Exhibit 4.12 


 








EXECUTION
VERSION


 




 


 AGREEMENT
BETWEEN NOTE HOLDERS


 


Dated
as of January 17, 2017



by and between


 


LStar Capital Finance II, Inc.

(Initial Note A-1 Holder)


 


and


 


LSTAR
CAPITAL FINANCE II, INC.

(Initial Note A-2 Holder)


 


WESTIN
PALO ALTO 





 






     


    


    

 


TABLE
OF CONTENTS


  





	 	 	Page
	 	 	 
	Section 1	Definitions	2
	Section 2	Servicing of the Mortgage Loan	16
	Section 3	Priority of Payments	21
	Section 4	Workout	22
	Section 5	Administration of the Mortgage Loan	22
	Section 6	Rights of the Controlling Note Holder	27
	Section 7	Appointment of Special Servicer	29
	Section 8	Payment Procedure	30
	Section 9	Limitation on Liability of the Note Holders	31
	Section 10	Bankruptcy	32
	Section 11	Representations of the Note Holders	32
	Section 12	No Creation of a Partnership or Exclusive Purchase Right	33
	Section 13	Other Business Activities of the Note Holders	33
	Section 14	Sale of the Notes	33
	Section 15	Registration of the Notes and Each Note Holder	36
	Section 16	Governing Law; Waiver of Jury Trial	36
	Section 17	Submission To Jurisdiction; Waivers	40
	Section 18	Modifications	37
	Section 19	Successors and Assigns; Third Party Beneficiaries	38
	Section 20	Counterparts	38
	Section 21	Captions	38
	Section 22	Severability	38
	Section 23	Entire Agreement	38
	Section 24	Withholding Taxes	38
	Section 25	Custody of Mortgage Loan Documents	39
	Section 26	Cooperation in Securitization	40
	Section 27	Notices	41
	Section 28	Broker	41
	Section 29	Certain Matters Affecting the Agent	41
	Section 30	Reserved	45
	Section 31	Resignation of Agent	41
	Section 32	Resizing	42













 






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This
AGREEMENT BETWEEN NOTE HOLDERS (“Agreement”), dated as of January 17, 2017, by and between LSTAR CAPITAL FINANCE
II, INC. (“LSCF II” and, together with its successors and assigns in interest, in its capacity as initial owner
of the Note A-1, the “Initial Note A-1 Holder”), and LSTAR CAPITAL FINANCE II, INC. (together with its successors
and assigns in interest, in its capacity as initial owner of the Note A-2, the “Initial Note A-2 Holder” and,
together with the Initial Note A-1 Holder, the “Initial Note Holders” and, in its capacity as the initial
agent, the “Initial Agent”).


 


W
I T N E S S E T H:


 


WHEREAS,
pursuant to the Mortgage Loan Agreement (as defined herein), LSCF II originated a certain loan (the “Mortgage Loan”)
described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to Pacific Land Development
Venture, L.P. and Palo Alto Hotel Development Venture, L.P. (collectively, the “Mortgage Loan Borrower”), which
is evidenced, inter alia, by (i) a Promissory Note A-1 in the original principal amount of $43,000,000 (as amended, modified
or supplemented, “Note A-1”), and (ii) Promissory Note A-2 in the original principal amount of $40,000,000
(as amended, modified or supplemented, “Note A-2” and, together with Note A-1, the “Notes”)
made by the Mortgage Loan Borrower in favor of LSCF II 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,
each Initial Note Holder desires to enter into this Agreement to memorialize the terms under which they, and their successors
and assigns, shall hold the Notes.


 


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


 


Section
1.     Definitions. 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 to such terms, or terms of substantially similar import, in the Lead Securitization Servicing Agreement.
Whenever used in this Agreement, the following terms shall have the respective meanings set forth below unless the context clearly
requires otherwise.


 


“Acceptable
Insurance Default” shall have the meaning assigned to such term, or term of substantially similar import or any analogous
concept, in the Lead Securitization Servicing Agreement, if applicable.


 


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


 



     


    


    




  


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


 


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


 


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


 


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


 


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


 


“Borrower
Party” shall have the meaning set forth in the Lead Securitization Servicing Agreement.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


“Control”
shall mean the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership
interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management


 






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or
policies of an entity, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlled”
and “Controls” have meanings correlative to the foregoing.


 


“Controlling
Note Holder” shall mean the Note A-1 Holder; provided that at any time Note A-1 is included in a Securitization,
references to the “Controlling Note Holder” herein shall mean the holders of the majority of the class of securities
issued in such Securitization designated as the “controlling class” or such other class(es) otherwise assigned the
rights to exercise the rights of the “Controlling Note Holder” hereunder or under the Note A-1 PSA, as and to the
extent provided in the related Securitization Servicing Agreement; provided that if at any time 50% or more of the Note
A-1 (or class of securities issued under the Note A-1 PSA designated as the “controlling class” or such other class(es)
otherwise assigned the rights to exercise the rights of the Controlling Note Holder) is held by the Mortgage Loan Borrower or
a Borrower Party, Note A-1 (or the class of securities issued under the Note A-1 PSA designated as the “controlling class”
or such other class(es) otherwise assigned the rights to exercise the rights of the Controlling Note Holder) shall not be entitled
to exercise any rights of the Controlling Note Holder and the Note A-2 Holder shall be the Controlling Note Holder unless 50%
or more of Note A-2 (or class of securities issued under the Note A-2 PSA designated as the “controlling class” or
such other class(es) otherwise assigned the rights to exercise the rights of the Controlling Note Holder) is held by the Mortgage
Loan Borrower or a Borrower Party. If 50% or more of each of Note A-1 and Note A-2 (or class of securities issued under the Note
A-1 PSA or the Note A-2 PSA designated as the “controlling class” or such other class(es) otherwise assigned the rights
to exercise the rights of the Controlling Note Holder) is held by the Mortgage Loan Borrower or a Borrower Party, no person shall
be entitled to exercise the rights of the Controlling Note Holder.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


“Interest
Rate” shall mean the “Interest Rate” (as defined in the Mortgage Loan Documents).


 


“Interested
Person” shall mean the Depositor, the Non-Lead Depositor, the Master Servicer, the Non-Lead Master Servicer, the Special
Servicer, the Non-Lead Special Servicer, the Non-Lead Trustee, any Mortgage Loan Borrower, any manager of any Mortgaged Property,
any independent contractor engaged by the Special Servicer, the Non-Lead Trust Advisor (if any), the Controlling Note Holder,
the Controlling Note Holder Representative, the Non-Controlling Note Holder, the Non-Controlling Note Holder Representative, any
holder of a related mezzanine loan, or any known Affiliate of any such party described above or a Borrower Party.


 


“Interim
Servicer” shall mean the master servicer (or single servicer) appointed jointly by the Initial Note Holders under this
Agreement and any successor master servicer (or single servicer) appointed as provided hereunder, which Interim Servicer shall
be an Approved Servicer. The initial Interim Servicer shall be Wells Fargo Bank, National Association pursuant to the Interim
Servicing Agreement.


 


“Interim
Servicing Agreement” shall mean that certain Servicing Agreement, dated as of September 22, 2016, between LStar I, LLC,
as owner, and the Interim Servicer, as servicer, and any replacement servicing agreement entered into with any successor Interim
Servicer appointed jointly by the Note Holders.


 






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


 


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


 


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


 


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


 


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


 


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


 


“Lead
Securitization Subordinate Class Representative” shall mean the “Subordinate Class Representative”, “Controlling
Class Representative”, “Directing Certificateholder” or equivalent Person under the Lead Securitization Servicing
Agreement.


 


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


 


“LSCF
II” shall have the meaning assigned to such term in the preamble to this Agreement.


