortgage Loan Documents, applicable law and the Servicing Standard, except as follows: Prior to taking any of the
actions set forth on Exhibit D (such decisions, the “Co-Lender Decisions”), the Interim Servicer (or special
servicer, if one has been appointed) will be required to notify the Lenders in writing of any proposal to take any such action (and to
provide the Lenders with such information as may be requested by any such Lender as may be necessary in the reasonable judgment of such
Lender in order to make a judgment) and to receive the written approval of all of the Lenders. If the Interim Servicer or special servicer,
as applicable, does not receive approval or disapproval of a proposed Co-Lender Decision from both Lenders within five (5) business days
after the later of delivery to the




    	 	  -25-	 



    


    

Lenders of (1) written notice of such
a proposed Co-Lender Decision (which notice shall contain a legend, in conspicuous boldface type, substantially similar to the following:
“THIS IS A REQUEST FOR ACTION APPROVAL. IF THE LENDER FAILS TO APPROVE OR DISAPPROVE THE ENCLOSED ACTION WITHIN FIVE BUSINESS DAYS
SUCH ACTION MAY BE DEEMED APPROVED.”) and (2) any information requested by any Lender in connection with such Co-Lender Decision,
then upon the expiration of such five (5) business day period, such action by the Interim Servicer (or special servicer) shall be deemed
to have been approved by both Lenders. If any such proposed action is disapproved by one Lender, the Interim Servicer (or special servicer)
shall propose an alternative action (based on any counter-proposals received from the non-consenting Lender, to the extent such counter-proposal
is consistent with the Servicing Standard or, if no such counter-proposal is received, then based on any alternate course of action (which
may, in appropriate circumstances, such as responding to a request by Mortgage Loan Borrower, be a refusal of consent to a proposed action)
that the Interim Servicer or special servicer, as applicable, may deem appropriate) until both Lenders agree to a decision.


Section 3.                 
Priority of Payments.


(a)              
Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other
Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to
or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form
of Periodic Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or
instrument securing the Mortgage Loan or Insurance Proceeds and Condemnation Proceeds (other than proceeds, awards or settlements to be
applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms
of the Mortgage Loan Documents) shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and
Pari Passu Basis; provided that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to be
held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses or Servicing
Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing Agreement shall be
applied to the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents; and (y) all amounts that are then
due, payable or reimbursable to any Servicer, with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement
and any other compensation payable to it thereunder (including without limitation, any additional expenses of the Trust Fund relating
to the Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties
and any Special Servicing Fees, Liquidation Fees, Workout Fees and Penalty Charges (to the extent provided in the immediately following
paragraph) but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed in
accordance with Section 2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer in excess of the Non-Lead
Securitization Note’s pro rata share of that portion of such servicing fees calculated at the “primary servicing fee
rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be
subject to the




    	 	  -26-	 



    


    

allocation provisions of this Section 3)
shall be payable in accordance with the Lead Securitization Servicing Agreement.


For clarification purposes,
Penalty Charges (or analogous term) paid on each Note shall first, be used to reduce, on a pro rata basis, the amounts payable
on each Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing
Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second,
be used to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, the Non-Lead
Master Servicer or the Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Note by such party (if
and as specified in the Lead Securitization Servicing Agreement or the Non-Lead Securitization Servicing Agreement, as applicable), third,
be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional expenses of
the Trust Fund (including, if not paid by the Mortgage Loan Borrower, Special Servicing Fees, unpaid Workout Fees and Liquidation Fees)
incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, shall be
paid to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing
Agreement.


Any proceeds received from
the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note
Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with respect
to its Note shall be for its own account.


Section 4.                 Workout.
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Lead Securitization Servicing
Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Securitization Note Holder, or any Servicer,
in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the principal balance
of the Mortgage Loan is decreased, (ii) the Interest Rate is reduced, (iii) payments of interest or principal on any Note are waived,
reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such modification shall not
alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the equal priorities of each Note as described
in Section 3.


Section 5.               
  Administration of the Mortgage Loan.


(a)              
Subject to this Agreement (including but not limited to Section 5(c)) and the Lead Securitization Servicing Agreement
and subject to the rights and consents, where required, of the Controlling Note Holder, the Lead Securitization Note Holder (or the Master
Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall have the sole and exclusive
authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without
limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure
to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate
the Mortgage Loan or institute any foreclosure action or other remedy, and no Non-Lead Securitization Note Holder shall have




    	 	  -27-	 



    


    

any voting, consent or other rights whatsoever
except as explicitly set forth herein with respect to the Lead Securitization Note Holder’s administration of, or exercise of its
rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Lead Securitization Servicing Agreement, no
Non-Lead Securitization Note Holder shall have any right to, and each Non-Lead Securitization Note Holder hereby presently and irrevocably
assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf
of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has to, (i) call or cause the Lead Securitization Note
Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage
Loan Borrower, including, without limitation, filing or causing the Lead Securitization Note Holder to file any bankruptcy petition against
the Mortgage Loan Borrower. The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on
behalf of the Lead Securitization Note Holder) shall not have any fiduciary duty to any Non-Lead Securitization Note Holder in connection
with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Note Holder from the obligation
to make any disbursement of funds as set forth herein or its obligation to follow the Servicing Standard (in the case of the Master Servicer
or the Special Servicer) or any liability for failure to do so).


Each Note Holder hereby acknowledges
the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note
Holder), upon the Mortgage Loan becoming a Defaulted Loan to sell the Notes together as notes evidencing one whole loan in accordance
with the terms of the Lead Securitization Servicing Agreement and shall require that all offers be submitted to the Special Servicer in
writing. Whether any cash offer constitutes a fair price for the Mortgage Loan 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. Absent an offer
at least equal to the Purchase Price, no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer
received and (ii) at least two other offers are received from independent third parties. In determining whether any offer from an Interested
Person received represents a fair price for the Mortgage Loan, the Trustee shall rely on the most recent Appraisal (or update of such
Appraisal) conducted in accordance with the Lead Securitization Servicing Agreement within the preceding nine (9)-month period or, in
the absence of any such Appraisal, on a new Appraisal. In determining whether any such offer from a Person other than an Interested Person
constitutes a fair price for the Mortgage Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal
or updated Appraisal or narrative appraisal that it may have obtained within the prior nine (9) months pursuant to the Lead Securitization
Servicing Agreement) among other factors, the period and amount of the occupancy level and physical condition of the Mortgaged Property
and the state of the local economy. Except as provided in the following paragraph, the cost of any Appraisal will be covered by, and will
be reimbursable as, a Servicing Advance by the Master Servicer. Notwithstanding the foregoing, the Lead Securitization Note Holder (or
the Special Servicer acting on behalf of the Lead Securitization Note Holder) shall not be permitted to sell the Mortgage Loan without
the written consent of each Non-Lead Securitization Note Holder (provided that such consent is not required if the related Non-Lead
Securitization Note is held by a Borrower Party) unless the Special Servicer has delivered to such Non-Lead Securitization Note Holder:
(a) at least fifteen (15) Business Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10)
days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received by the Special
Servicer in connection with




    	 	  -28-	 



    


    

any such proposed sale, (c) at least ten (10)
days prior to the proposed sale date, a copy of the most recent appraisal for the Mortgage Loan, and any documents in the servicing file
reasonably requested by such Non-Lead Securitization Note Holder that are material to the sale price of the Mortgage Loan and (d) until
the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the Lead Securitization
Note Holder Representative) 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 Master Servicer or the Special Servicer in connection with the proposed sale; provided,
however, that such Non-Lead Securitization Note Holder may waive any delivery or timing requirements set forth in this sentence
only for itself. Subject to the foregoing, each of the Controlling Note Holder, the Controlling Note Holder Representative, the Non-Controlling
Note Holders and the Non-Controlling Note Holder Representatives shall be permitted to submit an offer at any sale of the Mortgage Loan
(unless such Person is a Borrower Party).


