Exhibit 4.8


 


EXECUTION VERSION


  


The Hallmark


CO-LENDER AGREEMENT


Dated as of February 23, 2022


by and between


BSPRT CMBS Finance, LLC


(Initial Note A-1 Holder)


and


BSPRT CMBS Finance, LLC

(Initial Note A-2 Holder)


 


 




     


     


    

TABLE OF CONTENTS


Page


	1. 	Definitions; Conflicts.	2
	2. 	Servicing of the Mortgage Loan.	13
	3. 	Priority of  Notes.	14
	4. 	Workout.	15
	5. 	Accounts; Payment Procedure.	15
	6. 	Limitation on Liability.	16
	7. 	Representations of the Holders.	16
	8. 	Independent Analyses of each Holder.	17
	9. 	No Creation of a Partnership or Exclusive Purchase Right.	17
	10. 	Not a Security.	18
	11. 	Other Business Activities of the Holders.	18
	12. 	Transfer of Notes.	18
	13. 	Registration of Transfer.	20
	14. 	Registration of Note A-1 and Note A-2.	20
	15. 	Statement of Intent.	21
	16. 	Exercise of Remedies by the Servicer.	21
	17. 	Rights of the Directing Holder.	23
	18. 	Appointment of Special Servicer.	24
	19. 	Rights of the Non-Directing Holder.	25
	20. 	Advances; Reimbursement of Advances.	26
	21. 	Provisions Relating to Securitization.	27
	22. 	Governing Law; Waiver of Jury Trial.	32
	23. 	Submission To Jurisdiction; Waivers.	32
	24. 	Modifications.	32
	25. 	Successors and Assigns; Third Party Beneficiaries.	33
	26. 	Counterparts.	33
	27. 	Captions.	33
	28. 	Notices.	33
	29. 	Severability.	33
	30. 	Entire Agreement.	34
	31. 	Withholding Taxes.	34
	32. 	Custody of Mortgage Loan Documents.	35
	33. 	Certain Matters Affecting the Agent.	35
	34. 	Termination of Agent.	35



 




    -i- 


     


    

THIS CO-LENDER AGREEMENT
(the “Agreement”), dated as of February 23, 2022, is by and between BSPRT CMBS Finance, LLC (“BSP”),
a Delaware limited liability company, in its capacity as initial owner of Note A-1 (the “Initial Note A-1 Holder”),
BSP in its capacity as the initial agent (the “Initial Agent”) and BSP in its capacity as initial owner of Note A-2
(the “Initial Note A-2 Holder”).


W I T N E S S E T H:


WHEREAS, BSP has made a
mortgage loan in the original principal amount of $34,250,000 (the “Mortgage Loan”) to BRIT-Hallmark Building LLC (the
“Borrower”) pursuant to a loan agreement between the Borrower, as borrower, and BSP, as lender, dated as of November
30, 2021 (the “Loan Agreement”), which Mortgage Loan was evidenced by a single promissory note in the original principal
amount of $34,250,000 (the “Original Promissory Note”);


WHEREAS, the Mortgage Loan
is secured by a first mortgage lien (the “Mortgage”) on the Borrower’s fee interest in the property known as
The Hallmark, 13873 Park Center Road, Herndon, Virginia (the “Mortgaged Property”);


WHEREAS, the Mortgage Loan
is presently evidenced by the following promissory notes: Promissory Note A-1 in the original principal amount of $22,000,000
and Promissory Note A-2 in the original principal amount of $12,250,000 (“Note A-1” and “Note A-2”
respectively and individually, each, a “Note” and collectively the “Notes”);


WHEREAS, the Initial Note
A-1 Holder intends to sell, transfer and assign all of its right, title and interest in and to Note A-1 to Barclays Commercial Mortgage
Securities LLC (“BBCMS”), as depositor, pursuant to a Mortgage Loan Purchase Agreement dated as of February 23, 2022,
among BBCMS, as purchaser, BSP, as seller, and Franklin BSP Realty Trust, Inc.;


WHEREAS, BBCMS, as purchaser,
intends to transfer its right, title and interest in and to Note A-1 to Wilmington Trust, National Association, as trustee for the BBCMS
Mortgage Trust 2022-C14 under a pooling and servicing agreement, dated as of February 1, 2022 (the “Note A-1 PSA”),
among BBCMS, as depositor; Midland Loan Services, a Division of PNC Bank, as master servicer and special servicer; Computershare Trust
Company, National Association, as certificate administrator; Wilmington Trust, National Association, as trustee; and Park Bridge Lender
Services LLC, as operating advisor and as asset representations reviewer (such sales, transfers and assignments, the “Note A-1
Securitization”);


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


 




      


     


    

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


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


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


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


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


“Affiliate”
shall mean, with respect to any specified Person, any other Person Controlling or Controlled by or under common Control with such specified
Person.


“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and from and after the Note
A-1 Securitization Date shall mean the Master Servicer in its role as “Companion Paying Agent” (or equivalent term) under
the Servicing Agreement.


“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at 1345
Avenue of the Americas, Suite 32A, New York, New York 10105, and which is the address to which notices to and correspondence with the
Agent should be directed. The Agent may change the address of its designated office by notice to the Holders.


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


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


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


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




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


“BSP”
shall mean BSPRT CMBS Finance, LLC, and its successors in interest.


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


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


“CLO”
shall have the meaning assigned to such term in the definition of “Qualified Transferee.”


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


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


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


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


“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity,
whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling” and “Controlled”
have meanings correlative to the foregoing.


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


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


“Defaulted Mortgage
Loan” shall mean the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect of its
Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving effect to
any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the Mortgage Loan Documents.


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




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


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


“Excluded Amounts”
shall mean:


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


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


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


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


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


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


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


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


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


“Intervening Trust
Vehicle” shall mean, with respect to any Securitization Vehicle that is a CLO, a trust vehicle or entity which holds Note A-1
as collateral securing (in




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whole or in part) any obligation or security
held by such Securitization Vehicle as collateral for the CLO.


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


“Lead Note”
shall mean Note A-1.


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


“Lead Securitization”
shall mean the trust established under the Note A-1 Securitization.