 


“Major
Decisions” shall have the meaning given to such term or any analogous term in the Lead Securitization Servicing Agreement;
provided that, prior to any Securitization Date, “Major Decision” shall mean:


 


(i)         any
foreclosure upon or comparable conversion of the ownership of the property or properties securing the Mortgage Loan if it comes
into and continues in default;


 


(ii)        any
modification, amendment or waiver of any term of the Mortgage Loan or the Mortgage Loan Documents (excluding the waiver of any
due-on-sale or due-on-encumbrance clause, which are addressed separately below);


 






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(iii)       any
acceptance of a discounted payoff with respect to the Mortgage Loan if it becomes a Specially Serviced Mortgage Loan;


 


(iv)       any
determination to bring the property or properties securing the Mortgage Loan or REO Property into compliance with applicable environmental
laws or to otherwise address any Hazardous Materials located at the Mortgaged Property or an REO Property;


 


(v)        any
release of collateral for the Mortgage Loan, other than in accordance with the specific terms of the Mortgage Loan Documents;


 


(vi)       any
acceptance of substitute or additional collateral for the Mortgage Loan, other than in accordance with the terms of the Mortgage
Loan Documents;


 


(vii)      any
releases of Letters of Credit, Reserve Funds or Additional Collateral with respect to the property or properties securing the
Mortgage Loan;


 


(viii)     any
termination or replacement, or consent to the termination or replacement, of a property manager with respect to any property or
properties securing the Mortgage Loan or any franchise changes with respect to any such properties;


 


(ix)        any
acceptance of an assignment and assumption or further encumbrance (to the extent the Lender has discretion under the Mortgage
Loan Documents) or waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage
Loan;


 


(x)         any
sale of the Mortgage Loan (when it is a Defaulted Mortgage Loan) or REO Property for less than the applicable Purchase Price;


 


(xi)        in
the event that the Mortgage Loan becomes a Specially Serviced Mortgage Loan, any renewal or replacement of the then-existing insurance
policies on the Mortgage Loan (to the extent that the lender’s approval is required under the Mortgage Loan Documents) or
any waiver, modification or amendment on the Mortgage Loan of any material insurance requirements under the Mortgage Loan Documents;


 


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


 


(xiii)     any
incurrence of additional debt by a borrower or any mezzanine financing by any beneficial owner of a borrower (to the extent that
the lender has consent rights pursuant to the Mortgage Loan Documents (for purposes of the determination whether a lender has
such consent rights pursuant to the related


 






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Mortgage
Loan Documents, any Mortgage Loan Document provision that requires that an intercreditor agreement be reasonably or otherwise
acceptable to the lender shall constitute such consent rights));


 


(xiv)     any
modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and nondisturbance
or attornment agreement in connection with any lease, at the Mortgaged Property if (a) the lease affects an area greater than
or equal to the greater of (1) 10% of the net rentable area of the Mortgaged Property and (2) 5,000 square feet of the Mortgaged
Property and (b) (1) either such transaction is not a routine leasing matter or (2) such transaction relates to a Specially Serviced
Mortgage Loan; or


 


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


 


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


 


“Monthly
Payment Date” shall mean the “Payment Date” (as defined in the Mortgage Loan Documents).


 


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


 


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


 


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


 


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


 


“Mortgage
Loan Agreement” shall mean the Loan Agreement, dated as of January 10, 2017, between the Mortgage Loan Borrower, as
borrower, and LStar Capital Finance II, Inc., as lender, as the same may be further amended, restated, supplemented or otherwise
modified from time to time, subject to the terms hereof.


 


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


 


“Mortgage
Loan Borrower Related Party” shall have the meaning assigned to such term in Section 13.


 


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


 






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


 


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


 


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


 


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


 


“Non-Controlling
Note Holder” means the Note A-2 Holder; provided that with respect to each Non-Controlling Note, at any time
such Non-Controlling Note is included in a Securitization, references to the “Non-Controlling Note Holder” herein
shall mean the Non-Lead Securitization Subordinate Class Representative under the related Non-Lead Securitization Servicing Agreement
or any other party assigned the rights to exercise the rights of the “Non-Controlling Note Holder” hereunder, as and
to the extent provided in the related Non-Lead Securitization Servicing Agreement and as to the identity of which the Lead Securitization
Note Holder (and, the Master Servicer and the Special Servicer) has been given written notice. The Lead Securitization Note Holder
(or, the Master Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with more than
one party exercising the rights of a “Non-Controlling Note Holder” herein or, under the Lead Securitization Servicing
Agreement and, (x) to the extent that the related Non-Lead Securitization Servicing Agreement assigns such rights to more than
one party or (y) to the extent the related Non-Controlling Note is split into two or more New Notes pursuant to Section 32, for
purposes of this Agreement, the Non-Lead Securitization Servicing Agreement or the holders of such New Notes shall designate one
party to deal with the Lead Securitization Note Holder (or, the Master Servicer or the Special Servicer acting on its behalf)
and provide written notice of such designation to the Lead Securitization Note Holder (or, the Master Servicer and the Special
Servicer acting on its behalf); provided that, in the absence of such designation and notice, the Lead Securitization Note
Holder (or, the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the last party as to
which it has received written notice as having been designated as the Non-Controlling Note Holder with respect to such Non-Controlling
Note for all purposes of this Agreement. As of the date hereof and until further notice from the Non-Lead Securitization Note
Holder (or the Non-Lead Master Servicer or another party acting on its behalf), the Initial Note A-2 Holder is the Non-Controlling
Note Holder.


 


“Non-Controlling
Note Holder Consent Right” shall have the meaning assigned to such term in Section 5(c).


 


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


 


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


 






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under
clauses (A) or (B) above, permit the Servicer on behalf of the Note Holders to make such payments free of any obligation or liability
for withholding.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


“Non-Lead
Trust Advisor” shall mean, if applicable, the “trust advisor”, “operating advisor” or other
analogous term under any Non-Lead Securitization Servicing Agreement.


 


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


 


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


 


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


 


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


 


“Note
A-1 Master Servicer” shall mean the master servicer under the Note A-1 PSA.


 






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


 


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


 


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


 


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


 


“Note
A-1 Special Servicer” shall mean the special servicer under the Note A-1 PSA.


 


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


 


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


 


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


 


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


 


“Note
A-2 Master Servicer” shall mean the master servicer under the Note A-2 PSA.


 


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


 


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


 


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


 


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


 






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“Note
A-2 Special Servicer” shall mean the special servicer under the Note A-2 PSA.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


“Percentage
Interest” shall mean, (a) with respect to the Note A-1 Holder, a fraction, expressed as a percentage, the numerator
of which is the Note A-1 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance and the Note
A-2 Principal Balance and (b) with respect to the Note A-2 Holder, a fraction, expressed as a percentage, the numerator of which
is the Note A-2 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance and the Note A-2 Principal
Balance.


 


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


 


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


 


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


 






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


 


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


 


(b)           the
trustee on behalf of the trust certificates issued pursuant to a master trust agreement involving a CDO comprised of, or other
securitization vehicle involving, assets deposited or transferred by a Note Holder and/or one or more Affiliates (whether with
assets from others or not), provided that the securities issued in connection with such CDO or other securitization vehicle
are rated by each of the Rating Agencies, that assigned a rating to one or more classes of securities issued in connection with
the Lead Securitization, or


 


(c)           one
or more of the following:


 


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


 


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


 


(iii)       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 or any interest therein (any of the foregoing,
a “Securitization Vehicle”), provided that (1) one or more classes of securities issued by such Securitization
Vehicle is initially rated at least investment grade by each of the Rating Agencies that assigned a rating to one or more classes
of securities issued in connection with that Securitization (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 or any interest therein 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
subject to Rating Agency Confirmations from the Rating Agencies rating each Securitization (such entity, an “Approved
Servicer”) and such Approved Servicer is required to service and administer such Note or any interest therein in accordance
with servicing arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in
accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the
case of a Securitization Vehicle that is a CDO, the CDO Asset Manager and, if applicable, each Intervening Trust


 






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Vehicle
that is not administered and managed by a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional
Lender under clauses (i), (ii), (iv) or (v) of this definition, or


 


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


 


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


 


in
the case of any entity referred to in clause (c)(i), (ii), (iv)(B) or (v) of this definition, (x) such entity has at least $200,000,000
in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory firm or similar fiduciary)
and at least $600,000,000 in total assets (in name or under management), and (y) is regularly engaged in the business of making
or owning commercial real estate loans (or interests therein) similar to the Mortgage Loan (or mezzanine loans with respect thereto)
or owning or operating commercial real estate properties; provided that, in the case of the entity described in clause
(iv)(B) above, the requirements of this clause (y) may be satisfied by a general partner, managing member, or the fund manager
responsible for the day-to-day management and operation of such entity; or


 


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


 


“Qualified
Trustee” shall mean an institution that (i) is a corporation, bank, trust company or association, organized and doing
business under the laws of the United States of America or any State thereof or the District of Columbia, authorized under such
laws to exercise trust powers, (ii) has a combined capital and surplus of at least $50,000,000, (iii) is subject to supervision
or examination by federal or state authority and (iv) at all times maintains a long-term unsecured rating of (a) at least “A”
by DBRS (provided, however, that the Trustee may maintain a long-term unsecured debt rating of at least “A (low)”
by DBRS if the Master Servicer maintains a rating of at least “A” by DBRS (provided that this proviso shall not impose
on the Master Servicer any obligation to maintain such rating)); or if not rated by DBRS, an equivalent (or higher) rating by
any two other NRSROs (which may be Fitch and Moody’s), (b) a short-term unsecured debt rating of at least “F-1”
by Fitch or “P-1” by Moody’s (or, in the case of either such Rating Agency, such lower rating as is the subject
of a Rating Agency Confirmation by such Rating Agency and, if applicable, an analogous rating agency confirmation from each


 






     -13-


    


    

 


Pari
Passu Companion Loan Rating Agency) and (c) a long-term unsecured debt rating of at least “A-” by Fitch and “A2”
by Moody’s if it has a short-term unsecured debt rating of at least “P-1” by Moody’s, provided that the
Trustee may maintain a long-term unsecured debt rating of “Baa2” by Moody’s and a short-term unsecured debt
rating of “P-2” by Moody’s if the Master Servicer maintains a long-term unsecured debt rating of at least “A2”
by Moody’s (or such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency) (provided that
this proviso shall not impose on the Master Servicer any obligation to maintain such rating).


