Exhibit 4.12


EXECUTION VERSION 


 


PGH17 Self Storage Portfolio


 


 


 


CO-LENDER
AGREEMENT


Dated as of August 12, 2020


between


 


LMF COMMERCIAL,LLC

(Note A-1 Holder)


 


and


 


LMF COMMERCIAL, LLC


(Note A-2 Holder)


 


and


 


LMF COMMERCIAL, LLC


(Note A-3 Holder)


 


 


 


 




     


     


    

TABLE OF CONTENTS


Page


	1.	Definitions; Conflicts.	2
	2.	Servicing of the Mortgage Loan.	14
	3.	Priority of Notes.	15
	4.	Workout.	16
	5.	Accounts; Payment Procedure.	16
	6.	Limitation on Liability.	17
	7.	Representations of the Holders.	17
	8.	Independent Analyses of each Holder.	18
	9.	No Creation of a Partnership or Exclusive Purchase Right.	18
	10.	Not a Security.	18
	11.	Other Business Activities of the Holders.	19
	12.	Transfer of Notes.	19
	13.	Exercise of Remedies by the Servicer.	21
	14.	Rights of the Directing Holder.	23
	15.	Appointment of Special Servicer.	24
	16.	Rights of the Non-Directing Holder.	25
	17.	Advances; Reimbursement of Advances.	26
	18.	Provisions Relating to Securitization.	27
	19.	Governing Law; Waiver of Jury Trial.	34
	20.	Modifications.	34
	21.	Successors and Assigns; Third Party Beneficiaries.	34
	22.	Counterparts.	35
	23.	Captions.	35
	24.	Notices.	35
	25.	Custody of Mortgage Loan Documents.	35


 




    -i- 


     


    

THIS CO-LENDER
AGREEMENT (the “Agreement”), dated as of August 12, 2020, is between LMF COMMERCIAL, LLC, a Delaware
limited liability company (“LMF”), having an address at 590 Madison Avenue, 9th Floor, New York, New York 10022,
as the holder of Note A-1 (the “Initial Note A-1 Holder”), LMF, as the holder of Note A-2 (the “Initial
Note A-2 Holder”) and LMF, as the holder of Note A-3 (the “Initial Note A-3 Holder”).


W I T N E S S E T H:


WHEREAS, LMF has
made a mortgage loan in the original principal amount of $93,000,000 (the “Mortgage Loan”) to the borrowers
listed on Exhibit A hereto (individually and collectively, the “Borrower”) pursuant to a loan agreement between
the Borrower, as borrower, and LMF, as lender, dated as of July 21, 2020 (the “Loan Agreement”);


WHEREAS, the Mortgage
Loan was originally evidenced by one Promissory Note in the original principal amount of $93,000,000 (the “Promissory
Note”);


WHEREAS, pursuant
to a Note Splitter and Modification Agreement dated as of August 12, 2020 by and between the Borrower and the LMF, the Promissory
Note was delivered to (or at the instruction of) the Borrower and the Borrower delivered to LMF three replacement notes: Note A-1
in the original principal amount of $56,000,000, Note A-2 in the original principal balance of $20,000,000 and Note A-3 in the
original principal balance of $17,000,000 (“Note A-1”, “Note A-2” and Note A-3, respectively,
and individually, each, a “Note” and collectively the “Notes”);


 


WHEREAS, the Mortgage Loan
is secured by a first mortgage lien (the “Mortgage”) on the real properties listed on Exhibit A hereto known
as the PGH17 Self Storage Portfolio (individually and collectively, “Mortgaged Property”);


WHEREAS, LMF intends
(but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-1 to Wells Fargo Commercial Mortgage
Securities, Inc. (“WFCM Depositor”), as depositor, pursuant to a Mortgage Loan Purchase Agreement by and between
WFCM Depositor, as purchaser, and LMF as seller, and WFCM Depositor intends to transfer its right, title and interest in and to
Note A-1 to a trustee for the Wells Fargo Commercial Mortgage Trust 2020-C57; provided, however, that LMF may sell,
transfer and assign Note A-1 to another depositor for deposit into another securitization trust (such sales, transfers and assignments,
the “Note A-1 Securitization”);


WHEREAS, the LMF
intends, but is not bound, to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-2 to
one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage
loans;


WHEREAS, the LMF
intends, but is not bound, to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-3 to
one or more depositors who will in




     


     


    

turn transfer the same to one or more
trusts as part of the securitization of one or more mortgage loans;


WHEREAS, the parties
hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold
Note A-1, Note A-2 and Note A-3, respectively; and


NOW, THEREFORE,
in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto mutually agree as follows:


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


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


“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the Note A-1 PSA, the Note A-2 PSA or the Note A-3 PSA.


“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. For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract, relation to individuals or otherwise, and the terms
“controlling” and “controlled” have meanings correlative to the foregoing.


“Agreement”
shall mean this Co-Lender Agreement, the exhibits and schedules hereto, and all amendments hereof and supplements hereto.


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


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




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“Borrower
Party Affiliate”: With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or a restricted mezzanine
holder, (a) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or restricted
mezzanine holder, as applicable, (b) any other person owning, directly or indirectly, 25% or more of the beneficial interests in
such borrower, mortgagor or manager, as applicable, or (c) any other person owning, directly or indirectly, 25% or more of the
beneficial interests in such restricted mezzanine holder. For the purposes of this definition, (1) ”control” when
used with respect to any specified person means the power to direct the management and policies of such person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled”
have meanings correlative to the foregoing and (2) ”restricted mezzanine lender” includes “accelerated mezzanine
loan lender” or such other similar term as used in the Servicing Agreement.


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


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


“Certificates”
shall mean any securities issued in connection with the Note A-1 Securitization, the Note A-2 Securitization or the Note A-3 Securitization.


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


“Collection
Account” shall mean the “collection account” or sub-account thereof, established under the Servicing Agreement
for the purpose of servicing the Mortgage Loan.


“Consultation
Termination Event” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.


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


“CREFC®
Investor Reporting Package®” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.


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


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




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“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, the depositor under the Note A-1 PSA, (ii) with respect to the
Note A-2 Securitization, the depositor under the Note A-2 PSA, and (iii) with respect to the Note A-3 Securitization, the depositor
under the Note A-3 PSA.


“Directing
Holder” shall mean the Note A-1 Holder or, if Note A-1 is included in a Securitization, the holders of the Note A-1 Securitization
Certificates representing the specified interest in the class of Certificates designated as the “controlling class”
or the duly appointed representative of the holders of such Certificates or such other party that the Note A-1 Holder grants the
right to exercise the rights granted to the Directing Holder in this Agreement; provided, that no Borrower or Borrower Party
Affiliate thereof shall be entitled to act as Directing Holder.


“Event of
Default” shall mean an “Event of Default” as defined in the Loan Agreement.


“Excluded
Amounts” shall mean:


(i)       proceeds,
awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Borrower in accordance
with the terms of the Mortgage Loan Documents;


(ii)      amounts
required to be deposited in reserve or escrow pursuant to the Mortgage Loan Documents; and


(iii)     amounts
that are then due and payable pursuant to the Servicing Agreement to the parties to the Servicing Agreement, including, without
limitation, Servicing Fees, Special Servicing Fees, Liquidation Fees, Workout Fees, as applicable, reimbursement of costs and expenses,
reimbursement of Property Advances and interest thereon at the Reimbursement Rate;


but shall not include (A) any amounts
received in respect of any P&I Advances (and interest thereon), (B) any Servicing Fees due to the Master Servicer in excess
of the Servicing Fee calculated at the “primary servicing fee rate” set forth in the Servicing Agreement and (C) any
trustee fees.


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


“Holder”
shall mean the Note A-1 Holder and/or the Note A-2 Holder and/or the Note A-3 Holder, as the context indicates.


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


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




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“Lead Note”
shall mean Note A-1.


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


“Lead Note
Seller” shall mean the entity that sells the Lead Note into the Lead Securitization.


“Lead PSA”
shall mean from and after the Note A-1 Securitization Date, the Note A-1 PSA.


“Lead
Securitization” shall mean from and after the Note A-1 Securitization Date, the Note A-1 Securitization.


“Lead Securitization PSA”
shall mean from and after the Note A-1 Securitization Date, the Note A-1 PSA.


“Lead Securitization
Trust” shall mean from and after the Note A-1 Securitization Date, the trust established under the Note A-1 PSA.


“Lead Servicer”
shall mean from and after the Note A-1 Securitization Date, the servicer designated under the Note A-1 PSA.


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


“LMF”
shall mean LMF and its successors in interest.


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


“Major Action”
shall have the meaning assigned to the term “Material Action,” “Major Action,” “Major Decision”
or any equivalent term in the Servicing Agreement.


“Master Servicer”
shall mean the master servicer under the Servicing Agreement and any successor thereunder.


“Master
Servicer Remittance Date” shall mean:


(a)       during
the period after the Note A-1 Securitization date but prior to the Note A-2 Securitization Date or the Note A-3 Securitization
Date, as applicable:


(i)       with
respect to Note A-1, the “Master Servicer Remittance Date” (or analogous term) as defined in the Note A-1 PSA;


(ii)      with
respect to Note A-2, the “Master Servicer Remittance Date” (or analogous term) as defined in the Note A-1 PSA;


(iii)     with
respect to Note A-3, the “Master Servicer Remittance Date” (or analogous term) as defined in the Note A-1 PSA




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(b)       after
the Note A-2 Securitization Date and/or the Note A-3 Securitization Date,


(i)       with
respect to Note A-1, the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement;


(ii)      with
respect to Note A-2, after the Note A-2 Securitization Date, the first business day after the “determination date,”
as such term or a similar term is defined in the Note A-2 PSA, provided, however, that no remittance is required
to be made until two Business Days after receipt of properly identified and available funds constituting the scheduled monthly
payment with respect to the Mortgage Loan;


(iii)     with
respect to Note A-3, after the Note A-3 Securitization Date, the first business day after the “determination date,”
as such term or a similar term is defined in the Note A-3 PSA, provided, however, that no remittance is required
to be made until two Business Days after receipt of properly identified and available funds constituting the scheduled monthly
payment with respect to the Mortgage Loan;


provided, however,
that in no event may any such “determination date” occur prior to the sixth day of each month, or, if such sixth day
is not a Business Day, the next succeeding Business Day.