“Lead Securitization
Trust” shall mean the trust established under the Note A-1 PSA.


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


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


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


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


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


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


“Master Servicer
Remittance Date” shall mean:


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


(ii)              
with respect to Note A-2, the earlier of (a) the “Master Servicer Remittance Date” (or analogous term) as defined in
the Servicing Agreement or (b) the first Business Day after the “determination date,” as such term or a similar term is defined
in the Note A-2 PSA, provided, however, that no remittance is required to be made until two Business Days after receipt of the scheduled
monthly payment with respect to the Mortgage Loan.


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


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




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


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


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


“Mortgage Interest
Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of Note A-1
and Note A-2.


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


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


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


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


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


“Non-Directing Holder”
shall mean the Note A-2 Holder or, if Note A-2 is included in a Securitization, the holders of Certificates representing the specified
interest in the class of Certificates designated as the “controlling class” or the duly appointed representative of the holders
of such Certificates or such other party otherwise entitled under the Note A-2 PSA, to exercise the rights granted to the Non-Directing
Holder in this Agreement. If Note A-2 is no longer in a Securitization, the Non-Directing Holder with respect to such Note will
be the then-current Holder of such Note.


“Non-Exempt Person”
shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent for the relevant year
such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which, pursuant to applicable provisions
of (A) any income tax treaty between the United States and the country of residence of such Person, (B) the Code or (C) any applicable
rules or regulations in effect under clauses (A) or (B) above, permit Note A-1 Holder to make such payments free of any obligation
or liability for withholding.


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


“Non-Lead Note”
shall mean Note A-2.


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




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“Non-Lead Securitization”
shall mean the Note A-2 Securitization.


“Non-Lead Servicing
Agreement” shall mean the Note A-2 PSA.


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


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


“Note A-1”
shall have the meaning assigned 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.


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


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


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


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


“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 for the Mortgage Loan 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 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.


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


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




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


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


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


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


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


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


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


“Permitted Fund
Manager” shall mean any Person (a) listed on Exhibit C attached hereto or (b) that on the date of determination
is (i) a other nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real
estate, (ii) investing through one or more funds with committed capital of at least $100,000,000 and (iii) not subject to a
proceeding, whether voluntary or involuntary, relating to the bankruptcy, insolvency, reorganization or relief of debtors.


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


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


“Property Advance”
shall mean an advance made in respect of property protection expenses or expenses incurred to protect, preserve and enforce the security
for the Mortgage




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Loan or to pay taxes and assessments or insurance
premiums with respect to the Mortgaged Property.


“Qualified Servicer”
shall mean any nationally recognized commercial mortgage loan servicer (1) rated at least “CSS3,” in the case of a special
servicer, or at least “CMS2,” in the case of a master servicer, by Fitch, (2) on the S&P Select Servicer List as
a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, (3) as to which neither
Moody’s nor KBRA has cited servicing concerns of such servicer as the sole or material factor in any qualification, downgrade or
withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities
in any CMBS transaction rated by Moody’s or KBRA, as applicable, and serviced by such servicer prior to the time of determination,
(4) a servicer that (i) during the 12-month period prior to the date of determination, acted as master servicer or special servicer,
as applicable, in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded
or withdrawn the then-current rating or ratings of one or more classes of such certificates citing servicing concerns with the servicer
or special servicer, as applicable, as the sole or material factor in such rating action and (5) in the case of DBRS, that within the
twelve (12) month period prior to the date of determination such servicer was acting as servicer or special servicer, as applicable, in
a commercial mortgage loan securitization that was rated by DBRS and DBRS has not downgraded or withdrawn the then current rating on any
class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such
servicer as servicer or special servicer, as applicable, of such commercial mortgage securities as a material reason for such downgrade
or withdrawal. For purposes of this definition, for so long as any Note is included in a Securitization, the ratings or actions of any
Rating Agency that is not rating any such Securitization(s) shall not be considered.


“Qualified Transferee”
shall mean:


(a) an Affiliate of BSP,
Rialto Real Estate Fund III Debt, LP or an Affiliate, Natixis, New York Branch, or one or more of the following (other than the Borrower
or any entity which is an Affiliate of the Borrower):


(i)               
a real estate investment bank, 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, that regularly engages in the business of making or owning investments of
types similar to the Mortgage Loan, or


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




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(iv)               
 a Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy remote entity that contemporaneously assigns or pledges
a Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a) a securitization
of, (b) the creation of collateralized loan obligations (“CLO”) 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 either (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment grade
by at least two nationally recognized credit rating agencies; (2)  the special servicer for the Securitization Vehicle is a Qualified
Servicer at the time of transfer; or (3) in the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager and, if applicable,
each Intervening Trust Vehicle that is not administered and managed by a CLO Asset Manager that is a Qualified Transferee, are each a
Qualified Transferee under clauses (i), (ii) or (iii) of this definition, or


(v)              
an investment fund, limited liability company, limited partnership or general partnership in which a Permitted Fund Manager acts
as the general partner, managing member, or the fund manager responsible for the day to day management and operation of such investment
vehicle, or


(vi)               
 an institution substantially similar to any of the foregoing, or


(vii)              
any Person that is otherwise a Qualified Transferee but is acting in an agency capacity in connection with a lending syndicate,
so long as more than fifty percent (50%) of the lenders in the lending syndicate (by loan balance or committed loan amounts) are Qualified
Transferees,


which, in the case of each
of clauses (i), (ii), and (iii) of this definition, has at least $400,000,000 in total assets (in name or under management) and (except
with respect to a pension advisory firm or similar fiduciary) at least $150,000,000 in capital/statutory surplus or shareholders’
equity, and is regularly engaged in the business of making or owning commercial real estate loans or commercial loans similar to the Mortgage
Loan.


(b) any entity approved by
the Rating Agencies hereunder as a Qualified Transferee for purposes of this Agreement, or as to which the Rating Agencies have stated
they would not review such entity in connection with the subject transfer; or


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


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




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subject to supervision or examination by federal
or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose long-term
senior unsecured debt is then rated in one of the top two rating categories of each of the applicable Rating Agencies.