Notwithstanding anything
contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by an Interested Person
constitutes a fair price, the Trustee may (at its option and at the expense of the offering Interested Person purchaser) designate an
independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing
loans similar to the Mortgage Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes
a fair price for the Mortgage Loan. If the Trustee designates such third party to make such determination, the Trustee shall be entitled
to rely conclusively upon such third party’s determination. The reasonable fees of, and the costs of all appraisals, inspection
reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable, from the offering
Interested Person.


Each Non-Lead Securitization
Note Holder hereby appoints the Lead Securitization Note Holder as its agent, and grants to the Lead Securitization Note Holder an irrevocable
power of attorney coupled with an interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating the
sale of the related Non-Lead Securitization Note. Each Non-Lead Securitization Note Holder further agrees that, upon the request of the
Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall execute and deliver to or at the direction of Lead Securitization
Note Holder such powers of attorney or other instruments as the Lead Securitization Note Holder may reasonably request to better assure
and evidence the foregoing appointment and grant, in each case promptly following request, and shall deliver the original related Non-Lead
Securitization Note, endorsed in blank, to or at the direction of the Lead Securitization Note Holder in connection with the consummation
of any such sale.


The authority of the Lead
Securitization Note Holder to sell the Non-Lead Securitization Notes, and the obligations of the Non-Lead Securitization Note Holders
to execute and deliver instruments or deliver the Non-Lead Securitization Notes upon request of the Lead Securitization Note Holder, shall
terminate and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased
by the Initial Note Holder from the trust fund established under the Lead Securitization Servicing Agreement in connection with a material
breach of representation or warranty made by such Initial Note Holder with respect to the Lead Securitization Note or material document
defect with respect to the documents delivered by the related Initial Note Holder with respect to the Lead Securitization Note upon the




    	 	  -29-	 



    


    

consummation of the Lead Securitization. The
preceding sentence shall not be construed to grant to a Non-Lead Securitization Note Holder the benefit of any representation or warranty
made by such Initial Note Holder or any document delivery obligation imposed on such Initial Note Holder under any mortgage loan purchase
and sale agreement, instrument of transfer or other document or instrument that may be executed or delivered by such Initial Note Holder
in connection with the Lead Securitization.


(b)              
The administration of the Mortgage Loan shall be governed by this Agreement and the Lead Securitization Servicing Agreement. The
servicing of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Loan (or
to the extent otherwise provided in the Lead Securitization Servicing Agreement), by the Special Servicer, in each case pursuant to the
Lead Securitization Servicing Agreement. Notwithstanding anything to the contrary contained herein, in accordance with the Lead Securitization
Servicing Agreement, the Lead Securitization Note Holder shall cause the Master Servicer and the Special Servicer to service and administer
the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests of each Note Holder. The Note Holders agree
to be bound by the terms of the Lead Securitization Servicing Agreement. All rights and obligations of the Lead Securitization Note Holder
described hereunder may be exercised by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee on behalf
of the Lead Securitization Note Holder. The Lead Securitization Servicing Agreement shall not be amended in any manner that may materially
and adversely affect any Non-Lead Securitization Note Holder in its capacity as a Non-Lead Securitization Note Holder without such Non-Lead
Securitization Note Holder’s prior written consent. Each Non-Lead Securitization Note Holder (unless it is a Borrower Party) shall
be a third-party beneficiary to the Lead Securitization Servicing Agreement with respect to its rights as specifically provided for therein.


(c)              
Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its
behalf) shall be required (i) to provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Note Holder Representative pursuant to the Lead Securitization Servicing Agreement (for this purpose, without regard to whether such items
are actually required to be provided to the Lead Securitization Note Holder Representative under the Lead Securitization Servicing Agreement
due to the occurrence of a Control Termination Event or a Consultation Termination Event or effectively equivalent period) with respect
to any Major Decision or the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan,
to a Non-Lead Securitization Note Holder (or its Non-Lead Securitization Note Holder Representative), within the same time frame it is
required to provide to the Lead Securitization Note Holder Representative (for this purpose, without regard to whether such items are
actually required to be provided to the Lead Securitization Note Holder Representative under the Lead Securitization Servicing Agreement
due to the occurrence of a Control Termination Event or a Consultation Termination Event or effectively equivalent period, but subject
to any limitations in the Lead Securitization Servicing Agreement regarding providing such information to the Mortgage Loan Borrower or
those who have certain relationships with the Mortgage Loan Borrower) and (ii) to consult with each Non-Controlling Note Holder (or its
Non-Controlling Note Holder Representative) on a strictly non-binding basis, to the extent having received such notices, information and
reports, such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) requests consultation with respect to any
such Major Decision or the implementation of any recommended




    	 	  -30-	 



    


    

actions outlined in an Asset Status Report
relating to the Mortgage Loan, and consider alternative actions recommended by such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative); provided that after the expiration of a period of ten (10) Business Days from the delivery to such
Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) by the Lead Securitization Note Holder (or the Master
Servicer or the Special Servicer acting on its behalf) of written notice of a proposed action, together with copies of the notice, information
and report required to be provided to the Lead Securitization Note Holder Representative, the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated to consult with such Non-Controlling Note Holder
(or its Non-Controlling Note Holder Representative) (unless, the Lead Securitization Note Holder (or the Master Servicer or the Special
Servicer acting on its behalf) proposes a new course of action that is materially different from the action previously proposed, in which
case such ten (10) Business Day period shall be deemed to begin anew from the date of such proposal and delivery of all information relating
thereto). Notwithstanding the consultation rights of each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative)
set forth in the immediately preceding sentence, the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on
its behalf) may make any Major Decision or any action set forth in the Asset Status Report before the expiration of the aforementioned
ten (10) Business Day period if the Lead Securitization Note Holder (or Master Servicer or Special Servicer, as applicable) determines
that immediate action with respect thereto is necessary to protect the interests of the Note Holders. In no event shall the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take any alternative
actions recommended by a Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative).


In addition to the consultation
rights of each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) provided in the immediately preceding paragraph,
each Non-Controlling Note Holder shall have the right to attend (in person or telephonically, in the discretion of the Master Servicer
or Special Servicer, as applicable) annual meetings with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer
acting on its behalf), 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 Mortgage Loan are discussed.


(d)              
If any Note is included as an asset of a real estate mortgage investment conduit (a “REMIC”), within the meaning
of Section 860D(a) of the Code, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage Loan shall
be administered such that the Notes shall qualify at all times as (or as interests in) a “qualified mortgage” within the meaning
of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on behalf of the Note Holders
pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of the Mortgage or lien on such property
following a default on the Mortgage Loan shall be administered so that the interest of the pro rata share of each Note Holder therein
shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code and (iii) no
Servicer may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent from any action of the Mortgage
Loan Borrower, or exercise or refrain from exercising any powers or rights which the Note Holders may have under the Mortgage Loan Documents,
if any such action would constitute a “significant




    	 	  -31-	 



    


    

modification” of the Mortgage Loan, within
the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the Treasury, more than three (3) months
after the startup day of the REMIC which includes the Notes (or any portion thereof). Each Note Holder agrees that the provisions of this
paragraph shall be effected by compliance with any REMIC provisions in the Lead Securitization Servicing Agreement relating to the administration
of the Mortgage Loan.


