Exhibit 4.15


EXECUTION VERSION



AGREEMENT BETWEEN NOTEHOLDERS


Dated as of February 1, 2022 by and among


BANK OF MONTREAL

(Initial Note A-1 Holder, Initial A-2 Holder and Initial Note A-3 Holder)


and


BANK OF MONTREAL

(Initial Note B Holder)


111 River Street




     


     


    

THIS AGREEMENT BETWEEN NOTEHOLDERS,
dated as of February 1, 2022, by and between BANK OF MONTREAL, a Canadian chartered bank (together with its successors in interest and
assigns, “BMO”) (in its capacity as initial owner of Note A-1, Note A-2 and Note A-3, the “Initial Note A
Holder”, and in its capacity as the initial agent, the “Initial Agent”) and BMO (in its capacity as initial
owner of Note B, the “Initial Note B Holder”, and, together with the Initial Note A Holder, the “Initial Noteholders”).


W I T N E S S E T H:


WHEREAS, pursuant to the
Mortgage Loan Agreement (as defined herein), on January 21, 2022, BMO, as lender (the “Original Lender”) originated
a certain loan in the aggregate principal amount of $153,750,000 (the “Mortgage Loan”) to the mortgage loan borrowers
described on the Mortgage Loan Schedule (as defined herein) (collectively, the “Borrower”), which Mortgage Loan was
at origination evidenced, inter alia, by a single promissory note made by the Borrower in favor of the Initial Noteholders;


WHEREAS, BMO and the Borrower
have agreed, pursuant to that certain Note Splitter Agreement, dated as of January 24, 2022, between such parties, to split the Original
Note into four (4) promissory notes (collectively, the “Replacement Notes”) and the Borrower has executed and delivered:
(i) to BMO three (3) promissory notes designated as Note A-1, in the original principal amount of $37,500,000, Note A-2, in the original
principal amount of $28,000,000, and Note A-3, in the original principal amount of $12,000,000; and (ii) to BMO one (1) promissory note
designated as Note B, in the original principal amount of $76,250,000;


WHEREAS, as of the date hereof,
the Mortgage Loan is evidenced by the Replacement Notes set forth in the following table (with the “Note Designations” being
as defined herein) and has the characteristics set forth on the Mortgage Loan Schedule;


 


	
    Note
    Designation
	


    Principal Balance as of

    January 24, 2022



	Note A-1	$37,500,000
	Note A-2	$28,000,000
	Note A-3	$12,000,000
	Note B	$76,250,000


WHEREAS, on the date of
this Agreement, BMO intends (but is not required) to transfer Note A-1, Note A-2, Note A-3 and Note B to BMO Commercial Mortgage Securities
LLC or other depositors for inclusion in one or more Securitizations;


WHEREAS, the parties hereto
desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns shall hold one or more
of their respective Notes;




      


     


    

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


Section 1.               
Definitions. References to a “Section,” the “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 thereto or to any analogous term in the Servicing Agreement. Whenever used in this Agreement, including, without
limitation, in the preamble and the recitals, the following terms shall have the respective meanings set forth below unless the context
clearly requires otherwise.


“A Note”
shall mean each of Note A-1, Note A-2 and Note A-3.


“Acceptable Insurance
Default”  shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in
the Servicing Agreement.


“Accepted Servicing
Practices” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the
Servicing Agreement.


“Additional Servicing
Expenses” shall mean (a) all Property Protection Advances, fees and/or expenses incurred by and reimbursable to any Servicer,
Trustee, Certificate Administrator or fiscal agent pursuant to the Servicing Agreement relating solely to the Mortgage Loan, and (b) all
interest accrued on Advances made by (x) any Servicer or Trustee in accordance with the terms of the Servicing Agreement or (y) any Non-Lead
Servicer or Non-Lead Trustee in accordance with the terms of the Non-Lead Securitization Servicing Agreement.


“Advance Interest
Amount” shall mean interest payable on Advances, as specified in the Servicing Agreement or a Non-Lead Securitization Servicing
Agreement, as applicable.


“Advances”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement or
Non-Lead Securitization Servicing Agreement, as applicable (but for purposes hereof shall be limited to Advances in respect of the Mortgage
Loan or the Property).


“Affiliate”
shall mean with respect to any specified Person (i) any other Person Controlling or Controlled by or under common Control with such
specified Person (each a “Common Control Party”), (ii) any other Person owning, directly or indirectly, ten percent
(10%) or more of the beneficial interests in such Person or (iii) any other Person in which such Person or a Common Control Party
owns, directly or indirectly, ten percent (10%) or more of the beneficial interests.


“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and from and after the Securitization
Date shall mean the Certificate Administrator, if any, and if there is no Certificate Administrator, shall mean the Trustee.


“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at Bank
of Montreal, c/o BMO Capital Markets Corp., 151 West 42nd Street, New York, New York 10036, Attention: Mike Birajiclian, Email: Michael.Birajiclian@bmo.com;
with a copy to Bank of Montreal, c/o BMO Capital




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Markets Corp., 151 West 42nd Street, New York,
New York 10036, Attention: Legal Department, Email: BMOCMUSLegal@bmo.com, and which 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 Noteholders.


“Agreement”
shall mean this Agreement Between Noteholders, the exhibits and schedule hereto and all amendments hereof and supplements hereto.


“Appraisal”
shall have the meaning assigned to such term in the Servicing Agreement.


“Appraisal Reduction
Amount” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing
Agreement.


“Appraiser”
shall have the meaning assigned to such term in the Servicing Agreement.


“Asset Representations
Reviewer” shall mean the asset representations reviewer, if any, appointed pursuant to the Lead Securitization Servicing Agreement.


“Asset Review”
shall mean any review of representations and warranties conducted by a 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 in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


“B Note”
shall mean Note B.


“Balloon Payment”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the 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”
shall have the meaning assigned to such term in the recitals.


“Borrower Related
Party” shall have the meaning assigned to such term in Section 15.


“Borrower Restricted
Party” means, individually or collectively, as the context may require, (i) the Borrower, any sponsor of the Borrower, any borrower
under a related mezzanine loan, any guarantor under the Mortgage Loan or a related mezzanine loan, any operating lessee or property manager
of the Property, or any of their respective managers, servicers, agents or affiliates, (ii) a Restricted Holder, (iii) any Person controlling
or controlled by or under common control with the Borrower, any sponsor of the Borrower, any borrower under a related mezzanine loan,
any guarantor under the Mortgage Loan or a related mezzanine loan, any operating lessee or property manager of the Property, or a Restricted
Holder, as applicable, or (iv) any shareholder,




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partner, member or non-member manager, or any
direct or indirect legal or beneficial owner of any interest in the Borrower, any sponsor of the Borrower, any borrower under a related
mezzanine loan, any guarantor under the Mortgage Loan or a related mezzanine loan, any operating lessee or property manager of the Property,
or a Restricted Holder (other than any shareholder, partner, member or owner owning less than a 10% non-controlling direct or indirect
legal or beneficial interest in any of the foregoing). For the purposes of this definition, “control” when used with respect
to any specific 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.


“Business Day”
shall have the meaning assigned to such term in the Servicing Agreement or a Non-Lead Securitization Servicing Agreement, as applicable.


“CDO Asset Manager”
with respect to any Securitization Vehicle which is a CDO, shall mean the entity which is responsible for managing or administering the
applicable 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 the applicable Note).


“Certificate Administrator”
shall mean the certificate administrator appointed pursuant to the Lead Securitization Servicing Agreement.


“Code”
shall mean the Internal Revenue Code of 1986, as amended.


“Collection Account”
shall mean the trust account or accounts (including any sub-accounts) created and maintained by the Master Servicer.


“Commission”
means the U.S. Securities and Exchange Commission or any successor thereto.


“Companion Distribution
Account” shall have the meaning assigned to such term or the term “Serviced Whole Loan Collection Account” in the
Servicing Agreement or such other analogous term used in the Servicing Agreement.


“Conduit”
shall have the meaning assigned to such term in Section 16(f).


“Conduit Credit
Enhancer” shall have the meaning assigned to such term in Section 16(f).


“Conduit Inventory
Loan” shall have the meaning assigned to such term in Section 16(f).


“Control”
means 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




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“Controlling Class
Representative” shall mean the “Controlling Class Representative” as defined in the Servicing Agreement or such
other analogous term used in the Servicing Agreement.


“Controlling Noteholder”
shall mean as of any date of determination (i) the Note B Holder, unless a Note B Control Appraisal Period has occurred and is continuing,
and (ii) if and for so long as a Note B Control Appraisal Period has occurred and is continuing, the Note A-1 Holder; provided
that at any time the Note A-1 Holder is the Controlling Noteholder and Note A-1 is included in the Note A-1 Securitization, references
to the “Controlling Noteholder” herein shall mean the Controlling Class Representative or any other party assigned the rights
to exercise the rights of the “Controlling Noteholder” hereunder, as and to the extent provided in the Servicing Agreement;
and provided further that, if the Note B Holder would be the Controlling Noteholder pursuant to the terms hereof, but any interest
in Note B is held by the Borrower or a Borrower Restricted Party, or the Borrower or Borrower Restricted Party would otherwise be entitled
to exercise the rights of the Controlling Noteholder in respect of Note B, then a Note B Control Appraisal Period shall be deemed to have
occurred. The Note B Holder is the Controlling Holder as of the Closing Date.


“Controlling Noteholder
Representative” shall mean, with respect to the Mortgage Loan, the advisor appointed pursuant to Section 5(a).


“Custodian”
shall have the meaning assigned to such term in the Servicing Agreement.


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


“Default Interest”
shall mean with respect to any Note, interest on such Note at a rate per annum equal to interest accrued thereon at the Default
Rate in excess of the Interest Rate applicable to such Note.


“Default Rate”
shall have the meaning assigned to such term in the Mortgage Loan Agreement.


“Defaulted Mortgage
Loan” shall have the meaning assigned to such term in the Servicing Agreement.


“Depositor”
shall mean the Person selected by the Lead Securitization Noteholder to create the Securitization Trust.


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


“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.


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


“Foreclosure Property”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.




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“Indemnified Items”
shall mean, collectively, any claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and any
other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of the Mortgage Loan and the
Property under the Servicing Agreement.


“Indemnified Parties”
shall mean, collectively, (i) 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 Servicing Agreement, each of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, any Operating Advisor, any 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 Servicing Agreement in respect of other mortgage loans) and (ii) the Lead Securitization Trust.


“Independent”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


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


“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 Borrower, any action for the dissolution of the Borrower, any proceeding (judicial
or otherwise) concerning the application of the assets of the 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 Borrower
or any other action concerning the adjustment of the debts of the Borrower, the cessation of business by the Borrower, except following
a sale, transfer or other disposition of all or substantially all of the assets of the Borrower in a transaction permitted under the Mortgage
Loan Documents; provided, however, that following any such permitted transaction affecting the title to the Property, the
Borrower for purposes of this Agreement shall be defined to mean the successor owner of the 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 Borrower, the term “Borrower” shall refer to any such entity.


“Insurance and Condemnation
Proceeds” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing
Agreement.


“Interest Rate”
shall, with respect to any Note, have the meaning assigned to such term in the Mortgage Loan Agreement.


“Interested Person”
shall mean the Depositor, a Non-Lead Depositor, the Master Servicer, a Non-Lead Master Servicer, the Special Servicer, a Non-Lead Special
Servicer, a Non-Lead Trustee, the Borrower, any manager of the Property, any independent contractor engaged by any of the foregoing parties,
a Non-Lead Operating Advisor, the Controlling Noteholder, the Controlling Noteholder Representative, a Non-Controlling Noteholder, the
Controlling Class Representative, any holder of a related mezzanine loan, or any known Affiliate of any such party described above.




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“Intervening Trust
Vehicle” with respect to any Securitization Vehicle that is a CDO, shall mean a trust vehicle or entity which holds the applicable
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, or its successor in interest.


“Lead Securitization”
shall mean the sale by the holder of a Lead Securitization Note of all of such Note (or the first securitization of any portion of a Lead
Securitization Note, if applicable) to the Depositor, who will in turn include such portion of such Note as part of a securitization of
one or more mortgage loans.


“Lead Securitization
Date” shall mean the closing date of a Lead Securitization.


“Lead Securitization
Note” shall mean Note A-1.


“Lead Securitization
Noteholder” shall mean the holder of a Lead Securitization Note.


“Lead Securitization
Servicing Agreement” shall mean a trust and servicing agreement, subject to Section 2 hereof, to be entered into
in connection with the Lead Securitization, by and among (a) the Person who serves as Trustee from and after the Lead Securitization
Date, (b) the Person who serves as Servicer from and after the Lead Securitization Date, (c) the Person which serves as Special
Servicer from and after the Lead Securitization Date, (d) the Person who serves as Certificate Administrator from and after the Lead Securitization
Date and (e) the Depositor, and any other additional Persons that may be party to such pooling and servicing agreement; provided
it is acknowledged that such agreement is subject in all respects to changes (i) required by the Code relating to the tax elections
of the related Securitization Trust (ii) required by law or changes in any law, rule or regulation and (iii) requested by the Rating
Agencies or any purchaser of subordinate certificates.


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


“Liquidation Fees”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


“Liquidation Proceeds”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


“Major Decisions”
shall have the meaning given to such term or any one or more analogous terms in the Servicing Agreement; provided that at any time that
the Lead Securitization Note is not included in the Lead Securitization, “Major Decision” shall mean:


(i)           
any proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any REO Mortgage Loan) of
the ownership of the property or properties securing the Mortgage Loan if it comes into and continues in default;




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(ii)           
 any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or material
non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of the Mortgage Loan Documents
or any extension of the maturity date of the Mortgage Loan;


(iii)           
following a default or an event of default with respect to the Mortgage Loan Documents, any exercise of remedies, including the
acceleration of the Mortgage Loan or initiation of any proceedings, judicial or otherwise, under the related Mortgage Loan Documents;


(iv)           
any sale of the Mortgage Loan (when it is a Defaulted Mortgage Loan) or the Property (when it is held as Foreclosed Property) for
less than the outstanding principal balance of the Mortgage Loan, all accrued and unpaid interest (other than Accrued Interest) at the
respective Interest Rates for the Notes and all Additional Servicing Expenses;


(v)           
any determination to bring the Property into compliance with applicable environmental laws or to otherwise address any Hazardous
Materials (as defined in the Servicing Agreement) located at the Property or an REO Mortgage Loan;


(vi)           
any release of material collateral or any acceptance of substitute or additional collateral for the Mortgage Loan or any consent
to either of the foregoing, other than if required pursuant to the specific terms of the related Mortgage Loan Documents and for which
there is no lender discretion;


(vii)           
any waiver of or any determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause with respect
to the Mortgage Loan or any consent to such a waiver or any consent to a transfer of all or any portion of the Property or of any direct
or indirect legal or beneficial interests in the Borrower;


(viii)           
any incurrence of additional debt by the Borrower or any mezzanine financing by any direct or indirect beneficial owner of the
Borrower (to the extent that the lender has consent rights pursuant to the related Mortgage Loan Documents);


(ix)           
any material modification, waiver or amendment of an intercreditor agreement, co-lender agreement or similar agreement with any
mezzanine lender or subordinate debt holder related to the Mortgage Loan, or any action to enforce rights (or decision not to enforce
rights) with respect thereto;


(x)           
any property management company changes, including, without limitation, approval of a new property manager or the termination of
a manager and appointment of a new property manager or franchise changes, and any new management agreement or amendment, modification
or termination of any management agreement (in each case, if the lender is required to consent or approve such changes under the Mortgage
Loan Documents);




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


(xii)           
any acceptance of an assumption agreement releasing a borrower, guarantor or other obligor from liability under the Mortgage Loan
other than pursuant to the specific terms of such Mortgage Loan and for which there is no lender discretion;


(xiii)           
any determination of an Acceptable Insurance Default;


(xiv)           
any determination by the Master Servicer to transfer the Mortgage Loan to the Special Servicer under the circumstances where the
Master Servicer determines, in its reasonable business judgment, exercised in accordance with the Accepted Servicing Practices, that a
default consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant risk of
such default or any other default that is likely to impair the use or marketability of the Property or such other analogous event described
in the definition of Servicing Transfer Event; or


(xv)           
any modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and nondisturbance
or attornment agreement in connection with any lease, at the Property if it would be a Major Lease (as defined in the Mortgage Loan Agreement).