 


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


 


“Rating
Agency Communication” shall mean, with respect to any action, any written communication intended for a Rating Agency,
which shall be delivered at least ten (10) Business Days prior to completing such action, in electronic document format suitable
for website posting to the 17g-5 information provider under the applicable Securitization Servicing Agreement.


 


“Rating
Agency Confirmation” shall mean, with respect to any Securitization, written confirmation (which may be in electronic
form) from each applicable Rating Agency for such Securitization that a proposed action, failure to act or other event will not
in and of itself result in the downgrade, withdrawal or qualification of the then-current rating assigned to any of the securities
issued pursuant to such Securitization that are then outstanding (if then rated by such Rating Agency); provided that if a written
waiver or acknowledgment indicating its decision not to review the matter for which the Rating Agency Confirmation is sought,
then the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter shall not apply.
For the purposes of this Agreement, if any Rating Agency shall waive, decline or refuse to review or otherwise engage any request
for Rating Agency Confirmation hereunder, such waiver, declination, or refusal shall be deemed to eliminate, for such request
only, the condition that a Rating Agency Confirmation by such Rating Agency (only) be obtained for purposes of this Agreement.
Notwithstanding anything to the contrary set forth in this Agreement, at any time during which the related securities are no longer
rated by a Rating Agency, no Rating Agency Confirmation will be required under this Agreement; provided that if no such
securities are outstanding or the Lead Securitization Note is not part of a Securitization, any action that would otherwise require
a Rating Agency Confirmation shall instead require (i) the consent of the Note A-1 Holder, which consent shall not be unreasonably
withheld or delayed and (ii) with respect to any Note that is still part of a Securitization with outstanding securities rated
by one or more Rating Agencies, a Rating Agency Confirmation from the applicable Rating Agencies for such Securitization.


 


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


 






     -14-


    


    

 


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


 


“REO
Property” shall mean any of the property or properties securing the Mortgage Loan when such property or properties are
“REO Property” pursuant to the terms of the Lead Securitization Servicing Agreement.


 


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


 


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


 


“Scheduled
Interest Payment” shall mean the scheduled payment of interest due on the Mortgage Loan on a Monthly Payment Date.


 


“Scheduled
Principal Payment” shall mean the scheduled payment of principal due on the Mortgage Loan on a Monthly Payment Date.


 






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


 


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


 


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


 


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


 


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


 


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


 


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


 


“Servicing
Termination Event” or “Servicer Termination Event” shall have the meaning assigned to such term in
the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the
Lead Securitization 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
Standard” shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.
The Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in
servicing the Mortgage Loan, must take into account the interests of each Note Holder.


 


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


 


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


 


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


 


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


 


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


 






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“U.S.
Person” shall mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided
in applicable Treasury Regulations) created or organized in or under the laws of the United States, any State thereof or the District
of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, or an estate whose
income is subject to United States federal income tax regardless of its source, or a trust if a court within the United States
is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority
to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in
existence on August 20, 1996 which is eligible to elect to be treated as a U.S. Person).


 


Section
2.      Servicing of the Mortgage Loan.


 


(a)        Each
Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced (i) from
and after the date hereof and prior to the Securitization Date, by the Interim Servicer, consistent with the terms of this Agreement,
the Interim Servicing Agreement, the Mortgage Loan Documents and Accepted Servicing Practices (as defined in the Interim Servicing
Agreement) and (ii) from and after the Securitization Date by the Master Servicer and the Special Servicer pursuant to the terms
of this Agreement and the Lead Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated
to advance monthly payments of principal or interest in respect of any Note other than the Lead Securitization Note 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 Lead Securitization Servicing Agreement. Each Note Holder acknowledges that
each other Note Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject
to Section 26 hereof, reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect such
Securitization. Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally
consents to the appointment of the Master Servicer and the Trustee under the Lead Securitization Servicing Agreement by the Depositor
and the appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably cooperate with the Master
Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization
Servicing Agreement. Each Note Holder hereby appoints (i) from and after the date hereof and prior to the Securitization Date,
the Interim Servicer, and (ii) from and after the Securitization Date, the Master Servicer, the Special Servicer and the Trustee
in the Lead Securitization, as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect
to the administration and servicing of the Mortgage Loan on its behalf under the Interim Servicing Agreement or the Lead Securitization
Servicing Agreement, as applicable, and subject at all times to the rights of the Note Holder set forth herein and in the Lead
Securitization Servicing Agreement (if applicable). In no event shall the Lead Securitization Servicing Agreement require the
Servicer to enforce the rights of any Note Holder against any other Note Holder or limit the Servicer in enforcing the rights
of one Note Holder against any other Note Holder; however, this statement shall not be construed to otherwise limit the rights
of one Note Holder with respect to any other Note Holder, and is subject in all respect to Section 6.03 of the Lead Securitization
Servicing Agreement. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement to service


 






     -17-


    


    

 


the
Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization 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.


 


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


 


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


 






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In
addition, each Non-Lead Securitization Note Holder (including, but not limited to, any Securitization Trust into which a Non-Lead
Securitization Note is deposited) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead
Securitization for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses incurred
in connection with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee or the Depositor, as applicable, is entitled to be reimbursed pursuant to the Lead
Securitization Servicing Agreement, to the extent amounts on deposit in the Serviced Pari Passu Companion Loan Custodial Account
are insufficient for reimbursement of such amounts. Each Non-Lead Securitization Note Holder shall indemnify (as and to the same
extent the Lead Securitization Trust is required to indemnify each of the following parties in respect of other mortgage loans
in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement) each of the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Depositor (and any director, officer, employee or agent
of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead Securitization Servicing
Agreement in respect of other mortgage loans) (the “Indemnified Parties”) against any claims, losses, penalties,
fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection
with servicing and administration of the Mortgage Loan 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 Serviced Pari Passu Companion Loan Custodial Account are insufficient for reimbursement of such amounts, each Non-Lead Securitization
Note Holder shall be required to, promptly following notice from the Master Servicer, reimburse each of the applicable Indemnified
Parties for its pro rata share of the insufficiency.


 


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


 






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applicable,
subsequently determines that a proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would
be non-recoverable, then the Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the
case of a determination of non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or the related Non-Lead
Master Servicer or the related Non-Lead Trustee (as provided in the related Non-Lead Securitization Servicing Agreement, in the
case of a determination of non-recoverability by the related Non-Lead Master Servicer, the related Non-Lead Special Servicer or
the related Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or the Non-Lead Master Servicer and the Non-Lead
Trustee, as the case may be, of the other Securitization within one (1) business day of making such determination. Each of the
Master Servicer, the Trustee, a Non-Lead Master Servicer and a Non-Lead Trustee, as applicable, will only be entitled to reimbursement
for a P&I Advance that becomes non-recoverable first from the Serviced Pari Passu Companion Loan Custodial Account
from amounts allocable to the Note for which such P&I Advance was made, and then, if funds are insufficient, (i) in
the case of the Lead Securitization Note, from general collections of the Lead Securitization Trust, pursuant to the terms of
the Lead Securitization Servicing Agreement and (ii) in the case of a Non-Lead Securitization Note, from general collections of
the related Securitization Trust, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.


