Exhibit 4.8


EXECUTION VERSION


AGREEMENT BETWEEN NOTEHOLDERS


Dated as of August 19, 2021


by and between


DBR
Investments Co. Limited

(Initial Note A-1 Holder),


DBR
Investments Co. Limited

(Initial Note A-2 Holder)


DBR
Investments Co. Limited

(Initial Note A-3 Holder),


DBR
Investments Co. Limited

(Initial Note A-4 Holder),


DBR
Investments Co. Limited

(Initial Note A-5 Holder),


and


DBR
Investments Co. Limited

(Initial Note A-6 Holder)


 


Watermark Tempe


 




     


     


    

THIS AGREEMENT BETWEEN NOTEHOLDERS
(“Agreement”), dated as of August 19, 2021, is made by and between DBR Investments
Co. Limited (“DBRI” and, together with its successors and assigns in interest, in its capacity as initial
owner of Note A-1, the “Initial Note A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”),
DBRI (together with its successors and assigns in interest, in its capacity as initial owner of Note A-2, the “Initial Note A-2
Holder”), DBRI (together with its successors and assigns in interest, in its capacity as initial owner of Note A-3, the “Initial
Note A-3 Holder”), DBRI (together with its successors and assigns in interest, in its capacity as initial owner of Note A-4,
the “Initial Note A-4 Holder”), DBRI (together with its successors and assigns in interest, in its capacity as initial
owner of Note A-5, the “Initial Note A-5 Holder”) and DBRI (together with its successors and assigns in interest, in
its capacity as initial owner of Note A-6, the “Initial Note A-6 Holder”)


W I T N E S S E T H:


WHEREAS, pursuant to the
Mortgage Loan Agreement (as defined herein) DBRI originated a certain loan described on the schedule attached hereto as Exhibit A
(the “Mortgage Loan Schedule”) (the “Mortgage Loan”) to the mortgage loan borrower(s) listed on
the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which is evidenced by, inter alia, one promissory
note in the original principal amount of $32,500,000 (“Note A-1”) made by the Mortgage Loan Borrower in favor of the
Initial Note A-1 Holder, one promissory note in the original principal amount of $32,500,000 (“Note A-2”) made by the
Mortgage Loan Borrower in favor of the Initial Note A-2 Holder, one promissory note in the original principal amount of $20,000,000 (“Note
A-3”) made by the Mortgage Loan Borrower in favor of the Initial Note A-3 Holder, one promissory note in the original principal
amount of $15,000,000 (“Note A-4”), one promissory note in the original principal amount of $11,000,000 (“Note
A-5”) made by the Mortgage Loan Borrower in favor of the Initial Note A-5 Holder and one promissory note in the original principal
amount of $10,000,000 (“Note A-6” and together with Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5, the “Notes”)
made by the Mortgage Loan Borrower in favor of the Initial Note A-6 Holder, and secured by a first mortgage (as amended, modified or supplemented,
the “Mortgage”) on certain real property located as described on the Mortgage Loan Schedule (the “Mortgaged
Property”); and


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


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


Section 1.               
Definitions. References to a “Section” or the “recitals” are, unless otherwise specified, to a Section
or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Servicing
Agreement. Whenever used in this Agreement, the following terms shall have the respective meanings set forth below unless the context
clearly requires otherwise.


“A Notes”
shall mean Note A-1, Note A-2, Note A-3, Note A-4, Note A-5 and Note A-6, either individually or in the aggregate as the context may require.




     


     


    

“Activity”
shall mean any review, analysis, comfort, verification, manipulation, reorganization, restructuring, recompilation, recomposition, revision
or modification of any information or data.


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


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


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


“Agent”
shall mean the Initial Agent (or an Affiliate of the Initial Agent) or such Person to whom the Initial Agent shall delegate its duties
hereunder, and from and after the First Securitization shall mean the Master Servicer.


“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is the office of the
Initial Note A-1 Holder listed on Exhibit B hereto, and which is the address to which notices to and correspondence with the Agent should
be directed. The Agent may change the address of its designated office by notice to the Noteholders.


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


“Asset Representations
Reviewer” shall mean the asset representations reviewer appointed pursuant to the Lead Securitization.


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


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


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


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




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


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


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


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


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


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


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


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


“Companion Distribution
Account” shall have the meaning assigned to the term “serviced whole loan custodial account” in the Servicing Agreement
or such other analogous term used in the Servicing Agreement.


“Conduit”
shall have the meaning assigned to such term in Section 19(f).


“Conduit Credit
Enhancer” shall have the meaning assigned to such term in Section 19(f).


“Conduit Inventory
Loan” shall have the meaning assigned to such term in Section 19(f).


“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity,
whether through the ability to exercise voting power, by contract or otherwise.




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


“Controlling Noteholder”
shall mean as of any date of determination the Note A-1 Holder; provided that at any time the Note A-1 is included in the Note A-1 Securitization,
references to the “Controlling Noteholder” herein shall mean the Controlling Class Representative or any other party assigned
the rights to exercise the rights of the “Controlling Noteholder” hereunder, as and to the extent provided in the Servicing
Agreement.


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


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


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


“Default Interest”
shall mean interest on the Mortgage Loan at a rate per annum equal to the Note Default Interest Spread.


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


“Event of Default”
shall mean, with respect to the Mortgage Loan, an “Event of Default” as defined in the Mortgage Loan Documents (or such other
analogous term used in the Mortgage Loan Documents).


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


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


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


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


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


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


“Initial Note A-1
Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


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




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“Initial Note A-2
Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


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


“Initial Note A-3
Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


“Initial Note A-4
Holder” shall have the meaning assigned to such term in the recitals.


“Initial Note A-4
Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


“Initial Note A-5
Holder” shall have the meaning assigned to such term in the recitals.


“Initial Note A-5
Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


“Initial Note A-6
Holder” shall have the meaning assigned to such term in the recitals.


“Initial Note A-6
Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


“Initial Noteholders”
shall mean, collectively, the Initial Note A-1 Holder, the Initial Note A-2 Holder, Initial Note A-3 Holder, Initial Note A-4 Holder,
Initial Note A-5 Holder and Initial Note A-6 Holder.


“Insolvency Proceeding”
shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or any other insolvency, liquidation,
reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action for the dissolution of the Mortgage Loan
Borrower, any proceeding (judicial or otherwise) concerning the application of the assets of the Mortgage Loan Borrower for the benefit
of its creditors, the appointment of or any proceeding seeking the appointment of a trustee, receiver or other similar custodian for all
or any substantial part of the assets of the Mortgage Loan Borrower or any other action concerning the adjustment of the debts of the
Mortgage Loan Borrower, the cessation of business by the Mortgage Loan Borrower, except following a sale, transfer or other disposition
of all or substantially all of the assets of the Mortgage Loan Borrower in a transaction permitted under the Mortgage Loan Documents;
provided, however, that following any such permitted transaction affecting the title to the Mortgaged Property, the Mortgage
Loan Borrower for purposes of this Agreement shall be defined to mean the successor owner of the Mortgaged Property from time to time
as may be permitted pursuant to the Mortgage Loan Documents; provided, further, however, that for the purposes of
this definition, in the event that more than one entity comprises the Mortgage Loan Borrower, the term “Mortgage Loan Borrower”
shall refer to any such entity.




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


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


“KBRA”
shall mean Kroll Bond Rating Agency, LLC, or its successor in interest.


“Lead Securitization”
shall mean (a) if the First Securitization is also the Note A-1 Securitization, such First Securitization and (b) if the First Securitization
is not also the Note A-1 Securitization, then (i) for the period from the closing date of the First Securitization until the Securitization
of Note A-1, the First Securitization and (ii) on and after the Securitization of Note A-1, the Note A-1 Securitization.


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


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


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


“Lead Securitization
Servicing Agreement” shall mean the pooling and servicing agreement entered into in connection with the Lead Securitization.


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


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


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


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


“Master Servicer
Remittance Date” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in
the Servicing Agreement.


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


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




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


“Mortgage Loan Agreement”
shall mean the Loan Agreement, dated as of July 16, 2021, between the Mortgage Loan Borrower and DBRI, as lender, as the same may be amended,
restated, supplemented or otherwise modified from time to time, subject to the terms hereof.


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


“Mortgage Loan Borrower
Related Party” shall have the meaning assigned to such term in Section 18.


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


“Mortgage Loan Rate”
shall mean, as of any date of determination, the Note A Rate.


“Mortgage Loan Schedule”
shall mean the Schedule attached hereto as Exhibit A.


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


“Non-Controlling
Note” shall mean the respective Note held by a Non-Controlling Noteholder.


“Non-Controlling
Noteholder” shall mean each Noteholder that is not the Controlling Noteholder; provided that, if at any time such Noteholder’s
Note is held by (or, at any time such Noteholder’s Note is included in a Securitization, the Non-Lead Securitization Subordinate
Class Representative is) a Borrower Party, no Person shall be entitled to exercise the rights of such Non-Controlling Noteholder with
respect to such Note.


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


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




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


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


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


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


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


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


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


“Non-Lead Securitization
Determination Date” shall mean the “determination date” (or any term substantially similar thereto) as defined in
a Non-Lead Securitization Servicing Agreement.


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


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


“Non-Lead Securitization
Servicing Agreement” shall mean from and after the date a Non-Lead Securitization Note is included in a Non-Lead Securitization,
the pooling and servicing agreement entered into in connection with such Non-Lead Securitization.


“Non-Lead Securitization
Subordinate Class Representative” shall mean the holders of the majority of the class of securities issued in a Non-Lead Securitization
designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement or their duly appointed
representative.


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


“Non-Lead Servicer”
shall mean the Non-Lead Master Servicer or the Non-Lead Special Servicer for a Non-Lead Securitization, as the context may require.


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




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“Non-Lead Sponsor”
shall mean a then-current Non-Lead Securitization Noteholder (immediately prior to the related Non-Lead Securitization) in its capacity
as the sponsor with respect to the related Non-Lead Securitization Note in connection with such Non-Lead Securitization.


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


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


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


“Note”
shall mean each A Note.


“Note A Holders”
shall mean the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder and the Note A-6 Holder.


“Note A Rate”
shall mean the Note A Rate set forth on the Mortgage Loan Schedule.


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


“Note A-1 Holder”
shall mean the Initial Note A-1 Holder, or any subsequent holder of Note A-1, together with its successors and assigns.


“Note A-1 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-1 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1 Holder or reductions in such
amount pursuant to Sections 3 or 5, as applicable.


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


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


“Note A-1 Securitization
Date” shall mean the effective date on which the Securitization of Note A-1 or portion thereof is consummated.


“Note A-1 Securitization
Trust” shall mean a trust formed pursuant to the Note A-1 Securitization pursuant to which Note A-1 is held.




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


“Note A-2 Holder”
shall mean the Initial Note A-2 Holder, or any subsequent holder of Note A-2, together with its successors and assigns.


“Note A-2 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-2 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-2 Holder or reductions in such
amount pursuant to Sections 3 or 5, as applicable.


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


“Note A-2 Securitization
Trust” shall mean a trust formed pursuant to Note A-2 Securitization pursuant to which Note A-2 is held.