“Master Servicer”
shall mean the servicer or master servicer appointed pursuant to the Servicing Agreement.


“Monthly Payment”
shall have the meaning assigned to the term “Monthly Debt Service Payment Amount” in the Mortgage Loan Agreement.


“Monthly Payment
Date” shall have the meaning assigned to such term in the Mortgage Loan Agreement.


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


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


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


“Mortgage Loan Agreement”
shall mean the Loan Agreement, dated as of January 21, 2022, between the Borrower, as borrower, and the Original Lender, as lender, as
the same may be further amended, restated, supplemented or otherwise modified from time to time, subject to the terms hereof.




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“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 and securing the Mortgage Loan.


“Mortgage Loan Schedule”
shall mean the schedule attached as Exhibit A to this Agreement.


“Net Interest Rate”
shall mean, with respect to any Note, the Interest Rate for such Note minus the Servicing Fee Rate applicable to such Note.


“New Note(s)”
shall have the meaning assigned to such term in Section 35.


“Non-Controlling
Note” shall mean each Note other than the Note that entitles its holder to be the Controlling Noteholder.


“Non-Controlling
Noteholder” shall mean each Noteholder other than the Controlling Noteholder; provided that, if at any time a Non-Controlling
Note is held by (or, at any time a Non-Controlling Note is included in a Non-Lead Securitization, the related Non-Lead Securitization
Subordinate Class Representative is) a Borrower Restricted Party, no Person shall be entitled to exercise the rights of such Non-Controlling
Noteholder with respect to such Non-Controlling Note.


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


“Non-Lead Asset
Representations Reviewer” shall mean the party acting as “asset representations reviewer” (within the meaning of
Item 1101(m) of Regulation AB) under a Non-Lead Securitization Servicing Agreement.


“Non-Lead Certificate
Administrator” shall mean the “certificate administrator” or such other analogous term under a Non-Lead Securitization
Servicing Agreement.


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


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


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


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




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“Non-Lead Operating
Advisor” shall mean the “trust advisor”, “operating advisor” or such other analogous term under a Non-Lead
Securitization Servicing Agreement.


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


“Non-Lead Securitization
Note” shall mean a Senior Note that is neither the Lead Securitization Note nor otherwise part of the Lead Securitization.


“Non-Lead Securitization
Noteholder” shall mean each holder of a Non-Lead Securitization Note, provided that at any time a Senior Note that is
not a Lead Securitization Note is included in a Securitization other than the Lead Securitization, references to the “Non-Lead Securitization
Noteholder” herein shall mean the Non-Lead Securitization Subordinate Class Representative under the related Non-Lead Securitization
Servicing Agreement, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement and as to the identity of
which the Lead Securitization Noteholder (and the Master Servicer and the Special Servicer) has been given written notice. The Lead Securitization
Noteholder (or 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-Lead Securitization Noteholder” herein or under the Servicing Agreement and, to
the extent that the related Non-Lead Securitization Servicing Agreement assigns such rights to more than one party, for purposes of this
Agreement, the Non-Lead Securitization Servicing Agreement shall designate one party to deal with the Lead Securitization Noteholder (or
the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such designation to the Lead Securitization
Noteholder (and the Master Servicer and the Special Servicer acting on its behalf) (such party, the related “Non-Lead Securitization
Noteholder Representative”); provided that, in the absence of such designation and notice, the Lead Securitization Noteholder
(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-Lead Securitization Noteholder Representative with respect to such Non-Controlling
Note for all purposes of this Agreement.


Prior to Securitization of
any Non-Lead Securitization Note by the related Non-Lead Securitization Noteholder (including any New Notes), all notices, reports, information
or other deliverables required to be delivered to such Non-Lead Securitization Noteholder pursuant to this Agreement or the Servicing
Agreement by the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its behalf) only need to be
delivered to each Non-Lead Securitization Noteholder Representative and, when so delivered to each Non-Lead Securitization Noteholder
Representative, the Lead Securitization Noteholder (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 Servicing Agreement. Following Securitization
of any Non-Lead Securitization Notes by the related Non-Lead Securitization Noteholder, all notices, reports, information or other deliverables
required to be delivered to such Non-Lead Securitization Noteholder pursuant to this Agreement or the Servicing Agreement by the Lead
Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the related Non-Lead
Master Servicer and the related 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




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so delivered to the related Non-Lead Master
Servicer and the related Non-Lead Special Servicer, the Lead Securitization Noteholder (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 Servicing
Agreement.


“Non-Lead Securitization
Noteholder Representative” shall have the meaning assigned to such term in the definition of “Non-Lead Securitization
Noteholder”.


“Non-Lead Securitization
Servicing Agreement” shall mean the servicing agreement for a Non-Lead Securitization.


“Non-Lead Securitization
Subordinate Class Representative” shall mean the holders of the majority of the class of securities issued in a Non-Lead Securitization
designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement or their duly appointed
representative; provided that if 50% or more of the class of securities issued in any Non-Lead Securitization designated as the
“controlling class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling
Noteholder” or a “Non-Controlling Noteholder” is held by a Borrower Restricted Party, no Person shall be entitled to
exercise the rights of the related Non-Lead Securitization Subordinate Class Representative.


“Non-Lead Securitization
Trust” shall mean each Securitization Trust into which any Non-Lead Securitization Note is deposited.


“Non-Lead Servicer”
shall mean, in respect of any Non-Lead Securitization Note, the related Non-Lead Master Servicer or related Non-Lead Special Servicer,
as applicable.


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


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


“Nonrecoverable
Advance” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing
Agreement.


“Note”
shall mean any of the A Notes or the B Note.


“Note A Holder(s)”
shall mean the Noteholder(s) of A Notes.


“Note A-1”
shall mean that certain Promissory Note (Note A-1), dated January 24, 2022, as the same may be amended, modified, supplemented, extended,
restated or replaced, and shall include any replacement promissory notes issued in respect thereof.


“Note A-2”
shall mean that certain Promissory Note (Note A-2), dated January 24, 2022, as the same may be amended, modified, supplemented extended,
restated or replaced, and shall include any replacement promissory notes issued in respect thereof.




    12 


     


    

“Note A-3”
shall mean that certain Promissory Note (Note A-3), dated January 24, 2022, as the same may be amended, modified, supplemented extended,
restated or replaced, and shall include any replacement promissory notes issued in respect thereof.


“Note B”
shall mean that certain Promissory Note (Note B), dated January 24, 2022, as the same may be amended, modified, supplemented extended,
restated or replaced, and shall include any replacement promissory notes issued in respect thereof.


“Note B Control
Appraisal Period” shall mean any period with respect to the Mortgage Loan, if and for so long as:


(a)       (1)
the initial Note B Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal prepayments
or otherwise) allocated to, and received on, Note B after the date of creation of Note B, (y) any Appraisal Reduction Amount for the Mortgage
Loan that is allocated to Note B and (z) any losses realized with respect to the Mortgaged Property or the Mortgage Loan that are allocated
to Note B, is less than


(b)       25%
of the remainder of (i) the initial Note B Principal Balance less (ii) any payments of principal (whether as principal prepayments or
otherwise) allocated to, and received by, the Note B Holder on Note B after the date of creation of Note B.


“Note B Holder”
shall mean the Noteholder of the B Note.


“Note B Principal
Balance” shall mean, at any time of determination, the initial Note B Principal Balance set forth on the Mortgage Loan Schedule,
less any payments of principal thereon or reductions in such amount pursuant to Sections 3 or 4, as applicable.


“Note Pledgee”
shall have the meaning assigned to such term in Section 16(e).


“Note Register”
shall have the meaning assigned to such term in Section 18.


“Noteholder”
and “Note Holder” shall each mean, with respect to any Note, the Initial Noteholder thereof, or any subsequent holder
of such Note, together with its successors and assigns.


“Operating Advisor”
shall mean the operating advisor, if any, appointed pursuant to the Lead Securitization Servicing Agreement.


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


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




    13 


     


    

commercial real estate, (ii) investing through
a fund or funds with committed capital of at least $500,000,000 and (iii) not subject to a proceeding relating to the bankruptcy, insolvency,
reorganization or relief of debtors.


“Person”
shall have the meaning assigned to such term in the Servicing Agreement.


“Pledge”
shall have the meaning assigned to such term in Section 16(e).


“Prepayment Fees”
shall have the meaning assigned to such term in the Mortgage Loan Documents.


“Principal Balance”
shall mean, with respect to any Note as of any date of determination, the principal balance as of the date of this Agreement set forth
on the Mortgage Loan Schedule, less any payments of principal thereon or reductions in such amount pursuant to Section 3 or
Section 4, as applicable.


“Pro Rata and Pari
Passu Basis” shall mean with respect to the A Notes and the Note A Holders, the allocation of any particular payment, collection,
cost, expense, liability or other amount among the A Notes or the Note A Holders, as the case may be, in accordance with a specified basis
and without any priority of any A Note or any Note A Holder over another A Note or Note A Holder, as the case may be, and in any event
such that each A Note or Note A Holder, as the case may be, is allocated its respective pro rata portion (in accordance with the
applicable specified basis) of such particular payment, collection, cost, expense, liability or other amount.


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


“Property Protection
Advances” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing
Agreement or Non-Lead Securitization Servicing Agreement, as applicable, but only as such term relates to the Mortgage Loan or the Property.


“Qualified Institutional
Lender” shall mean each of the Initial Noteholders (and any Affiliates and subsidiaries of such entity) and any other Person
that is:


(a)  
an entity Controlled (as defined below) by, under common Control with or Controlling any Initial Noteholder, or


(b)  
one or more of the following:


(i)           
a real estate investment bank, an insurance company, reinsurance trust, 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)




    14 


     


    

(1), (2), (3) or (7) of Regulation D under
the Securities Act of 1933, as amended, or


(iii)           
a Qualified Trustee (or in the case of a CDO, a single purpose bankruptcy remote entity which contemporaneously assigns or pledges
its Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a) a securitization
of, (b) the creation of collateralized debt obligations (“CDO”) secured by, or (c) a financing through an “owner
trust” of, a Note (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 which assigned
a rating to any classes of securities issued in connection with the closing of such 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
acceptable to the Rating Agencies rating each Securitization (such entity, an “Approved Servicer”) and such Approved
Servicer is required to service and administer such Note 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 (v) of this definition,
or


(iv)           
an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $500,000,000, in which (A) the applicable Noteholder, (B) a Person that is otherwise a Qualified Institutional Lender under
clauses (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred to in clause
(i) or (ii) above), 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 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), or


(v)           
an entity substantially similar to any of the foregoing, and


(vi)           
in the case of any entity referred to in clause (b)(i), (b)(ii), (b)(iii), (b)(iv)(B) or (b)(v) 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,
asset manager or similar fiduciary) and at least $500,000,000 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 junior




    15 


     


    

CMBS securities or owning or operating
commercial real estate properties; provided that, in the case of the entity described in clause (iv)(B) above, the requirements of this
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


(vii)           
a Person that is otherwise a Qualified Institutional Lender but is acting in an agency capacity for a syndicate of lenders where
at least 51% of the lenders in such syndicate are otherwise Qualified Institutional Lenders under clauses (b)(i), (ii),
(iv), (v) and (vi) above, or


(c)  
any entity Controlled (as defined below) by any of the entities described in clause (b) above or approved by the Rating
Agencies hereunder as a Qualified Institutional Lender for purposes of this Agreement, or as to which the Rating Agencies have stated
they would not review such entity in connection with the subject transfer.


For purposes of this definition
only, “Control” means 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 (“Controlled”
and “Controlling” have the meaning correlative thereto).


“Qualified Trustee”
means (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,
(ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose long-term senior unsecured debt
is rated either of the then in effect top two rating categories of each of the applicable Rating Agencies.


“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS Morningstar and (e) KBRA or, (f) 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
designated by the Depositor or a Non-Lead Depositor to rate the securities issued in connection with the Securitization of any A Note;
provided, however, that, at any time during which any Note is an asset of one or more Securitizations, “Rating Agencies” or
“Rating Agency” shall mean only those rating agencies that are engaged by the Depositor or such Non-Lead Depositor, as applicable,
from time to time to rate the securities issued in connection with the Securitization of such Note.


“Rating Agency Confirmation”
shall mean, after a Securitization, the meaning given thereto or any analogous term in the Servicing Agreement including any deemed Rating
Agency Confirmation.


“Redirection Notice”
shall have the meaning assigned to such term in Section 16(e).




    16 


     


    

“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 the
staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective from time to
time as of the compliance dates specified therein.


“REMIC”
shall mean a real estate mortgage investment conduit within the meaning of Section 860D(a) of the Code.


“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.


“REO Mortgage Loan”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the 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, (iv) in the case of KBRA, KBRA 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, and (v) in the case
of DBRS Morningstar, either a commercial mortgage servicer or special servicer (a) that has a current ranking from DBRS Morningstar of
at least MORS3, or (b) if not rated by DBRS Morningstar, that is currently acting as servicer or special servicer, as applicable, for
a commercial mortgage-backed securities transaction rated by DBRS Morningstar and as to which DBRS Morningstar has not cited servicing
concerns with respect to such 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, which placement on “watch status”
has not been withdrawn within 60 days without any ratings downgrade or withdrawal) of securities in such commercial mortgage-backed securities
transaction serviced by the applicable servicer prior to the time of determination.


“Restricted Holder”
shall mean any holder of a related mezzanine loan (or any affiliate, manager or agent thereof) or an owner of any interest in any related
mezzanine loan (whether legally, beneficially or otherwise, including as a holder of a note evidencing a related mezzanine loan, a holder
of a participation interest in a related mezzanine loan or a beneficial owner of any interest in a related mezzanine loan or any securities
collateralized by a related mezzanine loan) (a) as to which an event of default has occurred under such mezzanine loan giving




    17 


     


    

rise to an automatic acceleration of such mezzanine
loan or the right of the lender thereunder to accelerate such mezzanine loan or (b) as to which foreclosure proceedings against the related
collateral have been initiated.


“Reverse Sequential
Order” shall mean: (a) first, to the reduction of the Principal Balance of the B Note, until the Principal Balance of
the B Note is reduced to zero; and (b) second, to the reduction of the Principal Balances of the A Notes, on a Pro Rata and Pari
Passu Basis based on the respective Principal Balances of such Notes, until the Principal Balance of each A Note is reduced to zero.


“Risk Retention
Requirements” shall mean the credit risk retention requirements of Section 15G of the Exchange Act (15 U.S.C. §78o-11),
as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.


“Risk Retention
Rules” shall mean the joint final rule that was promulgated to implement the Risk Retention Requirements (which such joint final
rule has been codified, inter alia, at 12 C.F.R. Part 43), as such rule may be amended from time to time, and subject to such clarification
and interpretation as have been provided by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Commission and the Department of Housing and
Urban Development in the adopting release (79 Fed. Reg. 77601 et seq.) or by the staff of any such agency, or as may be provided by any
such agency or its staff from time to time, in each case, as effective from time to time as of the applicable compliance date specified
therein.


“S&P”
shall mean S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, and its successors in interest.


“Securities Act”
shall mean the Securities Act of 1933, as amended.