Anything herein or in the
Lead Securitization Servicing Agreement to the contrary notwithstanding, if one of the Notes is included in a REMIC and the other is not,
such other Note Holder shall not be required to reimburse such Note Holder or any other Person for payment of (i) any taxes imposed on
such REMIC, (ii) any costs or expenses relating to the administration of such REMIC or to any determination respecting the amount, payment
or avoidance of any tax under such REMIC or (iii) any advances for any of the foregoing or any interest thereon or for deficits in other
items of disbursement or income resulting from the use of funds for payment of any such taxes, costs or expenses or advances, nor shall
any disbursement or payment otherwise distributable to the other Note Holder be reduced to offset or make-up any such payment or deficit.


Section 6.                 
Rights of the Controlling Note Holder and Non-Controlling Note Holders.


(a)              
The Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its
rights and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling Note Holder
Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling Note Holder
may, at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder Representative may
be any Person (other than a Borrower Party), including, without limitation, the Controlling Note Holder, any officer or employee of the
Controlling Note Holder, any Affiliate of the Controlling Note Holder or any other unrelated third party. No such Controlling Note Holder
Representative shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Note Holder). All actions that
are permitted to be taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder Representative
acting on behalf of the Controlling Note Holder. No Servicer, Certificate Administrator or Trustee acting on behalf of the Lead Securitization
Note Holder shall be required to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has
notified each Servicer, Certificate Administrator and Trustee of such appointment and, if the Controlling Note Holder Representative is
not the same Person as the Controlling Note Holder, the Controlling Note Holder Representative provides each Servicer, Certificate Administrator
and Trustee with written confirmation of its acceptance of such appointment (and such parties will be entitled to rely on such notice),
an address and facsimile number for the delivery of notices and other correspondence and a list of officers or employees of such person
with whom the parties to this Agreement may deal (including their names, titles, work addresses and facsimile numbers). The Controlling
Note Holder shall promptly deliver such information to any Servicer, Certificate Administrator and Trustee. None of the Servicers, Certificate
Administrator and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until they receive such
information from the Controlling Note Holder. The Controlling Note Holder agrees to inform each such Servicer or Trustee of the then-current
Controlling Note Holder Representative.




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Neither the Controlling Note
Holder Representative nor the Controlling Note Holder, in such capacity, will have any liability to the other Note Holders or any other
Person for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure to give any consent
pursuant to this Agreement or the Lead Securitization Servicing Agreement, or errors in judgment, absent any loss, liability or expense
incurred by reason of its willful misfeasance, bad faith, gross negligence or breach of this Agreement. The Note Holders agree that the
Controlling Note Holder Representative and the Controlling Note Holder (whether acting in place of the Controlling Note Holder Representative
when no Controlling Note Holder Representative shall have been appointed hereunder or otherwise exercising any right, power or privilege
granted to the Controlling Note Holder hereunder) may take or refrain from taking actions, or give or refrain from giving consents, that
favor the interests of one Note Holder over the other Note Holder, and that the Controlling Note Holder Representative or Controlling
Note Holder may have special relationships and interests that conflict with the interests of other Note Holders and, absent willful misfeasance,
bad faith, gross negligence or breach of this Agreement on the part of the Controlling Note Holder Representative or the Controlling Note
Holder, as the case may be, acting in such capacity, agree to take no action against the Controlling Note Holder Representative, the Controlling
Note Holder or any of their respective officers, directors, employees, principals or agents as a result of such special relationships
or interests, and that neither the Controlling Note Holder Representative nor the Controlling Note Holder will be deemed to have been
grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded any exercise
of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent,
solely in the interests of any Note Holder.


(b)              
Each Non-Controlling Note Holder shall have the right at any time to appoint a representative (other than a Borrower Party) in
connection with the exercise of its rights and obligations with respect to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling
Note Holder Representative”). All of the provisions relating to the Controlling Note Holder and the Controlling Note Holder
Representative set forth in Section 6(a) shall apply to each Non-Controlling Note Holder and its Non-Controlling Note Holder
Representative mutatis mutandis.


Each Non-Controlling Note
Holder (if it is not the Lead Securitization Note Holder) shall provide notice of its identity and contact information (including any
change thereof) to the Trustee, Certificate Administrator, the Master Servicer and the Special Servicer; provided that each Initial
Note Holder shall be deemed to have provided such notice on the date hereof. The Trustee, Certificate Administrator, the Master Servicer
and the Special Servicer under the Lead Securitization Servicing Agreement shall be entitled to conclusively rely on such identity and
contact information received by it and shall not be liable in respect of any deliveries hereunder sent in reliance thereon. The Non-Controlling
Note Holder Representative with respect to the Non-Controlling Note, as of the date of this Agreement and until the Lead Securitization
Note Holder (and the Master Servicer and the Special Servicer) is notified otherwise, shall be the Initial Note A-2 Holder.


(c)              
The Controlling Note Holder shall be entitled to exercise the rights and powers granted to the Controlling Note Holder hereunder
and the rights and powers granted to the “Directing Holder”, “Controlling Class Certificateholder”, “Controlling
Class Representative” or




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similar party under, and as defined in, the
Lead Securitization Servicing Agreement with respect to the Mortgage Loan. In addition, the Controlling Note Holder shall be entitled
to advise (1) the Special Servicer with respect to all matters related to the Mortgage Loan if it is a “Specially Serviced Loan”
(as defined in the Lead Securitization Servicing Agreement) and (2) the Special Servicer with respect to all matters for which the Master
Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below, (i) the Master Servicer shall
not be permitted to implement any Major Decision unless it has obtained the prior written consent of the Special Servicer and (ii) the
Special Servicer shall not be permitted to consent to the Master Servicer’s implementing any Major Decision nor will the Special
Servicer itself be permitted to implement any Major Decision as to which the Controlling Note Holder has objected in writing within ten
(10) Business Days after receipt of the written recommendation and analysis and such additional information requested by the Controlling
Note Holder, and reasonably available to the Special Servicer, as may be necessary in order to make a judgment with respect to such Major
Decision. The Controlling Note Holder may also direct the Special Servicer to take, or to refrain from taking, such other actions with
respect to the Mortgage Loan as the Controlling Note Holder may deem advisable.


If the Controlling Note Holder
fails to notify the Special Servicer of its approval or disapproval of any proposed Major Decision within ten (10) Business Days after
delivery to the Controlling Note Holder by the applicable Servicer of written notice of a proposed Major Decision together with any information
requested by the Controlling Note Holder as may be necessary in the reasonable judgment of the Controlling Note Holder in order to make
a judgment, then upon the expiration of such ten (10) Business Day period, such Major Decision shall be deemed to have been approved by
the Controlling Note Holder.


In the event that the Special
Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Lead Securitization Servicing 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 Controlling Note Holder is necessary to protect the interests of the Note Holders (as a collective whole) and the Special
Servicer has made a reasonable effort to contact the Controlling Note Holder, the Master Servicer or the Special Servicer, as the case
may be, may take any such action without waiting for the Controlling Note Holder’s response.