“Maturity
Date” shall have the meaning assigned to such term in Exhibit A.


“Monthly
Payment” with respect to any period shall mean all amounts due and payable to any Holder or Holders during such period
in accordance with the Mortgage Loan Documents.


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


“Morningstar”
shall mean Morningstar Credit Ratings, LLC and its successors in interest.


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


“Mortgage
Interest Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each Note.


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


“Mortgage
Loan Documents” shall mean the Mortgage, the Loan Agreement, the Notes, and all other documents evidencing or securing
the Mortgage Loan.


“Mortgage
Loan Principal Balance” shall mean, at any date of determination, the aggregate principal balance of the Notes evidencing
the Mortgage Loan.




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“Mortgage
Loan Schedule” shall mean the schedule in the form attached hereto as Exhibit A, which schedule sets forth certain
information regarding the Mortgage Loan and the Notes.


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


“Non-Directing
Holder” shall mean the holder of all or a portion of a Non-Lead Note, or, if all or a portion of such Non-Lead Note has
been included in a Securitization, the holders of Certificates representing the specified interest in the class of Certificates
designated as the “controlling class” or the duly appointed representative of the holders of such Certificates or such
other party otherwise entitled under the Non-Lead Servicing Agreements to exercise the rights granted to the Non-Directing Holder
in this Agreement. If a Non-Lead Note is no longer in a Securitization, the Non-Directing Holder with respect to such Note will
be the then-current Holder of such Note.


“Non-Lead
Master Servicer” shall mean, the master servicer designated under the Non-Lead Servicing Agreement.


“Non-Lead
Note” shall mean either or both of Note A-2 and Note A-3, as the context requires.


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


“Non-Lead
Securitization” shall mean, at any time, any Securitization that is not then the Lead Securitization.


“Non-Lead
Servicing Agreement” shall mean the Note A-2 PSA and the Note A-3 PSA, as the context requires.


“Nonrecoverable
Advance” shall have the meaning ascribed to such term in the Servicing Agreement.


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


“Note A-1
Holder” shall mean LMF or any subsequent holder of Note A-1.


“Note A-1
Principal Balance” shall mean at any time of determination, the initial Note A-1 Principal Balance as set forth in the
Mortgage Loan Schedule less any payments of principal thereon received by the Note A-1 Holder and any reductions in such amount
pursuant to Section 4.


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


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




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“Note A-1
Securitization Date” shall mean the closing date of the Note A-1 Securitization.


“Note A-1
Trust Fund” shall mean the trust formed pursuant to the Note A-1 PSA.


“Note A-1
Trustee” shall mean the trustee under the Note A-1 PSA.


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


“Note A-2
Holder” shall mean LMF or any subsequent holder of Note A-2.


“Note A-2
Principal Balance” shall mean at any time of determination, the initial Note A-2 Principal Balance as set forth in the
Mortgage Loan Schedule less any payments of principal thereon received by the Note A-2 Holder and any reductions in such amount
pursuant to Section 4.


“Note A-2
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-2 Securitization.


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


“Note A-2
Securitization Date” shall mean the closing date of the Note A-2 Securitization.


“Note A-2
Trust Fund” shall mean the trust formed pursuant to the Note A-2 PSA.


“Note A-3”
shall have the meaning assigned to such term in the recitals.


“Note A-3
Holder” shall mean LMF or any subsequent holder of Note A-3.


“Note A-3
Principal Balance” shall mean at any time of determination, the initial Note A-3 Principal Balance as set forth in the
Mortgage Loan Schedule less any payments of principal thereon received by the Note A-3 Holder and any reductions in such amount
pursuant to Section 4.


“Note A-3
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-3 Securitization.


“Note A-3
Securitization” shall mean the first sale by the Note A-3 Holder of all or any portion of Note A-3 to a depositor
who will in turn include all or such portion (as applicable) of Note A-3 as part of the securitization of one or more mortgage
loans.


“Note A-3
Securitization Date” shall mean the closing date of the Note A-3 Securitization.




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“Note A-3
Trust Fund” shall mean the trust formed pursuant to the Note A-3 PSA.


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


“P&I
Advance” shall mean an advance made by a party to the Note A-1 PSA or the Note A-2 PSA, or the Note A-3 PSA, as applicable,
with respect to a delinquent monthly debt service payment on the Notes included in the related Securitization.


“Penalty
Charges” shall mean any amounts collected from the Borrower that represent default charges, penalty charges, late fees
and/or default interest, but excluding any yield maintenance charge or prepayment premium.


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


“Person”
shall mean any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or political subdivision thereof.


“Property
Advance” shall mean an advance made in respect of property protection expenses or expenses incurred to protect, preserve
and enforce the security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged
Property.


“Pro Rata
and Pari Passu Basis” shall mean with respect to the Notes and each Holder, (i) for purposes of allocating payments of
interest among the Notes, each Note or Holder, as the case may be, is allocated its respective pro rata share based on the interest
accrued on such Note at the respective Interest Rate of such Note based on the outstanding principal balance of such Note and (ii)
for all other purposes, the allocation of any particular payment, collection, cost, expense, liability or other amount between
such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder over another Note or Holder,
as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated its respective pro rata share
based on the principal balance of its Note in relation to the principal balance of the entire Mortgage Loan of such particular
payment, collection, cost, expense, liability or other amount.


“PSA”
shall mean the Note A-1 PSA, the Note A-2 PSA, and the Note A-3 PSA, as the context requires.


“Qualified
Servicer” shall mean any nationally recognized commercial mortgage loan servicer (1) rated at least “CSS3,”
in the case of a special servicer, or at least “CMS2,” in the case of a master servicer, by Fitch, (2) on the S&P
Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable,
(3) as




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to which neither Moody’s nor KBRA
has cited servicing concerns of 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) of securities in any
CMBS transaction rated by Moody’s or KBRA, as applicable, and serviced by such servicer prior to the time of determination,
(4) a servicer that (i) during the 12-month period prior to the date of determination, acted as master servicer or special servicer,
as applicable, in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded
or withdrawn the then-current rating or ratings of one or more classes of such certificates citing servicing concerns with the
servicer or special servicer, as applicable, as the sole or material factor in such rating action and (5) in the case of DBRS,
that within the twelve (12) month period prior to the date of determination such servicer was acting as servicer or special servicer,
as applicable, in a commercial mortgage loan securitization that was rated by DBRS and DBRS 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 servicer as servicer or special servicer, as applicable, of such commercial mortgage securities
as a material reason for such downgrade or withdrawal (or placement on watch status). For purposes of this definition, for so long
as any Note is included in a Securitization, the ratings or actions of any Rating Agency that is not rating any such Securitization(s)
shall not be considered.


“Qualified
Transferee” shall mean the Note A-1 Holder, the Note A-2 Holder or the Note A-3 Holder or any affiliate of a Holder or
one or more of the following (other than a Borrower or any entity which is a Borrower Party Affiliate):


(i)       an
insurance company, bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension plan,
pension fund, pension fund advisory firm, mutual fund, real estate investment trust or 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, which regularly engages in the business of making or owning investments of types similar
to the Mortgage Loan; or


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


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


(v)      a
Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy-remote entity that contemporaneously pledges its interest
in a Note to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized loan
obligations (“CLO”) secured by, or (C) a financing through an “owner trust” of, any interest
in a Note (any of the foregoing, a “Securitization Vehicle”), provided that either (1) one or more
classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by at least two of




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the Rating Agencies that also assigned
a rating to one or more classes of securities issued in connection with the Securitization of a Note (and, if DBRS is not one of
such Rating Agencies, the special servicer for the Securitization Vehicle is a Qualified Servicer); (2) the special servicer for
the Securitization Vehicle is a Qualified Servicer at the time of transfer; or (3) in the case of a Securitization Vehicle that
is a CLO, the CLO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CLO
Asset Manager that is a Qualified Transferee, is a Qualified Transferee under clause (i), (ii), (iii) or (iv) of this definition;
or


(vi)     an
investment fund, limited liability company, limited partnership or general partnership in which a Permitted Fund Manager acts as
the general partner, managing member, or the fund manager responsible for the day to day management and operation of such investment
vehicle, provided that greater than fifty percent (50%) of the equity interests in such investment vehicle are owned, directly
or indirectly, by one or more entities that are otherwise Qualified Transferees,


which, in the case of each of clauses (i),
(ii), and (iii) of this definition, has at least $650,000,000 in total assets (in name or under management) and (except with respect
to a pension advisory firm or similar fiduciary) at least $250,000,000 in capital/statutory surplus or shareholders’ equity,
and is regularly engaged in the business of making or owning commercial real estate loans or commercial loans similar to the Mortgage
Loan.


“Qualified
Trustee” shall mean (i) a corporation, national bank, national banking association or a trust company, organized
and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate
trust powers and to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 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 then rated in one of the top two rating categories of each of
the Rating Agencies.


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


“Rating Agency
Confirmation” shall mean each of the applicable Rating Agencies shall have confirmed in writing that the occurrence of
the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal
of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In the event that
no Certificates are outstanding, any action that




    -11-


     


    

would otherwise require a Rating Agency
Confirmation shall require the consent of the Note A-1 Holder, which consent shall not be unreasonably withheld, conditioned or
delayed.