“Securitization”
shall mean one or more sales by the holder of an A Note or of the B Note of all or a portion of such Note to a depositor, who will in
turn include such portion of such Note as part of a securitization of one or more mortgage loans.


“Securitization
Date” shall mean the effective date on which the Securitization of the Lead Securitization Note or portion thereof is consummated.


“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which an A Note or the B Note is held.


“Senior Notes”
shall mean the A Notes, individually or collectively, as the context may require.


“Senior Noteholder(s)”
shall mean the Note A Holders, individually or collectively, as the context may require.


“Sequential Order”
shall mean (a) first, to the reduction of the Principal Balances of the A Notes, on a Pro Rata and Pari Passu Basis based on the
respective Principal Balances of such Notes, until the Principal Balance of each A Note is reduced to zero; and (b) second, to
the




    18 


     


    

reduction of the Principal Balance of the B
Note, until the Principal Balance of the B Note is reduced to zero.


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


“Servicing Agreement”
shall mean, with respect to the Mortgage Loan, the Lead Securitization Servicing Agreement, together with any amendment, restatement,
supplement, replacement or modification thereto entered into in accordance with the terms hereof or thereof, or any Substitute Servicing
Agreement.


“Servicing Fee Rate”
shall be the per annum rate at which primary servicing fees are payable in respect of the Mortgage Loan as set forth in the Servicing
Agreement. The Servicing Fee Rate shall not reflect any master servicing fees payable by any Noteholder.


“Servicing Transfer
Event” shall have the meaning assigned to such term (or any term similar thereto including “Specially Serviced Loan”)
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


“Special Servicer”
shall mean the special servicer appointed pursuant to the Servicing Agreement and this Agreement.


“Special Servicing
Fees” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing
Agreement.


“Specially Serviced
Mortgage Loan” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in
the Servicing Agreement.


“Substitute Servicing
Agreement” means a servicing agreement that contains servicing provisions which are the same as or more favorable to the Non-Lead
Noteholders, in substance, to those in the Servicing Agreement (including, without limitation, all applicable provisions relating to delivery
of information and reports necessary for any Non-Lead Securitization to comply with any applicable reporting requirements under the Securities
Exchange Act of 1934, as amended) and all references herein to the “Servicing Agreement” shall mean such subsequent servicing
agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have
been obtained from each Rating Agency with respect to such subsequent 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 mean any sale, assignment, transfer, pledge, syndication, participation, hypothecation, contribution, encumbrance or other disposition
(either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar agreement, excluding
a repurchase financing or a Pledge in accordance with Section 16(e)).




    19 


     


    

“Triggering Event
of Default” shall mean (i) any Event of Default with respect to an obligation of the Borrower to pay money due under the Mortgage
Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which,
for clarification, shall not include any imminent Event of Default).


“Trust Fund Expenses”
shall have the meaning assigned to such term or any analogous term in the Servicing Agreement.


“Trustee”
shall mean the trustee appointed pursuant to 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 that is eligible to elect
to be treated as a U.S. Person).


“Workout”
shall mean any written modification, waiver, amendment, restructuring or workout of the Mortgage Loan or the Note entered into with the
Borrower in accordance with the Servicing Agreement.


“Workout Fees”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


Section 2.               
Servicing.


(a)              
Each Noteholder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced pursuant to this Agreement
and the Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal
or interest in respect of the Notes other than for any Note in the Lead Securitization (and a Non-Lead Master Servicer may be required
to advance monthly payments of principal and interest on a Non-Lead Securitization Note included in a Non-Lead Securitization pursuant
to the terms of the Non-Lead Securitization Servicing Agreement) if such principal or interest is not paid by the Borrower but shall be
obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of the Property and
maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms of the Servicing Agreement (including a determination
of recoverability thereunder). Each Noteholder acknowledges that each Initial Noteholder (if it is not already the trustee for a Securitization
Trust) may elect, in its sole discretion, to include the related Note in a Securitization and agrees that it will reasonably cooperate
with such other Noteholder, at such other Noteholder’s expense, to effect such Securitization. Subject to the terms and conditions
of this Agreement, each Noteholder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, the Certificate
Administrator, any Operating Advisor, any Asset Representations Reviewer and the Trustee under the Servicing




    20 


     


    

Agreement by the Depositor, and the appointment
of the Special Servicer as the initial Special Servicer under the Servicing Agreement by the Depositor (subject to replacement by the
Controlling Noteholder as provided herein) 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 this Agreement and the Servicing Agreement. Each Noteholder hereby appoints the
Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Noteholder’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 Servicing
Agreement (subject at all times to the rights of the Noteholders set forth herein and in the Servicing Agreement). In no event shall the
Servicing Agreement require any Servicer to enforce the rights of any Noteholder against any other Noteholder or limit any Servicer in
enforcing the rights of one Noteholder against any other Noteholder; however, this statement shall not be construed to otherwise limit
the rights of one Noteholder with respect to any other Noteholder. Each Servicer shall be required pursuant to the Servicing Agreement
to service the Mortgage Loan in accordance with the Accepted Servicing Practices, this Agreement, the terms of the Mortgage Loan Documents,
the Servicing Agreement, any intercreditor agreement and applicable law, and shall not take any action or refrain from taking any action
or follow any direction inconsistent with the foregoing.


(b)              
No Noteholder shall be entitled to exercise any rights of the “directing holder”, “consenting or consulting party”,
“controlling or consulting class,” “controlling class representative” or any analogous class or holder of Certificates
(as defined in the Lead Securitization Servicing Agreement) under the Servicing Agreement except, in the case of the Controlling Noteholder,
to the extent such holder is given such rights expressly under the terms of this Agreement or the Servicing Agreement in its capacity
as the Controlling Noteholder, and in no event may any such “directing holder”, “consenting or consulting party”,
controlling, consenting or consulting class or analogous class or holder of certificates backed solely by A Notes or the B Note under
the Servicing Agreement have any of the rights of the Controlling Noteholder hereunder.


(c)              
The Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent
provided in the Lead Securitization Servicing Agreement) (i) shall be required to make Property Protection Advances with respect to the
Mortgage Loan, subject to the terms of the Lead Securitization Servicing Agreement and this Agreement, and (ii) may be required to make
principal and interest Advances on any Note in the Lead Securitization, if and to the extent provided in the Lead Securitization Servicing
Agreement and this Agreement. The Master Servicer or Trustee shall be required to provide written notice to each Non-Lead Master Servicer
and each Non-Lead Trustee of any principal and interest Advance it has made with respect to the Lead Securitization Note within two (2)
Business Days of making such Advance. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement
for a Property Protection Advance, first from funds on deposit in each of the Collection Account and the Companion Distribution Account
that (in any case) represent amounts received on or in respect of the Mortgage Loan in the manner provided in the Lead Securitization
Servicing Agreement, and then, if such Property Protection Advance is a Nonrecoverable Advance, and if such funds on deposit in the Collection
Account and Companion Distribution Account are insufficient, from general collections of the Lead Securitization as provided in the Lead
Securitization Servicing Agreement and from general collections of each




    21 


     


    

Non-Lead Securitization as provided below.
The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for Advance Interest Amounts
on a Property Protection Advance, in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including
from general collections of the Lead Securitization and, in the case of Property Protection Advances that are Nonrecoverable Advances,
from general collections of each Non-Lead Securitization as provided below. 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 unrelated to the
Mortgage Loan or the Property as a reimbursement for a Property Protection Advance that is a Nonrecoverable Advance or any Advance Interest
Amounts on such a Nonrecoverable Advance, the Non-Lead Securitization Noteholder (including from general collections or any other amounts
from the Non-Lead Securitization Trust) 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 Amounts. If the Master Servicer determines that a proposed
principal and interest Advance with respect to the Lead Securitization Note or Property Protection Advance with respect to the Mortgage
Loan, if made, or any outstanding principal and interest Advance or Property Protection Advance previously made, would be, or is, as applicable,
a Nonrecoverable Advance (as defined in the Lead Securitization Servicing Agreement), the Master Servicer shall provide the Non-Lead Master
Servicer written notice of such determination promptly after such determination was made together with such reports that the Master Servicer
delivered to the Special Servicer or Trustee in connection with notification of its determination of nonrecoverability.


In addition, a Non-Lead Securitization
Noteholder whose Non-Lead Securitization Note has been included in a Non-Lead Securitization Trust shall be required to, promptly following
notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization for the Non-Lead Securitization Noteholder’s
pro rata share of any Trust Fund Expenses with respect to the Mortgage Loan or the Property, any other fees, costs or expenses
incurred in connection with the servicing and administration of the Mortgage Loan and allocable to the Non-Lead Securitization Noteholders
pursuant to this Agreement and as to which the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the
Depositor, as applicable, is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement, and any fees, costs or
expenses related to obtaining a Rating Agency Confirmation and allocated to the Non-Lead Securitization Noteholders, in each case to the
extent amounts on deposit in the Companion Distribution Account that are allocated to the Non-Lead Securitization Note are insufficient
for reimbursement of such amounts (which such reimbursement shall be made from general collections or any other amounts from such Non-Lead
Securitization Trust). If a Non-Lead Securitization Note has been included in a Non-Lead Securitization, the related Non-Lead Securitization
Noteholder agrees to indemnify (as and to the same extent the Lead Securitization Trust is required to indemnify each of the Indemnified
Parties) against any 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 that are allocated to the Non-Lead Securitization Note are insufficient for reimbursement
of such amounts, the Non-Lead Securitization Noteholder shall be required to, promptly following notice from the Master Servicer, the
Special Servicer or the Trustee, reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency
from general collections or any other amounts from such Non-Lead Securitization Trust.




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The Non-Lead Master Servicer
may be required to make principal and interest Advances on a Non-Lead Securitization Note included in a Non-Lead Securitization, from
time to time, subject to the terms of the related 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 be entitled to make their own recoverability
determination with respect to a principal and interest Advance to be made on the Lead Securitization Note based on the information that
they have on hand and in accordance with the Lead Securitization Servicing Agreement. The Non-Lead Master Servicer and the Non-Lead Special
Servicer and the Non-Lead Trustee, as applicable, shall be entitled to make their own recoverability determination with respect to a principal
and interest Advance to be made on a 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 Non-Lead Master Servicer
or the Non-Lead Trustee shall be required to notify each other servicer and trustee with respect to a Securitization of the amount of
its principal and interest 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 a Note in the Lead Securitization) or the Non-Lead Master Servicer, the Non-Lead Special Servicer
or the Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization Note), determines that a proposed principal and interest
Advance, if made, would be non-recoverable or an outstanding principal and interest 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 Property Protection Advance
would be non-recoverable or an outstanding Property Protection 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 Non-Lead Master Servicer or the Non-Lead Trustee (as provided in the Non-Lead Securitization
Servicing Agreement, in the case of a determination of non-recoverability by the Non-Lead Master Servicer, the Non-Lead Special Servicer
or the 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, within two (2) Business Days of making such determination. Each of the Master Servicer, the Trustee, the Non-Lead Master
Servicer and the Non-Lead Trustee, as applicable, will only be entitled to reimbursement for a principal and interest Advance first, from
the Collection Account or the Companion Distribution Account from Default Interest and late payment charges collected on the Mortgage
Loan, as and to the extent contemplated by the Servicing Agreement, and from amounts allocable to the Note for which such principal and
interest Advance was made, and then, if funds are insufficient, (i) in the case of a Note in the Lead Securitization, 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 Non-Lead Securitization Trust, as and to the extent provided in the Non-Lead Securitization
Servicing Agreement. Advance Interest Amounts on a principal and interest Advance shall be reimbursed from Default Interest and late payment
charges collected on the Mortgage Loan, as and to the extent contemplated by the Servicing Agreement, from amounts paid by the Borrower
to cover such Advance Interest Amounts and otherwise first, from amounts allocable to more subordinate Notes and then, from amounts allocable
to the subject Note, as provided under Section 3(c).




    23 


     


    

(d)              
 At any time after the Securitization Date that the Lead Securitization Note is no longer subject to the provisions of the Lead
Securitization Servicing Agreement, the Lead Securitization Noteholder shall cause the Mortgage Loan to be serviced in accordance with
the servicing provisions set forth in the Lead Securitization Servicing Agreement as if such agreement was still in full force and effect
with respect to the Mortgage Loan or a Substitute Servicing Agreement; provided, however, that the Master Servicer under the Servicing
Agreement shall have no further obligations to advance monthly payments of principal or interest; provided, further, however, that until
a replacement servicing agreement is in place, the actual servicing of the Mortgage Loan may be performed by any nationally recognized
commercial mortgage loan servicer appointed by Lead Securitization Noteholder and the special servicer appointed by the Controlling Noteholder
and does not have to be performed by the service providers set forth under the Servicing Agreement; provided, further, however, that until
a replacement servicing agreement has been entered into, 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 Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing the Non-Lead Asset
Representations Reviewer with any documents reasonably requested by the 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) the Non-Lead Asset Representations Reviewer has not been able to obtain such documents from the related mortgage loan seller.


(e)              
Notwithstanding anything to the contrary contained in this Agreement, any obligation of the Master Servicer pursuant to the terms
hereof shall be performed by the Master Servicer or the Special Servicer, as applicable, as set forth in the Servicing Agreement.


(f)               
The Lead Securitization Noteholder 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 or Trustee shall be required to provide written notice to each Non-Lead Master Servicer and each Non-Lead Trustee
of any Monthly Interest Payment Advance it has made with respect to the Lead Securitization Note within two (2) Business Days of making
such advance;


(ii)           
if the Master Servicer determines that a proposed Monthly Interest Payment Advance with respect to the Lead Securitization Note
or Property Protection Advance with respect to the Mortgage Loan, if made, or any outstanding Monthly Interest Payment Advance or Property
Protection Advance previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide each Non-Lead
Master Servicer written notice of such determination promptly after such determination was made together with such reports that the Master
Servicer delivered to the Special Servicer or Trustee in connection with notification of its determination of nonrecoverability;




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(iii)           
 the Master Servicer shall remit all payments received with respect to any Non-Lead Securitization Note, net of the servicing fees
payable to the Master Servicer and 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 related Non-Lead Securitization Noteholder
by the earlier of (x) the Remittance Date (as defined in the Lead Securitization Servicing Agreement) and (y) the Business Day following
the “determination date” (or any term substantially similar thereto) as defined in the related 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 (iii) is at least one (1) Business Day after the scheduled monthly payment date
under the Mortgage Loan Agreement;


(iv)           
in connection with the expedited remittances contemplated by the preceding clause (iii) and the expedited reporting contemplated
by the following clause (v), (A) the Special Servicer shall (x) expedite its delivery of reports to the Master Servicer with respect
to the Mortgage Loan or the Property (including the delivery of information contemplated by CREFC® reports that the Special Servicer
is required to deliver to the Master Servicer) so that the reports (including CREFC® reports) provided by the Master Servicer to the
Non-Lead Securitization Noteholder may include all information contemplated to be included therein for the applicable reporting period,
and (y) expedite withdrawals from accounts maintained by it and remittances to the Master Servicer in respect of the Mortgage Loan or
the Property so that the Master Servicer’s remittances to the Non-Lead Securitization Noteholder contemplated by the preceding clause
(iii) may include all amounts for the applicable collection period; and (B) each party responsible under the Lead Securitization Servicing
Agreement for delivering any Additional Form 10-D Disclosure (or analogous information) to a Non-Lead Trustee or Non-Lead Depositor in
respect of a Non-Lead Securitization Note shall deliver such Additional Form 10-D Disclosure (or analogous information) no later than
the 5th calendar day following the distribution date for the related Non-Lead Securitization;


(v)           
with respect to any 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 related Non-Lead Master Servicer all reports required to be delivered by the Master Servicer
to the Certificate Administrator and the Trustee 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 Property, such 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
related Non-Lead Securitization Determination Date, in each case, as long as the date on which delivery is required under this clause
(v) is at least one (1) Business Day after the scheduled monthly payment date under the Mortgage Loan Agreement;