 


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


 


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


 






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(ii)       each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of
Lead Securitization Servicing Agreement) by the Securitization Trust holding the Non-Lead Securitization Note, against any of
the Indemnified Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit
in the Serviced Pari Passu Companion Loan Custodial Account are insufficient for reimbursement of such amounts, the related Non-Lead
Master Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata share of the
insufficiency out of general collections in the collection account (or equivalent account) established under the Non-Lead Securitization
Servicing Agreement;


 


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


 


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


 


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


 






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Servicer,
the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have
satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement.


 


(e)       If
the Note A-2 Securitization Date precedes the Note A-1 Securitization Date, the Note A-1 PSA shall contain terms and conditions
that are customary for securitization transactions involving assets similar to the Mortgage Loan and that are otherwise (i) required
by the Code relating to the tax elections of the Note A-1 Trust Fund, (ii) required by law or changes in any law, rule or regulation
or (iii) requested by the Rating Agencies rating the Note A-1 Securitization. The Note A-1 PSA shall also satisfy Moody’s
rating methodology for eligible accounts and permitted investments for an “Aaa”-rated securitization. The Note A-1
Holder shall have the right to designate the Note A-1 Master Servicer and Note A-1 Special Servicer for the Note A-1 Securitization
as long as each such party satisfies the conditions for such Servicer set forth in the Note A-2 PSA. Prior to the Note A-1 Securitization
Date, the Note A-1 Holder shall also have the right to designate the Note A-2 Special Servicer for the Mortgage Loan. Without
limiting the generality of any provision set forth above, for purposes of the Mortgage Loan, the Note A-1 PSA shall contain (a)
provisions requiring the Note A-1 Master Servicer and the Note A-1 Special Servicer to maintain, or subjecting them to possible
termination for not maintaining, compliance with customary servicer rating criteria (but the rating agencies need not be the same)
and (b) provisions substantially similar in all material respects to or materially consistent with those set forth in Note A-2
PSA with respect to (i) periodic reporting and periodic delivery of service provider compliance documents under Regulation AB
(and, in any event, the Note A-1 PSA shall require such reporting and delivery so long as the Note A-2 Securitization is required
to file periodic reports under the Securities Exchange Act of 1934, as amended), (ii) servicing transfer events that would result
in the transfer of the Mortgage Loan to special servicing status, (iii) the authority of the servicers in the Note A-1 Securitization
to grant or agree or consent to material modifications, waivers and amendments to the Mortgage Loan, or to approve material assignments
and assumptions or material additional indebtedness in connection with the Mortgage Loan, (iv) the potential termination of the
master servicer and special servicer following a Servicer Termination Event, (v) requirements to obtain an appraisal or appraisal
update following a transfer of the Mortgage Loan to special servicing status and periodic updates thereof, (vi) duties of the
special servicer in respect of foreclosure and the management of REO property, (vii) special servicing, workout and liquidation
fees (and, in any event, the fees at which such compensation accrue or are determined shall not exceed 0.75%, 1.50% and 1.50%,
respectively) and (viii) indemnification of the Depositor under the Note A-1 PSA, the Note A-1 Master Servicer, the Note A-1 Special
Servicer, the certificate administrator under the Note A-1 PSA, the trust advisor under the Note A-1 PSA (if applicable) and the
Note A-1 Trustee (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified
as indemnified parties in the Note A-1 PSA in respect of other mortgage loans) against any claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing
and administration of the Mortgage Loan (or, with respect to the trust advisor under the Note A-1 PSA, if applicable, incurred
in connection with the provision of services for the Mortgage Loan) to the same extent that the Note A-2 PSA indemnifies the Indemnified
Parties against the Indemnified Items; provided, however, that (A) this statement shall not be construed to prohibit differences
in timing, control or consultation triggers or thresholds, terminology, allocation of ministerial duties between


 






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multiple
servicers or other service providers or certificateholder or investor voting or consent thresholds, or to prohibit or restrict
additional approval, consent, consultation, notice or rating agency confirmation requirements; and (B) in the event of any conflict
between this sentence and any other provision of this Agreement, such other provision of this Agreement shall control.


 


(f)        If
the Note A-2 Securitization Date precedes the Note A-1 Securitization Date, the Note A-1 Holder shall give each of the parties
to the Note A-2 PSA (that will not also be a party to the Note A-1 PSA) notice of the Note A-1 Securitization in writing (which
may be by e-mail) not less than five (5) Business Days prior to the Note A-1 Securitization Date. Such notice shall contain contact
information for each of the parties to the Note A-1 PSA. In addition, after the Note A-1 Securitization Date, the Note A-1 Holder
shall send a copy of the Note A-1 PSA to each of the parties to the Note A-2 PSA.


 


Section
3.      Priority of Payments. Each Note shall be of equal priority, and no portion of any
Note shall have priority or preference over any portion of any other Note or security therefor. All amounts tendered by the
Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or
the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Monthly Payments, the Balloon
Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the
Mortgage Loan, Condemnation Proceeds or Insurance Proceeds (other than proceeds, awards or settlements to be applied to the
restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the
Mortgage Loan Documents) shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata
and Pari Passu Basis; provided, that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents
to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection
expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead
Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms of, the
Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer, with respect to the
Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other compensation payable to it thereunder
(including without limitation, any additional expenses of the Trust Fund relating to the Mortgage Loan (but subject to second
paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation
Fees, Workout Fees and Default Charges (to the extent provided in the immediately following paragraph) but excluding (i) any
P&I Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed in accordance with Section
2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer in excess of the Non-Lead Securitization
Note’s pro rata share of that portion of such servicing fees calculated at the “primary servicing fee rate”
applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be
subject to the allocation provisions of this Section 3) shall be payable in accordance with the Lead Securitization
Servicing Agreement.


 


For
clarification purposes, Default Charges (as defined in the Lead Securitization Servicing Agreement) paid on each Note shall first,
be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the Master Servicer,
the Trustee


 






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or
the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance
with the terms of the Lead Securitization Servicing Agreement, second, be used to reduce the respective amounts payable
on each Note by the amount necessary to pay the Master Servicer, the Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee
for any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead
Securitization Servicing Agreement or the Non-Lead Securitization Servicing Agreement, as applicable), third, be used to
reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional expenses of the
Trust Fund (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage
Loan (as specified in the Lead Securitization Servicing Agreement) and finally, (i) in the case of the remaining amount
of Default Charges allocable to the Lead Securitization Note, be paid to the Master Servicer and/or the Special Servicer as additional
servicing compensation as provided in the Lead Securitization Servicing Agreement and (ii) in the case of the remaining amount
of Default Charges allocable to the Non-Lead Securitization Note, be paid, (x) prior to the securitization of such Note, to the
Non-Lead Securitization Note Holder and (y) following the securitization of such Note, to the Master Servicer and/or the Special
Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement.


 


For
further clarification purposes, any proceeds received representing the purchase price from the sale of primary servicing rights
relating to the Mortgage Loan shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro
Rata and Pari Passu Basis.


 


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


 


Section
5.      Administration of the Mortgage Loan.


 


(a)       Subject
to this Agreement (including but not limited to Section 5(c)) and the Lead Securitization Servicing Agreement and subject to the
rights and consents, where required, of the Controlling Note Holder Representative and the Non-Controlling Note Holder Representative,
(i) from and after the date hereof and prior to the Securitization Date, the Controlling Note Holder (or the Interim Servicer
acting on behalf of the Note A-1 Holder and the Note A-2 Holder) and (ii) from and after the Securitization Date, the Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder)
shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect
to, the Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the


 






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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 (i) from and after the date hereof and prior to the Securitization Date, the Non-Controlling Note Holder and (ii) from and
after the Securitization Date, the Non-Lead Securitization Note Holder shall not have any voting, consent or other rights whatsoever
except as explicitly set forth herein with respect to the Controlling Note Holder’s or Lead Securitization Note Holder’s,
as applicable, administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement
(including, without limitation, the rights of the Controlling Note Holder prior to the Securitization Date) and the Lead Securitization
Servicing Agreement, the Non-Lead Securitization Note Holder shall not have any right to, and hereby presently and irrevocably
assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting
on behalf of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has, to (i) call or cause the Lead
Securitization Note Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to
the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead Securitization Note
Holder to file any bankruptcy petition against the Mortgage Loan Borrower; provided that, prior to the Securitization Date,
such rights and remedies shall be exercisable by the Controlling Note Holder (or the Interim Servicer acting on behalf of the
Note A-1 Holder and the Note A-2 Holder). The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or
the Trustee acting on behalf of the Lead Securitization Note Holder) shall not have any fiduciary duty to the Non-Lead Securitization
Note Holder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization
Note Holder from the obligation to make any disbursement of funds as set forth herein or its obligation to follow the Servicing
Standard (in the case of the Master Servicer or the Special Servicer) or any liability for failure to do so).