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


“Note A-3 Holder”
shall mean the Initial Note A-3 Holder, or any subsequent holder of Note A-3, together with its successors and assigns.


“Note A-3 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-3 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-3 Holder or reductions in such
amount pursuant to Sections 3 or 5, as applicable.


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


“Note A-3 Securitization
Trust” shall mean a trust formed pursuant to Note A-3 Securitization pursuant to which Note A-2 is held.


“Note A-4”
shall have the meaning assigned to such term in the recitals.


“Note A-4 Holder”
shall mean the Initial Note A-4 Holder, or any subsequent holder of Note A-4, together with its successors and assigns.


“Note A-4 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-4 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-4 Holder or reductions in such
amount pursuant to Sections 3 or 5, as applicable.


“Note A-4 Securitization”
shall mean the sale by the Note A-4 Holder of all of such Note (or the first securitization of any portion of such Note, if applicable)
to the applicable




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depositor, who will in turn include such Note
or portion of such Note as part of a securitization of one or more mortgage loans.


“Note A-4 Securitization
Trust” shall mean a trust formed pursuant to Note A-4 Securitization pursuant to which Note A-4 is held.


“Note A-5”
shall have the meaning assigned to such term in the recitals.


“Note A-5 Holder”
shall mean the Initial Note A-5 Holder, or any subsequent holder of Note A-5, together with its successors and assigns.


“Note A-5 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-5 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-5 Holder or reductions in such
amount pursuant to Sections 3 or 5, as applicable.


“Note A-5 Securitization”
shall mean the sale by the Note A-5 Holder of all of such Note (or the first securitization of any portion of such Note, if applicable)
to the applicable depositor, who will in turn include such Note or portion of such Note as part of a securitization of one or more mortgage
loans.


“Note A-5 Securitization
Trust” shall mean a trust formed pursuant to Note A-5 Securitization pursuant to which Note A-5 is held.


“Note A-6”
shall have the meaning assigned to such term in the recitals.


“Note A-6 Holder”
shall mean the Initial Note A-6 Holder, or any subsequent holder of Note A-6, together with its successors and assigns.


“Note A-6 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-6 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-6 Holder or reductions in such
amount pursuant to Sections 3 or 5, as applicable.


“Note A-6 Securitization”
shall mean the sale by the Note A-6 Holder of all of such Note (or the first securitization of any portion of such Note, if applicable)
to the applicable depositor, who will in turn include such Note or portion of such Note as part of a securitization of one or more mortgage
loans.


“Note A-6 Securitization
Trust” shall mean a trust formed pursuant to Note A-6 Securitization pursuant to which Note A-6 is held.


“Note Default Interest
Spread” shall mean, with respect to the outstanding principal balance of any Note, a rate per annum equal to the lesser of (i) the
Maximum Legal Rate minus the Note A Rate or (ii) five percent (5%).


“Note Pledgee”
shall have the meaning assigned to such term in Section 19(e).




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“Note Register”
shall have the meaning assigned to such term in Section 21.


“Noteholder”
shall mean any of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder and the Note
A-6 Holder, as applicable.


“New Note”
shall have the meaning assigned to such term in Section 38.


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


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


“Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests relating
to commercial real estate, (ii) investing through a fund with committed capital of at least $600,000,000 and (iii) not subject
to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.


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


“Pledge”
shall have the meaning assigned to such term in Section 19(e).


“Principal Balance”
shall mean any of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4
Principal Balance, the Note A-5 Principal Balance and the Note A-6 Principal Balance, as applicable.


“Pro Rata and Pari
Passu Basis” shall mean with respect to the Notes and the Noteholders, the allocation of any particular payment, collection,
cost, expense, liability or other amount among the Notes or the related Noteholders, as the case may be, without any priority of any Note
or any Noteholder over another Note or Noteholder, as the case may be, and in any event such that each Note or each Noteholder, as the
case may be, is allocated its respective pro rata portion of such particular payment, collection, cost, expense, liability or other amount.


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


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


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




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(b)  
 one or more of the following:


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


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


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


(iv)           
an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $600,000,000, in which (A) any Noteholder, (B) a person that is otherwise a Qualified Institutional Lender under clause
(b)(i), (b)(ii) or (b)(v) (with respect to an institution substantially similar to the entities referred to in clause
(b)(i) or (b)(ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund manager
responsible for the day-to-day management and operation of such investment vehicle and provided that at least 50% of the equity interests
in such investment vehicle are owned, directly or indirectly, by one or




    13 


     


    

more entities that are otherwise Qualified
Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth below in the definition), or


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


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


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


provided that, in the case
of any entity referred to in clause (b)(i), (b)(ii), (b)(iii)(a), (b)(iv)(B) or (b)(v) of this definition,
(x) such entity has at least $250,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension
advisory firm, asset manager or similar fiduciary) and at least $600,000,000 in total assets (in name or under management), and (y) is
regularly engaged in the business of making or owning commercial real estate loans (or interests therein) similar to the Mortgage Loan
(or mezzanine loans with respect thereto) or owning junior CMBS securities or owning or operating commercial real estate properties; provided
further that, in the case of the entity described in clause (iv)(b)(B) of this definition, the requirements of this clause (y)
may be satisfied by a general partner, managing member, or the fund manager responsible for the day-to-day management and operation of
such entity, or


For purposes of this definition
only, “Control” means the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the
beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise (“Controlled”
and “Controlling” have the meaning correlative thereto).


“Qualified Trustee”
means (i) a corporation, national bank, national banking association or a trust company, organized and doing business under the laws of
any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred,
having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authority,
(ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose long-term senior unsecured debt
is rated either of the then in effect top two rating categories of each of the applicable Rating Agencies.


“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS Morningstar, (e) Morningstar, (f) KBRA or (g) if any of such entities
shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical rating
agency reasonably designated by the Depositor or a Non-Lead Depositor to rate the securities issued in connection with a Securitization
of an A Note; provided, however, that, at any




    14 


     


    

time during which any A Note is an asset of
any Securitization Trust, “Rating Agencies” or “Rating Agency” shall mean each and every of those rating agencies
that are engaged by the Depositor or any Non-Lead Depositor from time to time to rate the securities issued in connection with any Securitization
of any one or more of the A Notes but excluding any of those rating agencies that do not rate any securities issued in connection with
any Securitization of any A Note.


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


“Redirection Notice”
shall have the meaning assigned to such term in Section 19(e).


“Regulation AB”
shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such rules
may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission or by the
staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective from time to
time as of the compliance dates specified therein.


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


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


“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of either “CSS3”
or “CLLSS3”, (ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial
Mortgage Special Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans
included in a CMBS transaction that was rated by Moody’s within the twelve (12) month period prior to the date of determination,
and Moody’s has not downgraded or withdrawn the then-current rating on any class of CMBS securities or placed any class of CMBS
securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage loans, (iv) in
the case of DBRS Morningstar, (a) such special servicer is acting as special servicer in a commercial mortgage loan securitization that
was rated by a Rating Agency within the twelve (12) month period prior to the date of determination and (b) DBRS Morningstar has not qualified,
downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS certificates citing servicing concerns with
the special servicer as the sole or material factor in such rating action, (v) in the case of Morningstar, (a) such special servicer
is acting as special servicer in a commercial mortgage loan securitization that was rated by a Rating Agency within the twelve (12) month
period prior to the date of determination and (b) Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings
of one or more classes of CMBS certificates citing servicing concerns with the special servicer as the sole or material factor in such
rating action, and, and, (vi) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material
factor in any qualification, downgrade or withdrawal of the




    15 


     


    

ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time
of determination.


“Restricted Mezzanine
Holder”: A holder of a related mezzanine loan (or any Affiliate or agent thereof) or an owner in any interest in any related
mezzanine loan (whether legally, beneficially or otherwise, including as a holder of a note evidencing a related mezzanine loan, a holder
of a participation interest in a related mezzanine loan or a beneficial owner of any securities collateralized by a related mezzanine
loan) (a) that has been accelerated or as to which the mezzanine lender has initiated foreclosure or enforcement proceedings against the
equity collateral pledged to secure such mezzanine loan, (b) as to which an event of default under such mezzanine loan has occurred giving
rise to an automatic acceleration of such mezzanine loan or the right of the lender thereunder to accelerate such mezzanine loan or (c)
at any time when any Servicing Transfer Event has occurred and is continuing with respect to the Mortgage Loan as a result of any determination
by the Servicer that a default in the payment of principal or interest under the Mortgage Loan is reasonably foreseeable.


“Risk Retention
Consultation Party” shall mean each risk retention consultation party appointed pursuant to the Lead Securitization Servicing
Agreement.


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


“Risk Retention
Rules” shall mean the joint final rule that was promulgated to implement the Risk Retention Requirements (which such joint final
rule has been codified, inter alia, at 17 C.F.R. § 246), as such rule may be amended from time to time, and subject to such clarification
and interpretation as have been provided by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Commission and the Department of Housing and
Urban Development in the adopting release (79 Fed. Reg. 77601 et seq.) or by the staff of any such agency, or as may be provided by any
such agency or its staff from time to time, in each case, as effective from time to time as of the applicable compliance date specified
therein.


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


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


“Securitization”
shall mean one or more sales by any Note A Holder of such Noteholder’s A Note or a portion thereof to a depositor, who will in turn
include such Note or portion of such Note as part of a securitization of one or more mortgage loans.


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


“Securitization
Servicing Agreement” shall mean the Lead Securitization Servicing Agreement or a Non-Lead Securitization Servicing Agreement,
as the context may require.




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“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which any A Note is held.


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


“Servicer Termination
Event” shall have the meaning assigned to such term in the Servicing Agreement or, at any time that the Mortgage Loan is no
longer subject to the provisions of the Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the
Mortgage Loan is being serviced in accordance with the terms of this Agreement.


“Servicing Agreement”
shall mean the Lead Securitization Servicing Agreement; provided that in the event that, following the Securitization of the Lead
Securitization Note, the Lead Securitization Note is no longer an asset of the trust fund created pursuant to the Lead Securitization
Servicing Agreement, the “Servicing Agreement” shall be determined in accordance with Section 2(j).


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


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


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


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


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


“Sub-Servicer”
shall have the meaning given thereto in the Lead Securitization Servicing Agreement (or other analogous term under the Lead Securitization
Servicing Agreement).


“Transfer”
shall mean any sale, assignment, transfer, pledge, syndication, participation, hypothecation, contribution, encumbrance or other disposition
, either  directly or  indirectly, by operation of law or otherwise.


“Trustee”
shall mean the trustee appointed pursuant to the Lead Securitization Servicing Agreement.


“Withheld Amounts”
shall have the meaning assigned to such term in Section 3.




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


Section 2.               
Servicing.