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(vi)           
 the Master Servicer and the Special Servicer, as applicable, shall provide (in electronic media) to each Non-Lead Securitization
Noteholder all documents, certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding
the Mortgage Loan provided by it to the Lead Securitization Controlling Class Representative or the Operating Advisor in connection with
any request for consent made to, or consultation with, such party at the time provided to such other party;


(vii)           
the servicing duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing Agreement shall
include the duty to service the Mortgage Loan and all of the Notes on behalf of the Noteholders (including the respective trustees and
certificateholders) in accordance with the terms and provisions of this Agreement, the Lead Securitization Servicing Agreement and the
Accepted Servicing Practices;


(viii)           
each Non-Lead Securitization Noteholder shall be entitled to the same indemnity as the Lead Securitization Noteholder 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 Other Securitization Trust, 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 (A) its failure to deliver the items in clause (ix) below in a timely manner, (B) its failure to perform
its obligations to such depositor or the related Non-Lead Trustee under Article XI (or any article substantially similar thereto) of the
Lead Securitization Servicing Agreement by the time required after giving effect to any applicable grace period or cure period, (C) the
failure of any Servicing Function Participant or Additional Servicer retained by it (other than a Loan Seller Sub-Servicer) to perform
its obligations to such depositor or trustee under such Article XI (or any article substantially similar thereto) of the Lead Securitization
Servicing Agreement by the time required and/or (D) any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of,
such party;


(ix)           
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 Loan Seller Sub-Servicer to deliver)), in a timely manner (i) the reports, certifications, compliance statements, accountants’
assessments and attestations, and 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 related Non-Lead Securitization Servicing Agreement, in
the case of clauses (i) and (ii), as the related Non-




    26 


     


    

Lead Depositor or the related Non-Lead
Trustee reasonably believes, in good faith, are required in order for the related Non-Lead Depositor or the related Non-Lead Trustee to
comply with (1) its obligations under the Securities Act, the Exchange Act (including Rule 15Ga-1), Regulation AB and Form SF-3 and (2)
any applicable comment letter from the Commission or its obligations with respect to any Deficient Exchange Act Deliverable, (b) without
limiting the generality of the foregoing (x) the Depositor or the related Holder shall provide or cause to be provided to the related
Non-Lead Depositor (and to counsel to the related Non-Lead Depositor) and the related Non-Lead Trustee (1) written notice (which may be
by email) in a timely manner (but no later than three (3) Business Days prior to closing) of the occurrence of the Lead Securitization,
and (2) no later than the closing date of the Lead Securitization, a copy of the Lead Securitization Servicing Agreement in an EDGAR-compatible
format, and (y) the Master Servicer and Special Servicer (or any replacement Master Servicer or Special Servicer, as applicable) shall,
upon reasonable prior written request, and subject to the right of the Master Servicer or the Special Servicer, as the case may be, to
review and approve such disclosure materials, permit a holder of any Non-Lead Securitization Note to use such party’s description
contained in the Lead Securitization prospectus (updated as appropriate by the Master Servicer or Special Servicer, as applicable, at
the cost of such holder of such Non-Lead Securitization Note) or contained in a Lead Securitization Form 8-K, for inclusion in the disclosure
materials or a Form 8-K relating to any securitization of the related Non-Lead Securitization Note, and (z) the Master Servicer and the
Special Servicer (or any replacement Master Servicer or Special Servicer, as applicable), shall provide 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 cost
of such holder of such Non-Lead Securitization Note), and (c) in connection with any amendment of the Lead Securitization Servicing Agreement,
the Depositor shall provide written notice (which may be by email) of such proposed amendment to any Non-Lead Depositor and the related
Non-Lead Trustee no later than three (3) Business Days prior to the date of effectiveness of such amendment, and, on the date of effectiveness
of such amendment to the Lead Securitization Servicing Agreement, provide a copy of such amendment in an EDGAR-compatible format to such
Non-Lead Depositor and the related Non-Lead Trustee. The Master Servicer and the Special Servicer shall each be required to provide certification
and indemnification to any Certifying Person with respect to any applicable Sarbanes-Oxley Certification with respect to a Non-Lead Securitization;


(x)           
each of the Master Servicer, the Special Servicer, the Custodian and the Trustee and each Affected Reporting Party shall cooperate
(and require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing
Agreement), with each 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 Lead Depositor under Article XI (or
any article substantially similar thereto) of the Lead Securitization Servicing Agreement and in connection with any Deficient Exchange
Act Deliverable. All respective reasonable out-of-pocket costs and expenses incurred by any 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




    27 


     


    

related to participation by such Non-Lead
Depositor in any telephone conferences and meetings with the Commission and other costs such Non-Lead Depositor must bear pursuant to
Article XI (or any article substantially similar thereto) 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;


(xi)           
any late collections received by the Master Servicer from the 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 such Non-Lead Master Servicer
within one (1) Business Day of receipt and identification thereof; 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 amounts
to such Non-Lead Master Servicer within one (1) Business Day of receipt of properly identified funds but, in any event, the Master Servicer
shall remit such amounts within two (2) Business Days of receipt of properly identified funds;


(xii)           
each Non-Lead Securitization Noteholder is an intended third-party beneficiary in respect of the rights afforded it under the Lead
Securitization Servicing Agreement and the related Non-Lead Master Servicer shall be entitled to enforce the rights of such Non-Lead Securitization
Noteholder under this Agreement and the Lead Securitization Servicing Agreement;


(xiii)           
each Non-Lead Master Servicer and each Non-Lead Special Servicer shall each 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 such Non-Lead Special Servicer, as the case may be, and the provisions regarding coordination of Advances;


(xiv)           
if the Mortgage Loan becomes a Defaulted Mortgage 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 all 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
Noteholder of the planned sale and of such Non-Controlling Noteholder’s opportunity to submit an offer on the Mortgage Loan;


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


(xvi)           
to the extent related to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency Confirmation shall be provided
with respect to the commercial mortgage pass-through certificates issued in connection with any Non-Lead Securitization to the same extent
provided with respect to the commercial mortgage pass-through certificates issued in connection with the Lead Securitization;




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(xvii)           
 Servicer Termination Events with respect to the Master Servicer and the Special Servicer shall include: (A) solely with respect
to the Master Servicer, the failure to timely remit payments to any Non-Lead Securitization Noteholder, which failure continues unremedied
for one (1) Business Day following the date on which such payment was to be made; (B) solely with respect to the Special Servicer, the
failure to deposit into any Foreclosed Property 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 related
Companion Distribution Account 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; (C) 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 any 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 (D) the failure to provide to any Non-Lead Securitization Noteholder (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 Noteholder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing
Agreement, the Trustee shall, upon the direction of such Non-Lead Securitization Noteholder, 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 Noteholder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization
Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Noteholder, terminate the Special Servicer with
respect to, but only with respect to, the Mortgage Loan;


(xviii)           
upon any resignation, termination and/or replacement of the Master Servicer or the Special Servicer, any appointment of a successor
to the Master Servicer or Special Servicer, or the effectiveness of any designation of a new Special Servicer, the Trustee or Certificate
Administrator shall promptly (and in any event no later than three (3) Business Days prior to the effective date of such resignation,
termination, replacement and/or appointment of a Master Servicer or Special Servicer) provide written notice thereof to each Non-Lead
Trustee, each Non-Lead Master Servicer, each Non-Lead Depositor, and counsel to each Non-Lead Depositor, together with any information
reasonably required (including, without limitation, any disclosure required under Item 1108 of Regulation AB) for the related Non-Lead
Securitization to comply with any applicable reporting obligations under the Exchange Act; provided, that such notice shall not be deemed
to be provided unless receipt thereof has been confirmed in writing (which may be by email) from any such Non-Lead Depositor;




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(xix)           
 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 such 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;


(xx)           
the rates at which Special Servicing Fees, Liquidation Fees and Workout Fees accrue or are determined shall, respectively, be subject
to any minimum compensation provided for in the Lead Securitization Servicing Agreement; and


(xxi)           
any conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement.


(g)              
Each Non-Lead Securitization Noteholder agrees that it shall cause the related Non-Lead Securitization Servicing Agreement to provide
as follows (and to the extent such following provisions are not included in the related Non-Lead Securitization Servicing Agreement, they
shall be deemed incorporated therein and made a part thereof):


(i)           
Each Non-Lead Securitization Noteholder shall be responsible for its pro rata share of any Nonrecoverable Advances (and advance
interest thereon) and any Trust Fund Expenses, but only to the extent that they relate to servicing and administration of the Notes and
the Property, including without limitation, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees relating to the Notes,
and that in the event that the funds received with respect to each respective Note are insufficient to cover such Property Protection
Advances or Trust Fund Expenses, (A) the related Non-Lead Master Servicer will be required to, promptly following notice from the Master
Servicer or the Special Servicer, pay or reimburse the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee
or the Lead Securitization Trust, as applicable, out of general funds in the collection account (or equivalent account) established under
the related Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Noteholder’s pro rata share of any such
Nonrecoverable Advances (together with advance interest thereon) and/or other Trust Fund Expenses (including compensation due to the Master
Servicer and the Special Servicer to the extent related to the servicing and administration of the Mortgage Loan and the Property), 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 account, 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, the Special Servicer or the Trustee, reimburse the Lead Securitization Trust out of
general funds in the collection account (or equivalent account) established under the related Non-Lead Securitization Servicing Agreement
for such Non-Lead Securitization Noteholder’s pro rata share of any such




    30 


     


    

Nonrecoverable Advances (together with
advance interest thereon) and/or Trust Fund Expenses (including compensation due to the Master Servicer and the Special Servicer to the
extent related to the servicing and administration of the Mortgage Loan and the Property);


(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 the Lead
Securitization Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any Trust Fund Expenses with respect
to the Mortgage Loan) by the related Non-Lead Securitization Trust, 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 Collection Account that are allocated to the related Non-Lead
Securitization Note 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 the related Non-Lead Securitization Note’s pro rata share of the insufficiency out
of general funds in the collection account (or equivalent account) established under the related Non-Lead Securitization Servicing Agreement;


(iii)           
each Non-Lead Master Servicer, Non-Lead Trustee or Non-Lead Certificate Administrator will be required to deliver to the Trustee,
the Certificate Administrator, the Special Servicer, the Master Servicer, any Operating Advisor and any Asset Representations Reviewer
(i) promptly following Securitization of the related Non-Lead Securitization Note, notice of the deposit of such Non-Lead Securitization
Note into a Securitization Trust (which notice may be (x) in the form of delivery (which may be by email) of a copy of the related Non-Lead
Securitization Servicing Agreement, or (y) by email notification together with contact information for the related Non-Lead Trustee, the
related Non-Lead 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 Noteholder” under this Agreement), accompanied by a copy
of such executed Non-Lead Securitization Servicing Agreement, and (ii) notice of any subsequent change in the identity of the related
Non-Lead Master Servicer, the related Non-Lead Trustee or the party designated to exercise the rights of the related “Non-Controlling
Noteholder” under this Agreement (together with the relevant contact information) (which may be in the form of email delivery of
a copy of any revised Non-Lead Securitization Servicing Agreement); and


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




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The Lead Securitization Noteholder
shall send to each Non-Lead Securitization Noteholder and the parties to the related Non-Lead Securitization Servicing Agreement (that
are not also party to the Lead Securitization Servicing Agreement) (x) on or promptly following the Lead Securitization Date (to the extent
the applicable parties to the related Non-Lead Securitization Servicing Agreement have been engaged by the related Non-Lead Depositor
on or prior to the Lead Securitization Date), a copy (in EDGAR-compatible format) of the execution version of the Lead Securitization
Servicing Agreement, (y) within (1) one Business Day after the date of any re-filing by the Depositor of the Lead Securitization Servicing
Agreement with the Commission to account for any changes thereto (other than a formal amendment thereto following the Lead Securitization
Date), a copy (in EDGAR-compatible format) of the re-filed Lead Securitization Servicing Agreement, and (z) promptly following distribution
thereof to the parties to the Lead Securitization Servicing Agreement, any changes made by the Depositor to the Lead Securitization Servicing
Agreement (other than a formal amendment thereto following the Lead Securitization Date).


(h)              
The Servicing Agreement shall provide that compensating interest payments as defined therein with respect to, any A Notes will
be allocated by the Master Servicer between the A Notes, pro rata, in accordance with their respective Principal Balances. The
Master Servicer shall remit any compensating interest payment in respect of any Non-Lead Securitization Note to the applicable Non-Lead
Securitization Noteholder.


(i)                
In the event any filing is required to be made by any Non-Lead Depositor under the related Servicing Agreement in order to comply
with the Non-Lead Depositor’s requirements under the Securities Exchange Act of 1934, as amended, the related Lead Securitization
Noteholder (including the Depositor and Trustee) shall use commercially reasonable efforts to timely comply with any such filing.


(j)                
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 such 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 that such documents are in the possession
of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and are not in the possession of the Non-Lead
Asset Representations Reviewer (and the Non-Lead Asset Representations Reviewer has informed such party that it has first requested, and
not received, the documents from the master servicer, special servicer and custodian for the applicable Non-Lead Securitization).


Section 3.               
Subordination of Note B; Payments.


(a)              
The B Note and the rights of the Note B Holder to receive payments of interest, principal and other amounts with respect to the
B Note, shall at all times be junior, subject and subordinate to the A Notes and the rights of the Note A Holders to receive payments
of interest, principal and other amounts with respect to the A Notes as and to the extent set forth herein.