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


“Rating Agency Confirmation”
shall mean each of the applicable Rating Agencies for each Securitization shall have confirmed in writing that the occurrence of the event
with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal of the applicable
rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In the event that no Certificates are outstanding
or none of the Notes are included in a Securitization, any action that would otherwise require a Rating Agency Confirmation shall require
the consent of the Note A-1 Holder, which consent shall not be unreasonably withheld, conditioned or delayed.


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


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


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




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


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


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


“Servicer”
shall mean (i) the Master Servicer with respect to a non-Specially Serviced Mortgage Loan and the Special Servicer with respect to
a Specially Serviced Mortgage Loan, or (ii) with respect to a specific function, right or obligation as to which the Servicing Agreement
designates the Master Servicer or the Special Servicer, the party so designated, as applicable, pursuant to the Servicing Agreement.


“Servicing Agreement”
shall mean the Note A-1 PSA; provided that in the event the Lead Note is no longer an asset of the trust fund created pursuant to the
Note A-1 PSA, the term “Servicing Agreement” shall refer to the subsequent servicing agreement entered into pursuant to Section 2.


“Servicing Fee”
shall mean the fee of the Master Servicer pursuant to the terms of the Servicing Agreement, which will generally be calculated as the
product of (i) the Servicing Fee Rate and (ii) the outstanding principal balance of the Mortgage Loan as of the date of determination.


“Servicing Fee Rate”
shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when applied to the Mortgage Loan
Principal Balance (which may be a different rate with respect to each of the Notes), will determine the servicing fee payable to the Master
Servicer under the Servicing Agreement.


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


“Servicing Standard”
shall have the meaning assigned to such term, the term “Accepted Servicing Practices” or an analogous term in the Servicing
Agreement.


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


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


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


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




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


“Trustee”
shall mean the trustee under the Note A-1 PSA or the Note A-2 PSA, as the context requires.


2.                 
Servicing of the Mortgage Loan. (a) Each Holder acknowledges and agrees that, subject in each case to the specific
terms of this Agreement, the Mortgage Loan shall be serviced by the Note A-1 Master Servicer and the Note A-1 Special Servicer
pursuant to the terms of this Agreement and the Note A-1 PSA. Each Holder agrees to reasonably cooperate with each Servicer with respect
to its exercise of its rights and obligations under the Servicing Agreement.


(b)              
The Note A-1 PSA and Note A-2 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 and the Note A-2 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 or the Note A-2 Securitization. In addition, the Note A-1 PSA and the
Note A-2 PSA shall have such additional provisions as are set forth in Section 21. The Note A-1 Holder shall have the right
to designate the Master Servicer and Special Servicer for the Note A-1 Securitization as long as each such party is a Qualified Servicer.


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


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




    13 


     


    

performed by the service providers set forth
under the Servicing Agreement that was previously in effect.


(e)              
Notwithstanding anything to the contrary contained herein (including Sections 4 and 16(a)), each Servicing Agreement
shall provide that the Servicer shall be required to service and administer the Mortgage Loan in accordance with the Servicing Standard
as set forth in such Servicing Agreement, and any Holder who is not the Borrower or an Affiliate of the Borrower shall be deemed a third-party
beneficiary of such provisions of the Servicing Agreement that run to the benefit of such Holder. It is understood that the Non-Lead Note
Holder may separately appoint a servicer for the Non-Lead Note, by itself or together with other assets, but any such servicer will have
no responsibility hereunder and shall be compensated solely by the Non-Lead Note Holder from funds payable to it hereunder or otherwise.


(f)               
The Holders acknowledge that the Servicer is to comply with this Agreement and the Mortgage Loan Documents in connection with the
servicing of the Mortgage Loan.


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


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


3.                 
Priority of Notes. Note A-1 and Note A-2 shall be of equal priority, and no portion of any of Note A-1
or Note A-2 shall have priority or preference over any portion of the other Note or security therefor. Except for the Excluded
Amounts, all amounts tendered by the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the




    14 


     


    

form of Monthly Payments, a balloon payment,
Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security on the Mortgage Loan, proceeds
under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of
the power of eminent domain shall be distributed by the Master Servicer and applied to Note A-1 and Note A-2 on a Pro
Rata and Pari Passu Basis.


The Servicing Agreement may
provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer, the
Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties to any Securitization for
interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to the Mortgage Loan and (iv) to
pay to the Master Servicer and/or the Special Servicer as additional servicing compensation.


4.                 
Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing
Agreement and Section 16 of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note
Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the
Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest or principal
on Note A-1 or Note A-2 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 Note A-1 and Note A-2 as described in Section 3.


5.                 
Accounts; Payment Procedure. The Servicing Agreement shall provide that the Master Servicer shall establish and maintain
the Collection Account or Collection Accounts, as applicable. Each of the Note A-1 Holder and the Note A-2 Holder hereby
directs the Master Servicer, in accordance with the priorities set forth in Section 3 hereof, and subject to the terms of
the Servicing Agreement, (i) to deposit into the applicable Collection Account within the time period specified in the Servicing
Agreement all payments received with respect to the Mortgage Loan and (ii) to remit from the applicable Collection Account for deposit
or credit on the applicable Master Servicer Remittance Date all payments received with respect to and allocable to Note A-1 and
Note A-2, by wire transfer to accounts maintained by the Note A-1 Holder and the Note A-2 Holder, respectively;
provided that delinquent payments received by the Master Servicer after the related Master Servicer Remittance Date shall be remitted
by the Master Servicer to such accounts within the time period specified in the Servicing Agreement.