No objection, consent, direction
or advice contemplated by the preceding paragraphs may, and neither the Master Servicer nor Special Servicer shall take any action that
would (i) require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of the Mortgage Loan Documents,
applicable law, the Lead Securitization Servicing Agreement, this Agreement, the REMIC Provisions or the Master Servicer or Special Servicer’s
obligation to act in accordance with the Servicing Standard or (ii) result in the imposition of a tax on any Trust REMIC under the REMIC
Provisions or cause any REMIC Pool to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under
subpart E, part I of subchapter J of the Code for federal income tax purposes, (iii) expose the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Depositor, the Asset Representations Reviewer, the Trust or the Trustee or any
of their respective Affiliates, officers, directors, shareholders, partners, members, managers, employees or agents to any claim, suit,
or liability for which this Agreement or the Lead Securitization Servicing Agreement does not provide indemnification to such party or
expose any such party to prosecution for a criminal




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offense, (iv) materially expand the scope of
responsibilities of any of the Master Servicer, Special Servicer, the Certificate Administrator, the Asset Representations Reviewer, the
Trustee or the Operating Advisor, as applicable, under this Agreement or the Lead Securitization Servicing Agreement.


Section 7.                 
Appointment of Special Servicer. Subject to the conditions and requirements set forth in the Lead Securitization Servicing
Agreement, the Controlling Note Holder shall have the right at any time and from time to time, with or without cause, to replace the Special
Servicer then acting with respect to the Mortgage Loan and appoint a replacement Special Servicer in lieu thereof. Any designation by
the Controlling Note Holder (or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made by
delivering to the other Note Holder, the Master Servicer, the then existing Special Servicer and other parties to the Lead Securitization
Servicing Agreement a written notice stating such designation and satisfying the other conditions to such replacement as set forth in
the Lead Securitization Servicing Agreement (including, without limitation, a Rating Agency Confirmation, but only if required by the
terms of the Lead Securitization Servicing Agreement), and delivering to each Non-Controlling Note Holder a Rating Agency Confirmation
with respect to any rated securities issued and outstanding under the related Securitization if such replacement Special Servicer does
not meet the Required Special Servicer Rating with respect to those Rating Agencies rating the securities of any Securitization related
to a Non-Controlling Note Holder. The Controlling Note Holder shall be solely responsible for any expenses incurred in connection with
any such replacement without cause. The Controlling Note Holder shall notify the Non-Controlling Note Holders of its termination of the
then currently serving Special Servicer and its appointment of a replacement Special Servicer in accordance with this Section 7.
If the Controlling Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of the securitization
under the Lead Securitization Servicing Agreement, then the initial Special Servicer designated in the Lead Securitization Servicing Agreement
shall serve as the initial Special Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling Note
Holder Representative) to designate a replacement Special Servicer for the Mortgage Loan as aforesaid. If a Servicer Termination Event
on the part of the Special Servicer has occurred that affects a Non-Controlling Note Holder, such Non-Controlling Note Holder shall have
the right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling
Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement solely with respect to the Mortgage Loan
pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement. The Note Holders acknowledge and agree that
any successor special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that was terminated for cause
at a Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate thereof) that was so terminated without
the prior written consent of such Non-Controlling Note Holder. The Non-Controlling Note Holder that directs the Trustee (or at any time
that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer
shall be solely responsible for reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs and expenses,
if not paid within a reasonable time by the terminated special servicer and, in the case of the Trustee, that would otherwise be reimbursed
to the Trustee from amounts on deposit in the Collection Account under the Lead Securitization Servicing Agreement.



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Section 8.                 
Payment Procedure.


(a)              
The Lead Securitization Note Holder (or the Master Servicer acting on its behalf), in accordance with the priorities set forth
in Section 3 and subject to the terms of the Lead Securitization Servicing Agreement, shall deposit or cause to be deposited
all payments allocable to the Notes to the Collection Account and/or Companion Distribution Account pursuant to and in accordance with
the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder (or the Master Servicer acting on its behalf) shall deposit
such amounts to the applicable account within two (2) Business Days after receipt by it of properly identified funds by the Lead Securitization
Note Holder (or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower.


(b)              
If the Lead Securitization Note Holder determines, or a court of competent jurisdiction orders, at any time that any amount received
or collected in respect of any Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be
returned to the Mortgage Loan Borrower or paid to the Lead Securitization Note Holder, a Non-Lead Securitization Note Holder or any Servicer
or paid to any other Person, then, notwithstanding any other provision of this Agreement, the Lead Securitization Note Holder shall not
be required to distribute any portion thereof to the Non-Lead Securitization Note Holders and each Non-Lead Securitization Note Holder
shall promptly on demand by the Lead Securitization Note Holder repay to the Lead Securitization Note Holder any portion thereof that
the Lead Securitization Note Holder shall have theretofore distributed to such Non-Lead Securitization Note Holder, together with interest
thereon at such rate, if any, as the Lead Securitization Note Holder shall have been required to pay to any Mortgage Loan Borrower, Master
Servicer, Special Servicer or such other Person with respect thereto.


(c)              
If, for any reason, the Lead Securitization Note Holder makes any payment to a Non-Lead Securitization Note Holder before the Lead
Securitization Note Holder has received the corresponding payment (it being understood that the Lead Securitization Note Holder is under
no obligation to do so), and the Lead Securitization Note Holder does not receive the corresponding payment within five (5) Business Days
of its payment to such Non-Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall, at the Lead Securitization
Note Holder’s request, promptly return that payment to the Lead Securitization Note Holder.


(d)              
Each Note Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage
Loan in excess of its distributable share thereof, it shall promptly remit such excess to the applicable Note Holder, subject to this
Agreement and the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder shall have the right to offset any amounts
due hereunder from a Non-Lead Securitization Note Holder with respect to the Mortgage Loan against any future payments due to such Non-Lead
Securitization Note Holder under the Mortgage Loan. A Non-Lead Securitization Note Holder’s obligations under this Section 8
constitute absolute, unconditional and continuing obligations.


Section 9.                 
Limitation on Liability of the Note Holders. Each Note Holder shall have no liability to any other Note Holder with respect
to its Note except with respect to losses actually suffered due to the gross negligence, willful misconduct or breach of this Agreement
on the part of such Note Holder; provided that, notwithstanding any of the foregoing to the contrary,




    	 	  -36-	 



    


    

each Servicer will nevertheless be subject
to the obligations and standards (including the Servicing Standard) set forth in the related Securitization Servicing Agreement.


The Note Holders acknowledge
that, subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the Trustee) to comply with, and except
as otherwise required by, the Servicing Standard, the Lead Securitization Note Holder (including any Servicer and the Trustee) may exercise,
or omit to exercise, any rights that the Lead Securitization Note Holder may have under the Lead Securitization Servicing Agreement in
a manner that may be adverse to the interests of any Non-Lead Securitization Note Holder and that the Lead Securitization Note Holder
(including any Servicer and the Trustee) shall have no liability whatsoever to any Non-Lead Securitization Note Holder in connection with
such Lead Securitization Note Holder’s exercise of rights or any omission by the Lead Securitization Note Holder to exercise such
rights other than as described above; provided, however, that the Servicer must act in accordance with the Servicing Standard.


Section 10.                Bankruptcy.
Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead Securitization Note Holder has
the right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join any Person
in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect to or against the
Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official
with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the winding-up or liquidation of
the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead Securitization Note Holder, and not any
Non-Lead Securitization Note Holder, can make any election, give any consent, commence any action or file any motion, claim, obligation,
notice or application or take any other action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any
other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization Note Holder as their agent, and grant to the Lead
Securitization Note Holder an irrevocable power of attorney coupled with an interest, and their proxy, for the purpose of exercising
any and all rights and taking any and all actions available to a Non-Lead Securitization Note Holder in connection with any case by or
against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding, including, without limitation, the
right to file and/or prosecute any claim, vote to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy
Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage
Loan. Each Non-Lead Securitization Note Holder hereby agrees that, upon the request of the Lead Securitization Note Holder, such Non-Lead
Securitization Note Holder shall execute, acknowledge and deliver to the Lead Securitization Note Holder all and every such further deeds,
conveyances and instruments as the Lead Securitization Note Holder may reasonably request for the better assuring and evidencing of the
foregoing appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding are subject to and must
be in accordance with the Servicing Standard.