For the purposes of
this Agreement, if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage any request for
a confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal
of its then current rating of the securities issued pursuant to the related Securitization, or (2) does not reply to such request
or responds in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for
Rating Agency Confirmation and the related timing, notice and other applicable provisions set forth in the Servicing Agreement,
or any PSA that is not the Servicing Agreement, as applicable, have been satisfied, then for such request only, the condition that
such confirmation by such Rating Agency (only) be obtained will be deemed not to apply for purposes of this Agreement. For purposes
of clarity, any such waiver, declination or refusal to review or otherwise engage in any request for such confirmation hereunder
shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent request for such Rating Agency
Confirmation hereunder and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request
shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.


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


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


“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 Property”
shall mean the Mortgaged Property, title to which has been acquired by the Servicer on behalf of (or other Person designated by)
the Holders through foreclosure, deed in lieu of foreclosure or otherwise.


“Reporting
Article” shall mean, with respect to any PSA, the article of such PSA that relates to reporting under the Securities
Exchange Act of 1934, as amended, and Regulation AB.


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


“Securitization”
shall mean the Note A-1 Securitization and/or the Note A-2 Securitization, and/or the Note A-3 Securitization, as applicable.


“Securitization
Date” shall mean the closing date of the Securitization, as applicable.




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“Servicer”
shall mean the Master Servicer or the Special Servicer as the context requires.


“Servicing
Agreement” shall mean, from and after the Note A-1 Securitization Date, the Note A-1 PSA. In the event the Lead Note
is no longer in a Securitization, the term “Servicing Agreement” shall refer to the subsequent servicing agreement
entered into pursuant to Section 2.


“Servicing
Fee” shall mean the fee of the Master Servicer pursuant to the terms of the Servicing Agreement.


“Servicing
Fee Rate” shall have the meaning applied to such term in the Servicing Agreement.


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


“Servicing
Standard” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement. The Servicing
Standard shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests
of the Noteholders as a collective whole, taking into account the pari passu nature of the Mortgage Loan.


“Servicing
Transfer Event” shall have the meaning assigned to such term in the or an analogous term in the Servicing Agreement.


“Special
Servicer” shall mean the special servicer of the Mortgage Loan as appointed under the terms of this Agreement and the
Servicing Agreement, or any successor special servicer appointed as provided thereunder and hereunder.


“Special
Servicing Fee” shall have the meaning given to such term in the Servicing Agreement.


“Specially
Serviced Mortgage Loan” shall mean the Mortgage Loan during the period it is serviced by the Special Servicer following
a Servicing Transfer Event.


“Transfer”
shall mean any assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest, issuance of
a participation interest, or other disposition, either directly or indirectly, by operation of law or otherwise.


“Trustee”
shall mean the trustee under any PSA, as the context requires.




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2.     Servicing
of the Mortgage Loan. (a)  Each Holder acknowledges and agrees that, subject in each case to the specific terms
of this Agreement, the Mortgage Loan shall be serviced by the Master Servicer and the Special Servicer under the Servicing
Agreement in effect at any given time. Each holder agrees to reasonably cooperate with each Servicer with respect to its
exercise of its rights and obligations under the Servicing Agreement.


(b)       Each
PSA shall contain terms and conditions that are customary for securitization transactions involving assets similar to the Mortgage
Loan and that are otherwise (i) required by the Code relating to the tax elections of the Note A-1 Trust Fund, the Note A-2
Trust Fund and the Note A-3 Trust Fund, (ii) required by law or changes in any law, rule or regulation or (iii) requested
by the Rating Agencies rating the Note A-1 Securitization, the Note A-2 Securitization or the Note A-3 Securitization. In addition,
each PSA shall have such additional provisions as are set forth in Section 18. The Note A-1 Holder shall have the right to
designate the Master Servicer and Special Servicer for the Note A-1 Securitization as long as each such party is a Qualified Servicer.


(c)       Subject
to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents to the appointment of
the Master Servicer and the Trustee under the Servicing Agreement by the Depositor and the appointment of the Special Servicer
by the Directing Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the
servicing of the Mortgage Loan in accordance with the Servicing Agreement. Each Holder hereby appoints the Master Servicer, the
Special Servicer and the Trustee under the Servicing Agreement as such Holder’s attorney-in-fact to sign any documents reasonably
required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement (subject
at all times to the rights of the Holders as set forth herein and in such Servicing Agreement).


(d)       If,
at any time the Lead Note is no longer in a Securitization, the Note A-1 Holder shall cause the Mortgage Loan to be serviced pursuant
to a servicing agreement that is substantially similar to the Servicing Agreement (provided that, if any Non-Lead Note is in
a Securitization, a Rating Agency Confirmation with respect to such servicing agreement shall be obtained from the Rating Agencies
that were engaged by the Depositor to rate such Securitization) and all references herein to the “Servicing Agreement”
shall mean such subsequent Servicing Agreement; provided, however, that until a replacement Servicing Agreement has been entered
into (and such Rating Agency Confirmation has been obtained), the Note A-1 Holder shall cause the Mortgage Loan to be serviced
pursuant to the provisions of the Servicing Agreement as if such agreement was still in full force and effect with respect to the
Mortgage Loan; provided, further, however, that until a replacement Servicing Agreement is in place, the actual servicing of the
Mortgage Loan may be performed by any Qualified Servicer appointed by the Note A-1 Holder and does not have to be performed by
the service providers set forth under the Servicing Agreement that was previously in effect.


(e)       Notwithstanding
anything to the contrary contained herein (including Sections 4 and 13(a)), each Servicing Agreement shall provide
that the Servicer shall be required to service and administer the Mortgage Loan in accordance with the Servicing Standard as set
forth in such Servicing Agreement, and any Holder who is not a Borrower or a Borrower Party Affiliate shall be deemed a third-party
beneficiary of such provisions of the




    -14-


     


    

Servicing Agreement. It is understood
that any Non-Lead Note Holder may separately appoint a servicer for its Non-Lead Note, by itself or together with other assets,
but any such servicer will have no responsibility hereunder and shall be compensated solely by the applicable Non-Lead Note Holder
from funds payable to it hereunder or otherwise.


(f)       The
Holders acknowledge that the Servicer is to comply with this Agreement, the Servicing Agreement and the Mortgage Loan Documents
in connection with the servicing of the Mortgage Loan. Any conflict between the Servicing Agreement and this Agreement shall be
resolved in favor of this Agreement provided that in no event shall the Master Servicer or the Special Servicer, as the case may
be, take any action or omit to take any action in accordance with the terms of this Agreement that would cause the Master Servicer
or the Special Servicer, as the case may be, to violate the Servicing Standard or the REMIC Provisions.


(g)       If
any Note is included as an asset of a real estate mortgage investment conduit (a “REMIC”), within the meaning
of Section 860D(a) of the Code, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall qualify at all times as (or as interests in) a “qualified mortgage”
within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired
by or on behalf of the Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of
the pro rata share of each Holder therein shall at all times qualify as “foreclosure property” within the meaning
of Section 860G(a)(8) of the Code, and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan,
consent to or withhold consent from any action of the Borrower, or exercise or refrain from exercising any powers or rights that
the Holders 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 (3) months after the startup day of the REMIC that includes any Note (or any portion thereof). Each
Holder agrees that the provisions of this paragraph shall be effected by compliance with any REMIC Provisions in the Servicing
Agreement relating to the administration of the Mortgage Loan.


(h)       In
the event that one of the Notes is included in a REMIC, the other Holders shall not be required to reimburse such Holder or any
other Person for payment of any taxes imposed on such REMIC or Advances therefor or for any interest on such Advance or for deficits
in other items of disbursement or income resulting from the use of funds for payment of any such taxes, nor shall any disbursement
or payment otherwise distributable to the other Holder be reduced to offset or make-up any such payment or deficit.


3.     Priority of Notes.
The Notes shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of the other
Notes or security therefor. Except for the Excluded Amounts, all amounts tendered by the Borrower or otherwise available for payment
on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon payment, Liquidation Proceeds, proceeds under
any guaranty, letter of credit or other instrument serving as security on the Mortgage Loan, proceeds under title, hazard or




    -15-


     


    

other insurance policies or awards
or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain shall be distributed by
the Master Servicer and applied to the Notes on a Pro Rata and Pari Passu Basis.


The Servicing Agreement
may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer,
the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties to any Securitization
for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to the Mortgage Loan
and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation, except that, for
so long as any Note is not included in a Securitization, any Penalty Charges allocated to such Note that are not applied pursuant
to clauses (i)-(iii) above shall be remitted to the respective Holder and shall not be paid to the Master Servicer and/or the Special
Servicer without the express consent of such Holder.


4.     Workout.
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and
Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note Holder,
or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the
Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest
or principal on any Note is waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of
the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to
preserve, the equal priorities of Note A-1, Note A-2 and Note A-3 as described in Section 3.


5.     Accounts; Payment
Procedure. The Servicing Agreement shall provide that the Master Servicer shall establish and maintain the Collection Account
or Collection Accounts, as applicable. Each Holder hereby directs the Master Servicer, in accordance with the priorities set forth
in Section 3 hereof, and subject to the terms of the Servicing Agreement, (i) to deposit into the applicable Collection
Account within the time period specified in the Servicing Agreement all payments received with respect to the Mortgage Loan and
(ii) to remit from the applicable Collection Account for deposit or credit on the applicable Master Servicer Remittance Date all
payments received with respect to and allocable to each Note by wire transfer to accounts maintained by each respective Holder;
provided that delinquent payments received by the Master Servicer after the related Master Servicer Remittance Date shall
be remitted by the Master Servicer to such accounts within the time period specified in the Servicing Agreement.