(a)  
Each Noteholder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced pursuant to this Agreement
and (i) prior to the Lead Securitization Date, under interim servicing arrangements as directed by the Note A-1 Holder and (ii) after
the Lead Securitization Date, the Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments
of principal or interest in respect of the Notes other than the Lead Securitization Note if such principal or interest is not paid by
the Mortgage Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related
to the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms
of the Servicing Agreement (including a determination of recoverability thereunder). Each Noteholder acknowledges that each other Noteholder
may elect, in its sole discretion, to include the related Note in a Securitization and agrees that it will reasonably cooperate with such
other Noteholder, at such other Noteholder’s expense, to effect such Securitization. Subject to the terms and conditions of this
Agreement, each Noteholder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee under the Servicing Agreement by the Depositor,
and the appointment of the Special Servicer as the initial Special Servicer under the Servicing Agreement by the Depositor (subject to
replacement by the Controlling Noteholder as provided herein) and agrees to reasonably cooperate with the Master Servicer and the Special
Servicer with respect to the servicing of the Mortgage Loan in accordance with this Agreement and the Servicing Agreement. Each Noteholder
hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Noteholder’s attorney-in-fact
to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the
Servicing Agreement (subject at all times to the rights of the Noteholders set forth herein and in the Servicing Agreement). In no event
shall the Servicing Agreement require any Servicer to enforce the rights of any Noteholder against any other Noteholder or limit any Servicer
in enforcing the rights of one Noteholder against any other Noteholder; however, this statement shall not be construed to otherwise limit
the rights of one Noteholder with respect to any other Noteholder. Each Servicer shall be required pursuant to the Servicing Agreement
to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Servicing Agreement
and applicable law, and shall not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.


(b)  
[Reserved.]


(c)  
[Reserved.]


(d)  
The Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent
provided in the Lead Securitization Servicing Agreement) (i) shall be required to make Property Protection Advances with respect to the
Mortgage Loan, subject to the terms of the Lead Securitization Servicing Agreement and this




    18 


     


    

Agreement, and (ii) may be required to make
P&I Advances on the Lead Securitization Note, if and to the extent provided in the Lead Securitization Servicing Agreement and this
Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for a Property
Protection Advance, first from funds on deposit in each of the Collection Account and the Companion Distribution Account that (in any
case) represent amounts received on or in respect of the Mortgage Loan in the manner provided in the Lead Securitization Servicing Agreement,
and then, in the case of Nonrecoverable Property Protection Advances, if such funds on deposit in the Collection Account and Companion
Distribution Account are insufficient, from general collections of the Lead Securitization as provided in the Lead Securitization Servicing
Agreement and from general collections of the Non-Lead Securitizations as provided below. The Master Servicer, the Special Servicer and
the Trustee, as applicable, will be entitled to reimbursement for Advance Interest Amounts on a Property Protection Advance or a Nonrecoverable
Property Protection Advance, in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including from
general collections of the Lead Securitization and, in the case of Property Protection Advances, from general collections of the Non-Lead
Securitizations as provided below. Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee,
as applicable, obtains funds from general collections of the Lead Securitization as a reimbursement for a Nonrecoverable Property Protection
Advance or any Advance Interest Amounts on a Property Protection Advance or a Nonrecoverable Property Protection Advance, each Non-Lead
Securitization Noteholder (including from general collections or any other amounts from the Non-Lead Securitization Trust) shall be required
to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for its pro rata share of such Nonrecoverable
Property Protection Advance or Advance Interest Amounts.


In addition, each Non-Lead
Securitization Noteholder (including, but not limited to, the related Non-Lead Securitization Trust) shall be required to, promptly following
notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization for such Non-Lead Securitization Noteholder’s
pro rata share of any additional trust fund expenses with respect to the Mortgage Loan or the Mortgaged Property, any other fees,
costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan and allocable to the Note A Holders
pursuant to this Agreement and as to which the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Operating Advisor or the Depositor, as applicable, is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement,
and any fees, costs or expenses related to obtaining a Rating Agency Confirmation and allocated to the Note A Holders, in each case to
the extent amounts on deposit in the Companion Distribution Account that are allocated to the related Non-Lead Securitization Note are
insufficient for reimbursement of such amounts (which such reimbursement shall be made, if a Non-Lead Securitization Note has been included
in a Non-Lead Securitization, from general collections or any other amounts from such Non-Lead Securitization Trust). Each Non-Lead Securitization
Noteholder agrees to indemnify (i) (as and to the same extent the Lead Securitization Trust is required to indemnify each of the following
parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of Lead Securitization Servicing Agreement)
each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and the Depositor
(and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified parties
in the Lead Securitization Servicing Agreement in respect of other mortgage loans) and (ii) the Lead Securitization Trust (such parties
in clause (i)




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and the Lead Securitization Trust, collectively,
the “Indemnified Parties”) against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of the Mortgage
Loan and the Mortgaged Property (or, with respect to the Operating Advisor, incurred in connection with the provision of services for
the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”) to the
extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Companion Distribution Account
that are allocated to the related Non-Lead Securitization Note are insufficient for reimbursement of such amounts, such Non-Lead Securitization
Noteholder shall be required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, reimburse each
of the applicable Indemnified Parties for its pro rata share of the insufficiency (including, if the related Non-Lead Securitization
Note has been included in a Non-Lead Securitization, from general collections or any other amounts from such Non-Lead Securitization Trust).


A Non-Lead Master Servicer
may be required to make P&I Advances on the related Non-Lead Securitization Note it is servicing, from time to time, subject to the
terms of the related Non-Lead Securitization Servicing Agreement, the Lead Securitization Servicing Agreement and this Agreement. The
Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determination
with respect to a P&I Advance to be made on the Lead Securitization Note based on the information that they have on hand and in accordance
with the Lead Securitization Servicing Agreement. Each Non-Lead Master Servicer, Non-Lead Special Servicer and Non-Lead Trustee, as applicable,
shall be entitled to make their own recoverability determination with respect to a P&I Advance to be made on the related Non-Lead
Securitization Note based on the information that they have on hand and in accordance with the related Non-Lead Securitization Servicing
Agreement. The Master Servicer and the Trustee, as applicable, and each Non-Lead Master Servicer or Non-Lead Trustee shall be required
to notify each other servicer and trustee with respect to a Securitization of the amount of its P&I Advance within two (2) Business
Days of making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization
Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization
Note), determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would be
non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed
Property Protection Advance would be non-recoverable or an outstanding Property Protection Advance is or would be non-recoverable, then
the Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability
by the Master Servicer, the Special Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead Trustee (as provided in the
related Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by a Non-Lead Master Servicer,
a Non-Lead Special Servicer or a Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or such Non-Lead Master Servicer
and such Non-Lead Trustee, as the case may be, within two (2) Business Days of making such determination. Each of the Master Servicer,
the Trustee, the Non-Lead Master Servicers and the Non-Lead Trustees, as applicable, will only be entitled to reimbursement for a P&I
Advance that becomes non-recoverable and advance interest thereon first from the Collection Account (in the case of the Lead Securitization
Note) or the Companion Distribution Account (in the case of a Non-Lead Securitization Note) from amounts allocable to the Note for which
such P&I Advance was made, and then, if funds are insufficient,




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(i) in the case of the Lead Securitization
Note, from general collections of the Lead Securitization Trust, pursuant to the terms of the Lead Securitization Servicing Agreement
and (ii) in the case of a Non-Lead Securitization Note, from general collections of the related Non-Lead Securitization Trust, as and
to the extent provided in the related Non-Lead Securitization Servicing Agreement.


(e)  
The Servicing Agreement shall contain provisions to the effect that (and to the extent such following provisions are not included
in the Servicing Agreement, they shall be deemed incorporated therein and made a part thereof):


(i)           
any payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the Noteholders (other than the Noteholders
of the Non-Lead Securitization Notes, to whom remittances shall be made described in clause (viii) below) on the Master Servicer Remittance
Date under the Servicing Agreement;


(ii)           
each Non-Lead Noteholder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide access to,
any information relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as such Non-Lead Noteholder may
reasonably request and would be customarily in the possession of, or collected or known by, the Master Servicer or the Special Servicer
of mortgage loans similar to the Mortgage Loan and, in any event, all information that is required to be provided to holders of the securities
issued by the Lead Securitization Trust but not limited to standard CREFC reports and Asset Status Reports, provided that if an interest
in the requesting Noteholder or its related Note is held by a Borrower Party, then such requesting Noteholder shall not be entitled to
receive the Asset Status Report or any other information relating to the Special Servicer’s workout strategy or any “excluded
information” or analogous term under the Servicing Agreement;


(iii)           
each Noteholder is an intended third party beneficiary in respect of the rights afforded it under the Servicing Agreement and may
directly enforce such rights;


(iv)           
the Servicing Agreement may not be amended without the consent of each Non-Lead Noteholder if such amendment would be materially
adverse to such Non-Lead Noteholder or would materially adversely affect the Mortgage Loan or any Non-Lead Noteholder’s rights with
respect thereto or would alter any term that is defined herein by reference to the Servicing Agreement in a manner that is materially
adverse to a Non-Lead Noteholder;


(v)           
the Special Servicer selected by the Controlling Noteholder shall be appointed as the Special Servicer for the Mortgage Loan not
later than the earlier of (x) the closing of the Securitization of the Controlling Note or (y) the Mortgage Loan becoming a Specially
Serviced Loan under any other Servicing Agreement; provided, however, that such Special Servicer has the Required Special
Servicer Rating of, or otherwise be acceptable to, each of the Rating Agencies rating any Securitization of an A Note;


(vi)           
the Master Servicer or Trustee shall be required to provide written notice to each Non-Lead Master Servicer and each Non-Lead Trustee
of any P&I Advance it has




    21 


     


    

made with respect to the Lead Securitization
Note within two (2) Business Days of making such advance;


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


(viii)           
the Master Servicer shall remit all payments allocated to the Noteholder of each Non-Lead Securitization Note pursuant to Section
3, net of the servicing fees payable to the Master Servicer and Special Servicer with respect to such Non-Lead Securitization Note,
and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to such Non-Lead
Securitization Noteholder not later than the earlier of (x) the Master Servicer Remittance Date and (y) the Business Day following the
“determination date” (or any term substantially similar thereto) as defined in the applicable Non-Lead Securitization Servicing
Agreement (such determination date, the “Non-Lead Securitization Determination Date”), provided, however, that (a)
no remittance is required to be made until two (2) Business Days after receipt of properly identified funds constituting the related Monthly
Payment; and (b) any late collections received by the Master Servicer after the related due date under the Mortgage Loan shall be remitted
by the Master Servicer in accordance with Section 2(e)(xv) below;


(ix)           
with respect to each Non-Lead Note, the Master Servicer agrees to deliver or cause to be delivered or to make available to such
Non-Lead Noteholder (or, in the case of a Non-Lead Note held by a Securitization, the related Non-Lead Master Servicer) all reports
required to be delivered by the Master Servicer to the Certificate Administrator and the Trustee under the Lead Securitization Servicing
Agreement (which shall include all loan-level reports constituting the CREFC® Investor Reporting Package (IRP)) pursuant to the terms
of the Lead Securitization Servicing Agreement, to the extent related to the Mortgage Loan, the Mortgaged Property, such Non-Lead Note,
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, not later than the earlier of (x) the Master
Servicer Remittance Date and (y) the Business Day following the Non-Lead Securitization Determination Date (if any), in each case so long
as the date on which delivery is required under this clause (ix) is at least one (1) Business Day after the scheduled monthly payment
date under the Mortgage Loan Agreement;