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




    15 


     


    

applicable, and the Note A-1 Holder or the
Note A-2 Holder, as applicable, shall promptly on demand repay to such Servicer the portion thereof that has been distributed to the Note
A-1 Holder or the Note A-2 Holder, as applicable, together with interest thereon at such rate, if any, as such Servicer shall have been
required to pay to the Borrower, the Note A-1 Holder, the Note A-2 Holder, any Servicer or such other person or entity
with respect thereto. Each of the Note A-1 Holder and the Note A-2 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 will promptly
remit such excess to the Master Servicer. The Master Servicer shall have the right to offset any amounts due hereunder from the Note A-1
Holder or the Note A-2 Holder, as applicable, with respect to the Mortgage Loan against any future payments due to the Note A-1
Holder or the Note A-2 Holder, as applicable, under the Mortgage Loan, provided, that the obligations of the Note A-1
Holder and the Note A-2 Holder under this Section 5 are separate and distinct obligations from one another and in
no event shall any Servicer enforce the obligations of any Holder against any other Holder. The obligations of the Note A-1 Holder
and the Note A-2 Holder under this Section 5 constitute absolute, unconditional and continuing obligations and each
Servicer shall be deemed a third-party beneficiary of these provisions.


6.                 
Limitation on Liability. Subject to the terms of the Servicing Agreement, no Holder (including the Master Servicer or the
Special Servicer on its behalf) shall have any liability to any other Holder with respect to any Note, except (1) with respect to
the Advance reimbursement provisions set forth in Section 20 and (2) with respect to losses actually suffered due to
the gross negligence, willful misconduct or material breach of this Agreement on the part of such Holder (including the Master Servicer
or the Special Servicer on its behalf, except that the Master Servicer’s or Special Servicer’s liability may be further limited
or expanded as set forth in the Servicing Agreement).


7.                 
Representations of the Holders. (a)  Each of the initial Holders hereby represents and warrants to, and covenants
with each other Holder that, as of the date hereof:


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


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


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




    16 


     


    

(iv)           
 This Agreement is the legal, valid and binding obligation of such Holder enforceable against such Holder in accordance with its
terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification and contribution
obligations may be limited by applicable law.


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


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


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


(viii)           
It is a Qualified Transferee.


8.                 
Independent Analyses of each Holder. Each Holder acknowledges that, except for the representations made in Section 7,
it has, independently and without reliance upon any other Holder and based on such documents and information as such Holder has deemed
appropriate, made its own credit analysis and decision to purchase its respective Note. Each Holder hereby acknowledges that the other
Holder shall have no responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability or legal
effect of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be furnished in connection
with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the lien created or to be created
by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower. Each Holder assumes all risk of loss in connection
with its respective Note for reasons other than gross negligence, willful misconduct or breach of this Agreement by any other Holder or
negligence, willful misconduct or bad faith by any Servicer.


9.                 
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant
hereto, shall be deemed to constitute among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf) and any other
Holder a partnership, association, joint venture or other entity. Each Holder (or the Master Servicer, Special Servicer or Trustee on
its behalf) shall have no obligation whatsoever to offer to the other Holder the opportunity to purchase notes or interests relating to
any future loans originated by such Holder or any of its Affiliates, and if any Holder chooses to offer to the other Holder, the opportunity
to purchase notes or interests in any future mortgage loans originated by such Holder or its Affiliates, such offer shall be at such purchase
price and interest rate as such Holder chooses, in its sole and absolute discretion. Neither Holder shall have any obligation whatsoever
to purchase from the other Holder any notes or interests in any future loans originated by the other Holder or any of its Affiliates.




    17 


     


    

10.             
 Not a Security. Neither of Note A-1 nor Note A-2 shall be deemed to be a security within the meaning
of the Securities Act of 1933 or the Securities Exchange Act of 1934.


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


12.             
Transfer of Notes. (a)  Each Holder may Transfer up to 49% (in the aggregate) of its beneficial interest in its
Note whether or not the related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer
more than 49% (in the aggregate) of its beneficial interest in its Note unless (i) prior to a Securitization of any Note, the other
Holder has consented to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee”
for all purposes under this Agreement, (ii) after a Securitization of any Note, a Rating Agency Confirmation has been received with
respect to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for
all purposes under this Agreement, (iii) such Transfer is to a Qualified Transferee, or (iv) such Transfer is in connection with
a sale by a Securitization trust. Any such transferee must assume in writing the obligations of the transferring Holder hereunder and
agree to be bound by the terms and provisions of this Agreement and the Servicing Agreement. Such proposed transferee (except in the case
of Transfers that are made in connection with a Securitization) shall also remake each of the representations and warranties contained
herein for the benefit of the other Holder. Notwithstanding the foregoing, without the non-transferring Holder’s prior consent
(which will not be unreasonably withheld), and, if such non-transferring Holder’s Note is in a Securitization, without a Rating
Agency Confirmation from each Rating Agency that has been engaged by the Depositor to rate the securities issued in connection with such
Securitization, no Holder shall Transfer all or any portion of its Note to the Borrower or an Affiliate of the Borrower and any such Transfer
shall be absolutely null and void and shall vest no rights in the purported transferee.


(b)              
Except for a Transfer made in connection with a Securitization or a Transfer made by an initial Holder to (i) an Affiliate or (ii)
Rialto Real Estate Fund III Debt, LP or an Affiliate, the transferring Holder shall provide to the other Holder and, if any Certificates
are outstanding, to the Rating Agencies, a certification that such transfer will be made in accordance with this Section 12,
such certification to include (1) the name and contact information of the transferee and (2) if applicable, a certification
by the transferee that it is a Qualified Transferee.