If any Servicer holding
or having distributed any amount received or collected in respect of any Note determines, or a court of competent jurisdiction
orders, at any time that any amount received or collected in respect of any such Note must, pursuant to any insolvency, bankruptcy,
fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to the any Holder or any Servicer or paid
to any other Person, then, notwithstanding any other provision of this Agreement, no Servicer shall be required to distribute any
portion thereof to the Note A-1 Holder or the Note A-2 Holder or the Note A-3 Holder, as applicable, and any such Holder, as applicable,
shall promptly on demand repay to such Servicer the portion that has been distributed to the Note A-1 Holder or the Note A-2 Holder
or the Note A-3 Holder, as




    -16-


     


    

applicable, together with interest thereon
at such rate, if any, as such Servicer shall have been required to pay to the Borrower, any Holder, any Servicer or such other
person or entity with respect thereto. Each of the Holders 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 Master Servicer. The Master Servicer shall have the right to offset any amounts due hereunder from such Holder, as applicable,
with respect to the Mortgage Loan, against any future payments due such Holder, as applicable, under the Mortgage Loan, provided,
that the obligations of each Holder under this Section 5 are separate and distinct obligations from one another and
in no event shall any Servicer enforce the obligations of any Holder against any other Holder. The obligations of each Holder under
this Section 5 constitute absolute, unconditional and continuing obligations and each Servicer shall be deemed a third-party
beneficiary of these provisions.


6.     Limitation on
Liability. Subject to the terms of the Servicing Agreement, no Holder (including the Master Servicer or the Special Servicer
on its behalf) shall have any liability to any other Holder with respect to any Note, except (1) with respect to the Advance
reimbursement provisions set forth in Section 17 and (2) with respect to losses actually suffered due to the gross
negligence, willful misconduct or material breach of this Agreement on the part of such Holder (including the Master Servicer or
the Special Servicer on its behalf, except that the Master Servicer’s or Special Servicer’s liability may be further
limited or expanded as set forth in the Servicing Agreement).


7.     Representations
of the Holders. (a)  Each of the Holders hereby represents and warrants to, and covenants with each other Holder
that, as of the date hereof (or, in connection with a new Holder of a Note following a Transfer, as of the date of such Transfer):


(i)       It
is duly organized, validly existing and in good standing under the laws of the State under which it is organized.


(ii)       The
execution and delivery of this Agreement by such Holder, and performance of, and compliance with, the terms of this Agreement by
such Holder, will not violate its organizational documents or constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, or result in the breach of, any material agreement or other instrument to which
it is a party or that is applicable to it or any of its assets, in each case which materially and adversely affect its ability
to carry out the transactions contemplated by this Agreement.


(iii)       Such
Holder has the full power and authority to enter into and consummate all transactions contemplated by this Agreement, has duly
authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement.


(iv)       This
Agreement is the legal, valid and binding obligation of such Holder enforceable against such 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




    -17-


     


    

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.


(v)       It
has the right to enter into this Agreement without the consent of any third party.


(vi)       It
is the holder of the respective Note for its own account in the ordinary course of its business.


(vii)      It
has not dealt with any broker, investment banker, agent or other person, that may be entitled to any commission or compensation
in connection with the consummation of any of the transactions contemplated hereby.


(viii)     It
is a Qualified Transferee.


8.     Independent Analyses
of each Holder. Each Holder acknowledges that, except for the representations made in Section 7, it has, independently
and without reliance upon any other Holder and based on such documents and information as such Holder has deemed appropriate, made
its own credit analysis and decision to purchase its respective Note. Each Holder hereby acknowledges that the other Holder shall
have no 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 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. Each Holder assumes all risk of loss in connection
with its respective Note for reasons other than gross negligence, willful misconduct or breach of this Agreement by any other Holder
or negligence, willful misconduct or bad faith by any Servicer, subject to the terms of the Servicing Agreement.


9.     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 among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf) and any other Holder
a partnership, association, joint venture or other entity. Each Holder (or the Master Servicer, Special Servicer or Trustee on
its behalf) shall have no obligation whatsoever to offer to the other Holder the opportunity to purchase notes or interests relating
to any future loans originated by such Holder or any of its Affiliates, and if any Holder chooses to offer to any other Holder,
the opportunity to purchase notes or interests in any future mortgage loans originated by such Holder or its Affiliates, such offer
shall be at such purchase price and interest rate as such Holder chooses, in its sole and absolute discretion. None of the Holders
shall have any obligation whatsoever to purchase from any other Holder any notes or interests in any future loans originated by
any other Holder or any of its Affiliates.


10.     Not a Security.
None of the Notes shall be deemed to be a security within the meaning of the Securities Act of 1933 or the Securities Exchange
Act of 1934.




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11.     Other Business
Activities of the Holders. Each Holder acknowledges that the other Holder may make loans or otherwise extend credit to, and
generally engage in any kind of business with, any Borrower Party Affiliate, and receive payments on such other loans or extensions
of credit to any Borrower Party Affiliate and otherwise act with respect thereto freely and without accountability, but only if
none of the foregoing violate the Mortgage Loan Documents, in the same manner as if this Agreement and the transactions contemplated
hereby were not in effect.


12.     Transfer of Notes.
(a)  Each Holder may Transfer up to 49% (in the aggregate) of its beneficial interest in its Note whether or not the
related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more than 49%
(in the aggregate) of its beneficial interest in its Note unless (i) prior to a Securitization of any Note, the other Holder
has consented to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee”
for all purposes under this Agreement, (ii) after a Securitization of any Note, a Rating Agency Confirmation has been received
with respect to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee”
for all purposes under this Agreement, (iii) such Transfer is to a Qualified Transferee or (iv) such Transfer is in connection
with a sale by a Securitization Trust; provided that if such Transfer is a Transfer of the Lead Note, such Transfer is to
a Qualified Transferee. Any such transferee (except in the case of Transfers that are made in connection with a Securitization)
hereby assumes the obligations of the transferring Holder hereunder and agrees to be bound by the terms and provisions of this
Agreement and the Servicing Agreement and (ii) remakes each of the representations and warranties contained herein for the benefit
of the other Holder. Notwithstanding the foregoing, without each non-transferring Holder’s prior consent (which will
not be unreasonably withheld), and, if such non-transferring Holder’s Note is in a Securitization, without a Rating Agency
Confirmation from each Rating Agency that has been engaged by the Depositor to rate the securities issued in connection with such
Securitization, no Holder shall Transfer all or any portion of its Note to a Borrower or a Borrower Party Affiliate and any such
Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. None of the provisions of this
Section 12(a) shall apply in the case of a sale of Note A-1 together with Note A-2 and Note A-3, in accordance with the
terms and conditions of the Lead Securitization PSA.


(b)       Except
for a Transfer made in connection with a Securitization, or a Transfer made by a Holder to an Affiliate, at least one (1) day prior
to a transfer of any Note, the transferring Holder shall provide notice to the other Holder and, if any Certificates are outstanding,
to the Rating Agencies, that such transfer will be made in accordance with this Section 12 and such notice shall include
(1) the name and contact information of the transferee and (2) if requested, a certification by the transferee that it
is a Qualified Transferee.


(c)       The
Holders acknowledge and agree that, to the extent Rating Agency Confirmation is specifically required, any Rating Agency Confirmation
may be granted or denied by the Rating Agencies in their sole and absolute discretion and that such Rating Agencies may charge
the transferring Holder customary fees in connection with providing such Rating Agency Confirmation.




    -19-


     


    

 (d)       Notwithstanding
anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”) its Note to any
entity (other than a Borrower or any Borrower Party Affiliate) that has extended a credit facility to such Holder or has entered
into a repurchase agreement with such Holder and that, in each case, is either a Qualified Transferee 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”), or to a Person with respect to which a Rating Agency Confirmation has been obtained, on terms and conditions
set forth in this Section 12(d), it being further agreed that a financing provided by a Note Pledgee to any Holder
or any Affiliate that controls such Holder that is secured by such Holder’s interest in its respective Note and is structured
as a repurchase arrangement, shall qualify as a “Pledge” hereunder on the condition that all applicable terms and
conditions of this Section 12 are complied with. A Note Pledgee that is not a Qualified Transferee may not take title to
a Note without a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the other Holder and the Servicer
that a Pledge has been effected (including the name and address of the applicable Note Pledgee), the other Holder agrees to acknowledge
receipt of such notice and thereafter agree: (i) to give such Note Pledgee written notice of any default by the pledging
Holder in respect of its obligations under this Agreement of which default such Holder has actual knowledge and which notice shall
be given simultaneously with the giving of such notice to the pledging Holder; (ii) to allow such Note Pledgee a period of
ten (10) Business Days to cure a default by the pledging Holder in respect of its obligations to the other Holder hereunder, but
such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination
of this Agreement or the Servicing Agreement (if the pledging Holder had the right to consent to such amendment, modification,
waiver or termination pursuant to the terms hereof) 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 and which consent shall be deemed
to be given if Note Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver or termination
within 10 days after request therefor; (iv) that the other Holder shall accept any cure by such Note Pledgee of any default
of the pledging Holder which such pledging Holder has the right to effect hereunder, as if such cure were made by such pledging
Holder; (v) that the other Holder or Servicer 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 the other Holder;
and (vi) that, upon written notice (a “Redirection Notice”) to the Servicer by such Note Pledgee that
the pledging Holder is in default beyond any applicable cure periods with respect to the pledging Holder’s obligations to
such Note Pledgee pursuant to the applicable credit agreement or other agreements relating to the Pledge between the pledging
Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Holder), and until such Redirection
Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at any time that pledging Holder otherwise directs that
such payment be made to Note Pledgee pursuant to a separate notice) shall be entitled to receive any payments that any Servicer
would otherwise be obligated to make to the pledging Holder from time to time pursuant to this Agreement or any Servicing Agreement.
Any pledging Holder hereby unconditionally and absolutely releases the other Holder and any Servicer from any liability to the
pledging Holder on account of any Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer
or other Holder in good faith to have been delivered by a Note Pledgee. Note Pledgee shall be




    -20-


     


    

permitted to exercise fully its
rights and remedies against the pledging Holder (and accept an assignment in lieu of foreclosure as to such collateral), in accordance
with applicable law, the pledge agreement, repurchase agreement or similar agreement between the pledging Holder and the Note Pledgee
and this Agreement. In such event, or if the pledging holder otherwise assigns its interests to the Note Pledgee, the other Holder
and the Servicer shall recognize such Note Pledgee (and any transferee (other than a Borrower or any Borrower Party Affiliate)
that is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure),
and such Person’s successor and assigns, as the successor to the pledging Holder’s rights, remedies and obligations
under this Agreement, and any such Note Pledgee or Qualified Transferee shall assume in writing the obligations of the pledging
Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and
agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 12(d) shall
remain effective as to any Holder (and any Servicer) unless and until such Note Pledgee shall have notified such Holder (and any
Servicer, as applicable) in writing that its interest in the pledged Note has terminated.