(x)           
the Master Servicer and the Special Servicer, as applicable, shall provide (in electronic media) to each Non-Lead Noteholder all
documents, certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding the Mortgage
Loan provided by it to any other party to the Lead Securitization Servicing Agreement at the time provided to such other party;




    22 


     


    

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


(xii)           
each Non-Lead Noteholder shall be entitled to the same indemnity as the Lead Securitization Noteholder under the Lead Securitization
Servicing Agreement; each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor
and the Custodian shall be required to (and shall require any Servicing Function Participant or Additional Servicer engaged by it to)
indemnify each Certifying Person and the Non-Lead Depositor, and their respective directors and officers and controlling persons, to the
same extent that they indemnify the Depositor (as depositor in respect of the Lead Securitization) and each Certifying Person for (i)
its failure to deliver the items in clause (xiii) below in a timely manner, (ii) its failure to perform its obligations to the
Non-Lead Depositor or the related Non-Lead Trustee under Article X (or other article governing the Lead Securitization Trust’s Exchange
Act reporting requirements) of the Lead Securitization Servicing Agreement by the time required after giving effect to any applicable
grace period or cure period, (iii) the failure of any Servicing Function Participant or Additional Servicer retained by it (other than
an Initial Sub-Servicer) to perform its obligations to such depositor or trustee under such Article X (or other article governing the
Lead Securitization Trust’s Exchange Act reporting requirements) of the Lead Securitization Servicing Agreement by the time required
and/or (iv) any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, such party;


(xiii)           
with respect to each Non-Lead Securitization that is subject to reporting requirements under the Securities Act, the Exchange Act
(including Rule 15Ga-1), and Regulation AB, (a) the Master Servicer, any primary servicer, the Special Servicer, the Trustee, the Certificate
Administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause
each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained
or engaged by it to deliver; provided that such party shall only be required to use commercially reasonable efforts to cause an
Initial Sub-Servicer to deliver), in a timely manner (i) the reports, certifications, compliance statements, accountants’ assessments
and attestations, and information to be included in reports (including, without limitation, Form ABS-15G, Form 10-K, Form 10-D and Form
8-K), and (ii) upon request, any other materials specified in the Non-Lead Securitization Servicing Agreement, in the case of sub-clauses
(i) and (ii), as the Non-Lead Depositor or the Non-Lead Trustee reasonably believes, in good faith, are required in order for
the Non-Lead Depositor or the Non-Lead Trustee to comply with (1) its obligations under the Securities Act, the Exchange Act (including
Rule 15Ga-1), Regulation AB and Form SF-3 and (2) any applicable comment letter from the Commission or its obligations with respect to
any Deficient Exchange Act Deliverable, (b) without limiting the generality of the foregoing (x) the Depositor or the Lead Securitization
Noteholder shall provide or cause to be provided to the Non-Lead Depositor (and to counsel to the Non-Lead Depositor) and the Non-Lead
Trustee (1) written notice (which may be by email) in a timely manner (but no later than three (3) Business Days prior to closing) of
the occurrence of the Lead




    23 


     


    

Securitization, and (2) no later than
the closing date of the Lead Securitization, a copy of the Lead Securitization Servicing Agreement in an EDGAR-compatible format, and
(y) the Master Servicer and Special Servicer (or any replacement Master Servicer or Special Servicer, as applicable) shall, upon reasonable
prior written request, and subject to the right of the Master Servicer or the Special Servicer, as the case may be, to review and approve
such disclosure materials, permit a holder of the Non-Lead Securitization Note to use such party’s description contained in the
Lead Securitization prospectus (updated as appropriate by the Master Servicer or Special Servicer, as applicable, at the cost of the Non-Lead
Sponsor) or contained in a Lead Securitization Form 8-K), for inclusion in the disclosure materials or a Form 8-K relating to any securitization
of the Non-Lead Securitization Note, and (z) the Master Servicer and the Special Servicer (or any replacement Master Servicer or Special
Servicer, as applicable), shall provide indemnification agreements, opinions and Regulation AB compliance letters as were or are being
delivered with respect to the Lead Securitization (in each case, at the cost of the Non-Lead Sponsor), and (c) in connection with any
amendment of the Lead Securitization Servicing Agreement, the Depositor shall provide written notice (which may be by email) of such proposed
amendment to the Non-Lead Depositor and the Non-Lead Trustee no later than three (3) Business Days prior to the date of effectiveness
of such amendment, and, on the date of effectiveness of such amendment to the Lead Securitization Servicing Agreement, provide a copy
of such amendment in an EDGAR-compatible format to the Non-Lead Depositor and the Non-Lead Trustee. The Master Servicer and the Special
Servicer shall each be required to provide certification and indemnification to any Certifying Person with respect to any applicable Sarbanes-Oxley
Certification with respect to a Non-Lead Securitization;


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


(xv)           
any late collections received by the Master Servicer from the Mortgage Loan Borrower that are allocable to a Non-Lead Securitization
Note or reimbursable to the Non-Lead Master Servicer or the Non-Lead Trustee shall be remitted by the Master Servicer to the Non-Lead
Master Servicer or the Non-Lead Noteholder, as applicable, within two (2)




    24 


     


    

Business Days of receipt of properly
identified funds; provided, however, that in the event the Master Servicer is in receipt of properly identified funds that
are not available to the Master Servicer, the Master Servicer may instead remit such amounts on the same Business Day that such properly
identified funds become available to the Master Servicer;


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


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


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




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(or replacement) of a sub-servicer with
respect to the Mortgage Loan, as contemplated in clause (A) above, will in any event be subject to written confirmation from each Rating
Agency that such appointment would not, in and of itself, cause a downgrade, qualification or withdrawal of the then-current ratings assigned
to the securities issued in connection with any Securitization. Upon the occurrence of a Servicer Termination Event with respect to the
Special Servicer affecting a Non-Lead Noteholder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization
Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Noteholder, terminate the Special Servicer with respect to, but
only with respect to, the Mortgage Loan;


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


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


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


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


(i)           
such Non-Lead Securitization Noteholder shall be responsible for its pro rata share of any Nonrecoverable Property Protection
Advances (and advance interest thereon) and any additional trust fund expenses, but only to the extent that they relate to servicing and
administration of the Notes and the Mortgaged Property, including without limitation,




    26 


     


    

any unpaid Special Servicing Fees, Liquidation
Fees and Workout Fees relating to the Notes, and that in the event that the funds received with respect to the Notes are insufficient
to cover such Property Protection Advances or additional trust fund expenses, (A) the Non-Lead Master Servicer will be required to, promptly
following notice from the Master Servicer or the Special Servicer, pay or reimburse the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Lead Securitization Trust, as applicable, out of general funds in the collection account (or equivalent
account) established under the Non-Lead Securitization Servicing Agreement for the Non-Lead Securitization Noteholder’s pro rata
share of any such Nonrecoverable Property Protection Advances (together with advance interest thereon) and/or other additional trust fund
expenses (including compensation due to the Master Servicer and the Special Servicer to the extent related to the servicing and administration
of the Mortgage Loan and the Mortgaged Property), and (B) if the Lead Securitization Servicing Agreement permits the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee to reimburse itself from the Lead Securitization Trust’s general
account, then the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, may do so, and the
Non-Lead Master Servicer will be required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee,
reimburse the Lead Securitization Trust out of general funds in the collection account (or equivalent account) established under the Non-Lead
Securitization Servicing Agreement for the Non-Lead Securitization Noteholder’s pro rata share of any such Nonrecoverable
Property Protection Advances (together with advance interest thereon) and/or additional trust fund expenses (including compensation due
to the Master Servicer and the Special Servicer to the extent related to the servicing and administration of the Mortgage Loan and the
Mortgaged Property);


(ii)           
each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead
Securitization Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any additional trust fund expenses
with respect to the Mortgage Loan) by the Non-Lead Securitization Trust, against any of the Indemnified Items to the extent of its pro
rata share of such Indemnified Items and, to the extent amounts on deposit in the Companion Distribution Account that are allocated
to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the Non-Lead Master Servicer will be required
to reimburse each of the applicable Indemnified Parties for the Non-Lead Securitization Note’s pro rata share of the insufficiency
out of general funds in the collection account (or equivalent account) established under the Non-Lead Securitization Servicing Agreement;


(iii)           
the Non-Lead Master Servicer, Non-Lead Trustee or Non-Lead Certificate Administrator will be required to deliver to the Trustee,
the Certificate Administrator, the Special Servicer, the Master Servicer and the Operating Advisor (i) promptly following the Non-Lead
Securitization, notice of the deposit of the Non-Lead Securitization Note into a Securitization Trust (which notice may be (x) in the
form of delivery (which may be by email) of a copy of the Non-Lead Securitization Servicing Agreement, or (y) by email notification together
with contact information for the Non-Lead Trustee, the Non-Lead Certificate Administrator, the Non-Lead Master Servicer, the Non-Lead
Special Servicer




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and the party designated to exercise
the rights of such Non-Lead Securitization Noteholder as a “Non-Controlling Noteholder” under this Agreement, accompanied
by a copy of the executed Non-Lead Securitization Servicing Agreement, and (ii) notice of any subsequent change in the identity of the
Non-Lead Master Servicer, the Non-Lead Trustee or the party designated to exercise the rights of such Non-Lead Securitization Noteholder
as a “Non-Controlling Noteholder” under this Agreement (together with the relevant contact information) (which may be in the
form of email delivery of a copy of any revised Non-Lead Securitization Servicing Agreement); and


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


(g)  
The Lead Securitization Noteholder shall:


(i)           
give each Non-Lead Securitization Noteholder that is included in a Securitization (if any) at the time of the Securitization of
the Lead Securitization Note, notice of such Securitization of the Lead Securitization Note in writing (which may be by email) not less
than three (3) Business Days prior to the applicable pricing date for the Lead Securitization, together with contact information for each
of the parties to the Lead Securitization Servicing Agreement; and


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


(h)  
Each Non-Lead Securitization Noteholder shall provide (or cause to be provided) to the Lead Securitization Noteholder and the parties
to the Lead Securitization Servicing Agreement (provided that the Lead Securitization Servicing Agreement has been delivered to the Non-Lead
Securitization Noteholder) notice of the closing of the related Non-Lead Securitization, in writing (which may be by email) prior to or
promptly following the related Non-Lead Securitization Date, which notice shall include a copy of the Non-Lead Securitization Servicing
Agreement.