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




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(d)              
Notwithstanding anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”) its
Note to any entity (other than the Borrower or any Affiliate thereof) that has extended a credit or repurchase facility to such Holder
and that, in each case, is either a Qualified Transferee or a financial institution whose long-term unsecured debt is rated at least “A”
(or the equivalent) or better by each Rating Agency (a “Note Pledgee”), or to a Person with respect to which a Rating
Agency Confirmation has been obtained, on terms and conditions set forth in this Section 12(d), it being further agreed that
a financing provided by a Note Pledgee to any Holder or any Affiliate that Controls such Holder that is secured by such Holder’s
interest in its respective Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided
that, a Note Pledgee that is not a Qualified Transferee may not take title to the pledged Note without a Rating Agency Confirmation.
Upon written notice, if any, by the pledging Holder to the other Holder and the Servicer that a Pledge has been effected (including the
name and address of the applicable Note Pledgee), the other Holder agrees to acknowledge receipt of such notice and thereafter agree:
(i) to give such Note Pledgee written notice of any default by the pledging Holder in respect of its obligations under this Agreement
of which default such Holder has actual knowledge and which notice shall be given simultaneously with the giving of such notice to the
pledging Holder; (ii) to allow such Note Pledgee a period of ten (10) Business Days to cure a default by the pledging Holder in respect
of its obligations to the other Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that
no amendment, modification, waiver or termination of this Agreement or the Servicing Agreement (if the pledging Holder had the right to
consent to such amendment, modification, waiver or termination pursuant to the terms hereof) shall be effective against such Note Pledgee
without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent
shall be deemed to be given if Note Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver
or termination within 10 Business Days after request therefor; (iv) that the other Holder shall accept any cure by such Note
Pledgee of any default of the pledging Holder which such pledging Holder has the right to effect hereunder, as if such cure were made
by such pledging Holder; (v) that the other Holder or Servicer shall deliver to Note Pledgee such estoppel certificate(s) as Note
Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to the other Holder;
and (vi) that, upon written notice (a “Redirection Notice”) to the Servicer by such Note Pledgee that the pledging
Holder is in default beyond any applicable cure periods with respect to the pledging Holder’s obligations to such Note Pledgee pursuant
to the applicable credit agreement or other agreements relating to the Pledge between the pledging Holder and such Note Pledgee (which
notice need not be joined in or confirmed by the pledging Holder), and until such Redirection Notice is withdrawn or rescinded by such
Note Pledgee, Note Pledgee (or at any time that pledging Holder otherwise directs that such payment be made to Note Pledgee pursuant to
a separate notice) shall be entitled to receive any payments that any Servicer would otherwise be obligated to pay to the pledging Holder
from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Holder hereby unconditionally and absolutely releases
the other Holder and any Servicer from any liability to the pledging Holder on account of any Holder’s or Servicer’s compliance
with any Redirection Notice believed by any Servicer or other Holder in good faith to have been delivered by a Note Pledgee. Note Pledgee
shall be permitted to exercise fully its rights and remedies against the pledging Holder (and accept
an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law, the pledge agreement, repurchase agreement
or 




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


13.             
Registration of Transfer. In connection with any Transfer of a Note (but excluding any Note Pledgee unless and until it
realizes on its Pledge), except for transfer of a participation interest, a transferee shall execute an assignment and assumption agreement
whereby such transferee assumes all of the obligations of the applicable Holder hereunder with respect to such Note thereafter accruing
and agrees to be bound by the terms of this Agreement, including the restriction on Transfers set forth in Section 12, from and
after the date of such assignment. Notwithstanding the preceding sentence, a Trustee shall not be required to execute an assignment and
assumption agreement in connection with any Transfer of a Note if the obligations are assumed pursuant to the Servicing Agreement. 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 12 and this Section 13. Any such purported transfer
shall be absolutely null and void and shall vest no rights in the purported transferee. Each Holder desiring to effect such transfer shall,
and does hereby agree to, indemnify the Agent and any other Holder against any liability that may result if the transfer is not made in
accordance with the provisions of this Agreement. Upon a Securitization of Note A-1, the Certificate Administrator shall automatically
become and be the Agent.


14.             
Registration of Note A-1 and Note A-2. 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, the principal amount (and stated interest) of the
Notes owing to each Holder and the names and addresses of any transferee of any Note of which the Agent has received notice, in the form
of a copy of the assignment and assumption agreement referred to in Section 13, shall be registered in the Note Register. The Person
in whose name a Note is so registered shall be deemed and treated as the sole owner and holder thereof for all purposes of this Agreement,
except in the case of the initial Note A-1 Holder and the initial Note A-2 Holder who may hold their Notes through a nominee. Upon request
of a Holder, the Agent shall provide such party with the names and addresses of the Holders. To the extent another party is appointed
as Agent hereunder, the Note A-1 Holder and the Note A-2 Holder hereby designates such
person as its agent under this Section 14 solely for purposes of maintaining the Note Register.




    20 


     


    




15.             
Statement of Intent. The Agent and each Holder intend that the Notes be classified and the arrangement hereby be maintained,
in a manner consistent with rules applicable to a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code
that is a fixed investment trust within the meaning of Treasury Regulation §301.7701-4(c), and the parties will not take any action
inconsistent with such classification. It is neither the purpose nor the intent of this Agreement to create a partnership, joint venture,
“taxable mortgage pool” or association taxable as a corporation among the parties.


16.             
Exercise of Remedies by the Servicer. (a)  Subject to the terms of this Agreement and the Servicing Agreement
and subject to the rights and consents, where required, of the Directing Holder, the Servicer shall have the sole and exclusive authority
with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation,
the sole and exclusive authority to (i) modify or waive any of the terms of the Mortgage Loan Documents, (ii) consent to any
action or failure to act by the Borrower or any party to the Mortgage Loan Documents, (iii) vote all claims with respect to the Mortgage
Loan in any bankruptcy, insolvency or other similar proceedings and (iv) to take legal action to enforce or protect the Holders’
interests with respect to the Mortgage Loan or to refrain from exercising any powers or rights under the Mortgage Loan Documents, including
the right at any time to call or waive any Events of Default, or accelerate or refrain from accelerating the Mortgage Loan or institute
any foreclosure action, and the Holders shall have no voting, consent or other rights whatsoever with respect to the Servicer’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan other than as provided in the Servicing Agreement.
Subject to the terms and conditions of the Servicing Agreement, the Servicer shall have the sole and exclusive authority to make Property
Advances with respect to the Mortgage Loan. Except as otherwise provided in this Agreement, each Holder agrees that it shall have no right
to, and hereby presently and irrevocably assigns and conveys to the Servicer the rights, if any, that such Holder has to (A) call
or cause the Servicer to call an Event of Default under the Mortgage Loan, or (B) exercise any remedies with respect to the Mortgage
Loan or the Borrower, including, without limitation, filing or causing the Lead Note Holder or such Servicer to file any bankruptcy petition
against the Borrower. Each Holder shall, from time to time, execute such documents as any Servicer shall reasonably require to evidence
such assignment with respect to the rights described in clause (iii) of the first sentence in this Section 16(a).