Section 11.                Representations
of the Note Holders. Each Note Holder represents and warrants that the execution, delivery and performance of this Agreement is within
its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene such Note Holder’s charter
or any law or contractual restriction binding upon such Note Holder, and




    	 	  -37-	 



    


    

that this Agreement is the legal, valid and
binding obligation of such Note Holder enforceable against such Note Holder in accordance with its terms, except as such enforcement may
be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law), and except that the enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable
law. Each Note Holder represents and warrants that it is duly organized, validly existing, in good standing and in possession of all licenses
and authorizations necessary to carry on its business. Each Note Holder represents and warrants that (a) this Agreement has been duly
executed and delivered by such Note Holder, (b) to such Note Holder’s actual knowledge, all consents, approvals, authorizations,
orders or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of
this Agreement by such Note Holder have been obtained or made and (c) to such Note Holder’s actual knowledge, there is no pending
action, suit or proceeding, arbitration or governmental investigation against such Note Holder, an adverse outcome of which would materially
and adversely affect its performance under this Agreement.


Section 12.              
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant
hereto shall be deemed to constitute the relationship created hereby between the Note Holders as a partnership, association, joint venture
or other entity. The Lead Securitization Note Holder shall have no obligation whatsoever to offer to any Non-Lead Securitization Note
Holder the opportunity to purchase a participation interest in any future loans originated by the Lead Securitization Note Holder or its
Affiliates and if the Lead Securitization Note Holder chooses to offer to a Non-Lead Securitization Note Holder the opportunity to purchase
a participation interest in any future mortgage loans originated by the Lead Securitization Note Holder or its Affiliates, such offer
shall be at such purchase price and interest rate as the Lead Securitization Note Holder chooses, in its sole and absolute discretion.
No Non-Lead Securitization Note Holder shall have any obligation whatsoever to purchase from the Lead Securitization Note Holder a participation
interest in any future loans originated by the Lead Securitization Note Holder or its Affiliates.


Section 13.               
Other Business Activities of the Note Holders. Each Note Holder acknowledges that the other Note Holder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, a Borrower Party, any entity that is
a holder of debt secured by direct or indirect ownership interests in the Mortgage Loan Borrower or any entity that is a holder of a preferred
equity interest in the Mortgage Loan Borrower, and receive payments on such other loans or extensions of credit to any such party and
otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement and the transactions contemplated
hereby were not in effect.


Section 14.               
Sale of the Notes.


(a)              
Except as contemplated by the second following sentence, each Note Holder agrees that it will not sell, assign, transfer, pledge,
syndicate, hypothecate, contribute, encumber or otherwise dispose of all or any portion of its respective Note (a “Transfer”)
except to a Qualified Institutional Lender in accordance with the terms of this Agreement. Promptly after the Transfer (other than a Transfer
to a Securitization Trust), the non-transferring Note Holder(s)




    	 	  -38-	 



    


    

shall be provided with (x) a representation
from a transferee or the applicable Note Holder certifying that such transferee is a Qualified Institutional Lender (except in the case
of a Transfer in accordance with the immediately following sentence) and (y) a copy of the assignment and assumption agreement referred
to in Section 15. If a Note Holder intends to Transfer its respective Note, or any portion thereof, to an entity that is not
a Qualified Institutional Lender, it must first (a) obtain the consent of each non-transferring Note Holder and (b) if such non-transferring
Note Holder’s Note is held in a Securitization Trust, obtain a Rating Agency Confirmation from each Rating Agency then rating the
securities of such Securitization Trust. Notwithstanding the foregoing, without the non-transferring Note Holder’s prior consent
(which will not be unreasonably withheld), and, if such non-transferring Note Holder’s Note is held in a Securitization Trust, until
a Rating Agency Confirmation is obtained, no Note Holder shall Transfer all or any portion of its Note (or a participation interest in
such Note) to a Borrower Party and any such Transfer made without the prior consent of the non-transferring Note Holder and Rating Agency
Confirmation (if such non-transferring Note Holder’s Note is held in a Securitization Trust), shall be absolutely null and void
and shall vest no rights in the purported transferee; provided that for the avoidance of doubt, transfers of any securities backed
by a Note held in a Securitization Trust will not be subject to the foregoing requirement and such transfers shall be governed by the
terms of the Lead Securitization Servicing Agreement or any related Non-Lead Securitization Servicing Agreement, as applicable. The transferring
Note Holder agrees that it shall pay the expenses of the non-transferring Note Holder (including all expenses of the Master Servicer,
the Special Servicer, the Trustee and any Controlling Note Holder or Controlling Note Holder Representative) and all expenses relating
to any Rating Agency Confirmation in connection with any such Transfer. Notwithstanding the foregoing, each Note Holder shall have the
right, without the need to obtain the consent of the other Note Holder or of any other Person or having to provide any Rating Agency Confirmation,
to Transfer forty-nine percent (49%) or less (in the aggregate) of its beneficial interest in a Note. None of the provisions of this Section 14(a)
shall apply in the case of (1) a sale of all of the Notes together, in accordance with the terms and conditions of the Lead Securitization
Servicing Agreement or (2) a transfer by the Special Servicer, in accordance with the terms and conditions of the Lead Securitization
Servicing Agreement, of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming a Defaulted Loan to a single member
limited liability or limited partnership, one hundred percent (100%) of the equity interest in which is owned directly or indirectly,
through one or more single member limited liability companies or limited partnerships, by the Lead Securitization Trust.


(b)               
In the case of any Transfer of a participation interest in any of the Notes, (i) the respective Note Holders’ obligations
under this Agreement shall remain unchanged, (ii) such Note Holders shall remain solely responsible for the performance of such obligations,
and (iii) the Lead Securitization Note Holder and any Persons acting on its behalf shall continue to deal solely and directly with such
Note Holder in connection with such Note Holder’s rights and obligations under this Agreement and the Lead Securitization Servicing
Agreement, and all amounts payable hereunder shall be determined as if such Note Holder had not sold such participation interest.


(c)               
Notwithstanding any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other
than a Borrower Party) which has extended a credit facility to such Note Holder and that is either a Qualified Institutional Lender or
a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating
Agency (or, if not rated by an applicable Rating Agency, an equivalent or higher rating




    	 	  -39-	 



    


    

from any two of Fitch, Moody’s and S&P)
(a “Note Pledgee”), on terms and conditions set forth in this Section 14(c), it being further agreed that
a financing provided by a Note Pledgee to a Note Holder or any person which Controls such Note that is secured by its Note and is structured
as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee that is not a Qualified
Institutional Lender may not take title to the pledged Note without a Rating Agency Confirmation. Upon written notice by the applicable
Note Holder to any other Note Holder and any Servicer that a Pledge has been effected (including the name and address of the applicable
Note Pledgee), such other Note Holder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee written
notice of any default by the pledging Note Holder in respect of its obligations under this Agreement of which default such Note Holder
has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Note Holder in respect
of its obligations to any other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that
no amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written consent
of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Note Holder shall
give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same to the pledging
Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably
request, provided that any such certificate(s) shall be in a form reasonably satisfactory to such other Note Holder; and (vi) that,
upon written notice (a “Redirection Notice”) to the other Note Holders and any Servicer by such Note Pledgee that the
pledging Note Holder is in default, beyond any applicable cure periods, under the pledging Note Holder’s obligations to such Note
Pledgee pursuant to the applicable credit agreement between the pledging Note Holder and such Note Pledgee (which notice need not be joined
in or confirmed by the pledging Note Holder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee
shall be entitled to receive any payments that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder
from time to time pursuant to this Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally
and absolutely releases the other Note Holders and any Servicer from any liability to the pledging Note Holder on account of such other
Note Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to have
been delivered by a Note Pledgee. A Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Note
Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law
and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other than
a Borrower Party that is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee or any transfer
in lieu of foreclosure), and its successor and assigns, as the successor to the pledging Note Holder’s rights, remedies and obligations
under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the pledging
Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees
to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 14(c) shall remain
effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall have notified any such Note Holder (and any
Servicer, as applicable) in writing that its interest in the pledged Note has terminated.