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




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(j)    
 At any time after the Securitization Date that the Lead Securitization Note is no longer subject to the provisions of the Servicing
Agreement, the Lead Securitization Noteholder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement that contains
servicing provisions which are the same as or more favorable to the Non-Lead Securitization Noteholders, in substance, to those in the
Servicing Agreement and all references herein to the “Servicing Agreement” shall mean such subsequent servicing agreement;
provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a written confirmation shall have
been obtained from each Rating Agency rating such Securitization that the appointment of the servicer(s) pursuant to such servicing agreement
would not, in and of itself, cause a downgrade, qualification or withdrawal of the then-current ratings assigned to the securities issued
in connection with such Securitization; provided, further, that until a replacement servicing agreement has been entered
into, the Lead Securitization Noteholder shall cause the Mortgage Loan to be serviced in accordance with the servicing provisions set
forth in the Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan; provided,
however, that the Servicer under such replacement Servicing Agreement shall have no further obligations to advance monthly payments
of principal and interest; provided, further, however, that until a replacement servicing agreement is in place,
the actual servicing of the Mortgage Loan may be performed by any nationally recognized commercial mortgage loan servicer meeting the
requirements of the Servicing Agreement appointed by the Lead Securitization Noteholder and the special servicer appointed by the Controlling
Noteholder (which special servicer must satisfy the Required Special Servicer Rating of, or otherwise be acceptable to, each of the Rating
Agencies rating any outstanding Securitization) and does not have to be performed by the service providers set forth under the Servicing
Agreement.


(k)  
Subject to the Servicer’s obligation to act in accordance with the Servicing Standard and subject to a Rating Agency Confirmation,
and solely in the event that S&P rates any securities issued in connection with any Securitization of any A Note, the Servicer shall
require the related Mortgage Loan Borrower to maintain insurance with an insurer meeting the minimum S&P ratings requirements specified
in the related Mortgage Loan Documents (and, for the avoidance of doubt, without regard to any lender discretion with respect to such
ratings in the related Mortgage Loan Documents).


Section 3.               
Payment Priorities of the Notes. The A Notes shall be of equal priority, and no portion of any Note shall have priority
or preference over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise
available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds
thereof, whether received in the form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter
of credit or other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards
or settlements that are required to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan
Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), but excluding
(x) all amounts for required reserves or escrows required by the Mortgage Loan Documents (to the extent, in accordance with the terms
of the Mortgage Loan Documents) to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of
Advances then due and payable or reimbursable to the Servicer under the Servicing Agreement and (y) all amounts that are then due, payable
or reimbursable to any Servicer




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(excluding master servicing fees, trustee fees,
certificate administrator fees, operating advisor fees and asset representations reviewer fees (all of which shall be payable by each
Noteholder to such party out of distributions made to such Noteholder in respect of its respective Note), with respect to the Mortgage
Loan pursuant to the Servicing Agreement (such amounts contemplated by clauses (x) and (y), “Withheld Amounts”), shall
be applied to the Notes on a Pro Rata and Pari Passu Basis.


For clarification purposes,
Default Interest and late payment charges (collectively, “Penalty Charges”) paid on the A Notes pursuant to this Section
3 shall be allocated to the Note A Holders on a pro rata basis and applied: first, to reduce, on a pro rata basis, the Penalty Charges
otherwise payable on each such A Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any
interest accrued on any Property Protection Advances and reimbursement of any Property Protection Advances in accordance with the terms
of the Lead Securitization Servicing Agreement; second, to reduce, on a pro rata basis, the Penalty Charges otherwise payable to the Noteholder
of each such A Note by the amount necessary to pay the Master Servicer, Trustee, Non-Lead Master Servicer or Non-Lead Trustee for any
interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization Servicing
Agreement or any Non-Lead Securitization Servicing Agreement, as applicable); third, to reduce, on a pro rata basis, the Penalty Charges
otherwise payable to each Note A Holder by the amount necessary to pay additional trust fund expenses (including Special Servicing Fees,
unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Servicing Agreement); and finally,
(i) in the case of the remaining amount of Penalty Charges otherwise allocable pursuant to this Section 3 to the Lead Securitization Noteholder,
to pay such remaining amount to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided in the
Servicing Agreement and (ii) in the case of the remaining amount of Penalty Charges allocable pursuant to this Section 3 to any Note A
Holder that is not the Lead Securitization Noteholder, to pay such remaining amount (x) prior to the Securitization of such A Note, to
the related Note A Holder and (y) following the Securitization of such A Note, to the Master Servicer and/or the Special Servicer as additional
servicing compensation as provided in the Servicing Agreement.


Section 4.               
 [Reserved.]


Section 5.               
Administration of the Mortgage Loan.


(a)  
Subject to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement and consistent
with the Servicing Standard, the Lead Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization Noteholder)
shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to,
the Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents
or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive
any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy and no other Noteholder shall have
any voting, consent or other rights whatsoever with respect to the Lead Securitization Noteholder’s administration of, or exercise
of its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Servicing Agreement (including, without
limitation, Section 5(f) below) and consistent with the Servicing Standard, each Non-Lead Noteholder agrees that it shall have
no right to, and hereby presently and




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irrevocably assigns and conveys to the Lead
Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization Noteholder) the rights, if any, that such Non-Lead
Noteholder has to, (i) call or cause the Lead Securitization Noteholder to call an Event of Default under the Mortgage Loan, or (ii) exercise
any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead
Securitization Noteholder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization Noteholder (or any
Servicer acting on behalf of the Lead Securitization Noteholder) shall not have any fiduciary duty to any Non-Lead Noteholder in connection
with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Noteholder from the obligation
to make any disbursement of funds as set forth herein).


(b)  
The administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder agrees
to be bound by the terms of this Agreement and the Servicing Agreement. The Servicers shall service the Mortgage Loan in accordance with
the terms of this Agreement (including, without limitation, Section 5(f) below) and consistent with the Servicing Standard. Servicing
of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Loan, by the Special
Servicer, in each case pursuant to the Servicing Agreement and consistent with the Servicing Standard. Notwithstanding anything to the
contrary contained herein, in accordance with the Servicing Agreement, the Lead Securitization Noteholder shall cause the Master Servicer
and the Special Servicer to service and administer the Mortgage Loan in accordance with the Servicing Standard, taking into account the
interests of the Noteholders as a collective whole. The foregoing provisions of this Section 5(b) shall not limit or modify
the rights of the Controlling Noteholder and/or the Controlling Noteholder Representative to exercise their respective rights specifically
set forth under this Agreement.


(c)  
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and
this Agreement (including, without limitation, Sections 5(f) and 6), if the Servicer in connection with a Workout of the
Mortgage Loan modifies the terms thereof in accordance herewith such that (i) the unpaid principal balance of the Mortgage Loan is
decreased, (ii) the Mortgage Loan Rate or scheduled amortization payments on such Mortgage Loan are reduced, (iii) payments
of interest or principal on such Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an increase
in the Mortgage Loan Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage Loan, all payments
to the Note A Holders pursuant to Section 3 shall be made as though such Workout did not occur, with the payment terms of
each A Note remaining the same as they are on the date hereof, the full economic effect of all waivers, reductions or deferrals of amounts
due on the Mortgage Loan attributable to such Workout shall be borne by the Note A Holders (pro rata based on the Principal
Balances of their respective Notes).


(d)  
All rights and obligations of the Lead Securitization Noteholder described hereunder may be exercised by the Servicers on behalf
of the Lead Securitization Noteholder in accordance with the Servicing Agreement and this Agreement.


(e)  
If any Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall each qualify at all times as (or as interests in) a “qualified mortgage”
within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by




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or on behalf of the Noteholders pursuant to
a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of the Mortgage or lien on such property following
a default on the Mortgage Loan shall be administered so that the interests of the Noteholders therein shall at all times qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive or amend any provision of
the Mortgage Loan, consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising
any powers or rights which the Noteholders may have under the Mortgage Loan Documents, if any such action would constitute a “significant
modification” of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department
of the Treasury, more than three months after the earliest startup day of any REMIC which includes all or a portion of any A Note. The
Noteholders agree that the provisions of this Section 5(e) shall be effected by compliance by the Lead Securitization Noteholder
or its assignees with this Agreement or the Servicing Agreement or any other agreement which governs the administration of the Mortgage
Loan or the Lead Securitization Noteholder’s interests therein. All costs and expenses of compliance with this Section 5(e),
to the extent that such costs and expenses relate to administration of a REMIC or to any determination respecting the amount, payment
or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne (without reimbursement
under Section 3) by each Noteholder with respect to the REMIC containing the Note owned by such Noteholder.


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


(f)   
(i)Subject to clauses (ii) or (iii) below, if any consent, modification, amendment or waiver under or other action in respect
of the Mortgage Loan (whether or not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major Decision
has been requested or proposed or any fact or circumstance has occurred requiring that a Major Decision be made, or if the Master Servicer
or Special Servicer otherwise intends to make a Major Decision, then the Master Servicer or Special Servicer, as applicable, shall deliver
prompt written notice thereof to the Controlling Noteholder and its Controlling Noteholder Representative, if any, at least ten (10) Business
Days prior to taking action with respect to such Major Decision (or making a determination not to take action with respect to such Major
Decision), and none of the Master Servicer, the Special Servicer or any other Person shall implement any decision with respect to such
Major Decision (or make a determination not to take action with respect to such Major Decision) unless and until the Master Servicer or
the Special Servicer, as applicable, has received the written consent of the Controlling Noteholder (or its Controlling Noteholder Representative).




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(ii)       If
the Master Servicer or Special Servicer, as applicable, has not received a response from the Controlling Noteholder (or its Controlling
Noteholder Representative) with respect to such Major Decision within five (5) Business Days after delivery of the notice of such Major
Decision, the Lead Securitization Noteholder (or the Special Servicer acting on its behalf) shall deliver an additional copy of the notice
of such Major Decision in all caps bold 14-point font: “This is a Second Notice. Failure
to respond within five (5) Business Days of this Second Notice will result in a loss of your right to consent with respect to this decision,”
and if the Controlling Noteholder fails to respond to the Lead Securitization Noteholder (or the Special Servicer acting on its behalf)
with respect to any such proposed action within five (5) Business Days after receipt of such second notice, the Controlling Noteholder
shall have no further consent rights with respect to such action (provided, however, that such failure to reply shall not affect the rights
of the Controlling Noteholder to consent to any future actions). Notwithstanding the foregoing, or if a failure to take any such action
at such time would be inconsistent with the Servicing Standard, the Servicer may take actions with respect to such Mortgaged Property
before obtaining the consent of the Controlling Noteholder (or its Controlling Noteholder Representative) (or before consulting with any
Non-Controlling Noteholder to the extent such Non-Controlling Noteholder has consultation rights with respect to such action) if the Servicer
reasonably determines in accordance with the Servicing Standard that failure to take such actions prior to such consent would materially
and adversely affect the interest of the Noteholders as a collective whole, and the Servicer has made a reasonable effort to contact the
Controlling Noteholder. The foregoing shall not relieve the Lead Securitization Noteholder (or a Servicer acting on its behalf) of its
duties to comply with the Servicing Standard.