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


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


(i)           
The Non-Lead Note Holder has provided written consent to such sale; or







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


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


(2)              
at least 10 days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages)
received by the Special Servicer in connection with any such proposed sale;


(3)              
at least 10 days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents
in the Servicing File reasonably requested by a Non-Lead Note Holder; and


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


The Non-Lead Note Holder
may waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Lead Note Holder,
the Directing Holder, the Non-Lead Note Holder and the Non-Directing Holder shall be permitted to submit an offer at any sale of the Defaulted
Mortgage Loan (unless such Person is the Borrower or an agent or Affiliate of the Borrower).


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


The authority of the Lead
Note Holder to sell the Non-Lead Note, and the obligations of the Non-Lead Note Holder to execute and deliver instruments or deliver the
Non-Lead Note upon request of the Lead Note Holder, shall terminate and cease to be of any further force or effect upon the date, if any, upon
which the Lead Note is repurchased by the Initial Note A-1 Holder from the trust fund established under the Servicing Agreement
in connection with a material breach of representation or warranty made by the initial Note A-1 Holder with respect to the Lead
Note or material document defect with respect to the documents delivered by




    22 


     


    

 the Initial Note A-1 Holder with respect to the Lead
Note upon the consummation of the Lead Securitization.


(d)              
Notwithstanding anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights
under this Section 16 shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration,
and in no event shall the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such
action, as the case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage Loan Documents or be inconsistent
with the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC provisions of the Code or
any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(g) of this Agreement.


17.             
Rights of the Directing Holder.(a) (a) The Directing Holder shall be entitled to exercise the rights and powers granted
to the Directing Holder hereunder and the rights and powers granted to the “Directing Holder,” “Controlling Class Certificateholder,”
“Controlling Class Representative”, “Owner” or similar party under, and as defined in, the Servicing Agreement
with respect to the Mortgage Loan. In addition, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect
to all matters related to a Specially Serviced Mortgage Loan and (2) the Special Servicer with respect to all matters for which the
Master Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below (i) the Master
Servicer shall not be permitted to take any Major Action unless it has obtained the prior written consent of the Special Servicer and
(ii) the Special Servicer shall not be permitted to consent to the Master Servicer’s taking any Major Action nor will the Special
Servicer itself be permitted to take any Major Action as to which the Directing Holder has objected in writing within ten (10) Business
Days (or 30 days with respect to an Acceptable Insurance Default) after receipt of the written recommendation and analysis and such additional
information requested by the Directing Holder as may be necessary in the reasonable judgment of the Directing Holder in order to make
a judgment with respect to such Major Action. The Directing Holder may also direct the Special Servicer to take, or to refrain from taking,
such other actions with respect to the Mortgage Loan as the Directing Holder may deem advisable, subject to the terms of the Servicing
Agreement.


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


(c)              
 In the event that the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Servicing
Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing matters, or any other matter
requiring consent of the Directing Holder is necessary to protect the interests of the Holders (as a collective whole) and the Special
Servicer has made a reasonable effort to contact 




    23 


     


    

the Directing Holder, the
Master Servicer or the Special Servicer, as the case may be, may take any such action without waiting for the Directing Holder’s
response.


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


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


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


18.             
Appointment of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right
at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan
and appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall designate a Person to
serve as Special Servicer by delivering to the other Holder and the parties to the Note A-1 PSA and the Note A-2 PSA a written
notice stating such designation and by satisfying the other conditions required under the Servicing Agreement (including, without limitation,
a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if any.


The Directing Holder agrees
and acknowledges that the Special Servicer could be terminated under the Servicing Agreement in connection with a “servicer termination
event” thereunder, or otherwise based on a recommendation by the operating advisor under the Servicing Agreement if (1) the operating
advisor determines, in its sole discretion exercised in good faith, that (a) the Special Servicer has failed to comply with the Servicing
Standard and (b) a replacement of the Special Servicer would be in the best interest of the holders of Certificates




    24 


     


    

 

issued under the Servicing
Agreement (as a collective whole) and (2) the affirmative vote of the requisite certificate holders is obtained. The Directing Holder
will retain its right to remove and replace the Special Servicer, but the Directing Holder may not restore a Special Servicer that has
been removed in accordance with the preceding sentence.


19.             
Rights of the Non-Directing Holder. (a)  The Servicing Agreement shall provide that the Servicer shall be required:


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


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


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


(c)              
In addition to the foregoing non-binding consultation rights, the Non-Directing Holder shall have the right to annual conference
calls with the Master Servicer or the Special Servicer, upon reasonable notice and at times reasonably acceptable to the Master




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Servicer or the Special
Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.


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


(e)              
Any Non-Directing Holder that is the Borrower or an Affiliate of the Borrower shall not be entitled to any of the rights set forth
in this Section 19.


20.             
Advances; Reimbursement of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing Agreement,
the Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or
the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of the Non-Lead
Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances with respect
to the Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to the
Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with
respect to any Lead Note or any Property Advance. The Lead Servicer, the Non-Lead Master Servicer and any Trustee will be entitled to
interest on any Advance made in the manner and from the sources provided in the Note A-1 PSA and the Note A-2 PSA, as applicable.


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


(c)               To
the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead
Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains funds
from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon, the Non-Lead Note
Holder (including any Securitization into which the Non-Lead Note is deposited) shall be required to, promptly following notice from
the Lead Servicer, pay to the Lead Securitization for its pro rata share of such Property Advance and/or interest thereon at
the Reimbursement Rate. In addition, the Non-Lead Note Holder (including any Securitization into which the Non-Lead Note is
deposited) shall promptly pay or reimburse the Lead Servicer or the related Trustee for the Non-Lead 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 Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the Servicing
Agreement and any fees, costs or expenses related to obtaining a Rating Agency Confirmation
(to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient for reimbursement of such
amounts).


(d)              
The parties to each of the Note A-1 PSA and the Note A-2 PSA shall each be entitled to make their own recoverability determination
with respect to a P&I Advance based




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on the information that
they have on hand and in accordance with the Note A-1 PSA and the Note A-2 PSA, as applicable.