 


Each
Note Holder hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting
on behalf of the Lead Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Mortgage Loan to sell the Notes
together as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement and shall
require that all offers be submitted to the Trustee in writing. Whether any cash offer constitutes a fair price for the Mortgage
Loan shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the
Trustee, if the highest offeror is an Interested Person; provided, that no offer from an Interested Person shall constitute
a fair price unless (i) it is the highest offer received and (ii) at least two bona fide other offers are received from independent
third parties. In determining whether any offer from an Interested Person received represents a fair price for the Mortgage Loan,
the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with
the Lead Securitization Servicing Agreement within the preceding twelve (12)-month period or, in the absence of any such Appraisal,
on a new Appraisal. The appraiser conducting any such new Appraisal shall be a Qualified Appraiser selected by (i) the applicable
Special Servicer, if no Interested Person is so making an offer, or (ii) the Trustee, if an Interested Person is so making an
offer. In determining whether any such offer from a Person other than an Interested Person constitutes a fair price for the Mortgage
Loan, the Special Servicer shall take into account (in addition to the


 






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results
of any Appraisal or updated Appraisal that it may have obtained within the prior twelve (12) months pursuant to the Lead Securitization
Servicing Agreement), and in determining whether any offer from an Interested Person constitutes a fair price for the Mortgage
Loan, the Trustee or any Independent expert designated by the Trustee as described in the immediately following paragraph shall
be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency on the Mortgage
Loan, the occupancy level and physical condition of the Mortgaged Property and the state of the local economy.


 


Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder)
shall not be permitted to sell the Defaulted Mortgage Loan in the manner provided above without the written consent of the Non-Lead
Securitization Note Holder (provided that such consent is not required if the Non-Lead Securitization Note is held by the
Mortgage Loan Borrower or a Borrower Party) unless the Special Servicer has delivered to the Non-Lead Securitization Note Holder:
(a) at least 15 Business Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10)
days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received
by the Special Servicer in connection with 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 the Non-Lead Securitization
Note Holder and (d) until the sale is completed and a reasonable period of time (but no less time than is afforded to other offerors
and the Lead Securitization Subordinate 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; provided, however, that the Non-Lead Securitization Note Holder may waive
any delivery or timing requirements set forth in this sentence only for itself. Subject to the foregoing, each of the Controlling
Note Holder, the Controlling Note Holder Representative, the Non-Controlling Note Holders and the Non-Controlling Note Holder
Representatives shall be permitted to bid at any sale of the Mortgage Loan.


 


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


 


The
authority of the Lead Securitization Note Holder to sell the Non-Lead Securitization Note, and the obligations of any other Note
Holder to execute and deliver instruments or deliver the related Note upon request of the Lead Securitization Note Holder, shall
terminate and cease to be of any further force or effect upon the date, if any, upon which


 






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


 


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


 


(c)       Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be required (i) to provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Subordinate Class Representative pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or
the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to the Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative), within the same time frame it is required to provide to the Lead
Securitization Subordinate Class Representative and (ii) to consult with the Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) on a strictly non-binding basis, to the extent having received such notices, information and reports,
the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) requests consultation with respect to any
such Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage
Loan, and consider alternative actions recommended by the Non-Controlling Note


 






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Holder
(or its Non-Controlling Note Holder Representative); provided that after the expiration of a period of ten (10) Business
Days (or in connection with an Acceptable Insurance Default, thirty (30) days) from the delivery to the Non-Controlling Note Holder
(or its Non-Controlling Note Holder Representative) by the Lead Securitization Note Holder (or the Master Servicer or the Special
Servicer acting on its behalf) of written notice of a proposed action, together with copies of the notice, information and report
required to be provided to the Lead Securitization Subordinate Class Representative, the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated to consult with the Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) (unless, the Lead Securitization Note Holder (or the Master Servicer
or the Special Servicer acting on its behalf) proposes a new course of action that is materially different from the action previously
proposed, in which case such ten (10) Business Day period (or thirty (30) day period, in the case of an Acceptable Insurance Default,
respectively) shall be deemed to begin anew from the date of such proposal and delivery of all information relating thereto).
Notwithstanding the consultation rights of the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative)
set forth in the immediately preceding sentence, the Lead Securitization Note Holder (or Master Servicer or Special Servicer,
acting on its behalf) may take any Major Decision or take any action set forth in the Asset Status Report before the expiration
of the aforementioned ten (10) Business Day period (or thirty (30) day period, in the case of an Acceptable Insurance Default,
respectively) if the Lead Securitization Note Holder (or Master Servicer or Special Servicer, as applicable) determines that immediate
action with respect thereto is necessary to protect the interests of the Note Holders. In no event shall the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take any alternative
actions recommended by the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative).


 


In
addition to the consultation rights of the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) provided
in the immediately preceding paragraph, the Non-Controlling Note Holder shall have the right to annual meetings (which may be
held telephonically) with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf),
upon reasonable notice and execution of a confidentiality agreement substantially in the form of an exhibit attached to the Lead
Securitization Servicing Agreement 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.


 


Notwithstanding
anything to the contrary contained in this Agreement, if the Initial Note A Holder (or an affiliate thereof) or Wells Fargo Bank,
National Association is the holder of the Non-Controlling Note, the Lead Securitization Note Holder (or the Master Servicer or
the Special Servicer acting on its behalf) shall be required to obtain the consent of such Non-Controlling Note Holder (or its
Non-Controlling Note Holder Representative) for the items specified in Section 5(c)(ii) above with regard to any Major Decisions
or the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan (the “Non-Controlling
Note Holder Consent Right”). Such Non-Controlling Note Holder Consent Right shall not include the Controlling Note Holder’s
rights to appoint and replace the Special Servicer as set forth in this Agreement, including, without limitation, in Section 7.
In addition, such Non-Controlling Note Holder Consent Right shall terminate and shall be of no force and effect upon the earlier
of (i) the closing date of the first Non-Lead Securitization and (ii) the date


 






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of
initial transfer of the Non-Controlling Note to any Person that is not either the Initial Note A Holder (or an affiliate thereof)
or Wells Fargo Bank, National Association, as the case may be.


 


(d)       If
any Note is included as an asset of a real estate mortgage investment conduit (a “REMIC”), within the meaning
of Section 860D(a) of the Code, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage Loan shall
be administered such that the Notes shall qualify at all times as (or as interests in) a “qualified mortgage” within
the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on behalf
of the Note Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of the
Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of the pro
rata share of each Note Holder therein shall at all times qualify as “foreclosure property” within the meaning
of Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan, consent
to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights
which the Note Holders may have under the Mortgage Loan Documents, if any such action would constitute a “significant modification”
of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the Treasury,
more than three (3) months after the startup day of the REMIC which includes the Notes (or any portion thereof). Each Note Holder
agrees that the provisions of this paragraph shall be effected by compliance with any REMIC provisions in the Lead Securitization
Servicing Agreement relating to the administration of the Mortgage Loan.


 


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


 


Section
6.      Rights of the Controlling Note Holder.


 


(a)       The
Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights
and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling
Note Holder Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling
Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder
Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Borrower Party), including, without
limitation, the Controlling Note Holder, any officer or employee of the Controlling Note Holder, any Affiliate of the Controlling
Note Holder or any other unrelated third party. No such Controlling Note Holder Representative


 






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shall owe any fiduciary duty or other duty to any other
Person (other than the Controlling Note Holder). All actions that are permitted to be taken by the Controlling Note Holder under
this Agreement may be taken by the Controlling Note Holder Representative acting on behalf of the Controlling Note Holder. Any
Servicer acting on behalf of the Lead Securitization Note Holder shall not be required to recognize any Person as a Controlling
Note Holder Representative until the Controlling Note Holder has notified the Servicer or Trustee of such appointment and, if the
Controlling Note Holder Representative is not the same Person as the Controlling Note Holder, the Controlling Note Holder Representative
provides any Servicer or Trustee with written confirmation of its acceptance of such appointment, an address and telecopy number
for the delivery of notices and other correspondence and a list of officers or employees of such person with whom the parties to
this Agreement may deal (including their names, titles, work addresses and telecopy numbers). The Controlling Note Holder shall
promptly deliver such information to any Servicer. Neither the Servicers nor the Trustee shall be required to recognize any person
as a Controlling Note Holder Representative until they receive such information from the Controlling Note Holder. The Controlling
Note Holder agrees to inform each such Servicer or Trustee of the then-current Controlling Note Holder Representative. So long
as a Subordinate Control Period is in effect pursuant to the terms of the Note A-1 PSA, the Subordinate Class Representative shall
be deemed to be the Controlling Note Holder Representative.