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


The Special Servicer shall
be required to provide copies to each Non-Controlling Noteholder of any notice, information and report that is required to be provided
to the Controlling Noteholder pursuant to the Servicing Agreement with respect to any Major Decisions or the implementation of any recommended
actions outlined in an Asset Status Report within the same time frame such notice, information and report is required to be provided to
the Controlling Noteholder, and the Special Servicer shall be required to consult with each Non-Controlling  Noteholder on a strictly
non-binding basis, to the extent having received such notices, information and reports, any Non-Controlling Noteholder requests consultation
with respect to any such Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report, and consider
alternative actions recommended by such Non-Controlling Noteholder; provided that after the expiration of a period of ten (10)
Business Days from the delivery to any Non-Controlling Noteholder by the Special Servicer of written notice of a proposed




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action, together with copies of the notice,
information and reports, the Special Servicer shall no longer be obligated to consult with such Non-Controlling Noteholder, whether or
not such Non-Controlling  Noteholder has responded within such ten (10) Business Day period (unless, the Special Servicer proposes
a new course of action that is materially different from the action previously proposed, in which case such ten (10) Business Day period
shall be deemed to begin anew from the date of such proposal and delivery of all information relating thereto). After a Securitization
of any Note that is not the Lead Securitization Note, references in this paragraph to a Non-Controlling Noteholder as such term relates
to such Note shall mean the related Non-Lead Securitization Subordinate Class Representative.


In addition to the consultation
rights provided in the immediately preceding paragraph, each Non-Controlling Noteholder shall have the right to attend annual meetings
(which may be held telephonically or in person, at the discretion of the Servicer) with the Lead Securitization Noteholder (or the Master
Servicer or the Special Servicer acting on its behalf), upon reasonable notice and at times reasonably acceptable to the Master Servicer
or the Special Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.


The Noteholders acknowledge
that the Lead Securitization Servicing Agreement may contain certain provisions that give the Operating Advisor or Risk Retention Consultation
Party certain non-binding consultation rights with respect to Major Decisions and other events related to compliance with the Risk
Retention Rules applicable to the Lead Securitization.


(g)  
[Reserved.]


(h)  
[Reserved.]


(i)    
[Reserved.]


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


(k)  
If an Event of Default under the Mortgage Loan has occurred and is continuing, the Special Servicer may, in accordance with the
terms and provisions of the Servicing Agreement and subject to the Servicing Standard, elect to sell the Mortgage Loan, subject to the
consent right of the Controlling Noteholder (or its Controlling Noteholder Representative), in which case such sale would include all
of the A Notes and the Special Servicer shall provide notice to each Non-Lead Master Servicer, who shall provide notice to the related
Non-Controlling Noteholder of the




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planned sale and of such Non-Controlling Noteholder’s
opportunity to submit an offer on the A Notes together. Any such sale of all of the A Notes is subject to the satisfaction of the following:


(i)           
Each Non-Lead Noteholder has provided written consent to such sale; or


(ii)           
The Special Servicer has delivered the following notices and information to each Non-Lead Noteholder:


(A) at least 15 Business
Days prior written notice of any decision to attempt to sell all of the A Notes;


(B) 
at least 10 days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages)
received by the Special Servicer in connection with any such proposed sale;


(C) 
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 Noteholder; and


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


Any Non-Lead Noteholder may
waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Noteholders shall be
permitted to submit an offer at any sale of all of the A Notes (unless such Person is a Borrower or a Borrower Party Affiliate).


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


The authority of the Lead
Securitization Noteholder to sell a Non-Lead Note, and the obligations of a Non-Lead Noteholder to execute and deliver instruments or
deliver the Non-Lead Note upon request of the Lead Securitization Noteholder, shall terminate and cease to be of any further force or
effect upon the date, if any, upon which the Lead Securitization Note is repurchased by the Person that sold such Lead Securitization
Note into the Lead Securitization




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from the Lead Securitization Trust in connection
with a material breach of representation or warranty made by such Person with respect to the Lead Securitization Note or material document
defect with respect to the documents delivered by such Person with respect to the Lead Securitization Note upon the consummation of the
Lead Securitization. The preceding sentence shall not be construed to grant to any Non-Lead Noteholder the benefit of any representation
or warranty made by the Person that sold such Lead Securitization Note into the Lead Securitization or any document delivery obligation
imposed on such Person under any mortgage loan purchase and sale agreement, instrument of transfer or other document or instrument that
may be executed or delivered by such Person in connection with the Lead Securitization.


Section 6.               
Appointment of Controlling Noteholder Representative.


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


(b)  
Neither the Controlling Noteholder Representative nor the Controlling Noteholder will have any liability to any other Noteholder
or any other Person for any action taken, or for refraining from the taking of any action pursuant to this Agreement or the Servicing
Agreement, or for errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or
gross negligence. The Noteholders agree that the Controlling Noteholder Representative and the Controlling Noteholder may take or refrain
from taking actions




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that favor the interests of one Noteholder
over any other Noteholder, and that the Controlling Noteholder Representative may have special relationships and interests that conflict
with the interests of a Noteholder and, absent willful misfeasance, bad faith or gross negligence on the part of the Controlling Noteholder
Representative or such Controlling Noteholder, as the case may be, agree to take no action against the Controlling Noteholder Representative,
such Controlling Noteholder or any of their respective officers, directors, employees, principals or agents as a result of such special
relationships or interests, and that neither the Controlling Noteholder Representative nor such Controlling Noteholder will be deemed
to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded
any exercise of its rights by reason of its having acted or refrained from acting solely in the interests of any Noteholder.


(c)  
Each of the other Noteholders acknowledges and agrees all of the aforementioned rights and obligations of the Controlling Noteholder
and the Controlling Noteholder Representative set forth in Section 5(f) and 5(g) and this Section 6 shall be
exercisable by the Lead Securitization Noteholder (or the applicable Person specified in the Servicing Agreement) to the extent set forth
in the Servicing Agreement.


Section 7.               
Special Servicer. The Controlling Noteholder (or its Controlling Noteholder Representative), at its expense (including,
without limitation, the reasonable costs and expenses of counsel to any third parties and costs and expenses of the terminated Special
Servicer), shall have the right, at any time from time to time, to appoint a replacement Special Servicer with respect to the Mortgage
Loan. The Controlling Noteholder (or its Controlling Noteholder Representative) shall be entitled to terminate the rights and obligations
of any Special Servicer under the Servicing Agreement, with or without cause, upon at least ten (10) Business Days’ prior written
notice to the Special Servicer (provided, however, that the Controlling Noteholder and/or Controlling Noteholder Representative shall
not be liable for any termination or similar fee in connection with the removal of the Special Servicer in accordance with this Section
7); such termination not to be effective unless and until (A) each Rating Agency delivers a Rating Agency Confirmation (to the extent
any portion of the Mortgage Loan has been securitized); (B) the successor Special Servicer has assumed in writing (from and after the
date such successor Special Servicer becomes the Special Servicer) all of the responsibilities, duties and liabilities of the Special
Servicer under the Servicing Agreement from and after the date it becomes the Special Servicer as they relate to the Mortgage Loan pursuant
to an assumption agreement reasonably satisfactory to the Trustee; and (C) the Trustee shall have received an opinion of counsel reasonably
satisfactory to the Trustee to the effect that (x) the designation of such replacement to serve as Special Servicer is in compliance with
the Servicing Agreement, (y) such replacement will be bound by the terms of the Servicing Agreement with respect to such Mortgage Loan
and (z) subject to customary qualifications and exceptions, the applicable Servicing Agreement will be enforceable against such replacement
in accordance with its terms. The Lead Securitization Noteholder shall promptly provide copies to any terminated Special Servicer of the
documents referred to in the preceding sentence. The Lead Securitization Noteholder will reasonably cooperate with the Controlling Noteholder
in order to satisfy the foregoing conditions, including the Rating Agency Confirmation.


The Controlling Noteholder
agrees and acknowledges that the Lead Securitization Servicing Agreement may contain provisions to the effect that any Special Servicer
is subject to




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termination under the Lead Securitization Servicing
Agreement based on a recommendation by the Operating Advisor if (A) 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 securities issued under the Lead Securitization Servicing Agreement (as a collective whole)
and (B) an affirmative vote of requisite certificateholders is obtained. The Controlling Noteholder will retain its right to remove and
replace the Special Servicer, but the Controlling Noteholder may not restore a Special Servicer that has been removed in accordance with
the preceding sentence.


Section 8.               
Payment Procedure.


(a)  
The Lead Securitization Noteholder (or the Master Servicer on its behalf), in accordance with the priorities set forth in Section
3, and subject to the terms of the Servicing Agreement, will deposit or cause to be deposited all payments allocable to the Notes
to the Collection Account or Companion Distribution Account established pursuant to the Servicing Agreement. The Lead Securitization Noteholder
(or the Master Servicer on its behalf) shall establish a segregated sub-account for amounts due to each Noteholder. The Lead Securitization
Noteholder (or the Master Servicer acting on its behalf) shall deposit such amounts to the applicable account within two (2) Business
Days following the Lead Securitization Noteholder’s (or the Master Servicer’s acting on its behalf) receipt of properly identified
and available funds from or on behalf of the Mortgage Loan Borrower; provided, however, that in the event the Master Servicer
is in receipt of properly identified funds that are not available to the Master Servicer, the Master Servicer may instead deposit such
amounts into the Collection Account and Companion Distribution Account, as applicable, on the same Business Day that such properly identified
funds become available to the Master Servicer.


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


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




    38 


     


    

behalf) request, promptly return that payment
to the Lead Securitization Noteholder (or the Servicer on its behalf).


(d)  
Each Noteholder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage
Loan in excess of its distributable share thereof, it will promptly remit such excess to the Lead Securitization Noteholder (or the Servicer
on its behalf) for application subject to and in accordance with this Agreement and the Servicing. The Lead Securitization Noteholder
(or the Servicer on its behalf) shall have the right to offset any amounts due hereunder from any other Noteholder, as applicable, with
respect to the Mortgage Loan against any future payments due to such other Noteholder, as applicable, under the Mortgage Loan, provided,
that each Noteholder’s obligations under this Section 8 are separate and distinct obligations from one another and in no
event shall the Lead Securitization Noteholder (or the Servicer on its behalf) enforce the obligations of one Noteholder against another
Noteholder. Each Noteholder’s obligations under this Section 8 constitute absolute, unconditional and continuing obligations.


Section 9.               
Limitation on Liability of the Noteholders. No Noteholder (including any Servicer on a Noteholder’s behalf, but only
to the extent that the Servicing Agreement does not impose any other standard upon any Servicer, in which case the Servicing Agreement
shall control) shall have any liability to any other Noteholder except with respect to losses actually suffered due to the gross negligence,
willful misconduct or breach of this Agreement on the part of such Noteholder.


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


Section 10.           
Bankruptcy. Subject to the provisions of Section 5(f) hereof and the Servicing Standard, each Noteholder hereby covenants
and agrees that only the Lead Securitization Noteholder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce,
petition under Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other
Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part of
its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Subject to the provisions
of Section 5(f) hereof and the Servicing Standard, each Noteholder further agrees that only the Lead Securitization Noteholder,
as a creditor, can make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application
or take any other action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding.
Subject to the provisions of Section 5(f) hereof and the Servicing Standard, the Noteholders hereby appoint the Lead Securitization
Noteholder as their agent, and grant to the Lead Securitization Noteholder an




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irrevocable power of attorney coupled with
an interest, and their proxy, for the purpose of exercising any and all rights and taking any and all actions available to one or more
of such Noteholders in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency
Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make any
election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate
the automatic stay with respect to the Mortgage Loan. The Noteholders, hereby agree that, upon the request of the Lead Securitization
Noteholder but subject to the provisions of Section 5(f), each other Noteholder shall execute, acknowledge and deliver to the Lead
Securitization Noteholder all and every such further deeds, conveyances and instruments as the Lead Securitization Noteholder may reasonably
request for the better assuring and evidencing of the foregoing appointment and grant. All actions taken by any Servicer in connection
with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.