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


21.             
Provisions Relating to Securitization. (a)The Note A-2 Holder shall have the right, subject to the terms of the Mortgage
Loan Documents, to cause the Borrower to execute amended and restated notes or additional notes (in either case, the “New A-2
Notes”) reallocating the principal of Note A-2 among other New A-2 Notes; reducing the Interest Rates of such New A-2 Notes
or severing the Note A-2 into one or more further “component” notes in the aggregate principal amount equal to the then outstanding
principal balance of Note A-2, provided that (i) the aggregate principal balance of the New A-2 Notes following such amendments
is no greater than the principal balance of the original Note A-2 prior to such amendments, (ii) all New A-2 Notes continue to have the
same interest rate as the original Note A-2 prior to such amendments, (iii) all New A-2 Notes pay pro rata and on a pari passu
basis and such reallocated or component notes shall be automatically subject to the terms of this Agreement and (iv) the entity holding
the New A-2 Notes shall notify the parties to the Servicing Agreement and Non-Lead Servicing Agreement in writing of such modified allocations
and principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan
Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of either of the Holders solely
for the purpose of reflecting such reallocation of principal or such severing of Note A-2, (2) if Note A-2 is severed into “component”
notes, such component notes shall each have their same rights as the respective original Note and (3) the definition of the term “Securitization”
and all of the related defined terms may be amended (and new terms added, as necessary) to reflect the New A-2 Notes. Rating Agency Confirmation
shall not be required for any amendments to this Agreement required to facilitate the terms of this Section 21(a). The Holder whose
Note is being reallocated or split pursuant to this Section 21(a) shall reimburse the other Holder for all costs and expenses incurred
by the other Holder in connection with the reallocation or split.


(b)              
The Non-Lead Servicing Agreement shall provide that:


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


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




    27 


     


    




(iii)           
in the event the Non-Lead Note Holder is responsible for its proportionate share of any Nonrecoverable Advances (or any other portion
of a Nonrecoverable Advance) (and advance interest thereon) or other fee or expense pursuant to Section 20, and funds received with
respect to the Non-Lead Note are insufficient to cover such amounts, (x) the related master servicer will be required to pay the
Master Servicer, Special Servicer or Lead Trustee under the Servicing Agreement, as applicable, out of general funds in the collection
account (or equivalent account) established under the Non-Lead Servicing Agreement and (y) if the Lead Servicing Agreement permits
the Master Servicer, Special Servicer or Lead Trustee to pay itself from the Lead Securitization Trust’s general account then the
master servicer under the Non-Lead Servicing Agreement will be required to reimburse the Lead Securitization Trust out of general funds
in the collection account (or equivalent account) established under the Non-Lead Servicing Agreement;


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


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


(vi)           
 the Master Servicer and the Special Servicer shall be third party beneficiaries of the foregoing provisions.


(c)              
The Note A-2 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Note A-1 PSA (as of the Note A-2
Securitization Date) (provided 





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such party is
not also a party to the Note A-2 PSA) notice of the Note A-2 Securitization in writing (which may be by email) prior to or promptly following
the Note A-2 Securitization Date. Such notice shall contain contact information for each of the parties to the Note A-2 PSA and the identity
of the Controlling Class Representative under such Note A-2 PSA. In addition, after the Note A-2 Securitization Date, the Note A-2 Holder
shall send a copy of the Note A-2 PSA to the Depositor, the Servicer and the Special Servicer under the Note A-1 PSA (as of the Note
A-2 Securitization Date) (provided such party is not also a party to the Note A-2 PSA).


(d)              
The Note A-1 PSA shall provide that:


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


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


(iii)           
the Master Servicer shall remit all payments received (or advanced) with respect to the Non-Lead Note, net of its Servicing Fee
and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the Non-Lead
Note Holder on the applicable Master Servicer Remittance Date;


(iv)           
the Master Servicer agrees to make available to the master servicer under the Non-Lead Servicing Agreement the CREFC®
Investor Reporting Package® pursuant to the terms of the Servicing Agreement on a monthly basis on the applicable Master
Servicer Remittance Date so long as the date on which delivery is required under this clause (iv) is at least one (1) Business Day after
the scheduled Monthly Payment date under the Loan Agreement;


(v)           
the Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other party
acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer and servicing
function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver),
to the parties to the Non-Lead Servicing Agreement, at its own expense, in a timely manner, the reports, certifications, compliance statements,
accountants’ assessments and attestations, information to be included in reports (including, without limitation, Form 15G, Form
10K, Form 10D, Form 8K), and other materials specified in each of the other Servicing Agreements as the parties to the Non-Lead Securitization
may require in order to comply with their obligations under the Securities
Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other applicable
law. Without limiting the generality of the foregoing, the Lead Note Holder for a Lead Securitization shall provide in a timely manner
to the depositor and the trustee for any prior Securitization a copy of the Servicing Agreement and each Lead Servicer (at 




    29 


     


    

the expense
of the Lead Note Holder) will be required, upon prior written request, to provide to the depositor and the trustee for any prior Securitization
any other information required to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K,
any other disclosure information required pursuant to Regulation AB in a timely manner for inclusion in any disclosure document (and,
with respect to the Servicing Agreement, for filing under Form 8-K), and with respect to the Lead Servicers, upon prior written request,
market indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect to the Lead
Securitization. As used in this Agreement, “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation
AB), 17 C.F.R. §§ 229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation
as have been provided by the United States Securities and Exchange Commission (the “Commission”) or by the staff of the Commission,
or as may be provided by the Commission or its staff from time to time, in each case as effective from time to time as of the compliance
dates specified therein. The Master Servicer, any primary servicer and the Special Servicer, upon prior written request, shall each be
required to provide certification and indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous
terms) as such terms are defined in the Non-Lead Servicing Agreement;


(vi)           
the servicing duties of each of the Master Servicer and Special Servicer under the Servicing Agreement shall include the duty to
service the Non-Lead Note on behalf of the related Trustees and related Certificate holders in accordance with the terms and provisions
of this Agreement;