 


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


 


Each
Non-Controlling Note Holder shall provide notice of its identity and contact information (including any change thereof) to the
Trustee, Certificate Administrator, the Master Servicer and the Special Servicer under the Lead Securitization Servicing Agreement;
provided, that each Initial Note Holder shall be deemed to have provided such notice on the date hereof.


 






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The
Trustee, Certificate Administrator, the Master Servicer and the Special Servicer under the Lead Securitization Servicing Agreement
shall be entitled to conclusively rely on such identity and contact information received by it and shall not be liable in respect
of any deliveries hereunder sent in reliance thereon.


 





The Non-Controlling Note Holder shall
have the right at any time to appoint a representative in connection with the exercise of its rights and obligations with respect
to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling Note Holder Representative”). All of the
provisions relating to the Controlling Note Holder and the Controlling Note Holder Representative set forth in the first paragraph
of this Section 6(a) and the second paragraph of this Section 6(a) (except those contained in the last sentence thereof) shall
apply to the Non-Controlling Note Holder and its Non-Controlling Note Holder Representative mutatis mutandis .





 


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


 


If
the Controlling Note Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Decision
within ten (10) Business Days (or in connection with an Acceptable Insurance Default, thirty (30) days) after delivery to the
Controlling Note Holder by the applicable Servicer of written notice of a proposed Major Decision (which notice shall contain
a legend, in conspicuous boldface type, substantially similar to the following: “THIS IS A REQUEST FOR ACTION APPROVAL.
IF THE CONTROLLING NOTE HOLDER FAILS TO APPROVE OR DISAPPROVE THE ENCLOSED ACTION WITHIN TEN (10) BUSINESS DAYS (OR IN CONNECTION
WITH AN ACCEPTABLE INSURANCE DEFAULT, THIRTY (30) DAYS), SUCH ACTION MAY BE DEEMED APPROVED”) together with any information
requested by the Controlling Note Holder as may be necessary in the reasonable judgment of the Controlling Note Holder in order
to make a judgment, then upon the expiration of such ten (10) Business Day (or in connection with an


 






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Acceptable
Insurance Default, thirty (30) days) period, such Major Decision shall be deemed to have been approved by the Controlling Note
Holder.


 





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


 


No
objection contemplated by the preceding paragraphs may require or cause the Master Servicer or the Special Servicer, as applicable,
to violate any provision of the Mortgage Loan Documents, applicable law, the Lead Securitization Servicing Agreement, this Agreement,
the REMIC provisions of the Code or the Master Servicer or Special Servicer’s obligation to act in accordance with the Servicing
Standard or materially expand the scope of responsibilities of any of the Master Servicer or Special Servicer, as applicable.


 


Section
7.     Appointment of Special Servicer. Subject to the conditions and requirements set forth
in the Lead Securitization Servicing Agreement and the last paragraph of Section 5(c) of this Agreement, the Controlling Note
Holder (or its Controlling Note Holder Representative) shall have the right at any time and from time to time, with or without
cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a replacement Special Servicer
in lieu thereof. Any designation by the Controlling Note Holder (or its Controlling Note Holder Representative) of a Person to
serve as Special Servicer shall be made by delivering to the other Note Holder, the Master Servicer, the then existing Special
Servicer and other parties to the Lead Securitization Servicing Agreement a written notice stating such designation and satisfying
the other conditions to such replacement as set forth in the Lead Securitization Servicing Agreement (including, without limitation,
a Rating Agency Communication or Rating Agency Confirmation, but only if required by the terms of the Lead Securitization Servicing
Agreement), if any. The Controlling Note Holder shall be solely responsible for any expenses incurred in connection with any such
replacement without cause. The Controlling Note Holder shall notify the other parties hereto of its termination of the then currently
serving Special Servicer and its appointment of a replacement Special Servicer in accordance with this Section 7. If the Controlling
Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of the securitization
under the Lead Securitization Servicing Agreement, then the initial Special Servicer designated in the Lead Securitization Servicing
Agreement shall serve as the initial Special Servicer but this shall not limit the right of the Controlling Note Holder (or its
Controlling Note Holder Representative) to designate a replacement Special Servicer for the Mortgage Loan as aforesaid. If a Servicing
Termination Event on the part of the Special Servicer has occurred that affects the Non-Controlling Note Holder, the Non-Controlling
Note Holder shall have the right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization
Trust, the Controlling Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement solely
with respect to the Mortgage Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement.
The Controlling Note Holder and


 






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the
Non-Controlling Note Holder acknowledge and agree that any successor special servicer appointed to replace the Special Servicer
with respect to the Mortgage Loan that was terminated for cause at the Non-Controlling Note Holder’s direction cannot at
any time be the person (or an Affiliate thereof) that was so terminated without the prior written consent of the Non-Controlling
Note Holder. The Non-Controlling Note Holder that directs the Trustee (or at any time that the Mortgage Loan is no longer included
in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer shall be solely responsible for reimbursing
the Trustee’s or the Controlling Note Holder’s, as applicable, costs and expenses, if not paid within a reasonable
time by the terminated special servicer and, in the case of the Trustee, that would otherwise be reimbursed to the Trustee from
amounts on deposit in the Collection Account under the Lead Securitization Servicing Agreement.


 


Section
8.      Payment Procedure.


 


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


 


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


 


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


 






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


 


Section
9.      Limitation on Liability of the Note Holders. Subject to the terms of the Lead Securitization
Servicing Agreement governing Servicer liability, each Note Holder shall have no liability to any other Note Holder with respect
to its Note except with respect to losses actually suffered due to the gross negligence, willful misconduct or breach of this
Agreement on the part of such Note Holder.


 


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


 


Section
10.    Bankruptcy. Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead Securitization
Note Holder has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise or
join any Person in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect
to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering
the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead
Securitization Note Holder, and not the Non-Lead Securitization Note Holder, can make any election, give any consent, commence
any action or file any motion, claim, obligation, notice or application or take any other action in any case by or against the
Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead
Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled
with an interest, and their proxy, for the purpose of exercising any and all rights and taking any and all actions available to
the Non-Lead Securitization Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy
Code or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote
to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy


 






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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 Note Holders hereby agree that, upon the request of the Lead Securitization Note Holder, the Non-Lead Securitization
Note Holder shall execute, acknowledge and deliver to the Lead Securitization Note Holder all and every such further deeds, conveyances
and instruments as the Lead Securitization Note Holder may reasonably request for the better assuring and evidencing of the foregoing
appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding are subject to and must
be in accordance with the Servicing Standard.


 


Section
11. Representations of the Note Holders. Each Note Holder represents and warrants that the execution, delivery and performance
of this Agreement is within its limited liability company or corporate powers, has been duly authorized by all necessary limited
liability company or corporate action, and does not contravene such Note Holder’s charter or any law or contractual restriction
binding upon such Note Holder, and that this Agreement is the legal, valid and binding obligation of such Note Holder enforceable
against such Note Holder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that the enforcement
of rights with respect to indemnification and contribution obligations may be limited by applicable law. Each Note Holder represents
and warrants that it is duly organized, validly existing, in good standing and in possession of all licenses and authorizations
necessary to carry on its business. Each Note Holder represents and warrants that (a) this Agreement has been duly executed and
delivered by such Note Holder, (b) to such Note Holder’s actual knowledge, all consents, approvals, authorizations, orders
or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of
this Agreement by such Note Holder have been obtained or made and (c) to such Note Holder’s actual knowledge, there is no
pending action, suit or proceeding, arbitration or governmental investigation against such Note Holder, an adverse outcome of
which would materially and adversely affect its performance under this Agreement.


 


Section
12.    No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement,
and no action taken pursuant hereto shall be deemed to constitute the relationship created hereby between the Note Holders as
a partnership, association, joint venture or other entity. The Lead Securitization Note Holder shall have no obligation
whatsoever to offer to the Non-Lead Securitization Note Holder the opportunity to purchase a participation interest in any
future loans originated by the Lead Securitization Note Holder or its Affiliates and if the Lead Securitization Note Holder
chooses to offer to a Non-Lead Securitization Note Holder the opportunity to purchase a participation interest in any future
mortgage loans originated by the Lead Securitization Note Holder or its Affiliates, such offer shall be at such purchase
price and interest rate as the Lead Securitization Note Holder chooses, in its sole and absolute discretion. The Non-Lead
Securitization Note Holder shall not have any obligation whatsoever to purchase from the Lead Securitization Note Holder a
participation interest in any future loans originated by the Lead Securitization Note Holder or its Affiliates.