13.     Exercise of Remedies
by the Servicer. (a)  Subject to the terms of this Agreement and the Servicing Agreement and subject to the rights
and consents, where required, of the Directing Holder, the Servicer 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 and exclusive authority to (i) modify or waive any of the terms of the Mortgage Loan Documents, (ii) consent to
any action or failure to act by the Borrower or any party to the Mortgage Loan Documents, (iii) vote all claims with respect
to the Mortgage Loan in any bankruptcy, insolvency or other similar proceedings and (iv) to take legal action to enforce or
protect the Holders’ interests with respect to the Mortgage Loan or to refrain from exercising any powers or rights under
the Mortgage Loan Documents, including the right at any time to call or waive any Events of Default, or accelerate or refrain from
accelerating the Mortgage Loan or institute any foreclosure action, and the Holders shall have no voting, consent or other rights
whatsoever with respect to the Servicer’s administration of, or exercise of its rights and remedies with respect to, the
Mortgage Loan other than as provided in the Servicing Agreement. Subject to the terms and conditions of the Servicing Agreement,
the Servicer shall have the sole and exclusive authority to make Property Advances with respect to the Mortgage Loan. Except as
otherwise provided in this Agreement, each Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns
and conveys to the Servicer the rights, if any, that such Holder has to (A) call or cause the Servicer to call an Event of
Default under the Mortgage Loan, or (B) exercise any remedies with respect to the Mortgage Loan or the Borrower, including,
without limitation, filing or causing the Lead Note Holder or such Servicer to file any bankruptcy petition against the Borrower.
Each Holder shall, from time to time, execute such documents as any Servicer shall reasonably require to evidence such assignment
with respect to the rights described in clause (iii) of the first sentence in this Section 13(a).


(b)       The
Lead Servicer and the related Trustee shall not have any fiduciary duty to the Non-Lead Note Holders in connection with the administration
of the Mortgage Loan (but the foregoing shall not relieve the Lead Servicer and the related Trustee from their respective obligation
under the Servicing Agreement to make any disbursement of funds as set forth herein or therein).




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(c)       The
Holders hereby acknowledge and agree that the Servicing Agreement shall provide that, subject to the satisfaction of the conditions
set forth in the next sentence, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, if the Special Servicer determines to
sell the Defaulted Mortgage Loan (or the Lead Note), it will be required to sell the entire Defaulted Mortgage Loan as a single
whole loan (i.e., both the Lead Note and Non-Lead Notes). Any such sale of the entire Defaulted Mortgage Loan is subject to the
satisfaction of the following:


(i)       Each
Non-Directing Holder has provided written consent to such sale (to the extent the related Note with respect to the Non-Directing
Holder is not included in the same Securitization as the related Note with respect to the Directing Holder); or


(ii)      The
Special Servicer has delivered the following notices and information to each Non-Directing Holder (to the extent the related Note
with respect to the Non-Directing Holder is not included in the same Securitization as the Note with respect to the Directing Holder):


(1)       at
least 15 Business Days prior written notice of any decision to attempt to sell the Defaulted Mortgage Loan;


(2)       at
least 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;


(3)       at
least 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 requested by a Non-Lead Note Holder; and


(4)       until
the sale is completed and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Holder)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale.


Any Non-Directing
Holder may waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Lead
Note Holder, the Directing Holder, a Non-Lead Note Holder (to the extent the related Non-Lead Note is not included in the Lead
Securitization) and the Non-Directing Holder shall be permitted to submit an offer at any sale of the Defaulted Mortgage Loan (unless
such Person is a Borrower or an agent or Borrower Party Affiliate).


The Non-Lead Note
Holders (to the extent it is not the same entity as the Lead Note Holder) hereby appoint the Lead Note Holder as their agent, and
grant to the Lead Note Holder an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of soliciting
and accepting offers for and consummating the sale of the Non-Lead Notes. The Non-Lead Note Holders further agree that, upon the
request of the Lead Note Holder, such




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Non-Lead Note Holders shall execute
and deliver to or at the direction of Lead Note Holder such powers of attorney or other instruments as the Lead Note Holder may
reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following such request,
and shall deliver the related original Non-Lead Note, endorsed in blank, to or at the direction of the Lead Note Holder in connection
with the consummation of any such sale.


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


(d)       Notwithstanding
anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights under this Section 13
shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration, and in no event shall
the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such action, as the
case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage Loan Documents or be inconsistent with
the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC Provisions of the Code or
any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(g) of this Agreement.


14.     Rights of the
Directing Holder. (a) The Directing Holder shall be entitled to exercise the rights and powers granted to the Directing Holder
hereunder and the rights and powers granted to the “Directing Holder,” “Controlling Class Certificateholder,”
“Controlling Class Representative” or similar party under, and as defined in, the Servicing Agreement with respect
to the Mortgage Loan. In addition, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect
to all matters related to a Specially Serviced Mortgage Loan and (2) the Special Servicer with respect to all matters for
which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below (i) the
Master Servicer shall not be permitted to take any Major Action unless it has obtained the prior written consent of the Special
Servicer and (ii) the Special Servicer shall not be permitted to consent to the Master Servicer’s taking any Major Action
nor will the Special Servicer itself be permitted to take any Major Action as to which the Directing Holder has objected in writing
within ten (10) Business Days (or 30 days with respect to an Acceptable Insurance Default) after receipt of the written recommendation
and analysis and such additional information requested by the Directing Holder as may be necessary in the reasonable judgment of
the Directing Holder in order to make a judgment with respect to such Major Action. The Directing Holder may also direct the Special
Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Holder may deem
advisable, subject to the terms of the Servicing Agreement.


(b)       If
the Directing Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Action within ten
(10) Business Days (or 30 days with respect to an Acceptable Insurance Default) after delivery to the Directing Holder by the




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applicable Servicer of written notice
of a proposed Major Action together with any information requested by the Directing Holder as may be necessary in the reasonable
judgment of the Directing Holder in order to make a judgment, then upon the expiration of such ten (10) Business Day (or 30 days
with respect to an Acceptable Insurance Default) period, such Major Action shall be deemed to have been approved by the Directing
Holder.


(c)        In
the event that the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Servicing
Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing matters, or any
other matter requiring consent of the Directing Holder is necessary to protect the interests of the Holders (as a collective whole)
and the Special Servicer has made a reasonable effort to contact the Directing Holder, the Master Servicer or the Special Servicer,
as the case may be, may take any such action without waiting for the Directing Holder’s response.


(d)       No
objection, direction or advice contemplated by the preceding paragraphs may require or cause the Master Servicer or the Special
Servicer, as applicable, to violate any provision of the Mortgage Loan Documents, applicable law, the Servicing Agreement, this
Agreement, the REMIC Provisions of the Code or the Master Servicer or Special Servicer’s obligation to act in accordance
with the Servicing Standard or expose the Master Servicer or the Special Servicer to liability, or materially expand the scope
of the Master Servicer’s or the Special Servicer’s responsibilities under the Servicing Agreement.


(e)       The
Directing Holder shall have no liability to the other Holder or any other Person for any action taken, or for refraining from the
taking of any action or the giving of any consent or the failure to give any consent pursuant to this Agreement or the Servicing
Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith
or gross negligence or material breach of this Agreement. The Holders agree that the Directing Holder may take or refrain from
taking actions, or give or refrain from giving consents, that favor the interests of one Holder over the other Holder, and that
the Directing Holder may have special relationships and interests that conflict with the interests of another Holder and, absent
willful misfeasance, bad faith or gross negligence on the part of the Directing Holder agree to take no action against the Directing
Holder or any of its officers, directors, employees, principals or agents as a result of such special relationships or interests,
and that the Directing Holder will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged
in willful misfeasance or to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained
from acting, or having given any consent or having failed to give any consent, solely in the interests of any Holder.


The Holders acknowledge
that the Servicing Agreement may contain certain provisions that give any operating advisor certain non-binding consultation rights
with respect to Major Actions.


15.     Appointment of
Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any time and
from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint
a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing




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Holder shall designate a Person to
serve as Special Servicer by delivering to the other Holder and the parties to the Note A-1 PSA, the Note A-2 PSA and the Note
A-3 PSA a written notice stating such designation and by satisfying the other conditions required under the Servicing Agreement
(including, without limitation, a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if any.