(b)              
All amounts tendered by the Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage
Loan or the Property or amounts realized




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as proceeds thereof, whether received in the
form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral
or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements that are required
to be applied to the restoration or repair of the Property or released to the Borrower in accordance with the terms of the Mortgage Loan
Documents, to the extent permitted by the REMIC Provisions), but excluding (x) all amounts for required reserves or escrows required by
the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents) to be held as reserves or escrows
or received as reimbursements on account of recoveries in respect of Advances then due and payable or reimbursable to the Master Servicer
or the Trustee under the Servicing Agreement, and (y) all amounts that are then due, payable or reimbursable to any Servicer, Trustee,
Certificate Administrator, Operating Advisor or Asset Representations Reviewer (excluding master servicing fees, trustee fees, certificate
administrator fees, operating advisor fees, asset representations reviewer fees, and principal and interest Advances, all of which shall
be payable to such party by the respective Noteholders in respect of which such fees accrued or such Advances were made, in each case
out of distributions made in respect of each such Note, respectively (or, as and to the extent provided in the Servicing Agreement, out
of Default Interest and late payment charges collected on the Mortgage Loan), and excluding interest on principal and interest Advances
which are reimbursable pursuant to Section 3(c) below), with respect to the Mortgage Loan pursuant to the Servicing Agreement,
shall be distributed by the Master Servicer in the following order of priority without duplication (and payments shall be made at such
times as are set forth in the Servicing Agreement):


(i)           
first, to the Note A Holders, on a Pro Rata and Pari Passu Basis based on their respective entitlements, up to, in the case of
each Note A Holder, an amount equal to the accrued and unpaid interest on the Principal Balance for the related A Note at the applicable
Net Interest Rate;


(ii)           
second, to the Note B Holder, up to an amount equal to the accrued and unpaid interest on the Principal Balance for the B Note
at the applicable Net Interest Rate;


(iii)           
third, to the Note A Holders, on a Pro Rata and Pari Passu Basis based on the respective Principal Balances of the A Notes, (i)
at any time that no Triggering Event of Default has occurred and is continuing, in an aggregate amount equal to the principal payments
received, if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan, until the Principal Balance for each A
Note has been reduced to zero, and (ii) at any time that a Triggering Event of Default has occurred and is continuing, all remaining funds,
if any, until the Principal Balance for each A Note has been reduced to zero;


(iv)           
fourth, to the Note B Holder, (i) at any time that no Triggering Event of Default has occurred and is continuing, in an aggregate
amount equal to the remaining principal payments received, if any, with respect to such Monthly Payment Date with respect to the Mortgage
Loan, until the Principal Balance for the B Note has been reduced to zero, and (ii) at any time that a Triggering Event of Default has
occurred and is continuing, all remaining funds, if any, until the Principal Balance for the B Note has been reduced to zero;




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(v)           
 fifth, if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or Property exceed the amounts required
to be applied in accordance with the foregoing clauses (i)-(iv) and, as a result of a Workout the Principal Balances for the A Notes have
been reduced, such excess amount shall be paid to the Note A Holders, on a Pro Rata and Pari Passu Basis based on their respective entitlements,
up to, in the case of each Note A Holder, an amount equal to the reduction, if any, of the Principal Balance for the related A Note as
a result of such Workout, plus interest on such amount at the related Net Interest Rate;


(vi)           
sixth, if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or Property exceed the amounts required
to be applied in accordance with the foregoing clauses (i)-(v) and, as a result of a Workout the Principal Balance for the B Note have
been reduced, such excess amount shall be paid to the Note B Holder, up to an amount equal to the reduction, if any, of the Principal
Balance for the B Note as a result of such Workout, plus interest on such amount at the related Net Interest Rate;


(vii)           
seventh, to the Note A Holders on a Pro Rata and Pari Passu Basis based on their respective entitlements, up to, in the case of
each Note A Holder, an amount equal to all Prepayment Fees allocated to the related A Note in accordance with the Mortgage Loan Agreement;


(viii)           
eighth, to the Note B Holder, up to an amount equal to all Prepayment Fees allocated to the B Note in accordance with the Mortgage
Loan Agreement;


(ix)           
ninth, to the extent assumption or transfer fees actually paid by the Borrower are not required to be otherwise applied under the
Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to pay any Additional Servicing
Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate to the Mortgage Loan), any such
assumption or transfer fees, to the extent actually paid by the Borrower, shall be paid to the Note A Holders, pro rata, based
on their respective Percentage Interests, and the Note B Holder, pro rata, based on its Percentage Interest; and


(x)           
tenth, if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance
with the foregoing clauses (i)-(ix), any remaining amount shall be paid to the Note A Holders and the Note B Holder, pro rata in
accordance with their respective initial Percentage Interests in the Mortgage Loan.


(c)              
All payments of principal on the Notes shall be made in Sequential Order. All expenses and losses relating to the Mortgage Loan
and the Property (including without limitation losses of principal and interest, Property Protection Advances, Advance Interest Amounts,
Special Servicing Fees, Liquidation Fees and Workout Fees), Appraisal Reduction Amounts and certain other trust expenses, shall be allocated
to the Notes in Reverse Sequential Order. Notwithstanding anything to the contrary herein, if an Advance of principal or interest is made
with respect to any Note, then Advance Interest Amounts thereon shall only be reimbursed from Default Interest and late payment charges
collected on the Mortgage Loan, as and to the




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extent provided in the Servicing Agreement,
from amounts paid by the Borrower to cover such Advance Interest Amounts and otherwise (i) in the case of the A Notes, first, out
of any amounts received with respect to the Mortgage Loan that would otherwise be distributable to the Note B Holder, and second, out
of any amounts received with respect to the Mortgage Loan that would otherwise be distributable to the holder of such Note as to which
the Advance of principal or interest was made, and (ii) in the case of the B Note, out of any amounts received with respect to the Mortgage
Loan that would otherwise be distributable to the holder of such Note.


Section 4.               
Administration of the Mortgage Loan.


(a)              
Subject to this Agreement (including, without limitation, Section 4(f) below) and the Servicing Agreement and consistent
with the Accepted Servicing Practices, the Lead Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization
Noteholder) 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 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 other Noteholder shall have
any voting, consent or other rights whatsoever with respect to the Lead Securitization Noteholder’s administration of, or exercise
of its rights and remedies with respect to, the Mortgage Loan except as set forth in this Agreement and the Servicing Agreement including
the rights of any Noteholder in its capacity as the Controlling Noteholder to consent to the Major Decisions set forth in this Agreement.
Subject to this Agreement and the Servicing Agreement (including, without limitation, Section 4(f) below) and consistent with
the Accepted Servicing Practices, each Noteholder (other than the Lead Securitization Noteholder) agrees that it shall have no right to,
and hereby presently and irrevocably assigns and conveys to the Lead Securitization Noteholder (or any Servicer acting on behalf of the
Lead Securitization Noteholder) the rights, if any, that such Noteholder has to, (i) call or cause the Lead Securitization Noteholder
to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Borrower,
including, without limitation, filing or causing the Lead Securitization Noteholder to file any bankruptcy petition against the Borrower.
The Lead Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization Noteholder) shall not have any fiduciary
duty to any Non-Lead Noteholder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead
Securitization Noteholder from the obligation to make any disbursement of funds as set forth herein).


Upon the Mortgage Loan becoming
a Defaulted Mortgage Loan, each Non-Lead Noteholder hereby acknowledges the right and obligation of the Lead Securitization Noteholder
(or the Special Servicer acting on behalf of the Lead Securitization Noteholder) to sell each Non-Lead Note together with the Lead Securitization
Note (and any other Notes included in the Lead Securitization) as notes evidencing one whole loan in accordance with the terms of the
Servicing Agreement. In connection with any such sale, the Special Servicer shall be required to sell each Note together with the Lead
Securitization Note in the manner set forth in the Servicing Agreement and shall be required to require that all offers be submitted to
the Trustee in writing and be accompanied by a refundable deposit of cash in an amount equal to 5% of the offer amount (subject




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to a cap of $2,500,000). Whether any cash offer
constitutes a fair price for such Notes shall be determined by the Trustee; provided, that no offer from an Interested Person shall
constitute a fair price unless (i) it is the highest offer received and (ii) at least two bona fide other offers are received from
independent third parties. In determining whether any offer received represents a fair price for such Notes, the Trustee shall be supplied
with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Servicing Agreement within the
preceding nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal. The Trustee shall select the Appraiser conducting
any such new Appraisal. In determining whether any such offer constitutes a fair price for such Notes, the Trustee shall instruct the
Appraiser to take into account (in addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to
the Servicing Agreement), as applicable, among other factors, the period and amount of any delinquency on the affected Notes, the occupancy
level and physical condition of the related Property and the state of the local economy. The Trustee may conclusively rely on the opinion
of an Independent Appraiser or other Independent expert in real estate matters retained by the Trustee at the expense of the Noteholders
in connection with making such determination. Notwithstanding the foregoing, the Lead Securitization Noteholder (or the Special Servicer
acting on behalf of the Lead Securitization Noteholder) shall not be permitted to sell the Non-Lead Securitization Notes if they become
a Defaulted Mortgage Loan without the written consent of each Non-Lead Securitization Noteholder (provided that such consent is
not required if such Non-Lead Securitization Noteholder is a Borrower Restricted Party) unless the Special Servicer has delivered to such
Non-Lead Securitization Noteholder: (a) at least fifteen (15) Business Days’ prior written notice of any decision to attempt to
sell the Non-Lead Securitization Notes; (b) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together
with any material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale, (c) at
least ten (10) days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the
servicing file maintained by the Master Servicer and/or Special Servicer with respect to the Mortgage Loan reasonably requested by such
Non-Lead Securitization Noteholder that are material to the price of the Non-Lead Securitization Notes and (d) until the sale is completed,
and a reasonable period of time (but no less time than is afforded to the other offerors and the Controlling Noteholder) prior to the
proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved
by the Special Servicer in connection with the proposed sale; provided, that such Non-Lead Securitization Noteholder may waive
any of the delivery or timing requirements set forth in this sentence. Subject to the terms of the Servicing Agreement, each of the Controlling
Noteholder, the Controlling Class Representative, any other Noteholder (or any controlling class representative or directing holder on
its behalf under the Non-Lead Securitization Servicing Agreement) shall be permitted to bid at any sale of the Non-Lead Securitization
Note unless such Person is a Borrower Restricted Party.


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




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deliver its original Non-Lead Note endorsed
in blank, to or at the direction of the Lead Securitization Noteholder in connection with the consummation of any such sale.


The authority and obligation
of the Lead Securitization Noteholder to sell each Non-Lead Note, and the obligations of each Non-Lead Noteholder to execute and deliver
instruments or deliver its Non-Lead Note upon request of the Lead Securitization Noteholder, shall terminate and cease to be of any further
force or effect upon the date, if any, upon which no Note is held in a Securitization. The preceding sentence shall not be construed to
grant to any Non-Lead Noteholder the benefit of any representation or warranty made by such seller or any document delivery obligation
imposed on such seller under any mortgage loan purchase and sale agreement, instrument of transfer or other document or instrument that
may be executed or delivered by such seller in connection with the Lead Securitization.


(b)              
The administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder agrees
to be bound by the terms of the Servicing Agreement. The Lead Securitization Noteholder (or the Master Servicer on its behalf) shall service
the Mortgage Loan in accordance with the terms of this Agreement, including without limitation, the rights of the Controlling Noteholder
set forth in Section 4(f) below and consistent with the Accepted Servicing Practices. Servicing of the Mortgage Loan shall
be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan, by the Special Servicer, in each
case pursuant to the Servicing Agreement and consistent with the Accepted Servicing Practices. Notwithstanding anything to the contrary
contained herein, in accordance with the Servicing Agreement, the Lead Securitization Noteholder shall cause the Master Servicer and the
Special Servicer to service and administer the Mortgage Loan in accordance with the Accepted Servicing Practices, taking into account
the interests of the Noteholders as a collective whole, in each case subject to the terms and conditions of this Agreement, and any Non-Lead
Securitization Noteholder that is not a Borrower Restricted Party shall be deemed a third party beneficiary of such provisions of the
Servicing Agreement. The foregoing provisions of this Section 4(b) shall not limit or modify the rights of the Controlling
Noteholder and/or the Controlling Noteholder Representative to exercise their respective rights specifically set forth under this Agreement.


(c)              
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and
this Agreement (including, without limitation, Sections 4(f) and (5), if the Lead Securitization Noteholder in connection
with a Workout of the Mortgage Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage Loan is
decreased, (ii) the Interest Rate or scheduled amortization payments on such Mortgage Loan are reduced, (iii) payments of interest
or principal on such Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an increase in the Interest
Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage Loan, such waiver, modification or amendment
shall be effected, to the maximum extent reasonably possible, in a manner consistent with the payment priority set forth in Section
3(b), and to the extent it is not, payments to the Note A Holders and the Note B Holder pursuant to Section 3 shall be
made as though such Workout did not occur, with the payment terms of each Note remaining the same as they are on the date hereof, and,
in any event, the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such




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Workout shall be borne by the Noteholders in
a manner consistent with the payment priorities in Section 3. Subject to the Servicing Agreement and this Agreement (including
without limitation Sections 4(f) and 5), in the case of any modification or amendment described above, the Lead
Securitization Noteholder will have the sole authority and ability to revise the payment provisions set forth in Section 3
above in a manner that reflects the subordination of the B Note to the A Notes with respect to the loss that is the result of such amendment
or modification, including: (i) the ability to increase the Percentage Interest of an A Note, and to increase or reduce the Percentage
Interest of the B Note, in a manner that reflects a loss in principal as a result of such amendment or modification and (ii) the
ability to change the Interest Rate applicable to a Note in order to reflect a reduction in the Interest Rate of the Mortgage Loan but
shall not be permitted to change the order of the clauses set forth in Section 3 hereof. Notwithstanding the foregoing, if
any Workout, modification or amendment of the Mortgage Loan extends the original maturity date of the Mortgage Loan, for purposes of this
paragraph, the Balloon Payment will be deemed not to be due on the original maturity date of the Mortgage Loan but will be deemed due
on the extended maturity date of the Mortgage Loan.


(d)              
All rights and obligations of the Lead Securitization Noteholder described hereunder may be exercised by the Master Servicer on
behalf of the Lead Securitization Noteholder in accordance with the Servicing Agreement and this Agreement. Each Non-Lead Securitization
Noteholder shall be provided access to any website that an investor would be permitted to access in accordance with the procedures set
forth in the Servicing Agreement, it being understood and agreed that each Non-Lead Securitization Noteholder is subject to any restrictions
on the access to such websites contained in the Servicing Agreement.


(e)              
If any Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall each 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 Noteholders 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 interests of the Noteholders 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 Borrower,
or exercise or refrain from exercising any powers or rights which the Noteholders may have under the Mortgage Loan Documents, if any such
action would constitute a “significant 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 months after the earliest startup day of any REMIC
which includes the Lead Securitization Note (or any portion thereof). The Noteholders agree that the provisions of this Section 4(e)
shall be effected by compliance by the Lead Securitization Noteholder or its assignees with this Agreement or the Servicing Agreement
or any other agreement which governs the administration of the Mortgage Loan or the Lead Securitization Noteholder’s interests therein.
All costs and expenses of compliance with this Section 4(e), to the extent that such costs and expenses relate to administration
of a REMIC or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment
of any REMIC tax or expense, shall be borne by each Noteholder with respect to the REMIC containing the Note owned by such Noteholder.




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Anything herein or in the
Servicing Agreement to the contrary notwithstanding, in the event that a Note is included in a REMIC and the other Notes are not, the
other Noteholders shall not be required to reimburse such Noteholder that deposited its Note in the REMIC 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 either such other Noteholder be reduced to offset
or make-up any such payment or deficit.


(f)               
(i)Subject to clauses (ii) or (iii) below, with respect to any consent, modification, amendment or waiver under or other action
in respect of the Mortgage Loan (whether or not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major
Decision, the Servicer shall provide the Controlling Noteholder (or its Controlling Noteholder Representative) with at least ten (10)
Business Days (or, in the case of a determination of an Acceptable Insurance Default, twenty (20) days) prior notice requesting consent
to the requested Major Decision. The Servicer shall not take any action with respect to such Major Decision (or make a determination not
to take action with respect to such Major Decision), unless and until the Special Servicer receives the written consent of the Controlling
Noteholder (or its Controlling Noteholder Representative) before implementing a decision with respect to such Major Decision; provided
that following the securitization of the Note that entitles its holder to be the Controlling Noteholder, the provisions of the Lead Servicing
Agreement shall govern the consent and consultation rights under this Agreement.


(ii)       If
the Lead Securitization Noteholder (or the Master Servicer acting on its behalf) has not received a response from the Controlling Noteholder
(or its Controlling Noteholder Representative) with respect to such Major Decision within five (5) Business Days after delivery of the
notice of a Major Decision, the Lead Securitization Noteholder (or the Special Servicer acting on its behalf) shall deliver an additional
copy of the notice of a Major Decision in all caps bold 14-point font: “THIS IS A SECOND NOTICE. FAILURE TO RESPOND WITHIN FIVE
(5) BUSINESS DAYS OF THIS SECOND NOTICE WILL RESULT IN A LOSS OF YOUR RIGHT TO CONSENT WITH RESPECT TO THIS DECISION.” and if the
Controlling Noteholder (or its Controlling Noteholder Representative) fails to respond to the Lead Securitization Noteholder (or the Special
Servicer acting on its behalf) with respect to any such proposed action within five (5) Business Days after receipt of such second notice,
the Controlling Noteholder (or its Controlling Noteholder Representative), as applicable, shall have no further consent rights with respect
to the specific action set forth in such notice. Notwithstanding the foregoing, or if a failure to take any such action at such time would
be inconsistent with the Accepted Servicing Practices, the Master Servicer may take actions with respect to such Property before obtaining
the consent of the Controlling Noteholder (or its Controlling Noteholder Representative) if the Master Servicer reasonably determines
in accordance with the Accepted Servicing Practices that failure to take such actions prior to such consent would materially and adversely
affect the interest of the Noteholders as a collective whole, and the Master Servicer has made a reasonable effort to contact the Controlling
Noteholder. The foregoing shall not relieve




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the Lead Securitization Noteholder (or a Servicer
acting on its behalf) of its duties to comply with the Accepted Servicing Practices.