Section 11.           
[Reserved.]


Section 12.           
[Reserved.]


Section 13.           
[Reserved.]


Section 14.           
Representations of the Note A Holders. Each of the Note A Holders represents and warrants that the execution,
delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action,
and does not contravene such Noteholder’s charter or any law or contractual restriction binding upon such Noteholder and that this
Agreement is the legal, valid and binding obligation of such Noteholder as applicable enforceable against it in accordance with its terms.
Each of the Note A Holders represents and warrants that it is duly organized, validly existing, in good standing and possession of
all licenses and authorizations necessary to carry on its respective business. Each of the Note A Holders represents and warrants
that (a) this Agreement has been duly executed and delivered by such Noteholder, (b) to such Noteholder’s actual knowledge, all
consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution,
delivery and performance of this Agreement by such Noteholder have been obtained or made and (c) to such Noteholder’s actual knowledge,
there is no pending action, suit or proceeding, arbitration or governmental investigation against such Noteholder, an adverse outcome
of which would materially and adversely affect its performance under this Agreement.


Section 15.           
No Fiduciary Duty. Each of the Note A Holders acknowledges that no other Noteholder owes such Noteholder any fiduciary duty
with respect to any action taken under the Mortgage Loan Documents and, except as provided herein or in the Servicing Agreement, need
not consult with such Noteholder with respect to any action taken by such Noteholder in connection with the Mortgage Loan.


Section 16.           
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant
hereto shall be deemed to constitute the relationship created hereby between any of the Noteholders as a partnership, association, joint
venture or other entity. No Noteholder shall have any obligation whatsoever to offer to any other Noteholder the opportunity to purchase
any future loan originated by such Noteholder or its




    40 


     


    

Affiliates and if any Noteholder chooses to
offer to any other Noteholder the opportunity to purchase any future mortgage loan originated by such Noteholder or its Affiliates, such
offer shall be at such purchase price and interest rate as such Noteholder chooses, in its sole and absolute discretion. No Noteholder
shall have any obligation whatsoever to purchase from any other Noteholder any future loans originated by such Noteholder or its Affiliates.


Section 17.           
Not a Security. None of the Notes shall be deemed to be a security within the meaning of the Securities Act or the Exchange
Act.


Section 18.           
Other Business Activities of the Noteholders. Each Noteholder acknowledges that each other Noteholder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, (i) (a) the Mortgage Loan Borrower or
(b) any direct or indirect parent of the Mortgage Loan Borrower or (c) any Affiliate of the Mortgage Loan Borrower or (d) any Affiliate
of any direct or indirect parent of the Mortgage Loan Borrower, (ii) any entity that is a holder of debt secured by direct or indirect
ownership interests in the Mortgage Loan Borrower or any Affiliate of the holder of such debt, or (iii) any entity that is a holder
of a preferred equity interest in the Mortgage Loan Borrower or any Affiliate of a holder of such preferred equity (each, a “Mortgage
Loan Borrower Related Party”), and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower
Related Parties and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement and the
transactions contemplated hereby were not in effect.


Section 19.           
Sale of the Notes.


(a)  
[Reserved.]


(b)  
[Reserved.]


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


(d)  
Each of the Note A Holders shall have the right to Transfer all or any portion of its Note without the prior consent of any
other Noteholder (i) prior to an Event of Default, to any party other than a Borrower Party and (ii) after an Event of Default, to any
party, including a Borrower Party; provided, however, that following any Event of Default under the Mortgage Loan, a Note A
Holder may only transfer all or any portion of its Note to a Borrower Party with the prior written consent of the Controlling Noteholder
at any time when such Note A Holder is not the




    41 


     


    

Controlling Noteholder; provided further,
however, that following any Transfer of any A Note, the Mortgage Loan continues to be serviced in its entirety pursuant to
the Servicing Agreement by a Servicer unaffiliated with Mortgage Loan Borrower. For the avoidance of doubt, subject to Section 12,
no Noteholder or the Servicer shall have any right to Transfer or cause the Transfer of any other Note. Notwithstanding the foregoing,
without each non-transferring Note A Holder’s prior consent, and, if any such non-transferring Note A Holder’s Note or any
portion thereof is held in a Securitization Trust, without a Rating Agency Confirmation with respect to the related Securitization, no
Noteholder shall Transfer its Note or any portion thereof (or a participation interest in such Note) to a Borrower Party and any such
Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.


(e)  
Notwithstanding any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity (other
than a Borrower Party) which has extended a credit or repurchase facility to such Noteholder and that is (x) either a Qualified Institutional
Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each
Rating Agency or (y) to any Federal Reserve Bank or Federal Home Loan Bank to secure any obligation of such Noteholder to such bank and
such pledge shall be enforceable in accordance with the terms thereof (a “Note Pledgee”), on terms and conditions set
forth in this Section 19(e), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any person
which Controls such Noteholder that is secured by such Noteholder’s interest in the applicable Note and is structured as a repurchase
arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee which is not a Qualified Institutional
Lender may not take title to the pledged Note without (a) prior to the first Securitization of any Note, the consent of each other Noteholder
and (b) after the closing of the first Securitization of any Note, Rating Agency Confirmation. Upon written notice by the applicable Noteholder
to each other Noteholder and any Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee),
each other Noteholder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice
of any default by the pledging Noteholder in respect of its obligations under this Agreement of which default such Noteholder has actual
knowledge; (ii) to allow such Note Pledgee a period of ten (10) Business Days to cure a default by the pledging Noteholder in
respect of its obligations to each other Noteholder hereunder, but such Note Pledgee shall not be obligated to cure any such default;
(iii) that no amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without
the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such
other Noteholder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of
same to the pledging Noteholder and accept any cure thereof by such Note Pledgee which such pledging Noteholder has the right (but not
the obligation) to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such other Noteholder shall
deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s)
shall be in a form reasonably satisfactory to such other Noteholder; and (vi) that, upon written notice (a “Redirection
Notice”) to each other Noteholder and any Servicer by such Note Pledgee that the pledging Noteholder is in default, beyond any
applicable cure periods, under the pledging Noteholder’s obligations to such Note Pledgee pursuant to the applicable credit agreement
between the pledging Noteholder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Noteholder), and
until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that
any Noteholder or




    42 


     


    

Servicer would otherwise be obligated to pay
to the pledging Noteholder from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Noteholder hereby unconditionally
and absolutely releases each other Noteholder and any Servicer from any liability to the pledging Noteholder on account of any Noteholder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or any such other Noteholder to have been delivered
by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Noteholder to such Note
Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and this Agreement.
In such event, the Noteholders and any Servicer shall recognize such Note Pledgee (and any transferee other than the Mortgage Loan Borrower
or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee or
any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the pledging Noteholder’s rights, remedies
and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations
of the pledging Noteholder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee)
and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 19(e)
shall remain effective as to any Noteholder (and any Servicer) unless and until such Note Pledgee shall have notified any such Noteholder
(and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.


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


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


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


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


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


(v)           
Unless the Conduit is in fact then a Qualified Institutional Lender, the Conduit will not, without obtaining the consent of each
other Noteholder, have any greater right to acquire the interests in the Note pledged by such Noteholder, by foreclosure or




    43 


     


    

otherwise, than would any other purchaser
that is not a Qualified Institutional Lender at a foreclosure sale conducted by a Note Pledgee.


Section 20.           
Assignment and Assumption Upon Transfer. In connection with any Transfer of a Note to any entity (but excluding (x) any
participant and (y) any Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment and assumption agreement
whereby such transferee assumes all of the obligations of the applicable Noteholder hereunder with respect to such Note thereafter accruing
and agrees to be bound by the terms of this Agreement, including the restrictions on Transfers set forth in Section 19, from and
after the date of such assignment. Notwithstanding the preceding sentence, neither the Trustee nor any Non-Lead Trustee shall be required
to execute an assignment and assumption agreement in connection with any Transfer of a Note if the obligations are assumed pursuant to
the Lead Securitization Servicing Agreement or a Non-Lead Securitization Servicing Agreement, as the case may be. In connection with a
Transfer of a Note, the Agent shall not recognize any attempted or purported transfer of any Note in violation of the provisions of Section
19 and this Section 20. Any such purported transfer shall be absolutely null and void and shall vest no rights in the
purported transferee. Each Noteholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and any other
Noteholder against any liability that may result if the transfer is not made in accordance with the provisions of this Agreement.


Section 21.           
Registration of the Notes. The Agent shall keep or cause to be kept at the Agent Office books (the “Note Register”)
for the registration and transfer of the Notes. The Agent shall serve as the initial Note registrar and the Agent hereby accepts such
appointment. The names and addresses of the holders of the Notes and the names and addresses of any transferee of any Note of which the
Agent has received notice, in the form of a copy of the assignment and assumption agreement referred to in Section 20, and the
principal amounts (and stated interest) of the Note owing to each such Noteholder, shall be registered in the Note Register. The Person
in whose name a Note is so registered shall be deemed and treated as the sole owner and holder thereof for all purposes of this Agreement,
except in the case of the Initial Noteholders who may hold their Notes through a nominee. Upon request of a Noteholder, the Agent shall
provide such party with the names and addresses of the Noteholders. To the extent another party is appointed as Agent hereunder, the Noteholders
hereby designate such person as their agent under this Section 21 solely for purposes of maintaining the Note Register. The parties
intend for the Mortgage Loan to be in registered form for federal income tax purposes under Section 5f.103-1(c) of the United States Treasury
Regulations.


Section 22.           
[Reserved.]


Section 23.           
No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by any one or more
Noteholders to any one or more other Noteholders. Except as otherwise provided in this Agreement and the Servicing Agreement, no Non-Lead
Noteholder shall have any interest in any property taken as security for the Mortgage Loan, provided, however, that if any
such property or the proceeds of any sale, lease or other disposition thereof shall be received, then each Non-Lead Noteholder shall be
entitled to receive its share of the application thereof in accordance with the terms of this Agreement and/or the Servicing Agreement.






    44 


     


    

Section 24.           
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 (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.


Section 25.           
Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:


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


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


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


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


Section 26.           
Modifications; Amendment. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing
signed by each Noteholder. Additionally, for as long as any Note is contained in a Securitization Trust, the Noteholders shall not amend
or modify this Agreement without first receiving a Rating Agency Confirmation; provided that no such confirmation from the Rating
Agencies shall be required in connection with a modification or amendment (i) to cure any ambiguity, or (ii) entered into pursuant to
Section 38




    45 


     


    

of this Agreement or (iii) to correct or supplement
any provision herein that may be defective or inconsistent with any other provisions of this Agreement or the Servicing Agreement.


Section 27.           
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns. Except as provided herein, none of the provisions of this Agreement
shall be for the benefit of or enforceable by any Person not a party hereto. Subject to Section 19, each Noteholder may assign
or delegate its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and
benefits of the applicable Noteholder hereunder, including, without limitation, the right to make further assignments.