 


In
addition, the Non-Lead Securitization Note Holder shall have no obligation whatsoever to offer to the Lead Securitization Note
Holder the opportunity to purchase a





 






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participation interest in any future loans originated by the Non-Lead Securitization Note
Holder or its Affiliates and if the Non-Lead Securitization Note Holder chooses to offer to a Lead Securitization Note Holder
the opportunity to purchase a participation interest in any future mortgage loans originated by the Non-Lead Securitization Note
Holder or its Affiliates, such offer shall be at such purchase price and interest rate as the Non-Lead Securitization Note Holder
chooses, in its sole and absolute discretion. The Lead Securitization Note Holder shall not have any obligation whatsoever to
purchase from the Non-Lead Securitization Note Holder a participation interest in any future loans originated by the Non-Lead
Securitization Note Holder or its Affiliates.


 


Section
13.   Other Business Activities of the Note Holders. Each Note Holder acknowledges that the other Note Holder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, the Mortgage Loan Borrower or
any Affiliate thereof, any entity that is a holder of debt secured by direct or indirect ownership interests in the Mortgage Loan
Borrower or any entity that is a holder of a preferred equity interest in the Mortgage Loan Borrower (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
14.    Sale of the Notes.


 


(a)       Except
as contemplated by the second following sentence, each Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate,
hypothecate, contribute, encumber or otherwise dispose of all or any portion of its respective Note (a “Transfer”)
except to a Qualified Institutional Lender. Promptly after the Transfer, the non-transferring Note Holder shall be provided with
(x) a representation from a transferee or the applicable Note Holder certifying that such transferee is a Qualified Institutional
Lender (except in the case of a Transfer to a Securitization in accordance with the immediately following sentence) and (y) a
copy of the assignment and assumption agreement referred to in Section 15. If a Note Holder intends to Transfer its respective
Note, or any portion thereof, to an entity that is not a Qualified Institutional Lender, it must first (a) obtain the consent
of each non-transferring Note Holder and (b) if such non-transferring Note Holder’s Note is held in a Securitization Trust,
obtain a Rating Agency Confirmation from each applicable Rating Agency with respect to such Securitization Trust. Notwithstanding
the foregoing, without the non-transferring Note Holder’s prior consent (which will not be unreasonably withheld), and,
if such non-transferring Note Holder’s Note is held in a Securitization Trust, until a Rating Agency Confirmation is obtained,
no Note Holder shall Transfer all or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower
or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in
the purported transferee. The transferring Note Holder agrees that it shall pay the expenses of the non-transferring Note Holder
(including all expenses of the Master Servicer, the Special Servicer, the Trustee and any Controlling Note Holder or Controlling
Note Holder Representative) and all expenses relating to any Rating Agency Confirmation in connection with any such Transfer.
Notwithstanding the foregoing, each Note Holder shall have the right, without the need to obtain the consent of the other Note
Holder or of any other Person or having to provide any Rating Agency Confirmation, to Transfer 49% or less (in the aggregate)
of its beneficial interest


 






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in
a Note. None of the provisions of this Section 14(a) shall apply in the case of (1) a sale of all of the Notes together, in accordance
with the terms and conditions of the Lead Securitization Servicing Agreement or (2) a transfer by the Special Servicer, in accordance
with the terms and conditions of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged Property,
upon the Mortgage Loan becoming a Defaulted Loan or Defaulted Mortgage Loan, as applicable, to a single member limited liability
or limited partnership, 100% of the equity interest in which is owned directly or indirectly, through one or more single member
limited liability companies or limited partnerships, by the Lead Securitization Trust.


 


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


 


(c)       Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than the
Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit facility to such Note Holder and that is either a
Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or
the equivalent) or better by each Rating Agency (or, if not rated by an applicable Rating Agency, an equivalent or higher rating
from any two of Fitch, Moody’s and S&P) (a “Note Pledgee”), on terms and conditions set forth in
this Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder or any person which Controls
such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder,
provided that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged Note without
a Rating Agency Confirmation. Upon written notice by the applicable Note Holder to any other Note Holder and any Servicer that
a Pledge has been effected (including the name and address of the applicable Note Pledgee), such other Note Holder agrees to acknowledge
receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any default by the pledging Note Holder
in respect of its obligations under this Agreement of which default such Note Holder has actual knowledge; (ii) to allow such
Note Pledgee a period of ten (10) days to cure a default by the pledging Note Holder in respect of its obligations to any other
Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification,
waiver or termination of this Agreement shall be effective against such Note Pledgee without the written consent of such Note
Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Note Holder shall give
to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same to the pledging
Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall
reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to such other Note
Holder; and (vi) that, upon written notice (a “Redirection Notice”) to the other Note Holders and any Servicer
by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure periods, under the pledging Note
Holder’s obligations to such Note Pledgee


 






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pursuant
to the applicable credit agreement between the pledging Note Holder and such Note Pledgee (which notice need not be joined in
or confirmed by the pledging Note Holder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note
Pledgee shall be entitled to receive any payments that any Note Holder or Servicer would otherwise be obligated to pay to the
pledging Note Holder from time to time pursuant to this Agreement or the Lead Securitization Servicing Agreement. Any pledging
Note Holder hereby unconditionally and absolutely releases the other Note Holders and any Servicer from any liability to the pledging
Note Holder on account of such other Note Holder’s or Servicer’s compliance with any Redirection Notice believed by
any Servicer or such other Note Holder to have been delivered by a Note Pledgee. A Note Pledgee shall be permitted to exercise
fully its rights and remedies against the pledging Note Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure
as to such collateral), in accordance with applicable law and this Agreement. In such event, the Note Holders and any Servicer
shall recognize such Note Pledgee (and any transferee other than 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 Note Holder’s rights, remedies and obligations
under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the
pledging Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note
Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section
14(c) shall remain effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall have notified any
such Note Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.


 


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


 


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


 


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


 


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


 


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


 






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


 


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


 


In
connection with any Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall
execute an assignment and assumption agreement (unless the transferee is a Securitization Trust and the related pooling
and servicing agreement requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the
obligations of the applicable Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the
terms of this Agreement, including the applicable restriction on Transfers set forth in Section 14, from and after the date of
such assignment. No transfer of a Note may be made unless it is registered on the Note Register, and the Agent shall not recognize
any attempted or purported transfer of any Note in violation of the provisions of Section 14 and this Section 15. Any such purported
transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each Note Holder desiring to
effect such transfer shall, and does hereby agree to, indemnify the Agent and the other Note Holders against any liability that
may result if the transfer is not made in accordance with the provisions of this Agreement.


 






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Section
16.  Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND OBLIGATIONS OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF (OTHER THAN 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
17.    Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:


 


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


 


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


 


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


 


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


 


Section
18.    Modifications. This Agreement shall not be modified, cancelled or terminated except by an
instrument in writing signed by each Note Holder. Additionally, for as long as any Note is contained in a Securitization
Trust, the Note Holders shall not amend or modify this Agreement without first obtaining a Rating Agency Confirmation from
each Rating Agency then rating any securities of any Securitization; provided that no such Rating Agency Confirmation
shall be required in connection with a modification (i) to cure any ambiguity, to


 






     -40-


    


    

 


correct
or supplement any provisions herein that may be defective or inconsistent with any other provisions herein or with the Lead Securitization
Servicing Agreement, or (ii) to make other provisions with respect to matters or questions arising under this Agreement, which
shall not be inconsistent with the provisions of this Agreement.


 


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


 


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


 


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


 


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


 


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


 






     -41-


    


    

 


allowable
credits or deductions for the Taxes so withheld in each jurisdiction in which such Note Holder is subject to tax.


 


(b)       Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall and hereby agrees to indemnify
the Lead Securitization Note Holder against and hold the Lead Securitization Note Holder harmless from and against any Taxes,
interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Lead Securitization
Note Holder to withhold Taxes from payment made to such Note Holder in reliance upon any representation, certificate, statement,
document or instrument made or provided by such Note Holder to the Lead Securitization Note Holder in connection with the obligation
of the Lead Securitization Note Holder to withhold Taxes from payments made to such Note Holder, it being expressly understood
and agreed that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such representation,
certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon without any
obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity
of the same and (ii) such Note Holder, upon request of the Lead Securitization Note Holder and at its sole cost and expense, shall
defend any claim or action relating to the foregoing indemnification using counsel selected by the Lead Securitization Note Holder.