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(d)              
 Notwithstanding any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified Institutional
Lender provides financing to a Note Holder then such Note Holder shall have the right to grant a security interest in its Note to such
Conduit notwithstanding that such Conduit is not a Qualified Institutional Lender, if the following conditions are satisfied:


(i)               
The loan (the “Conduit Inventory Loan”) made by the Conduit to such Note Holder to finance the acquisition and
holding of its Note requires a third party (the “Conduit Credit Enhancer”) to provide credit enhancement;


(ii)               
The Conduit Credit Enhancer is a Qualified Institutional Lender;


(iii)               
Such Note Holder pledges its interest in its Note to the Conduit as collateral for the Conduit Inventory Loan;


(iv)               
The Conduit Credit Enhancer and the Conduit agree that, if such Note Holder defaults under the Conduit Inventory Loan, or if the
Conduit is unable to refinance its outstanding commercial paper even if there is no default by such Note Holder, the Conduit Credit Enhancer
will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Note Holder’s Note to
the Conduit Credit Enhancer; and


(v)              
Unless the Conduit is in fact then a Qualified Institutional Lender, the Conduit will not without obtaining a Rating Agency Confirmation
from each Rating Agency have any greater right to acquire the interests in the Note pledged by such Note Holder, by foreclosure or otherwise,
than would any other purchaser that is not a Qualified Institutional Lender at a foreclosure sale conducted by a Note Pledgee.


Section 15.              
Registration of the Notes and Each Note Holder. The Agent shall keep or cause to be kept at the Agent Office books (the
“Note Register”) for the registration and transfer of the Notes. The Agent shall serve as the initial note registrar
and the Agent hereby accepts such appointment. The names and addresses of the holders of the Notes and the names and addresses of any
transferee of any Note of which the Agent has received notice, in the form of a copy of the assignment and assumption agreement referred
to in this Section 15, shall be registered in the Note Register. The Person in whose name a Note is so registered shall be
deemed and treated as the sole owner and holder thereof for all purposes of this Agreement. Upon request of a Note Holder, the Agent shall
provide such party with the names and addresses of the other Note Holder. To the extent the Trustee or another party is appointed as Agent
hereunder, each Note Holder hereby designates such person as its agent under this Section 15 solely for purposes of maintaining
the Note Register.


In connection with any Transfer
of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment and assumption
agreement (unless the transferee is a Securitization Trust and the related pooling and servicing agreement requires the parties
thereto to comply with this Agreement), whereby such transferee assumes all of the obligations of the applicable Note Holder hereunder
with respect to such Note thereafter accruing and agrees to be bound by the terms of this Agreement, including the applicable




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restriction on Transfers set forth in Section 14,
from and after the date of such assignment. No transfer of a Note may be made unless it is registered on the Note Register, and the Agent
shall not recognize any attempted or purported transfer of any Note in violation of the provisions of Section 14 and this
Section 15. Any such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee.
Each Note Holder desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and the other Note Holders against
any liability that may result if the transfer is not made in accordance with the provisions of this Agreement.


Section 16.            
Governing Law; Waiver of Jury Trial. 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 OBLIGATIONS
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 (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW). EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF
OR RELATING TO THIS AGREEMENT.


Section 17.            
Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:


(a)              
SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT
OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;


(b)              
CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS
BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;


(c)              
AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED
MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER ADDRESS OF WHICH A
PARTY HEREIN SHALL HAVE BEEN NOTIFIED; AND




    	 	  -42-	 



    


    

(d)              
 AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT
THE RIGHT TO SUE IN ANY OTHER JURISDICTION.


Section 18.               
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by
each Note Holder. Additionally, for as long as any Note is contained in a Securitization Trust, the Note Holders shall not amend or modify
this Agreement without first obtaining a Rating Agency Confirmation from each Rating Agency then rating any securities of any Securitization;
provided that no such Rating Agency Confirmation shall be required in connection with a modification (i) to cure any ambiguity,
to correct or supplement any provisions herein that may be defective or inconsistent with any other provisions herein or with the Lead
Securitization Servicing Agreement, or (ii) with respect to matters or questions arising under this Agreement, to make provisions in this
Agreement consistent with other provisions of this Agreement (including, without limitation, in connection with the creation of New Notes
pursuant to Section 32).


Section 19.              
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns. Except as provided herein, including without limitation, with respect to the
Trustee, Certificate Administrator, Master Servicer and Special Servicer and the Non-Lead Master Servicer, Non-Lead Special Servicer or
Non-Lead Trustee, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party hereto.
Subject to Section 14 and Section 15, each Note Holder may assign or delegate its rights or obligations under
this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and benefits of the applicable Note Holder hereunder.


Section 20.              
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original, and
which taken together shall constitute one and the same instrument. This Agreement shall be valid, binding and enforceable against a party
when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed,
scanned or photocopied manual signature; or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global
and National Commerce Act, state enactments of the Uniform Electronic Transaction Act, and/or any other relevant electronic signatures
law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case,
to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes
have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled
to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other
electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under
the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings.


Section 21.             
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only
and are not intended to




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summarize or otherwise describe the subject
matter of the paragraphs and shall not be given any consideration in the construction of this Agreement.


Section 22.              
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement.


Section 23.               
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.


Section 24.              
Withholding Taxes. (a) If the Lead Securitization Note Holder or the Mortgage Loan Borrower shall be required by law to
deduct and withhold Taxes from interest, fees or other amounts payable to a Non-Lead Securitization Note Holder with respect to the Mortgage
Loan as a result of such Non-Lead Securitization Note Holder constituting a Non-Exempt Person, the Lead Securitization Note Holder, in
its capacity as servicer, shall be entitled to do so with respect to such Non-Lead Securitization Note Holder’s interest in such
payment (all withheld amounts being deemed paid to such Note Holder), provided that the Lead Securitization Note Holder shall furnish
such Non-Lead Securitization Note Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information
which may reasonably be requested for purposes of assisting such Note Holder to seek any allowable credits or deductions for the Taxes
so withheld in each jurisdiction in which such Note Holder is subject to tax.


(b)              
Each Non-Lead Securitization Note Holder shall and hereby agrees to indemnify the Lead Securitization Note Holder against and hold
the Lead Securitization Note Holder harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements
arising or resulting from any failure of the Lead Securitization Note Holder to withhold Taxes from payment made such Non-Lead Securitization
Note Holder in reliance upon any representation, certificate, statement, document or instrument made or provided by such Non-Lead Securitization
Note Holder to the Lead Securitization Note Holder in connection with the obligation of the Lead Securitization Note Holder to withhold
Taxes from payments made to such Non-Lead Securitization Note Holder, it being expressly understood and agreed that (i) the Lead Securitization
Note Holder shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement, document or instrument
as being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate or to make
any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) such Non-Lead Securitization Note Holder,
upon request of the Lead Securitization Note Holder and at its sole cost and expense, shall defend any claim or action relating to the
foregoing indemnification using counsel selected by the Lead Securitization Note Holder.