(iii)       Notwithstanding
the foregoing, the Lead Securitization Noteholder (or any Servicer acting on its behalf) shall not follow any advice or consultation provided
by the Controlling Noteholder (or its Controlling Noteholder Representative) that would require or cause the Lead Securitization Noteholder
(or any Servicer acting on its behalf) to violate any applicable law, including the REMIC Provisions, be inconsistent with the Accepted
Servicing Practices, require or cause the Lead Securitization Noteholder (or any Servicer acting on its behalf) to violate provisions
of this Agreement or the Servicing Agreement, require or cause the Lead Securitization Noteholder (or any Servicer acting on its behalf)
to violate the terms of the Mortgage Loan, or materially expand the scope of the Lead Securitization Noteholder’s (or any Servicer
acting on its behalf) responsibilities under this Agreement or the Servicing Agreement.


The Special Servicer shall
be required to (A) provide copies to each Senior Noteholder that is a Non-Controlling Noteholder of any notice, information and report
that is (or, without regard to the occurrence of any control termination event, consultation termination event or similar event, would
be) required to be provided to the Controlling Noteholder or its representative pursuant to the Servicing Agreement with respect to any
Major Decisions, or the implementation of any recommended actions outlined in an Asset Status Report, within the same time frame that
such notice, information and report is (or, if applicable, would be) required to be provided to the Controlling Noteholder or its representative,
and (B) consult with each Senior Noteholder that is a Non-Controlling Noteholder or its representative on a strictly non-binding basis,
if after having received such notices, information and reports, any such Non-Controlling Noteholder requests consultation with respect
to any such Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report, and consider alternative
actions recommended by such Non-Controlling Noteholder or its representative; provided that after the expiration of a period of
ten (10) Business Days from the delivery to any such Non-Controlling Noteholder by the Special Servicer of written notice of a proposed
action, together with copies of the notice, information and reports, the Special Servicer shall no longer be obligated to consult with
such Non-Controlling Noteholder, whether or not such Non-Controlling Noteholder has responded within such ten (10) Business Day period.
Notwithstanding the consultation rights of any Senior Noteholder that is a Non-Controlling Noteholder set forth in the immediately preceding
sentence, the Special Servicer may make any Major Decision or take any recommended action outlined in an asset status report before the
expiration of the aforementioned ten (10) Business Day period if the Special Servicer determines that immediate action with respect thereto
is necessary to protect the interests of the Noteholders. In no event shall the Special Servicer be obligated at any time to follow or
take any alternative actions recommended by a Non-Controlling Noteholder.


The Noteholders acknowledge
that the Lead Securitization Servicing Agreement may contain certain provisions that give the Controlling Noteholder certain non-binding
consultation rights with respect to Major Decisions related to compliance with the Risk Retention Rules applicable to the Lead Securitization.


(g)              
The Master Servicer or Special Servicer shall obtain Appraisals that meet the requirements of, and at the times required pursuant
to, the terms of the Servicing Agreement.




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(h)              
 Notwithstanding anything to the contrary contained herein or in the Servicing Agreement, if at any time a Borrower Restricted
Party is a Noteholder (a “Borrower Party Noteholder”), then (i) such Borrower Party Noteholder shall not have any rights
as a Controlling Noteholder or a Controlling Class Representative, (ii) such Borrower Party Noteholder shall have no right to appoint
or terminate the Master Servicer or Special Servicer, (iii) such Borrower Party Noteholder shall have no right to consult with or advise
the Master Servicer or Special Servicer, and shall have no right to review and approve or comment on any Asset Status Report and (iv)
in each and every instance where, pursuant to this Agreement or the Servicing Agreement, the Master Servicer or Special Servicer must
take into account the interests of each Noteholder (or words of similar import), such consideration shall be given to the Borrower Party
Noteholder only in its capacity as a holder of the applicable Note.


Section 5.               
Appointment of Controlling Noteholder Representative.


(a)              
The Controlling Noteholder shall have the right at any time to appoint a controlling noteholder representative to exercise its
rights hereunder (the “Controlling Noteholder Representative”). The Controlling Noteholder shall have the right in
its sole discretion at any time and from time to time to remove and replace the Controlling Noteholder Representative. When exercising
its various rights under Section 4 and elsewhere in this Agreement, the Controlling Noteholder may, at its option, in each
case, act through the Controlling Noteholder Representative. The Controlling Noteholder Representative may be any Person (other than a
Borrower Restricted Party), including, without limitation, the Controlling Noteholder, any officer or employee of the Controlling Noteholder,
any Affiliate of the Controlling Noteholder or any other unrelated third party. No such Controlling Noteholder Representative shall owe
any fiduciary duty or other duty to any other Person (other than the Controlling Noteholder). All actions that are permitted to be taken
by the Controlling Noteholder under this Agreement may be taken by the Controlling Noteholder Representative acting on behalf of the Controlling
Noteholder and other Noteholders (and any Servicer) will accept such actions of the Controlling Noteholder Representative as actions of
the Controlling Noteholder. The Lead Securitization Noteholder (or any Servicer on its behalf) shall not be required to recognize any
Person as a Controlling Noteholder Representative until the Controlling Noteholder has notified the Lead Securitization Noteholder (and
any Servicer) of such appointment and, if the Controlling Noteholder Representative is not the same Person as the Controlling Noteholder,
the Controlling Noteholder Representative provides the Lead Securitization Noteholder (and any Servicer) with written confirmation of
its acceptance of such appointment, an address, any fax number and any email address 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, telephone numbers, any fax numbers and any email addresses). The Controlling Noteholder shall promptly deliver such information
to any Servicer. None of the Servicers, the Certificate Administrator or the Trustee shall be required to recognize any Person as a Controlling
Noteholder Representative until they receive such information from the Controlling Noteholder. The Controlling Noteholder agrees to inform
each such Servicer or Trustee of the then-current Controlling Noteholder Representative.


(b)              
Neither the Controlling Noteholder Representative nor the Controlling Noteholder will have any liability to any other Noteholder
or any other Person for any action taken, or for refraining from the taking of any action pursuant to this Agreement or the Servicing




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Agreement, or for errors in judgment, absent
any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence. The Noteholders agree that
the Controlling Noteholder Representative and the Controlling Noteholder may take or refrain from taking actions that favor the interests
of one Noteholder over any other Noteholder, and that the Controlling Noteholder Representative may have special relationships and interests
that conflict with the interests of a Noteholder and, absent willful misfeasance, bad faith or gross negligence on the part of the Controlling
Noteholder Representative or such Controlling Noteholder, as the case may be, agree to take no action against the Controlling Noteholder
Representative, such Controlling Noteholder 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 Noteholder Representative nor such Controlling Noteholder
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 solely in the interests of any
Noteholder.


(c)              
The other Noteholders acknowledge and agree all of the aforementioned rights and obligations of the Controlling Noteholder and
the Controlling Noteholder Representative set forth in Sections 4(f) and this Section 5 shall be exercisable by
the applicable Person specified in the Servicing Agreement as and to the extent set forth in the Servicing Agreement.


Section 6.               
Special Servicer. The Controlling Noteholder (or its Controlling Noteholder Representative), at its expense (including,
without limitation, the reasonable costs and expenses of counsel to any third parties and costs and expenses of the terminated Special
Servicer), shall have the right, at any time from time to time, to appoint a replacement Special Servicer with respect to the Mortgage
Loan. The Controlling Noteholder (or its Controlling Noteholder Representative) shall be entitled to terminate the rights and obligations
of the Special Servicer under the Servicing Agreement, with or without cause, upon at least ten (10) Business Days’ prior written
notice to the Special Servicer (provided, however, that the Controlling Noteholder and/or Controlling Noteholder Representative shall
not be liable for any termination or similar fee in connection with the removal of the Special Servicer in accordance with this Section 6);
such termination shall not be effective unless and until (A) each Rating Agency delivers a Rating Agency Confirmation (to the extent any
portion of the Mortgage Loan has been securitized); (B) the initial or successor Special Servicer has assumed in writing (from and after
the date such successor Special Servicer becomes the Special Servicer) all of the responsibilities, duties and liabilities of the Special
Servicer under the Servicing Agreement from and after the date it becomes the Special Servicer as they relate to the Mortgage Loan pursuant
to an assumption agreement reasonably satisfactory to the Trustee; and (C) the Trustee shall have received an opinion of counsel reasonably
satisfactory to the Trustee to the effect that (x) the designation of such replacement to serve as Special Servicer is in compliance with
the Servicing Agreement, (y) such replacement will be bound by the terms of the Servicing Agreement with respect to such Mortgage Loan
and (z) subject to customary qualifications and exceptions, the applicable Servicing Agreement will be enforceable against such replacement
in accordance with its terms. The Lead Securitization Noteholder shall promptly provide copies to any terminated Special Servicer of the
documents referred to in the preceding sentence. The Lead Securitization Noteholder will reasonably cooperate with the Controlling Noteholder
in order to satisfy the foregoing conditions, including the Rating Agency Confirmation.






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Section 7.               Payment
Procedure.


(a)              
The Lead Securitization Noteholder (or the Master Servicer on its behalf), in accordance with the priorities set forth in Section 3
and subject to the terms of the Servicing Agreement, will deposit or cause to be deposited all payments allocable to the Notes to the
Collection Account or Companion Distribution Account for the Notes established pursuant to the Servicing Agreement. The Lead Securitization
Noteholder (or the Master Servicer on its behalf) shall establish a segregated sub-account for amounts due to each Noteholder. The Lead
Securitization Noteholder (or the Master Servicer acting on its behalf) shall deposit such amounts to the applicable account within two
(2) Business Days following the Lead Securitization Noteholder’s (or the Master Servicer’s acting on its behalf) receipt of
properly identified and available funds from or on behalf of the Borrower.


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


(c)              
If, for any reason, the Lead Securitization Noteholder (or the Master Servicer on its behalf) makes any payment to any other Noteholder
before the Lead Securitization Noteholder (or the Master Servicer on its behalf) has received the corresponding payment (it being understood
that the Lead Securitization Noteholder (or the Master Servicer on its behalf) is under no obligation to do so), and the Lead Securitization
Noteholder (or the Master Servicer on its behalf) does not receive the corresponding payment within three (3) Business Days of its payment
to such other Noteholder, then such other Noteholder will, at the Lead Securitization Noteholder’s (or the Master Servicer’s
on its behalf) request, promptly return that payment to the Lead Securitization Noteholder (or the Master Servicer on its behalf).


(d)              
Each Noteholder 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 will promptly remit such excess to the Lead Securitization Noteholder (or the Master
Servicer on its behalf) subject to this Agreement and the Servicing Agreement and to be distributed pursuant to the terms of this Agreement.
The Lead Securitization Noteholder (or the Master Servicer on its behalf) shall have the right to offset any amounts due hereunder from
any other Noteholder, as applicable, with respect to the Mortgage Loan against any future payments due to such other Noteholder, as applicable,
under the Mortgage Loan, provided, that each Noteholder’s obligations under this Section 7 are separate and distinct
obligations from one another and in no event shall the Lead Securitization Noteholder (or the Master Servicer on its behalf) enforce the




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obligations of one Noteholder against another
Noteholder. Each Noteholder’s obligations under this Section 7 constitute absolute, unconditional and continuing obligations.


Section 8.               
Limitation on Liability of the Noteholders. No Noteholder (including any Servicer on a Noteholder’s behalf, but only
to the extent that the Servicing Agreement does not impose any other standard upon any Servicer, in which case the Servicing Agreement
shall control) shall have any liability to any other Noteholder except with respect to losses actually suffered due to the gross negligence,
willful misconduct or breach of this Agreement on the part of such Noteholder.


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


The Note B Holder acknowledges
that, subject to the terms and conditions hereof and the obligation of any Non-Lead Securitization Noteholder (including any Non-Lead
Servicer) to comply with, and except as otherwise required by, the Accepted Servicing Practices (as if such standard was applicable to
any Non-Lead Securitization Noteholder as a “servicer” thereunder), each Non-Lead Securitization Noteholder (including any
Non-Lead Servicer) may exercise, or omit to exercise, any rights that such Non-Lead Securitization Noteholder may have under this Agreement
and the Servicing Agreement in a manner that may be adverse to the interests of the Note B Holder and that any Non-Lead Securitization
Noteholder (including any Non-Lead Servicer) shall have no liability whatsoever to the Note B Holder in connection with any Non-Lead Securitization
Noteholder’s exercise of rights or any omission by a Non-Lead Securitization Noteholder to exercise such rights other than as described
above; provided, however, that the Non-Lead Servicer must act in accordance with the servicing standard under the Non-Lead
Securitization Servicing Agreement.


Each Noteholder acknowledges
that, subject to the terms and conditions hereof, any other Noteholder may exercise, or omit to exercise, any rights that such Noteholder
may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests of each other Noteholder and
that such Noteholder shall have no liability whatsoever to any other Noteholder in connection with such Noteholder’s exercise of
rights or any omission by such Noteholder to exercise such rights; provided, however, that such Noteholder shall not be
protected against any liability to any other Noteholder that would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence.


Section 9.               
Bankruptcy. Subject to the provisions of Section 4(f) hereof and the Accepted Servicing Practices, each Noteholder
hereby covenants and agrees that only the Lead Securitization Noteholder (or the Master Servicer on its behalf) has the right to institute,
file,




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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 Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official with respect to the Borrower or all or any part of its property or assets or ordering the winding-up
or liquidation of the affairs of the Borrower. Subject to the provisions of Section 4(f) hereof and the Accepted Servicing Practices,
each Noteholder further agrees that only the Lead Securitization Noteholder, as a creditor, 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 Borrower
under the Bankruptcy Code or in any other Insolvency Proceeding. Subject to the provisions of Section 4(f), the Noteholders hereby
appoint the Lead Securitization Noteholder as their agent, and grant to the Lead Securitization Noteholder 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
the Noteholders (including the Controlling Noteholder) in connection with any case by or against the 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. The Noteholders, hereby agree that, upon the
request of the Lead Securitization Noteholder but subject to the provisions of Section 4(f), each other Noteholder shall execute,
acknowledge and deliver to the Lead Securitization Noteholder all and every such further deeds, conveyances and instruments as the Lead
Securitization Noteholder may reasonably request for the better assuring and evidencing of the foregoing appointment and grant. All actions
taken by any Servicer in connection with any Insolvency Proceeding are subject to and must be in accordance with the Accepted Servicing
Practices.


Section 10.           
Representations of the Note B Holder. The Note B Holder represents, solely as to itself and its Note, and it is specifically
understood and agreed, that it is acquiring such Note for its own account in the ordinary course of its business and none of the other
Noteholders shall have any liability or responsibility to the Note B Holder except (i) as expressly provided herein or (ii) for actions
that are taken or omitted to be taken by such other Noteholder that constitute gross negligence or willful misconduct or that constitute
a breach of this Agreement. The Note B Holder represents and warrants solely as to itself 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
its charter or any law or contractual restriction binding upon the Note B Holder, and that this Agreement is the legal, valid and binding
obligation of the Note B Holder enforceable against the Note B 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. The Note B Holder represents and warrants solely as to itself that it is duly organized, validly existing, in good standing and possesses
of all licenses and authorizations necessary to perform its obligations hereunder. The Note B Holder represents and warrants as to itself
that (a) this Agreement has been duly executed and delivered by the Note B Holder, (b) to the Note B Holder’s actual knowledge,
all consents,




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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
the Note B Holder have been obtained or made and (c) to the Note B Holder’s actual knowledge, there is no pending action, suit or
proceeding, arbitration or governmental investigation against the Note B Holder, an adverse outcome of which would materially and adversely
affect its performance under this Agreement.