The Directing Holder
agrees and acknowledges that prior to the Note A-1 Securitization, if the Note A-2 PSA or the Note A-3 PSA is the Lead Securitization
PSA, the Special Servicer could be terminated under such PSA in connection with a “servicer termination event” (or
analogous event) thereunder, or otherwise based on a recommendation by the operating advisor under such PSA if the operating advisor
determines, in its sole discretion exercised in good faith, that (1) the Special Servicer has failed to comply with the Servicing
Standard and (2) a replacement of the Special Servicer would be in the best interest of the holders of Certificates issued under
such PSA (as a collective whole) and an affirmative vote of requisite certificate holders is obtained. The Directing Holder will
retain its right to remove and replace the Special Servicer, but the Directing Holder may not restore a Special Servicer that has
been removed in accordance with the preceding sentence.


16.     Rights of the
Non-Directing Holder. (a) The Servicing Agreement shall provide that the Servicer shall be required:


(i)       to
provide copies of the same notices, information and reports that it is required to provide to the Directing Holder pursuant to
the Servicing Agreement with respect to any Major Actions or the implementation of any recommended actions outlined in an Asset
Status Report relating to the Mortgage Loan to the Non-Directing Holder (but without regard to whether or not the Directing Holder
actually has lost any rights to receive such information as a result of a Consultation Termination Event), within the same time
frame as specified with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has
lost any rights to receive such information as a result of a Consultation Termination Event), provided, however,
that if Note A-2 or Note A-3 has been included in a Securitization, then for any information for which the Special Servicer would
be required to provide to such Non-Directing Holder, the Special Servicer shall provide such notice to the master servicer of the
other Securitization transaction, who shall forward such notice as and when required under the terms of the related Securitization
documents; and


(ii)       to
consult with the Non-Directing Holder on a strictly non-binding basis, if, having received such notices, information and reports,
such Non-Directing Holder requests consultation with respect to any such Major Action or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by such
Non-Directing Holder; provided that after the expiration of a period of ten (10) Business Days from the delivery to the
Non-Directing Holder of written notice of a proposed action, together with copies of the notice, information and report required
to be provided to the Directing Holder, the Servicer shall no longer be obligated to consult with the Non-Directing Holder, whether
or not the Non-Directing Holder has responded within such ten (10) Business Day period (unless the Servicer proposes a new course
of action that is materially different from the




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action previously proposed, in
which case such ten (10) Business Day period shall be begin anew from the date of such proposal and delivery of all information
relating thereto).


(b)       Notwithstanding
the foregoing non-binding consultation rights of the Non-Directing Holder, the Servicer may take any Major Action or any action
set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Servicer determines
that immediate action with respect thereto is necessary to protect the interests of the Holders.


(c)        In
addition to the foregoing non-binding consultation rights, the Non-Directing Holder shall have the right to participate in annual
conference calls with the Master Servicer or the Special Servicer upon reasonable notice and at times reasonably acceptable to
the Master Servicer or the Special Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.


(d)       In
no event shall the Servicer be obligated at any time to follow or take any alternative actions recommended by the Non-Directing
Holder.


(e)       Any
Non-Directing Holder that is a Borrower or a Borrower Party Affiliate shall not be entitled to any of the rights set forth in this
Section 16.


17.     Advances; Reimbursement
of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or
the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property
and (2) P&I Advances with respect to the Lead Note and any other Note contributed to the Lead Securitization and (ii) pursuant
to the terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated
to make P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to
make any P&I Advance with respect to any Non-Lead Note (other than any Non-Lead Note contributed to the Lead Securitization)
and the related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect
to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, the Non-Lead Master Servicer and any Trustee
will be entitled to interest on any Advance made in the manner and from the sources provided in the applicable PSA.


(b)       The
Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from
the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable
Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization
as provided in the Servicing Agreement.


(c)       To
the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead
Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains
funds from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon, the Non-Lead
Note Holders of any Non-Lead Note not deposited




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into the Lead Securitization (including
any Securitization into which any Non-Lead Note is deposited) shall be required to, promptly following notice from the Lead Servicer,
pay to the Lead Securitization for its pro rata share of such Property Advance and/or interest thereon at the Reimbursement
Rate. In addition, the Non-Lead Note Holders of any Non-Lead Note not deposited into the Lead Securitization (including any Securitization
into which any Non-Lead Note is deposited) shall promptly reimburse the Lead Servicer or the related Trustee for such Non-Lead
Note Holders’ pro rata share of any fees, costs or expenses incurred in connection with the servicing and administration
of the Mortgage Loan as to which the Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to
the terms of the Servicing Agreement (to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan
are insufficient for reimbursement of such amounts).


(d)       The
parties to each PSA shall each be entitled to make their own recoverability determination with respect to a P&I Advance based
on the information that they have on hand and in accordance with such applicable PSA.


(e)       If
the Lead Servicer or the related Trustee elects to defer the reimbursement of a Property Advance in accordance with the terms of
the Servicing Agreement, the Lead Servicer or the related Trustee shall also defer its reimbursement of the related Non-Lead Note
share from the related Non-Lead Note Holder.


18.     Provisions Relating
to Securitization.


(a) New Notes. For
so long as a Note is not included in a Securitization, the Holder of such Note (the “Resizing Holder”) shall
have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes
(“Amended Notes”) or additional notes (“New Notes”) reallocating the principal of the Note
or Notes that it owns (but in no case any Note that it does not then own) among Amended Notes and New Notes or severing a Note
into one or more further “component” notes in the aggregate principal amount equal to the then outstanding principal
balance of the Note or Notes being amended or created, provided that (i) the aggregate principal balance of the Amended
Notes and New Notes following such amendments is no greater than the principal balance of the Amended Notes and New Notes prior
to such amendments, (ii) all New Notes continue to have the same interest rate as the Amended Note of which it was a part prior
to such amendments, (iii) all New Notes pay pro rata and on a pari passu basis with the Amended Notes and such reallocated
or component notes shall be automatically subject to the terms of this Agreement and (iv) the Resizing Holder holding the New Notes
shall notify each other Holder, as applicable, and, if any other Note has been included in a securitization, the parties under
each applicable PSA, in writing (which may be by email) of such modified allocations and principal amounts. In connection with
the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement (or
to amend and restate the Loan Agreement and this Agreement) on behalf of any or all of the Holders solely for the purpose of reflecting
such reallocation of principal or such severing of a Note, (2) if a Note is severed into “component” notes, such component
notes shall each have their same rights as the respective original Note, (3) the definition of the term “Securitization”
and all of the related defined terms may be amended (and new terms added, as necessary) to reflect the New Notes and (4) if Note
A-1 is severed into “component” notes, another note (or one of the New Notes) may be




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substituted for Note A-1 in the definition
of “Directing Holder” and the definitions of “Lead Note” and “Lead Securitization” and “Non-Directing
Holder” will be revised accordingly. Neither Rating Agency Confirmation nor approval of the Directing Holder shall be required
for any amendments to this Agreement required to facilitate the terms of this Section 18(a). The Resizing Holder whose Note
is being reallocated or split pursuant to this Section 18(a) shall reimburse the other Holder for all costs and expenses
incurred by the other Holder in connection with the reallocation or split.


(b)       The
Non-Lead Note Holders agree that (unless a Non-Lead Note and the Lead Note are included in the same Securitization) it shall cause
the related Non-Lead Servicing Agreement to provide as follows:


(i)       the
applicable master servicer or Trustee for such Securitization shall be required to notify the master servicer, special servicer
and Trustee of each other Securitization of the amount of any P&I Advance it has made with respect to the Note included in
such Securitization within two Business Days of making such advance;


(ii)      if
the applicable master servicer, special servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding
P&I Advance previously made, would be, or is, as applicable, a nonrecoverable advance, the master servicer shall provide the
other servicers written notice of such determination within 2 Business Days after such determination was made;


(iii)     in
the event a Non-Lead Note Holder is responsible for its proportionate share of any Nonrecoverable Advances (or any other portion
of a Nonrecoverable Advance) (and advance interest thereon) or other fee or expense pursuant to Section 17 and funds received
with respect to such Non-Lead Note are insufficient to cover such amounts, (x) the related master servicer will be required to
pay the Master Servicer, Special Servicer or Trustee under the Servicing Agreement, as applicable, out of general funds in the
collection account (or equivalent account) established under the related Non-Lead Servicing Agreement and (y) if the Servicing
Agreement permits the Master Servicer, Special Servicer or Trustee under the Servicing Agreement to pay itself from the Lead Securitization
Trust’s general account then the master servicer under the related Non-Lead Servicing Agreement will be required to reimburse
the Lead Securitization Trust out of general funds in the collection account (or equivalent account) established under the related
Non-Lead Servicing Agreement;


(iv)     each
of the Master Servicer and the Special Servicer shall be indemnified (as and to the same extent the Lead Securitization Trust is
required to indemnify each such party) against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses, incurred in connection with any PSA that relate solely to its servicing
of the Mortgage Loan, as applicable, and the master servicer under the related Non-Lead Servicing Agreement will be required to
reimburse the Master Servicer, Special Servicer or Trustee under the Servicing Agreement, as applicable, out of general funds in
the collection account (or equivalent account) established under the related Non-Lead Servicing Agreement;




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(v)      each
of the Trustee and the master servicer under the Non-Lead Servicing Agreement, as applicable, shall acknowledge that, (i) each
of the Master Servicer and the Trustee under the Servicing Agreement will be a third party beneficiary under the Non-Lead Servicing
Agreements with respect to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect
to such Non-Lead Note by the Master Servicer or the Trustee under the Servicing Agreement and (2) as to the Master Servicer only,
the indemnification of the Master Servicer against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses, incurred in connection with any PSA and relating to such Non-Lead
Note and (ii) the Special Servicer will be a third party beneficiary under the related Non-Lead Servicing Agreement with respect
to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect to such Non-Lead Note
by the Special Servicer (it being understood that the Special Servicer is not required to make any Advances) and (2) the indemnification
of the Special Servicer against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and
any other costs, liabilities, fees and expenses, incurred in connection with any PSA and relating to such Non-Lead Note; and


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


(c)       Notice
to Parties to the Servicing Agreement. Each Non-Lead Note Holder shall provide the Depositor, the Servicer, and the Special
Servicer under the Servicing Agreement (as of the closing date of the related Securitization) (provided such party is not also
a party to the Non-Lead Servicing Agreement) notice of the Securitization in writing (which may be by email) prior to or promptly
following the closing date of the related Securitization. Such notice shall contain contact information for each of the parties
to the related Non-Lead Servicing Agreement and the identity of the Non-Directing Holder under the Securitization. In addition,
after the closing date of the related Securitization, each Non-Lead Note Holder shall send a copy of the related Non-Lead Servicing
Agreement to the Depositor, the Servicer, and the Special Servicer under the Servicing Agreement (provided such party is not also
a party to such Non-Lead Servicing Agreement).