Section 28.           
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 effective as delivery of a manually executed original counterpart of this Agreement.


Section 29.           
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only
and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration
in the construction of this Agreement.


Section 30.           
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement.


Section 31.           
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.


Section 32.           
[Reserved.]


Section 33.           
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Notes) will be held
by the Lead Securitization Noteholder (or a custodian acting on behalf of the Lead Securitization Noteholder) who shall act as secured
party under the Mortgage Loan Documents on behalf of the registered holders of the Notes. Notwithstanding anything to the contrary in
this Agreement, upon the Lead Securitization, the originals of all of the Mortgage Loan Documents (other than the Notes) shall be held
by the Custodian. Each Note shall be held by the respective Noteholder or a custodian appointed by such Noteholder.


Section 34.           
Notices. All notices required hereunder shall be given by (i) writing and personally delivered, (ii) sent by facsimile transmission
(during business hours) if a party has provided a facsimile number, (iii) reputable overnight delivery service (charges prepaid), (iv)
sent by electronic mail containing language requesting the recipient to confirm receipt thereof if a party has provided an electronic
mail address and only if such electronic mail is promptly followed by




    46 


     


    

a written notice 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.


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


Section 35.           
Broker. Each Noteholder represents to each other Noteholder that no broker was responsible for bringing about this transaction.


Section 36.           
Certain Matters Affecting the Agent.


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


(b)  
The Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 20;


(c)  
The Agent may consult with counsel and any opinion of counsel shall be full and complete authorization and protection in respect
of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such opinion of counsel;


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


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


(f)   
The Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate or assignment
and assumption agreement delivered to the Agent pursuant to Section 20; and


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


Section 37.           
Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Note A-1
Holder. In the event that the Agent is




    47 


     


    

terminated pursuant to this Section 37,
all of its rights and obligations under this Agreement shall be terminated, other than any rights or obligations that accrued prior to
the date of such termination.


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


Section 38.           
Resizing. In connection with the Mortgage Loan, each Noteholder agrees, subject to clause (iii)(y) below, that if any Note A
Holder determines that it is advantageous to resize its Note by causing the Mortgage Loan Borrower to execute amended and restated or
additional pari passu notes (in either case, “New Notes”) reallocating the principal of such Note to such New Notes,
each Noteholder other than the resizing Noteholder shall cooperate with the resizing Noteholder to effect such resizing at such resizing
Noteholder’s expense; provided that (i) the aggregate principal balance of all outstanding New Notes following the creation
thereof is no greater than the principal balance of such Note or Notes immediately prior to the creation of the New Notes, (ii) the weighted
average interest rate of all outstanding New Notes following the creation thereof is the same as the interest rate of the related Note
or Notes immediately prior to the creation of the New Notes, and (iii) no such resizing shall (x) change the interest allocable
to, or the amount of any payments due to, any other Noteholder, or priority of such payments, or (y) increase any other Noteholder’s
obligations or decrease any other Noteholder’s rights, remedies or protections. In connection with any resizing of any A Note,
the related Noteholder may allocate its rights hereunder among the New Notes in any manner in its sole discretion.


Section 39.           
Conflict. To the extent of any inconsistency between the Servicing Agreement, on one hand, and this Agreement, on the other,
this Agreement shall control.


Section 40.           
Cooperation in Securitization.


(a)  
Each Noteholder acknowledges that each Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In
connection with a Securitization of any A Note, each other Noteholder, at the request of the related securitizing Noteholder, shall use
commercially reasonable efforts, at the requesting Noteholder’s expense, to satisfy, and to cooperate with the requesting Noteholder
in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which the requesting Noteholder customarily adheres
or which




    48 


     


    

may be reasonably required in the marketplace
or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications
to this Agreement or the Mortgage Loan Documents and to cooperate with the requesting Noteholder in attempting to cause the Mortgage Loan
Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating
Agencies to effect such Securitization; provided, however, that either in connection with such Securitization or otherwise at any time
prior to such Securitization no other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or
consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest
allocable to, or the amount of any payments due to or priority of any payments to be made to, such Noteholder, (ii) increase such Noteholder’s
obligations or decrease such Noteholder’s rights, remedies or protections hereunder or under any Mortgage Loan Document, or (iii)
otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any such Securitization of an A
Note, each other Noteholder agrees to provide, for inclusion in any disclosure document relating to such Securitization, such customary
non-confidential information concerning such Noteholder as the requesting Noteholder reasonably determines to be necessary to satisfy
its disclosure obligations in connection with such Securitization. Each Noteholder covenants and agrees that if it is not the requesting
Noteholder, it shall use commercially reasonable efforts to cooperate with the requests of each Rating Agency and the requesting Noteholder
in connection with the preparation of any offering documents in connection with the Securitization, and to review and respond reasonably
promptly with respect to any information relating to it in any Securitization document, all at the cost and expense of the requesting
Noteholder. Each Noteholder acknowledges that the information provided by it to the requesting Noteholder pursuant to this Section
40 may be incorporated into the offering documents for a Securitization. A requesting Note A Holder and each Rating Agency shall be
entitled to rely on the information supplied by each other Noteholder pursuant to this Section 40.


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




    49 


     


    

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


[SIGNATURE PAGE FOLLOWS]




    50 


     


    

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











 


	 	INITIAL NOTE A-1 HOLDER AND INITIAL AGENT:
	 	 
	 	 
	 	DBR
Investments Co. Limited
	 	 
	 	 By:  	/s/ Matt Smith
	 	 	Name:  	Matt Smith
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 






 


	 	
	 	 
	 	 By:  	/s/ Natalie Grainger
	 	 	Name:  	Natalie Grainger
	 	 	Title: 	Authorized Signatory
	 	 	 	 


  


 


	 	INITIAL
NOTE A-2 HOLDER:
	 	 
	 	 
	 	DBR
Investments Co. Limited
	 	 
	 	 
	 	 By:  	/s/ Matt Smith
	 	 	Name:  	Matt Smith
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 






 


	 	
	 	 
	 	 By:  	/s/ Natalie Grainger
	 	 	Name:  	Natalie Grainger
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 








    Signature Page


     


    







 


	 	INITIAL NOTE A-3 HOLDER:
	 	 
	 	 
	 	DBR
Investments Co. Limited
	 	 
	 	 By:  	/s/ Matt Smith
	 	 	Name:  	Matt Smith
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 






 


	 	
	 	 
	 	 By:  	/s/ Natalie Grainger
	 	 	Name:  	Natalie Grainger
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 





 


	 	INITIAL NOTE A-4 HOLDER:
	 	 
	 	 
	 	DBR
Investments Co. Limited
	 	 
	 	 By:  	/s/ Matt Smith
	 	 	Name:  	Matt Smith
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 






 


	 	
	 	 
	 	 By:  	/s/ Natalie Grainger
	 	 	Name:  	Natalie Grainger
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 


 




    Signature Page


     


    







 


	 	INITIAL NOTE A-5 HOLDER:
	 	 
	 	 
	 	DBR
Investments Co. Limited
	 	 
	 	 By:  	/s/ Matt Smith
	 	 	Name:  	Matt Smith
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 






 


	 	
	 	 
	 	 By:  	/s/ Natalie Grainger
	 	 	Name:  	Natalie Grainger
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 





 


	 	INITIAL NOTE A-6 HOLDER:
	 	 
	 	 
	 	DBR
Investments Co. Limited
	 	 
	 	 By:  	/s/ Matt Smith
	 	 	Name:  	Matt Smith
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 






 


	 	
	 	 
	 	 By:  	/s/ Natalie Grainger
	 	 	Name:  	Natalie Grainger
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 




    Signature Page


     


    

EXHIBIT A


MORTGAGE LOAN SCHEDULE


A.       Description of Mortgage
Loan:


 


	Mortgage Loan Agreement:	Loan Agreement, dated as of July 16, 2021 (as amended, restated, replaced, supplemented or otherwise modified from time to time), between DBR Investments Co. Limited, as lender, and Watermark Tempe I, LLC, as borrower 
	Borrower(s)	Watermark Tempe I, LLC
	Location of Mortgaged Property:	410 and 430 North Scottsdale Road, Tempe, AZ
	Date of the Mortgage Loan:	July 16, 2021
	Date of Note A-1:	July 16, 2021
	Date of Note A-2:	July 16, 2021
	Date of Note A-3:	July 16, 2021
	Date of Note A-4:	July 16, 2021
	Date of Note A-5:	July 16, 2021
	Date of Note A-6:	July 16, 2021
	Initial Principal Amount of Mortgage Loan:	$121,000,000
	Stated Maturity Date:	July 6, 2030




    A-1 


     


    

B.       Description of Note
Interests:


	Initial Note A-1 Principal Balance:	$32,500,000
	Initial Note A-2 Principal Balance:	$32,500,000
	Initial Note A-3 Principal Balance:	$20,000,000
	Initial Note A-4 Principal Balance:	$15,000,000
	Initial Note A-5 Principal Balance:	$11,000,000
	Initial Note A-6 Principal Balance:	$10,000,000
	Note A Rate:	2.84% per annum


 




    A-2 


     


    

EXHIBIT B


Initial Note A-1 Holder, Initial Note A-2 Holder, Initial Note
A-3 Holder, Initial Note A-4 Holder, Initial Note A-5 Holder and Initial Note A-6 Holder:


DBR Investments Co. Limited

60 Wall Street, 10th Floor

New York, New York 10005

Attention: Robert W. Pettinato, Jr.

Facsimile No.: (212) 797-4489

E-mail: Robert.Pettinato@db.com


with a copy to:


DBR Investments Co. Limited

60 Wall Street, 10th Floor

New York, New York 10005

Attention: General Counsel

Facsimile No. (646) 736-5721




    B-1 


     


    

EXHIBIT C



PERMITTED FUND MANAGERS


		1.	Alliance Bernstein



		2.	Annaly Capital Management



		3.	Apollo Real Estate Advisors



		4.	Archon Capital, L.P.



		5.	BlackRock, Inc.



		6.	Clarion Partners



		7.	Colony Capital, LLC / Colony Financial, Inc.



		8.	Dune Real Estate Partners



		9.	Eightfold Real Estate Capital, L.P.



		10.	Fortress Investment Group, LLC



		11.	Garrison Investment Group



		12.	Goldman, Sachs & Co.



		13.	H/2 Capital Partners LLC



		14.	iStar Financial Inc.



		15.	J.P. Morgan Investment Management Inc.



		16.	LoanCore Capital



		17.	Lone Star Funds



		18.	One William Street Capital Management, L.P.



		19.	Och-Ziff Capital Management Group/ OZ Management, L.P./ OZ Management II., L.P.



		20.	Praedium Group



		21.	Rialto Capital Management, LLC



		22.	Rialto Capital Advisors LLC



		23.	Rockpoint Group



		24.	Rockwood



		25.	RREEF Funds



		26.	Square Mile Capital Management



		27.	Starwood Capital Group/Starwood Financial Trust



		28.	Teachers Insurance and Annuity Association of America



		29.	The Blackstone Group



		30.	The Carlyle Group



		31.	Walton Street Capital, L.L.C.



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



 






    C-1