The Note B Holder acknowledges
that no other Noteholder owes the Note B Holder any fiduciary duty with respect to any action taken under the Mortgage Loan Documents
and, except as provided herein, need not consult with the Note B Holder with respect to any action taken by such other Noteholder, as
applicable, in connection with the Mortgage Loan.


The Note B Holder expressly
and irrevocably waives for itself and any Person claiming through or under the Note B Holder any and all rights that it may have under
Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions of any similar law which purports to give
a junior loan noteholder the right to initiate any loan enforcement or foreclosure proceedings.


Section 11.           
Representations of each Initial Noteholder. Each Initial Noteholder 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 Noteholder’s charter or any law or contractual restriction binding upon such Noteholder and that this Agreement
is the legal, valid and binding obligation of such Noteholder as applicable enforceable against it in accordance with its terms. Each
Initial Noteholder represents and warrants that it is duly organized, validly existing, in good standing and possession of all licenses
and authorizations necessary to carry on its respective business. Each Initial Noteholder represents and warrants that (a) this Agreement
has been duly executed and delivered by such Noteholder, (b) to such Noteholder’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 Noteholder have been obtained or made and (c) to such Noteholder’s actual knowledge, there is no pending
action, suit or proceeding, arbitration or governmental investigation against such Noteholder, an adverse outcome of which would materially
and adversely affect its performance under this Agreement.


Each Initial Noteholder acknowledges
that no other Noteholder owes such Noteholder any fiduciary duty with respect to any action taken under the Mortgage Loan Documents and,
except as provided herein or in the Servicing Agreement, need not consult with such Noteholder with respect to any action taken by such
Noteholder in connection with the Mortgage Loan.


Section 12.           
Independent Analysis of the Note B Holder. The Note B Holder acknowledges that it has, independently and without reliance
upon any Initial Noteholder, except with respect to the representations and warranties provided by an Initial Noteholder herein and in
any documents or instruments executed and delivered by the such Initial Noteholder in connection herewith (including the representations
and warranties provided in the agreement pursuant to which it acquired Note B), and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to purchase Note B and the Note B Holder




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accepts responsibility therefor. The Note B
Holder hereby acknowledges that, other than the representations and warranties provided herein and in such other documents or instruments,
no Initial Noteholder has made any representations or warranties with respect to the Mortgage Loan, subject to such representations and
warranties as provided by such Initial Noteholder herein and in such other documents and instruments, and that no Initial Noteholder shall
have any responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability or legal effect of any of the
Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be furnished to an Initial Noteholder
in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the lien created or to be
created by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower. The Note B Holder assumes all risk of loss in
connection with its Note except as specifically set forth herein.


Section 13.           
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 or among any of the Noteholders as a partnership, association,
joint venture or other entity. None of the Noteholders shall have any obligation whatsoever to offer to any other Noteholder the opportunity
to purchase a Note interest in any future loans originated by such Noteholder or its Affiliates, and if such Noteholder chooses to offer
to any other Noteholder the opportunity to purchase a Note interest in any future mortgage loans originated by the such Noteholder or
their respective Affiliates, such offer shall be at such purchase price and interest rate as the offering Noteholder chooses, in its sole
and absolute discretion. No Noteholder shall have any obligation whatsoever to purchase from any other Noteholder an interest in any future
loans originated by such Noteholder or their respective Affiliates.


Section 14.           
Not a Security. No Note shall be deemed to be a security within the meaning of the Securities Act of 1933 or the Securities
Exchange Act of 1934.


Section 15.           
Other Business Activities of the Noteholders. Each Noteholder acknowledges that each other Noteholder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, (i) (a) the Borrower or (b) any direct
or indirect parent of the Borrower or (c) any Affiliate of the Borrower or (d) any Affiliate of any direct or indirect parent of the Borrower,
(ii) any entity that is a holder of debt secured by direct or indirect ownership interests in the Borrower or any Affiliate of the holder
of such debt, or (iii) any entity that is a holder of a preferred equity interest in the Borrower or any Affiliate of a holder of such
preferred equity (each, a “Borrower Related Party”), and receive payments on such other loans or extensions of credit
to Borrower Related Parties 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 16.           
Sale of the Notes.


(a)              
The Note B Holder agrees that it will not Transfer all or any portion of its Note except in accordance with this Section 16.
The Note B Holder shall have the right, without the need to obtain the consent of any other Noteholder or any other Person, to Transfer
49% or less (in the aggregate) of its interest in its Note to any Person, provided that any such Transfer shall be made in accordance
with the terms of this Section 16. The Note B Holder shall have the right to Transfer its entire Note or any portion thereof
exceeding 49%, (i) to a Qualified Institutional




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Lender, provided, that (except in the case
of a Transfer to the Lead Securitization) promptly after the Transfer each Senior Noteholder is provided with (x) a representation from
a transferee or the Note B Holder certifying that such transferee is a Qualified Institutional Lender, and (y) a copy of the assignment
and assumption agreement referred to in Section 17 and provided, further, that such transfer would not cause such Note to
be held by more than five persons nor cause there to be no one person owning a majority of such Note and (ii) to an entity that is not
a Qualified Institutional Lender, provided that with respect to this clause (ii), the Note B Holder obtains (1) prior to the Lead Securitization
Date, the consent of the Lead Securitization Noteholder and each other Senior Noteholder, each such consent not to be unreasonably withheld,
conditioned or delayed, and (2) after the Lead Securitization Date, Rating Agency Confirmation (and for avoidance of doubt, no consent
of the Lead Securitization Noteholder or other Senior Noteholder shall be required after the closing of the Lead Securitization); provided
that in each of case (1) and (2), (x) promptly after the Transfer each Senior Noteholder is provided with a copy of the assignment and
assumption agreement referred to in Section 17 and (y) such transfer would not cause the subject Note to be held by more than
five persons; and provided further, however, that if such transfer would cause there to be no one person owning a majority of the
subject Note, then such transfer will not be permitted unless persons owning a majority of the subject Note designate one of such persons
to act on behalf of such persons owning such majority. If the subject Note is held by more than one Noteholder at any time, the holders
of a majority of interest in the subject Note shall immediately appoint a representative to exercise all rights of the Note B Holder hereunder.
Notwithstanding the foregoing, without the Lead Securitization Noteholder’s prior consent, which may be withheld in the Lead Securitization
Noteholder’s sole and absolute discretion, no Note B Holder shall Transfer all or any portion of its Note to a Borrower Restricted
Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. The Note B Holder
agrees that it shall pay the expenses of the Lead Securitization Noteholder (including all expenses of the Master Servicer and the Special
Servicer) and the other Non-Lead Securitization Noteholders (including all expenses of the related Non-Lead Master Servicers and the related
Non-Lead Special Servicers) in connection with any such Transfer.


(b)              
All Transfers under Section 16(a) shall be made upon written notice to the Senior Noteholders not later than the date
of such Transfer, and (except in connection with a Transfer to the Lead Securitization) each transferee shall (i) execute an assignment
and assumption agreement whereby such transferee assumes all or a ratable portion, as the case may be, of the obligations of the Note
B Holder hereunder with respect to its Note from and after the date of such assignment (or, in the case, of a pledge, collateral assignment
or other encumbrance made in accordance with Section 16(e) by the Note B Holder of its Note solely as security for a loan
to the Note B Holder made by a third-party lender whereby the Note B Holder remains fully liable under this Agreement, on or before the
date on which such third-party lender succeeds to the rights of the Note B Holder by foreclosure or otherwise, such third-party lender
executes an agreement that such lender shall be bound by the terms and provisions of this Agreement and the obligations of the Note B
Holder hereunder) and (ii) agree in writing to be bound by the Servicing Agreement, unless the Servicing Agreement is not then in
effect with respect to the Mortgage Loan, in which event the parties will enter into or agree to be bound by any replacement servicing
agreement therefor in accordance with the provisions hereof. Upon the consummation of a Transfer of all or any portion of Note B in accordance
with this Agreement, the transferring Person shall be released from all liability arising under this Agreement with respect to Note B
(or the portion thereof that was the subject of such Transfer), for the period after the effective date of such Transfer (it being




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understood and agreed that the foregoing release
shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest in Note B as described in
clause (c) below). In connection with any such permitted transfer of a portion of Note B and for all purposes of this Agreement,
each Senior Noteholder need only recognize the majority holder of Note B for purposes of notices, consents and other communications between
the Noteholders, and such majority holder of Note B shall be the only Person authorized hereunder to exercise any rights of the Note B
Holder under this Agreement; provided, however, the majority holder of Note B may from time to time designate any other
Person as an additional party entitled to receive notices, consents and other communications and/or to exercise rights on behalf of the
Note B Holder hereunder by delivering written notice thereof to each Senior Noteholder, and, from and after delivery of such notice, such
designee shall be so authorized hereunder and shall be the only party entitled to receive such notices, consents and such other communications
and/or to exercise such rights.


(c)              
In the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such Noteholder’s
obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible for the performance
of such obligations, (iii) the other Noteholders and any Persons acting on their behalf shall continue to deal solely and directly
with such Noteholder in connection with such Noteholder’s rights and obligations under this Agreement and the Servicing Agreement,
and (iv) all amounts payable hereunder shall be determined as if such Noteholder had not sold such participation interest; provided,
however, that if the applicable participant is a Qualified Institutional Lender (and delivers to the other Noteholders a certification
from an authorized officer confirming its status as a Qualified Institutional Lender), such Noteholder, by written notice to the other
Noteholders, may delegate to such participant such Noteholder’s right (if any) to exercise the rights of the Controlling Noteholder
or a Non-Controlling Noteholder, as applicable, hereunder and under the Servicing Agreement.


(d)              
Each of the Senior Noteholders shall have the right to Transfer all or any portion of its Senior Note without the prior consent
of any other Noteholder (i) with respect to each Senior Note prior to an Event of Default, to any party other than a Borrower Restricted
Party and (ii) after an Event of Default, to any party, including a Borrower Restricted Party; provided, however, that (1)
the Senior Noteholder must notify each Rating Agency and each other Noteholder before transfer to a Borrower Restricted Party, and (2)
following such Transfer of any Senior Note, the Mortgage Loan continues to be serviced in its entirety pursuant to the Servicing Agreement
by a Servicer unaffiliated with the Borrower. For the avoidance of doubt, no Noteholder or the Master Servicer shall have any right to
Transfer or cause the Transfer of any other Note.


(e)              
Notwithstanding any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity (other
than the Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Noteholder 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 (a “Note Pledgee”), on terms and conditions set forth in this Section 16(e),
it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any person which Controls such Noteholder that
is secured by such Noteholder’s




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interest in the applicable Note and is structured
as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee which is not a Qualified
Institutional Lender may not take title to the pledged Note without (a) prior to the first Securitization of any Note, the consent of
each other Noteholder and (b) after the closing of the first Securitization of any Note, Rating Agency Confirmation. Upon written notice
by the applicable Noteholder to each other Noteholder and any Servicer that a Pledge has been effected (including the name and address
of the applicable Note Pledgee), each other Noteholder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to
give Note Pledgee written notice of any default by the pledging Noteholder in respect of its obligations under this Agreement of which
default such Noteholder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) Business Days to cure a default
by the pledging Noteholder in respect of its obligations to each other Noteholder 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 Noteholder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously
with the giving of same to the pledging Noteholder and accept any cure thereof by such Note Pledgee which such pledging Noteholder has
the right (but not the obligation) to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such other
Noteholder 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 Noteholder; and (vi) that, upon written notice (a “Redirection
Notice”) to each other Noteholder and any Servicer by such Note Pledgee that the pledging Noteholder is in default, beyond any
applicable cure periods, under the pledging Noteholder’s obligations to such Note Pledgee pursuant to the applicable credit agreement
between the pledging Noteholder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Noteholder), and
until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that
any Noteholder or Servicer would otherwise be obligated to pay to the pledging Noteholder from time to time pursuant to this Agreement
or any Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely releases each other Noteholder and any Servicer
from any liability to the pledging Noteholder on account of any Noteholder’s or Servicer’s compliance with any Redirection
Notice believed by any Servicer or any such other Noteholder to have been delivered by a Note Pledgee. Note Pledgee shall be permitted
to exercise fully its rights and remedies against the pledging Noteholder 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 Noteholders and any Servicer shall recognize
such Note Pledgee (and any transferee other than the Borrower or any Affiliate thereof which 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 Noteholder’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 Noteholder 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 16(e) shall remain effective as to any Noteholder (and any Servicer) unless and
until such Note Pledgee shall have notified any such Noteholder (and any Servicer, as applicable) in writing that its interest in the
pledged Note has terminated.




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(f)               
 Notwithstanding any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified Institutional
Lender provides financing to a Noteholder then such Noteholder 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 Noteholder to finance the acquisition and
holding of its Note will require a third party (the “Conduit Credit Enhancer”) to provide credit enhancement;


(ii)           
The Conduit Credit Enhancer and conduit manager (if Moody’s rates the Securitization) will be a Qualified Institutional Lender;


(iii)           
Such Noteholder will pledge (or sell, transfer or assign as part of a repurchase facility) its interest in the applicable Note
to the Conduit as collateral for the Conduit Inventory Loan;


(iv)           
The Conduit Credit Enhancer and the Conduit will agree that, if such Noteholder 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 Noteholder, the Conduit Credit
Enhancer will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Noteholder’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 the consent of each
other Noteholder, have any greater right to acquire the interests in the Note pledged by such Noteholder, 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 17.           
Registration of Transfer. In connection with any Transfer of a Note (but excluding (x) any participant and (y) any Note
Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment and assumption agreement whereby such transferee
assumes all of the obligations of the applicable Noteholder hereunder with respect to such Note thereafter accruing and agrees to be bound
by the terms of this Agreement, including the restriction on Transfers set forth in Section 15, from and after the date of such assignment.
Notwithstanding the preceding sentence, a Trustee shall not be required to execute an assignment and assumption agreement in connection
with any Transfer of a Note if the obligations are assumed pursuant to the Servicing Agreement. In connection with a Transfer of a Note,
the Agent shall not recognize any attempted or purported transfer of any Note in violation of the provisions of Section 15 and this
Section 17. Any such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each
Noteholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and any other Noteholder against any
liability that may result if the transfer is not made in accordance with the provisions of this Agreement. Upon a Securitization of the
Lead Securitization Note, the Certificate Administrator shall automatically become and be the Agent.






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Section 18.           Registration
of the Notes. 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 Section 17, and the principal amounts
(and stated interest) of the Note owing to each such Noteholder, 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, except in
the case of the Initial Noteholders who may hold their Notes through a nominee. Upon request of a Noteholder, the Agent shall provide
such party with the names and addresses of the Noteholders. To the extent another party is appointed as Agent hereunder, the Noteholders
hereby designate such person as its agent under this Section 18 solely for purposes of maintaining the Note Register. The parties
intend for the Notes to be in registered form for federal income tax purposes under Section 5f.103-1(c) of the United States Treasury
Regulations.


Section 19.           
Statement of Intent. The Agent and each Noteholder intend that the Notes be classified, and the arrangement hereby be maintained,
in a manner consistent with rules applicable to a grantor trust under subpart E, part I of subchapter J of chapter 1 of the Code that
is a fixed investment trust within the meaning of Treasury Regulation §301.7701-4(c), and the parties will not take any action inconsistent
with such classification. It is neither the purpose nor the intent of this Agreement to create a partnership, joint venture, “taxable
mortgage pool” or association taxable as a corporation among the parties.