 


(c)       Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) represents to the Lead Securitization
Note Holder (for the benefit of the Mortgage Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization
Note Holder nor the Mortgage Loan Borrower is obligated under applicable law to withhold Taxes on sums paid to it with respect
to the Mortgage Loan or otherwise pursuant to this Agreement. Contemporaneously with the execution of this Agreement and from
time to time as necessary during the term of this Agreement, each Note Holder (to the extent it is not the same entity as the
Lead Securitization Note Holder) shall deliver to the Lead Securitization Note Holder or Servicer, as applicable, evidence satisfactory
to the Lead Securitization Note Holder substantiating that such Note Holder is not a Non-Exempt Person and that the Lead Securitization
Note Holder is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
under this Agreement. Without limiting the effect of the foregoing, (i) if a Note Holder is created or organized under the laws
of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence
by furnishing to the Lead Securitization Note Holder an Internal Revenue Service Form W-9 and (ii) if a Note Holder is not created
or organized under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest
or other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from
sources within the United States, such Note Holder shall satisfy the requirements of the preceding sentence by furnishing to the
Lead Securitization Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN,
or successor forms, as may be required from time to time, duly executed by such Note Holder, as evidence of such Note Holder’s
exemption from the withholding of United States tax with respect thereto. The Lead Securitization Note Holder shall not be obligated
to make any payment hereunder with respect to the Non-Lead Securitization Note or otherwise until the holder of such Note shall
have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.


 






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Section
25.   Custody of Mortgage Loan Documents. Prior to the Lead Securitization, the originals of all of the Mortgage Loan Documents
shall be held by the Initial Agent on behalf of the registered holders of the Notes. On and after the closing of the Lead Securitization,
the originals of all of the Mortgage Loan Documents (other than the originals of the Non-Lead Securitization Note) shall be held
in the name of the Trustee (and held by a duly appointed custodian therefor) in accordance with the terms of the Lead Securitization
Servicing Agreement, on behalf of the registered holders of the Notes.


 


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


 






     -43-


    


    

 


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


 


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


 


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


 


Section
29.    Certain Matters Affecting the Agent.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 






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Section
30.    Reserved.


 


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


 


Section
32. Resizing. Notwithstanding any other provision of this Agreement, for so long as LSCF II or an affiliate (an
“Original Entity”) is the owner of the Non-Lead Securitization Note (the “Owned Note”),
such Original Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Mortgage Loan
Borrower to execute amended and restated notes or additional notes (in either case, “New Notes”)
reallocating the principal of the Owned Note to such New Notes; or severing the Owned Note into one or more further
“component” notes in the aggregate principal amount equal to the then outstanding principal balance of the Owned
Note provided that (i) the aggregate principal balance of all outstanding New Notes following such amendments is no
greater than the aggregate principal of the Owned Note prior to such amendments, (ii) all Notes continue to have the same
weighted average interest rate as the Notes prior to such amendments, (iii) all Notes pay pro rata and on a pari
passu basis and such reallocated or component notes shall be automatically subject to the terms of this Agreement, (iv)
the Original Entity holding the New Notes shall notify the Lead Securitization Note Holder, the Master Servicer, the Special
Servicer, the Certificate Administrator and the Trustee in writing of such modified allocations and principal amounts, and
(v) the execution of such amendments and New Notes does not violate the Servicing Standard. If the Lead Securitization Note
Holder so requests, the Original Entity holding the New Notes (and any subsequent holder of such Notes) shall execute a
confirmation of the continuing applicability of this Agreement to the New Notes, as so modified. Except for the foregoing
reallocation and for modifications pursuant to the Lead Securitization Servicing Agreement (as discussed in Section 5), no
Note may be modified or amended without the consent of its holder and the consent of the holder of the other Note. In
connection with the foregoing (provided the conditions set forth in (i) through (v) above are satisfied, with respect to (i)
through (iv), as certified by the Original Entity, on which certification the Master Servicer can rely), the Master Servicer
is hereby authorized and directed to execute amendments to the Mortgage Loan Documents and this Agreement on behalf of any or
all of the Note Holders, as applicable, solely for the purpose of reflecting such reallocation of principal. If more than one
New Note is created hereunder, for purposes of exercising the rights of a Non-Controlling Note Holder hereunder,
the


 






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“Non-Controlling
Note Holder” of such New Notes shall be as provided in the definition of such term in this Agreement.


 






     -46-


    


    

 


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


 





 





	 	LSTAR CAPITAL FINANCE II, INC., as Initial Note A-1 Holder
	 	 	 
	 	By:	/s/ Marc L. Lipshy
	 	 	Name:     Marc L. Lipshy
	 	 	Title:       President



 





	 	LSTAR CAPITAL FINANCE II, INC., as Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Marc L. Lipshy
	 	 	Name:     Marc L. Lipshy
	 	 	Title:       President


 





(Agreement
Between Note Holders – Westin Palo Alto) 


 







     


    


    

 


EXHIBIT
A



MORTGAGE LOAN SCHEDULE





 


Description
of Mortgage Loan


 


	Mortgage
    Loan Borrower:	Pacific
    Land Development Venture, L.P. and Palo Alto Hotel Development Venture, L.P.
	Date
    of Mortgage Loan:	January
    10, 2017
	Date
    of Notes:	January
    10, 2017
	Original
    Principal Amount of Mortgage Loan:	$83,000,000
	Principal
    Amount of Mortgage Loan as of the date hereof:	$83,000,000
	Initial
    Note A-1 Principal Balance:	$43,000,000
	Initial
    Note A-2 Principal Balance:	$40,000,000
	Location
    of Mortgaged Property:	Palo
    Alto, California
	Initial
    Maturity Date:	February
    6, 2027



 



     A-1


    


    

 


EXHIBIT
B


 


1.     Initial
Note A-1 Holder:


 


LStar
Capital Finance II, Inc.

2711 North Haskell Avenue 


Suite
1700

Dallas, Texas 75204

Attention: Legal Department



with a copy to:



Hunton & Williams LLP

200 Park Avenue

New York, New York 10166

Attention: Brett L. Gross, Esq.


 


2.     Initial
Note A-2 Holder:


 


LStar
Capital Finance II, Inc.

2711 North Haskell Avenue 


Suite
1700

Dallas, Texas 75204

Attention: Legal Department



with a copy to:



Hunton & Williams LLP

200 Park Avenue

New York, New York 10166

Attention: Brett L. Gross, Esq.


 




     B-1


    


    

 


EXHIBIT
C



PERMITTED FUND MANAGERS


 


		1.	AllianceBernstein






		2.	Annaly
                                         Capital Management






		3.	Apollo
                                         Real Estate Advisors






		4.	Archon
                                         Capital, L.P.






		5.	AREA
                                         Property Partners






		6.	Artemis
                                         Real Estate Partners






		7.	BlackRock,
                                         Inc.






		8.	Clarion
                                         Partners






		9.	Colony
                                         Capital, LLC






		10.	DLJ
                                         Real Estate Capital Partners






		11.	Dune
                                         Real Estate Partners






		12.	Eightfold
                                         Real Estate Capital, L.P.






		13.	Five
                                         Mile Capital Partners






		14.	Fortress
                                         Investment Group, LLC






		15.	Garrison
                                         Investment Group






		16.	H/2
                                         Capital Partners LLC






		17.	Hudson
                                         Advisors






		18.	Investcorp
                                         International






		19.	iStar
                                         Financial Inc.






		20.	J.P.
                                         Morgan Investment Management Inc.






		21.	JER
                                         Partners






		22.	Lend-Lease
                                         Real Estate Investments






		23.	Libermax
                                         Capital LLC






		24.	LoanCore
                                         Capital






		25.	Lone
                                         Star Funds






		26.	Lowe
                                         Enterprises






		27.	Normandy
                                         Real Estate Partners






		28.	Och-Ziff
                                         Capital Management Group






		29.	Praedium
                                         Group






		30.	Raith
                                         Capital Partners, LLC






		31.	Rialto
                                         Capital Management LLC






		32.	Rockpoint
                                         Group






		33.	Rockwood






		34.	RREEF
                                         Funds






		35.	Square
                                         Mile Capital Management






		36.	The
                                         Blackstone Group






		37.	The
                                         Carlyle Group






		38.	Torchlight
                                         Investors






		39.	Walton
                                         Street Capital, L.L.C.






		40.	Westbrook
                                         Partners






		41.	Wheelock
                                         Street Capital






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



 






     C-1