(c)               
Each Non-Lead Securitization Note Holder represents to the Lead Securitization Note Holder (for the benefit of the Mortgage Loan
Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage Loan Borrower is obligated
under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement. Contemporaneously
with the




    	 	  -44-	 



    


    

execution of this Agreement and from time to
time as necessary during the term of this Agreement, each Non-Lead Securitization Note Holder shall deliver to the Lead Securitization
Note Holder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Note Holder substantiating that such Note Holder
is not a Non-Exempt Person and that the Lead Securitization Note Holder is not obligated under applicable law to withhold Taxes on sums
paid to it with respect to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the foregoing, (i) if a
Non-Lead Securitization Note Holder is created or organized under the laws of the United States, any state thereof or the District of
Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Note Holder an Internal
Revenue Service Form W-9 and (ii) if a Non-Lead Securitization Note Holder is not created or organized under the laws of the United States,
any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan Borrower is treated
for United States income tax purposes as derived in whole or part from sources within the United States, such Note Holder shall satisfy
the requirements of the preceding sentence by furnishing to the Lead Securitization Note Holder Internal Revenue Service Form W-8ECI,
Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may be required from time to time, duly executed by
such Note Holder, as evidence of such Note Holder’s exemption from the withholding of United States tax with respect thereto. The
Lead Securitization Note Holder shall not be obligated to make any payment hereunder with respect to any Non-Lead Securitization Note
or otherwise until the related Non-Lead Securitization Note Holder shall have furnished to the Lead Securitization Note Holder requested
forms, certificates, statements or documents.


Section 25.               
Custody of Mortgage Loan Documents. Prior to the First Securitization, the originals of all of the Mortgage Loan Documents
(other than the Notes) shall be held by the Initial Agent on behalf of the registered holders of the Notes. On and after the closing of
the Lead Securitization, the originals of all of the Mortgage Loan Documents (other than the originals of the Non-Lead Securitization
Notes) shall be held by the Trustee through a duly appointed custodian therefor, in accordance with the terms of the Lead Securitization
Servicing Agreement, on behalf of the registered holders of the Notes; provided that if the First Securitization is not the Note
A-1 Securitization, (i) the originals of all of the Mortgage Loan Documents (other than the Note being deposited into the First Securitization)
shall be transferred to and held by the Trustee (of the First Securitization) through a duly appointed custodian therefor under the First
Securitization, on behalf of the registered holders of the Notes, until the closing of the Note A-1 Securitization, on which date, the
originals of all of the Mortgage Loan Documents (other than Note A-2) shall be transferred to and held in the name of the Trustee (by
a duly appointed custodian therefor) under the Note A-1 PSA on behalf of the registered holders of the Notes; and (ii) all Mortgage Loan
Documents (other than the Note that is deposited into the First Securitization) shall not be recorded or filed to reflect the name of
the trustee under the Securitization Servicing Agreement for the First Securitization (except to the extent specifically provided for
in the Securitization Servicing Agreement for the First Securitization).


Section 26.              
Cooperation in Securitization. Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to
include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request
of the related Securitizing Note Holder, the related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note
Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower
to satisfy, the




    	 	  -45-	 



    


    

market standards to which such Securitizing
Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such
Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents
and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to
the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided
that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to
such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to,
or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such
Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or
protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure
document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing
Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at such Securitizing Note
Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with
such Securitization (including, without limitation, reasonably cooperating with such Securitizing Note Holder (without any obligation
to make additional representations and warranties) to enable such Securitizing Note Holder to make all necessary certifications and deliver
all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as
well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably
promptly with respect to any information relating to such Note Holder and its Note in any Securitization document. Each Note Holder acknowledges
that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related
Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each
Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder.


Upon request, each Securitizing
Note Holder shall deliver to the Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement,
free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing
Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.


Section 27.              
Notices. All notices required hereunder shall be given by (i) facsimile transmission or e-mail (during business hours) if
the sender on the same day sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (ii) reputable
overnight delivery service (charges prepaid) or (iii) certified United States mail, postage prepaid return receipt requested, and addressed
to the respective parties at their addresses set forth on Exhibit B hereto, or at such other address as any party shall hereafter
inform the other party by written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt.



    	 	  -46-	 



    


    

Section 28.              
Broker. Each Note Holder represents to each other that no broker was responsible for bringing about this transaction.


Section 29.               
Certain Matters Affecting the Agent.


(a)              
The Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any representation made
or assignment and assumption agreement delivered to the Agent pursuant to Section 14 and Section 15;


(b)              
The Agent may consult with counsel and 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 such opinion of counsel;


(c)              
The Agent shall be under no obligation to institute, conduct or defend any litigation hereunder or in relation hereto at the request,
order or direction of any Note Holder pursuant to the provisions of this Agreement, unless it has received indemnity reasonably satisfactory
to it;


(d)              
The Agent or any of its directors, officers, employees, Affiliates, agents or “control” persons within the meaning
of the Act, shall not be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed by the
Agent to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;


(e)              
The Agent shall not be bound to make any investigation into the facts or matters stated in any representation made or assignment
and assumption agreement delivered to the Agent pursuant to Section 15;


(f)               
The Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
but shall not be relieved of its obligations hereunder; and


(g)              
The Agent represents and warrants that it is a Qualified Institutional Lender.


Section 30.               
Reserved.


Section 31.               
Resignation of Agent. The Agent may resign at any time on ten (10) days’ prior notice, so long as a successor Agent,
reasonably satisfactory to the Note Holders (it being agreed that a Servicer, the Trustee or a Certificate Administrator in a Securitization
is satisfactory to the Note Holders), has agreed to be bound by this Agreement and perform the duties of the Agent hereunder. Column,
as Initial Agent, may transfer its rights and obligations to the Interim Servicer, a Servicer, the Trustee or the Certificate Administrator,
as successor Agent, at any time without the consent of any Note Holder. Notwithstanding the foregoing, Note Holders hereby agree that,
simultaneously with the closing of a Lead Securitization, the Master Servicer shall be deemed to have been automatically appointed as
the successor Agent under this Agreement in place of Column, the Interim Servicer or the master servicer of the First Securitization,
as applicable, without any further notice or other action. The termination or resignation of such Master Servicer, as Master Servicer
under the Lead Securitization Servicing Agreement, shall be deemed a termination or resignation of such Master Servicer as Agent under




    	 	  -47-	 



    


    

this Agreement, and any successor master servicer
shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place thereof without any further
notice or other action.