(d)       The
Servicing Agreement shall:


(i)       provide
that the Master Servicer and Trustee for such Securitization shall be required to notify the servicer, special servicer and Trustee
of each other Securitization of the amount of any P&I Advance it has made with respect to the Note included in such Securitization
within two Business Days of making such advance;


(ii)       provide
that if the Master Servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding P&I Advance
previously made, would be, or is, as applicable, a nonrecoverable advance, the Master Servicer shall provide the other servicers
written notice of such determination within two Business Days after such determination was made;




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(iii)       provide
that the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note (other than any Non-Lead
Note deposited into the Lead Securitization as to which payments shall be applied as provided in the Servicing Agreement), net
of its Servicing Fee (calculated at the “primary servicing fee rate” as set forth in the Servicing Agreement) and any
other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the Non-Lead
Holder on the applicable Master Servicer Remittance Date;


(iv)       provide
that the Master Servicer agrees to make available to each master servicer under a Non-Lead Servicing Agreement the CREFC®
Investor Reporting Package® pursuant to the terms of the Servicing Agreement on a monthly basis on the applicable
Master Servicer Remittance Date;


(v)       provide
that the Master Servicer, any primary servicer, the Special Servicer and the Trustee for the Lead Securitization, 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), to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the reports,
certifications, compliance statements, accountants’ assessments and attestations, information to be included in reports (including,
without limitation, Form 15G, Form 10-K, Form 10-D, Form 8-K), notices, and other materials specified in each of the other Servicing
Agreements as the parties to the Non-Lead Securitization may require in order to comply with (1) their obligations under the Securities
Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other
applicable law and (2) any applicable comment letter from the Securities and Exchange Commission or its obligations with respect
to any deficient Exchange Act receivable. Without limiting the generality of the foregoing, each Lead Note Holder for a Lead Securitization
shall provide in a timely manner to the depositor and the Trustee for any other Securitization a copy of the Lead Securitization
PSA and each Lead Servicer (at the expense of the Lead Note Holder) will be required to provide to the depositor and the Trustee
for any other Securitization any other information required to comply in a timely manner with applicable filing requirements under
Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB in a timely manner for inclusion
in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and with respect to the Lead
Servicers, upon prior written request, market indemnification agreements, opinions and Regulation AB compliance letters as were
or are being delivered with respect to the Lead Securitization. To the extent a Lead Servicer (or a primary or sub-servicer servicing
the Mortgage Loan pursuant to the Servicing Agreement) is required by a Non-Lead Securitization party to deliver disclosure information
pursuant to Regulation AB in a future Securitization and, if such Lead Servicer is not also the Non-Lead Master Servicer, the applicable
special servicer or other party to the related Non-Lead Servicing Agreement, or a primary servicer who is a servicing function
participant, or an Affiliate of the Mortgage Loan Seller or material relationship in connection with such future Securitization,
and therefore is not already providing such information in connection with the future Securitization, the




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Mortgage Loan Seller shall be
responsible for costs related to compliance with the related requirements of Regulation AB. As used in this Agreement, “Regulation
AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§  229.1100-229.1125,
as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the United
States Securities and Exchange Commission (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. The Master Servicer, any primary servicer, the Special Servicer and each other applicable party to the Servicing
Agreement shall each be required to provide certification and indemnification to each Certifying Person with respect to the Sarbanes-Oxley
Certification (or analogous terms) as such terms are defined in the related Non-Lead Servicing Agreements;


(vi)       provide
that the servicing duties of each of the Master Servicer and Special Servicer under the Servicing Agreement shall include the duty
to service each Non-Lead Note on behalf of the related Note Holder (including the related Trustees and related Certificate holders)
in accordance with the terms and provisions of this Agreement and that any conflict between the Servicing Agreement and this Agreement
shall be resolved in favor of this Agreement;


(vii)       provide
that, with respect to any/each Non-Lead Note (other than any Non-Lead Note deposited into the Lead Securitization as to which payments
shall be withdrawn and remitted as provided in the Servicing Agreement), the Master Servicer shall withdraw from the related Collection
Account and remit to the Holder of the Non-Lead Note, within one (1) Business Day of receipt of properly identified funds, any
amounts that represent late collections or principal prepayments on such Non-Lead Note or any successor REO Property with respect
thereto (exclusive of any portion of such amount payable or reimbursable to any third party in accordance with this Agreement),
unless such amount would otherwise be included in the monthly remittance to the Holder of such Non-Lead Note for such month; provided,
however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given Business Day, the Master
Servicer shall use commercially reasonable efforts to remit such late collections or principal prepayments to the Non-Lead Master
Servicer within one Business Day of receipt of properly identified funds but, in any event, the Master Servicer shall remit such
amounts within two Business Days of receipt of properly identified funds;


(viii)       provide
that the Non-Lead Note Holder (other than any Non-Lead Note Holder which is a direct party to the Servicing Agreement) are intended
third-party beneficiaries in respect of the rights afforded it under the Servicing Agreement and each master servicer under a Non-Lead
Servicing Agreement will be entitled to enforce the rights of the related Trustee with respect to such Non-Lead Note under this
Agreement and the Servicing Agreement;


(ix)       provide
that each master servicer and special servicer under any Non-Lead Servicing Agreement shall be a third-party beneficiary of the
Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or




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indemnification of such master
servicer or special servicer, as the case may be, and the provisions regarding coordination of Advances;


(x)       provide
that it shall not be amended in a manner that materially and adversely affects the rights of any Non-Lead Note Holder (other than
any Non-Lead Note Holder which is a direct party to the Servicing Agreement) without their consent;


(xi)       satisfy
Moody’s rating methodology as of the Closing Date of the Lead Securitization related to permitted investments and eligible
accounts applicable to securities rated “Aaa” by Moody’s;


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


(xiii)       provide
that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary market termination
events with respect to failure to make advances, failure to remit payments to a Non-Lead Note Holder as required, failure to deliver
(or cause to be delivered) materials or information required in order for such Non-Lead Note Holder or the depositor under a related
Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities Act or Form SF-3, and
for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided that, in the case of
failures related to the securities laws, such grace periods will not cause a depositor under a Non-Lead Servicing Agreement to
fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a servicer termination event
with respect to the Master Servicer affecting the Non-Lead Note Holder and the Master Servicer is not otherwise terminated pursuant
to the Lead Securitization PSA, the Master Servicer shall be required, upon the direction of the Non-Lead Note Holder, to appoint
a subservicer with respect to the Non-Lead Note. Upon the occurrence of a servicer termination event with respect to the Special
Servicer affecting the Non-Lead Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization
PSA, the Trustee shall, upon direction of the Non-Lead Note Holder, terminate the Special Servicer with respect to, but only with
respect to, the Mortgage Loan;


(xiv)       provide
that if a Non-Lead Note becomes the subject of an Asset Review under a Non-Lead Servicing Agreement, the applicable parties to
the Servicing Agreement are required to reasonably cooperate with the related asset representations




    -32-


     


    

reviewer
or other applicable party to such Non-Lead Servicing Agreement in connection with such Asset Review, including with respect to
providing access to related underlying documents to the extent the asset representations reviewer or such other applicable party
to the Non-Lead Servicing Agreement has not obtained such documents from the entity that was the Non-Lead Note Holder prior to
transfer of the Non-Lead Note to a Securitization and such documents are in the possession of the applicable party to the Servicing
Agreement;


(xv)       provide
that the Non-Lead Note Holder shall be entitled to the same indemnity as the Lead Note Holder under the Lead Securitization PSA
with respect to the following items; each of the Master Servicer, the Special Servicer, the Trustee, the certificate administrator,
the operating advisor, and the custodian shall be required to indemnify each certifying person and the Depositor under any Non-Lead
Servicing Agreement, and their respective directors and officers and controlling persons, to the same extent that they indemnify
the Depositor of the Lead Securitization (in its capacity as such) and each certifying person for (i) its failure to deliver the
items in clauses (v) and (xiii) above in a timely manner, (ii) its failure to perform its obligations to such Depositor of a Non-Lead
Securitization or Trustee of a Non-Lead Securitization under the Reporting Article (or any article substantially similar thereto)
of the Lead Securitization PSA by the time required after giving effect to any applicable grace period or cure period, (iii) the
failure of any servicer or servicing function participant retained by it to perform its obligations to such Depositor of a Non-Lead
Securitization or Trustee of a Non-Lead Securitization under such the Reporting Article (or any article substantially similar thereto)
of the Lead Securitization PSA by the time required and/or (iv) any deficient Securities Exchange Act of 1934 report regarding,
and delivered by or on behalf of, such party;