Section 20.           
No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Noteholders.
Except as otherwise provided in this Agreement and the Servicing Agreement, no Non-Lead Securitization Noteholder shall have any interest
in any property taken as security for the Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease
or other disposition thereof shall be received, then each Non-Lead Securitization Noteholder shall be entitled to receive its share of
such application in accordance with the terms of this Agreement and/or the Servicing Agreement.


Section 21.           
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 DUTIES OF THE
PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. 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. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.


Section 22.           
Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:




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(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


(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 23.           
Modifications; Amendment. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing
signed by each Noteholder. Additionally, for as long as any Note is contained in a Securitization Trust, the Noteholders shall not amend
or modify this Agreement without first receiving a Rating Agency Confirmation; provided that no such confirmation from the Rating Agencies
shall be required in connection with a modification or amendment (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 Servicing Agreement, (ii) entered into pursuant to
Section 35 of this Agreement or (iii) to correct or supplement any provision herein that may be defective or inconsistent with any
other provisions of this Agreement.


Section 24.           
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 permitted assigns. Except as provided herein, 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 15, each Noteholder 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 Noteholder hereunder, including, without limitation, the right to make further assignments and grant additional Notes.


Section 25.           
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute
one and the same instrument.




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Delivery of an executed counterpart of a signature
page of this Agreement (and, to the extent permitted under applicable law, each officer’s certificate, receipt or similar closing
document delivered in connection with the closing of this transaction) in Portable Document Format (PDF), Tagged Image File Format (TIF
or TIFF), .JPG or .JPEG file format, or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart
of this Agreement.


Section 26.           
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only
and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration
in the construction of this Agreement.


Section 27.           
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 28.           
Entire Agreement. This Agreement constitutes the entire agreement among 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 29.           
Withholding Taxes.


(a)              
If the Lead Securitization Noteholder or the Borrower shall be required by law to deduct and withhold Taxes from interest, fees
or other amounts payable to any Non-Lead Securitization Noteholder with respect to the Mortgage Loan as a result of such Non-Lead Securitization
Noteholder constituting a Non-Exempt Person, the Lead Securitization Noteholder, or the Master Servicer on its behalf, shall be entitled
to do so with respect to such Non-Lead Securitization Noteholder’s interest in such payment (all amounts so withheld being deemed
paid to such Non-Lead Securitization Noteholder), provided that the Lead Securitization Noteholder shall furnish such Non-Lead
Securitization Noteholder 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 Non-Lead Securitization Noteholder to seek any allowable credits or deductions
for the Taxes so withheld in each jurisdiction in which such Non-Lead Securitization Noteholder is subject to tax.


(b)              
The Non-Lead Securitization Noteholders shall and hereby agrees to indemnify the Lead Securitization Noteholder against and hold
the Lead Securitization Noteholder harmless from and against any Taxes, interest, penalties and reasonable attorneys’ fees, expenses
and disbursements arising or resulting from any failure of the Lead Securitization Noteholder (or the Master Servicer on its behalf) to
withhold Taxes from payment made to any Non-Lead Securitization Noteholder in reliance upon any representation, certificate, statement,
document or instrument made or provided by such Non-Lead Securitization Noteholder to the Lead Securitization Noteholder in connection
with the obligation of the Lead Securitization Noteholder to withhold Taxes from payments made to such Non-Lead Securitization Noteholder,
it being expressly understood and agreed that (i) the Lead Securitization Noteholder shall be absolutely and unconditionally entitled
to accept any such representation, certificate, statement, document or




    54 


     


    

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 Noteholder shall, upon request of the
Lead Securitization Noteholder, at its sole cost and expense, defend any claim or action relating to the foregoing indemnification using
counsel selected by the Lead Securitization.


(c)              
Each Non-Lead Securitization Noteholder represents to the Lead Securitization Noteholder (for the benefit of the Borrower) that
it is not a Non-Exempt Person and that neither the Lead Securitization Noteholder nor the 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. From time to time as necessary
during the term of this Agreement, any Non-Lead Securitization Noteholder (if not included at such time in the Lead Securitization Trust)
shall deliver to the Lead Securitization Noteholder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Noteholder
substantiating that such Non-Lead Securitization Noteholder is not a Non-Exempt Person and that the Lead Securitization Noteholder 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 any Non-Lead Securitization Noteholder 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 Noteholder an Internal Revenue Service Form W-9 and (ii) if any Non-Lead Securitization Noteholder 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 Borrower is treated for United States income tax purposes as derived in whole or part from sources within the United States,
such Non-Lead Securitization Noteholder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization
Noteholder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN-E or Form W-8BEN, or successor
forms, as may be required from time to time, duly executed by such Non-Lead Securitization Noteholder, as evidence of such Non-Lead Securitization
Noteholder’s exemption from the withholding of United States tax with respect thereto. The Lead Securitization Noteholder shall
not be obligated to make any payment hereunder to any Non-Lead Securitization Noteholder in respect of its respective Non-Lead Securitization
Note or otherwise until such Non-Lead Securitization Noteholder shall have furnished to the Lead Securitization Noteholder the requested
forms, certificates, statements or documents.


Section 30.           
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Notes) will be held
by the Lead Securitization Noteholder (or a custodian acting on behalf of the Lead Securitization Noteholder) who shall act as secured
party under the Mortgage Loan Documents on behalf of the registered holders of the Notes. Notwithstanding anything to the contrary in
this Agreement, upon the Lead Securitization, the originals of all of the Mortgage Loan Documents (other than the Notes) shall be held
by the Custodian. Each Note shall be held by the respective Noteholder or a custodian appointed by such Noteholder.


Section 31.           
Notices. All notices required hereunder shall be given by (i) writing and personally delivered, (ii) sent by facsimile transmission
(during business hours) if a party has provided a facsimile number, (iii) reputable overnight delivery service (charges prepaid), (iv)
sent




    55 


     


    

by electronic mail containing language requesting
the recipient to confirm receipt thereof if a party has provided an electronic mail address and only if such electronic mail is promptly
followed by a written notice or (v) 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.


All notices and reports (including,
without limitation, Asset Status Reports) required to be delivered hereunder by the Lead Securitization Noteholder (or any Servicer on
its behalf) to the Controlling Noteholder (or its Controlling Noteholder Representative), or by the Controlling Noteholder (or its Controlling
Noteholder Representative) to the Lead Securitization Noteholder (or any Servicer on its behalf), shall also be delivered by the applicable
party to each other Noteholder.


Section 32.           
Broker. Each Noteholder represents to each other Noteholder that no broker was responsible for bringing about this transaction.


Section 33.           
Certain Matters Affecting the Agent.


(a)              
The Noteholders hereby appoint the Agent to act on their behalf, and the Agent shall act on behalf of the Noteholders;


(b)              
The Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 17;


(c)              
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;


(d)              
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 of the Noteholders pursuant to the provisions of this Agreement, unless it has received indemnity reasonably
satisfactory to it;


(e)              
The Agent or any of its directors, officers, employees, Affiliates, agents or “control” persons within the meaning
of the Securities 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;


(f)               
The Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate or assignment
and assumption agreement delivered to the Agent pursuant to Section 17; and


(g)              
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.





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Section 34.           
Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Lead Securitization
Noteholder. In the event that the Agent is terminated pursuant to this Section 34, all of its rights and obligations under
this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such termination.


The Agent may resign at any
time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this Agreement and
perform the duties of the Agent hereunder. BMO, as Initial Agent, may transfer its rights and obligations to a Servicer, as successor
Agent, at any time without the consent of any Noteholder. BMO, as Initial Agent, shall promptly and diligently attempt to cause such Servicer
to act as successor Agent, and, if such Servicer declines to act in such capacity, shall promptly and diligently attempt to cause a similar
servicer to act as successor Agent. Notwithstanding the foregoing, the Noteholders hereby agree that, simultaneously with the closing
of the Lead Securitization, the Certificate Administrator shall be deemed to have been automatically appointed as the successor Agent
under this Agreement in place of the Initial Agent or any successor thereto prior to such Securitization without any further notice or
other action. The termination or resignation of the Certificate Administrator, as Certificate Administrator under the Servicing Agreement,
shall be deemed a termination or resignation of such Certificate Administrator as Agent under this Agreement.


Section 35.           
Resizing. In connection with the Mortgage Loan, each Noteholder agrees, subject to clause (iii) below in this paragraph,
that if a Senior Noteholder determines that it is advantageous to resize one or more of its Senior Notes by causing the Borrower to execute
amended and restated or additional pari passu notes (in either case, “New Notes”) reallocating the principal
of such Senior Note to such New Notes, each Noteholder other than the resizing Noteholder shall cooperate with the resizing Noteholder
to effect such resizing at such resizing Noteholder’s expense; provided that (i) the aggregate principal balance of all outstanding
New Notes following the creation thereof is no greater than the principal balance of such Senior Note or Senior Notes immediately prior
to the creation of the New Notes, (ii) the weighted average Interest Rate of all outstanding New Notes (based on the relative principal
balance of such New Notes) following the creation thereof is the same as the Interest Rate of the related Senior Note or Senior Notes
immediately prior to the creation of the New Notes, and (iii) no such resizing shall (x) change the interest allocable to, or
the amount of any payments due to, any other Noteholder, or priority of such payments, or (y) increase any other Noteholder’s
obligations or decrease any other Noteholder’s rights, remedies or protections. In connection with any resizing of a Senior Note,
the related Senior Noteholder may allocate its rights hereunder among the New Notes in any manner in its sole discretion.


Section 36.           
Conflict. To the extent of any inconsistency between the Servicing Agreement, on one hand, and this Agreement, on the other,
this Agreement shall control.


Section 37.           
Electronic Signatures. Each of the parties hereto agrees that the transaction consisting of this Agreement (and, to the
extent permitted under applicable law, each officer’s certificate, receipt or similar closing document delivered in connection with
the closing of this transaction) may be conducted by electronic means. Each party agrees, and acknowledges that it is such party’s
intent, that if such party signs this Agreement (or, if applicable, such closing




    57 


     


    

document) using an electronic signature, it
is signing, adopting, and accepting this Agreement or such closing document and that signing this Agreement or such closing document using
an electronic signature is the legal equivalent of having placed its handwritten signature on this Agreement or such closing document
on paper. The use of electronic signatures and electronic records (including, without limitation, any contract or other record created,
generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability
as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any
other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial
Code.


Section 38.           
Cooperation in Securitization.


(a)              
Each Noteholder acknowledges that any Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In
connection with a Securitization of an A Note or Note B, at the request of the related Noteholder, each other Noteholder shall use commercially
reasonable efforts, at the requesting Noteholder’s expense, to satisfy, and to cooperate with the requesting Noteholder in attempting
to cause the Borrower to satisfy, the market standards to which the requesting Noteholder customarily adheres or which may be reasonably
required in the marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to,
as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the requesting Noteholder in attempting
to cause the 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 the Securitization; provided, however, that either in connection with the Securitization or
otherwise at any time prior to the Securitization no other Noteholder 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 any payments to be made to, such Noteholder, (ii) increase
such Noteholder’s obligations or decrease such Noteholder’s rights, remedies or protections hereunder or under any Mortgage
Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any such
Securitization of an A Note or Note B, each other Noteholder agrees to provide for inclusion in any disclosure document relating to the
related Securitization such customary non-confidential information concerning such Noteholder as the requesting Noteholder reasonably
determines to be necessary to satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and
agrees that if it is not the requesting Noteholder, it shall use commercially reasonable efforts to cooperate with the requests of each
Rating Agency and the requesting Noteholder in connection with the preparation of any offering documents in connection with the Securitization,
and to review and respond reasonably promptly with respect to any information relating to it in any Securitization document, all at the
cost and expense of the requesting Noteholder. Each Noteholder acknowledges that the information provided by it to the requesting Noteholder
pursuant to this Section 38 may be incorporated into the offering documents for a Securitization. A requesting Note A Holder or
the Note B Holder and each Rating Agency shall be entitled to rely on the information supplied by each other Noteholder pursuant to this
Section 38.




    58 


     


    

(b)              
 A Note A Holder or the Note B Holder securitizing its Note may, at its election, deliver to each other Noteholder drafts of the
preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in
the case of the Note A-1 Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general
working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates
to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review
and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days
after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the
related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder
shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s
rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect
to the preliminary and final offering memoranda, prospectus, free writing prospectus or any other disclosure documents the requesting
Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice
any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation
or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.


(c)              
Notwithstanding anything herein to the contrary, each of the Note A Holders and the Note B Holder acknowledges and agrees that
(i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective Securitizations of A
Notes and Note B, and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably
determined by the requesting Note A Holder or the Note B, as applicable, to be necessary to satisfy its disclosure obligations in connection
with its Securitization.


[SIGNATURE PAGE FOLLOWS]


 




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





	 	BANK OF MONTREAL, as Initial Note
A Holder and Initial Agent
	 	 
	 	By:  	/s/ David Schell
	 	 	Name:  	 David Schell
	 	 	Title: 	 Authorized Signatory
	 	 	 	 


 



 


BMO 2022-C1 – 111 River Street Co-Lender
Agreement


 




     


     


    

 





	 	BANK OF MONTREAL, as Initial Note B
 Holder 
	 	 
	 	By:  	/s/ David Schell
	 	 	Name:  	 David Schell
	 	 	Title: 	 Authorized Signatory
	 	 	 	 






 


 

BMO 2022-C1 – 111 River Street Co-Lender
Agreement


 





     


     


    

 


EXHIBIT A



MORTGAGE LOAN SCHEDULE


A.       Description of Mortgage
Loan:


	Mortgage Loan Agreement:	Loan Agreement, dated as of January 21, 2022, among Bank of Montreal and the Borrower, as the same may be further amended, restated, supplemented or otherwise modified from time to time
	Borrower	River and First Streets LLC and 280-10 Group LLC
	Origination Date of the Mortgage Loan and Notes:	January 21, 2022 (Note A-1, Note A-2, Note A-3 and Note B)
	Initial Principal Amount of 

Mortgage Loan:	$153,750,000
	Location of the Property:	Hoboken, New Jersey
	Maturity Date:	February 6, 2027


B.       Description of Note
Interests: Each Note shall have the initial Principal Balance, Percentage Interest and initial rate of interest set forth in the table
below.


	
    Note
    Designation
	
    Initial

    Interest Rate
	
    

    Percentage Interest
	
    Principal
    Balance as of January 24, 2022

	Note A-1	 	3.2800%	$37,500,000
	Note A-2	 	3.2800%	$28,000,000
	Note A-3	 	3.2800%	$12,000,000
	Note B	 	3.2800%	$76,250,000
	 	 	 	 




    A-1


     


    

EXHIBIT B


Initial Noteholders:


If to BMO:


Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Mike Birajiclian

Email: Michael.Birajiclian@bmo.com


with a copy to:


Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Legal Department

Email: BMOCMUSLegal@bmo.com






 


 


 


 




    B-1


     


    

EXHIBIT C



PERMITTED FUND MANAGERS


 


	1.	Westbrook Partners
	2.	DLJ Real Estate Capital Partners
	3.	iStar Financial Inc.
	4.	Capital Trust, Inc.
	5.	Lend-Lease Real Estate Investments
	6.	Archon Capital, L.P.
	7.	Whitehall Street Real Estate Fund, L.P.
	8.	The Blackstone Group International Ltd.
	9.	Apollo Real Estate Advisors
	10.	Colony Capital, Inc.
	11.	Praedium Group
	12.	J.E. Robert Companies
	13.	Fortress Investment Group LLC
	14.	Lonestar Opportunity Fund
	15.	Clarion Partners
	16.	Walton Street Capital, LLC
	17.	Starwood Financial Trust
	18.	BlackRock, Inc.
	19.	Rialto Capital Management, LLC
	20. 	Rialto Capital Advisors, LLC
	21.	Raith Capital Partners, LLC
	22.	Eightfold Real Estate Capital, L.P.
	23.	Perella Weinberg Partners
	24.	Square Mile Capital Management LLC










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