Section 32.              
Resizing. Notwithstanding any other provision of this Agreement, for so long as any Note Holder or an affiliate thereof
(each, an “Original Entity”) is the owner of a Note that is not included in a Securitization (each, an “Owned
Note”), such Original Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Mortgage
Loan Borrower to execute amended and restated notes or additional notes (in either case, “New Notes”) reallocating
the principal of the Owned Note to such New Notes; or severing the Owned Note into one or more further “component” notes in
the aggregate principal amount equal to the then outstanding principal balance of the Owned Note; provided that (i) the aggregate
principal balance of all outstanding New Notes following such amendments is no greater than the aggregate principal of the Owned Note
prior to such amendments, (ii) all Notes continue to have the same weighted average interest rate as the Notes prior to such amendments,
(iii) all Notes pay pro rata and on a pari passu basis and such reallocated or component notes shall be automatically subject
to the terms of this Agreement, and (iv) the Original Entity holding the New Notes shall notify the Lead Securitization Note Holder, the
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing of such modified allocations and principal
amounts. Except for the foregoing reallocation and for modifications pursuant to the Lead Securitization Servicing Agreement (as discussed
in Section 5), no Note may be modified or amended without the consent of its holder and the consent of the holder of the other
Note. In connection with the foregoing (provided the conditions set forth in clause (i) through (iv) above are satisfied),
the Master Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan Documents and this Agreement on behalf
of any or all of the Note Holders, as applicable, solely for the purpose of reflecting such reallocation of principal. If the Lead Securitization
Note Holder so requests, the Original Entity holding the New Notes shall (a) represent that the conditions set forth in (i) through (iv)
have been satisfied and/or (b) deliver a confirmation of the continued applicability of this Agreement to the New Notes. If the Controlling
Note is involved in any resizing contemplated by this Section 32, the applicable Note Holder shall be entitled to designate any
one of the related New Notes as the Controlling Note, and the definitions of “Controlling Note” and “Controlling Note
Holder” shall be deemed to have been revised accordingly. Any New Note that is created in a resizing contemplated by this Section
32 and that is not the Controlling Note shall be deemed to be a Non-Controlling Note under this Agreement, the definitions of “Non-Controlling
Note” and “Non-Controlling Note Holder” shall be deemed to have been revised accordingly to include such New Notes,
and the applicable Note Holders of such Non-Controlling Notes shall have the same rights and responsibilities as all other Non-Controlling
Note Holders.


[Signature Page Follows]




    	 	  -48-	 



    


    

IN WITNESS WHEREOF, the Initial
Agent and Initial Note Holders have caused this Agreement to be duly executed as of the day and year first above written.


 


	 	COLUMN FINANCIAL, INC., as Initial Agent and Initial Note A-1 Holder
	 	 	 
	 	By:  	 /s/ David Tlusty
	 	 	Name:  David Tlusty
	 	 	Title:    Authorized Signatory
	 	 	 
	 	morgan stanley bank, n.a. as Initial Note A-2 Holder
	 	 	 
	 	By:  	 /s/ Cynthia Eckes
	 	 	Name:  Cynthia Eckes
	 	 	Title:    Authorized Signatory


 


 


 




    	 	  	 



    


    

EXHIBIT A


MORTGAGE LOAN SCHEDULE


Description of Mortgage Loan


	Mortgage Loan Borrower:	Macerich Buenaventura Limited Partnership, a Delaware limited partnership
	Date of Mortgage Loan:	April 29, 2022
	Date of Notes:	April 29, 2022
	Original Principal Amount of Mortgage Loan:	$72,000,000
	Principal Amount of Mortgage Loan as of the date hereof:	$72,000,000
	Initial Note A-1 Principal Balance:	$42,000,000
	Initial Note A-2 Principal Balance:	$30,000,000
	Location of Mortgaged Property:	Ventura, California
	Initial Maturity Date:	May 6, 2032


 




    	 	  	 



    


    

EXHIBIT B 


1.       Initial
Note A-1 Holder:


Column Financial, Inc.

11 Madison Avenue

New York, New York 10010

Attention: David S. Tlusty

E-mail: david.tlusty@credit-suisse.com


and:


Column Financial, Inc.

11 Madison Avenue

New York, New York 10010

Attention: N. Dante LaRocca, Esq.

Facsimile: (646) 935-8520

E-mail: dante.larocca@credit-suisse.com


with a copy to:


cre.notices@credit-suisse.com


2.        Initial
Note A-2 Holder


Morgan Stanley Bank, N.A.

1585 Broadway

New York, New York 10036

Attention: Jane Lam






with a copy to:


 


Morgan Stanley Bank, N.A.

1633 Broadway, 29th Floor

New York, New York 10019

Attention: Legal Compliance Division


 


and a copy by e-mail to:


 


cmbs_notices@morganstanley.com


 




    	 	  	 



    


    

EXHIBIT C 


PERMITTED FUND MANAGERS 


		1.	AllianceBernstein



		2.	Annaly Capital Management



		3.	Apollo Real Estate Advisors



		4.	Archon Capital, L.P.



		5.	AREA Property Partners



		6.	Artemis Real Estate Partners



		7.	BlackRock, Inc.



		8.	BrightSpire Capital, Inc.



		9.	Clarion Partners



		10.	DLJ Real Estate Capital Partners



		11.	Dune Real Estate Partners



		12.	Eightfold Real Estate Capital, L.P.



		13.	Five Mile Capital Partners



		14.	Garrison Investment Group



		15.	H/2 Capital Partners LLC



		16.	Hudson Advisors



		17.	Investcorp International



		18.	iStar Financial Inc.



		19.	J.P. Morgan Investment Management Inc.



		20.	Lend-Lease Real Estate Investments



		21.	Libermax Capital LLC



		22.	LoanCore Capital



		23.	Lone Star Funds



		24.	Lowe Enterprises



		25.	Normandy Real Estate Partners



		26.	Praedium Group



		27.	Raith Capital Partners, LLC



		28.	Rialto Capital Management LLC



		29.	Rialto Capital Advisors LLC



		30.	Rockpoint Group



		31.	Rockwood



		32.	Sculptor Capital Management, Inc.



		33.	Square Mile Capital Management



		34.	The Blackstone Group



		35.	The Carlyle Group



		36.	Torchlight Investors



		37.	Walton Street Capital, L.L.C.



		38.	Westbrook Partners



		39.	Whitehall Street Real Estate Fund, L.P.



 




    	 	  	 



    


    

EXHIBIT D 


MAJOR DECISIONS


 


(a)              
any proposed or actual foreclosure upon or comparable conversion of the ownership of the Mortgaged Property or the exercise of
any other remedies with respect to the Mortgage Loan;


(b)              
any modification, consent to a modification or waiver of a monetary term or material non-monetary term (including, without limitation,
the timing of payments and acceptance of discounted payoffs but excluding late payment charges or default interest) of the Mortgage Loan
or any extension of the maturity date of the Mortgage Loan;


(c)              
any sale of the Mortgage Loan if the Mortgage Loan is in default for less than the applicable Repurchase Price;


(d)              
any determination to bring the Mortgaged Property into compliance with applicable environmental laws or to otherwise address Hazardous
Substances located at the Mortgaged Property;


(e)              
any requests for the release of any portion of the Mortgaged Property, other than (i) grants of easements or rights of way that
do not materially affect the use or value of the Mortgaged Property or the Mortgage Loan Borrower’s ability to make any payments
with respect to the Mortgage Loan, (ii) release of non-material parcels of the Mortgaged Property 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 the Mortgage Loan in connection with a defeasance of such collateral;


(f)               
any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or any consent
to such waiver or consent to a transfer of the Mortgaged Property or interests in the Mortgage Loan 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 Lenders under the
Mortgage Loan Agreement;


(g)              
any property management company changes with respect to the Mortgage Loan for which the Lender(s) are/is required to consent or
approve under the Mortgage Loan Documents;


(h)              
releases of any amounts from escrow accounts, reserve accounts or letters of credit held as performance escrows (or reserves) other
than those required pursuant to the specific terms of the Mortgage Loan and for which there is no lender discretion;


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


(j)                
any approval of insurance or waiver of insurance requirements; and




    	 	  	 



    


    

(k)              
 any exercise of a material remedy with respect to the Mortgage Loan following a default or event of default under the Mortgage
Loan Documents.


Capitalized terms used in
this Exhibit but not defined herein or in the Agreement shall have the meanings ascribed to them in the Mortgage Loan Agreement.