(xvi)       each
of the Master Servicer, the Special Servicer, the operating advisor, the custodian, the certificate administrator and the Trustee
of the Lead Securitization PSA shall (i) with respect to any initial sub-servicer engaged by it that is a servicing function participant
or additional servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect to each other additional
servicer and each servicing function participant with which, in each case, it has entered into a servicing relationship with respect
to the Mortgage Loans, cause such party to, comply with the foregoing Section 18 (d)(xvi) by inclusion of similar provisions
in the related sub-servicing or similar agreement;


(xvii)       provide
for special servicing, workout and liquidation fee rates that do not exceed (i) 0.25%, in the case of special servicing fees, (ii)
the lesser of (x) 1.00% and (y) such rate that results in a workout fee of $1,000,000, in the case of workout fees, and (iii) the
lesser of (x) 1.00% and (y) such rate that results in a liquidation fee of $1,000,000, in the case of liquidation fees, subject
in each case to market minimum special servicing fees and offsets set forth in the Lead Securitization PSA; and


(xviii)       to
the extent related to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency Confirmation and Rating Agency
communications shall be provided with respect to the Certificates issued in connection with the Non-Lead




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Securitization to the same extent
provided with respect to the Certificates issued in connection with the Lead Securitization;


(e)       The
Holder of any Note that, upon the closing of the Securitization of such Note, will constitute the Lead Note under this Agreement
shall:


(i)       give
the other Note Holder (except any Holder of any other Note included in such Securitization) notice of such Securitization in writing
(which may be by email) not less than three (3) Business Days prior to the applicable pricing date for such Securitization, together
with contact information for each of the parties to the related PSA;


(ii)       on
the closing date of such Securitization, send a copy (in EDGAR-compatible format) of such PSA to the other Note Holder (except
any Holder of any other Note included in such Securitization); and


(iii)       give
the other Note Holder (except any Holder of any other Note included in such Securitization) written notice in a timely manner (but
no later than one (1) Business Day prior to the applicable filing date) of any re-filing (other than a filing made in connection
with a formal amendment of such PSA) by the Depositor of such PSA subsequent to the Securitization Date if such filing contains
revisions or changes that are material to the other Note Holder.


19.     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.


20.     Modifications.
This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties hereto.
Additionally, from and after a Securitization, except to (i) cure any ambiguity, (ii) correct any error, (iii) correct
or supplement any provision herein that may be defective or inconsistent with any other provision or provisions herein or in the
Servicing Agreement, or (iv) as set forth in Section 18(a), (b) and (c), this Agreement may not be modified unless
a Rating Agency Confirmation has been delivered with respect to each Securitization.


21.     Successors and
Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective successors and assigns. Each of the Master Servicer, Non-Lead Master Servicer and related Trustee is an intended
third-party beneficiary of this Agreement. Except as provided in Section 5 and the




    -34-


     


    

preceding sentence, none of the provisions
of this Agreement shall be for the benefit of or enforceable by any Person not a party hereto.


22.     Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the
same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or
by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement


23.     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.


24.     Notices.
Unless stated otherwise, all notices required hereunder shall be given by (i) telephone (confirmed in writing) or shall be
in writing and personally delivered, (ii) sent by facsimile transmission or email if the sender on the same day sends a confirming
copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery service
(charges prepaid) or (iv) 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.


25.     Custody of Mortgage
Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-2 and Note A-3) will be held by the
Note A-1 Trustee (or by a custodian on its behalf) under the terms of the Note A-1 PSA on behalf of all of the Holders.


 


 


 


[NO FURTHER TEXT ON THIS PAGE]




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IN WITNESS WHEREOF,
each of the Note A-1 Holder, the Note A-2 Holder and the Note A-3 Holder has caused this Agreement to be duly executed as of the
day and year first above written.


 


	 	Note A-1 Holder:
	 	 	 	 
	 	LMF COMMERCIAL, LLC
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Andrew Snow
	 	 	Name:	Andrew Snow
	 	 	Title:	Authorized Signatory









     


     


    

 





	 	Note A-2 Holder:
	 	 	 	 
	 	LMF COMMERCIAL, LLC
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Andrew Snow
	 	 	Name:	Andrew Snow
	 	 	Title:	Authorized Signatory









 




     


     


    

 


 





	 	Note A-3 Holder:
	 	 	 	 
	 	LMF COMMERCIAL, LLC
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Andrew Snow
	 	 	Name:	Andrew Snow
	 	 	Title:	Authorized Signatory









 




     


     


    

EXHIBIT A


MORTGAGE LOAN SCHEDULE


A.       Description of
Mortgage Loan


	Borrowers:	
        PRIME ELIOT MAINE LLC,

        PRIME SELF STORAGE OF LONG ISLAND LLC,

        PRIME MALTA LLC,

        PRIME SARATOGA LLC,

        PRIME WILTON LLC,

        PRIME ROTTERDAM LLC,

        PRIME LATHAM LLC,

        PRIME DIX AVE LLC,

        PRIME DOVER LLC,

        PRIME EAST YORK LLC,

        PRIME ENOLA LLC,

        PRIME HANOVER LLC,

        PRIME HARRISBURG NORTH LLC,

        PRIME HARRISBURG WEST LLC,

        PRIME MECHANICSBURG LLC,

        PRIME MIDDLETOWN LLC,

        and

        PRIME WEST YORK LLC,




 




    A-1


     


    

 

	Mortgage Loan Origination Date:  	July 21, 2020
	Initial Principal Amount of Mortgage Loan:	$93,000,000
	List of Mortgaged Properties (including location):	
        1.     Eliot
        Rent A Space & Self Storage

        61 Harold L. Dow Highway and 249 Harold L. Dow Highway

        Eliot, Maine 03903

        2.     A
        Space Place Self-Storage

        3220 Horseblock Road

        Medford, New York 11763

        3.     Prime
        Storage – Malta/Saratoga Springs

        2351 Route 9 and 2353 Route 9

        Mechanicsville, New York 12118

        4.     Affordable
        Storage – Saratoga

        655 Saratoga Road a/k/a 655

        Route 9, Wilton, New York 12831

        5.     Affordable
        Storage – Wilton

        3 Commerce Park Drive

        Wilton, New York 12831

        6.     Rotterdam
        Self Storage

        Rotterdam, New York 12306

        7.     Prime
        Storage – Latham New Loudon Rd

        1322 New Loudon Road

        Cohoes, New York 12407

        8.     Prime
        Storage – Glens Falls

        120 Dix Avenue

        5 Sierra Street

        128 Dix Avenue

        Glens Falls, New York 1280

        9.     Capital
        Self Storage – Dover

        4044 Carlisle Road

        Dover, Pennsylvania 17315

        10.   Capital
        Self Storage – East York

        2611 East Market Street

        York, Pennsylvania 17402

        11.   Capital
        Self Storage – Enola

        10 Prospect Drive

        Enola, Pennsylvania 17025

        12.   Capital
        Self Storage – Hanover

        250 E. Chestnut Street

        Hanover, Pennsylvania 17331

        



 






    A-2


     


    









 


	 	13.   Capital
        Self Storage – Harrisburg Derry

        3861 Derry Street

        Harrisburg, Pennsylvania 17111

        14.   Capital
        Self Storage – Harrisburg Arsenal

        1851 Arsenal Boulevard

        Harrisburg, Pennsylvania 17103

        15.   Capital
        Self Storage – Mechanicsburg

        5160 East Trindle Road

        Mechanicsburg, Pennsylvania 17050

        16.   Capital
        Self Storage – Middletown

        2200 Vine Street

        Middletown, Pennsylvania 17057

        17.   Capital
        Self Storage – West York

        915 Carlisle Road

        York, Pennsylvania 17404

         


	Current Use of Mortgaged Property:	Self-Storage
	Mortgage Interest Rate:	
        Note A-1:4.775% per annum

        Note A-2:4.775% per annum

        Note A-34.775% per annum

	Maturity Date:	August 6, 2030




    A-3


     


    

B.       Description of
Notes


	Initial Note A-1 Principal Balance:	$56,000,000
	Initial Note A-2 Principal Balance:	$20,000,000
	Initial Note A-3 Principal Balance	$17,000,000
	Initial Note A-1 Percentage Interest:	60.22%
	Initial Note A-2 Percentage Interest:	21.50%
	Initial Note A-3 Percentage Interest	18.28%
	Note A-1 Interest Rate:	4.775% per annum
	Note A-2 Interest Rate:	4.775% per annum
	Note A-3 Interest Rate:	4.775% per annum
	Note A-1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-2 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-2 Interest Rate
	Note A-3 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-3 Interest Rate


 




    A-4


     


    

EXHIBIT B


 


Initial Note A-1 Holder, Initial Note A-2 Holder and Initial
Note A-3 Holder:


LMF Commercial, LLC

590 Madison Avenue, 9th Floor

New York, New York 10022

Attention: Andrew Snow


andrew.snow@lmfcommercial.com


with a copy to:






Cadwalader, Wickersham & Taft LLP


One World Financial Center


New York, New York 10281


Attention: Frank Polverino

Facsimile No: (212) 504-6666


frank.polverino@cwt.com


 




    B-1


     


    

EXHIBIT C


PERMITTED FUND MANAGERS


Westbrook Partners


iStar Financial Inc.


Capital Trust


Archon Capital, L.P.


Whitehall Street Real Estate Fund, L.P.


The Blackstone Group


Normandy Real Estate Partners


Dune Real Estate Partners


AllianceBernstein


Rockwood


RREEF Funds


Hudson Advisors


Artemis Real Estate Partners


Apollo Real Estate Advisors


Colony Capital, Inc.


Praedium Group


Fortress Investment Group, LLC


Lonestar Opportunity Funds


Clarion Partners


Walton Street Capital, LLC


Starwood Financial Trust


BlackRock, Inc.


Eightfold Real Estate Capital, L.P.


KKR Real Estate Manager Finance LLC


Rialto Capital Management, LLC


Rialto Capital Advisors, LLC






    C-1