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


(viii)           
the Non-Lead Note Holder is an intended third-party beneficiary in respect of the rights afforded it under the Servicing Agreement
and each master servicer under a Non-Lead Servicing Agreement will be entitled to enforce the rights of the related Trustee with respect
to such Non-Lead Note under this Agreement and the Servicing Agreement;


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




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


(x)           
it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holder without their
consent;


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


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


(xiii)           
“servicer termination events” (or any analogous term under the Servicing Agreement) include customary market termination
events with respect to failure to make advances, failure to remit payments to the Non-Lead Note Holder as required, failure to deliver
(or cause to be delivered) materials or information required in order for the Non-Lead Note Holder or the depositor under the Non-Lead
Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities Act or Form SF-3, and for rating agency
triggers with respect to any Certificates, subject to customary grace periods (provided that, in the case of failures related to the securities
laws, such grace periods will not cause a depositor under the Non-Lead Servicing Agreement to fail to comply with the applicable provisions
of such securities laws); and


(xiv)           
if the Non-Lead Note becomes the subject of an “asset review” under the Non-Lead Servicing Agreement, the applicable
parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations reviewer or other applicable
party to the Non-Lead Servicing Agreement in connection with such asset review, including with respect to providing access to related
underlying documents to the extent the asset representations reviewer or such other applicable party to the Non-Lead Servicing Agreement
has not obtained such documents from the Non-Lead Note Holder and such documents are in the possession of the applicable party to the
Servicing Agreement.


(e)              
 If any provision required to be included in the Note A-1 PSA or the Note A-2 PSA is not included therein as required in this
Agreement, each Holder agrees that each such provision shall be deemed to be incorporated as a provision of and made a part of the Note
A-1 PSA or the Note A-2 PSA, as the case may be.




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22.             
Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE
PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.


23.             
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.


24.             
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by
the parties hereto. Additionally, from and after a Securitization, except to cure
any ambiguity or to correct any error or as set forth in Section 21(a), (b) and (c) of this Agreement may not be
modified unless a Rating Agency Confirmation has been delivered with respect to each Securitization, except that no Rating Agency Confirmation
shall be required in connection with a modification to cure any ambiguity 




    32 


     


    

or to correct or supplement any provision
herein that may be defective or inconsistent with any other provisions herein or with the Servicing Agreement.


25.             
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns. Each of the Master Servicer, Special Servicer, Non-Lead Master Servicer, Non-Lead
Special Servicer and related Trustee is an intended third-party beneficiary of this Agreement. Except as provided in Section 5
and the preceding sentence, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party
hereto.


26.             
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute
one and the same instrument, and the words “executed,” “signed,” “signature,” and words of like import
as used above and elsewhere in this Agreement or in any other certificate, agreement or document related to this Agreement shall include,
in addition to manually executed signatures, images of manually executed signatures transmitted by facsimile or other electronic format
(including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including,
without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and
executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including,
without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall
be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system
to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code.


27.             
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.


28.             
Notices. All notices required hereunder shall be given by (i) telephone (confirmed in writing) or shall be in writing
and personally delivered, (ii) sent by facsimile transmission or email if the sender on the same day sends a confirming copy of such
notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery service (charges prepaid) or
(iv) certified United States mail, postage prepaid return receipt requested, and addressed to the respective parties at their addresses
set forth on Exhibit B hereto, or at such other address as any party shall hereafter inform the other party by written notice given
as aforesaid. All written notices so given shall be deemed effective upon receipt.


29.             
 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 




    33 


     


    



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.


30.             
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter
contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.


31.             
Withholding Taxes.


(a)              
If the Note A-1 Holder or the Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts
payable to the Note A-2 Holder with respect to the Mortgage Loan as a result of the Note A-2 Holder constituting a Non-Exempt Person,
the Note A-1 Holder, in its capacity as servicer, shall be entitled to do so with respect to the Note A-2 Holder’s interest in such
payment (all withheld amounts being deemed paid to the Note A-2 Holder), provided that the Note A-1 Holder shall furnish the Note
A-2 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 the Note A-2 Holder to seek any allowable credits or deductions for the Taxes so withheld in each
jurisdiction in which the Note A-2 Holder is subject to tax.


(b)              
The Note A-2 Holder shall and hereby agrees to indemnify the Note A-1 Holder against and hold the Note A-1 Holder harmless from
and against any Taxes, interest, penalties and reasonable attorneys’ fees and disbursements arising or resulting from any failure
of the Note A-1 Holder (or the Servicer on its behalf) to withhold Taxes from payment made to the Note A-2 Holder in reliance upon any
representation, certificate, statement, document or instrument made or provided by the Note A-2 Holder to the Note A-1 Holder in connection
with the obligation of the Note A-1 Holder to withhold Taxes from payments made to the Note A-2 Holder, it being expressly understood
and agreed that the Note A-1 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.


(c)              
Contemporaneously with the execution of this Agreement and from time to time as reasonably requested by the Note A-1 Holder or
Servicer during the term of this Agreement, the Note A-2 Holder shall deliver to the Note A-1 Holder or Servicer, as applicable, evidence
satisfactory to the Note A-1 Holder substantiating whether the Note A-2 Holder is a Non-Exempt Person and whether the Note A-1 Holder
is 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 the Note A-2 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 Note A-1
Holder an Internal Revenue Service Form W-9 and (ii) if the Note A-2 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 Borrower is treated for United States income
tax purposes as derived in whole or part from sources within the United States, the Note A-2 Holder 




    34 


     


    

shall satisfy the requirements of
the preceding sentence by furnishing to the Note A-1 Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments)
or Form W-8BEN or Form W-8BEN-E, as applicable, or successor forms, as may be required from time to time, duly executed by the Note A-2
Holder. The Note A-1 Holder shall not be obligated to make any payment hereunder to the Note A-2 Holder in respect of the Note A-2 or
otherwise until the Note A-2 Holder shall have furnished to the Note A-1 Holder the requested forms, certificates, statements or documents.


32.             
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-2) will be held
by the Trustee under the Note A-1 PSA (or by a custodian on its behalf) under the terms of the Note A-1 PSA on behalf of all of the Holders.


33.             
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 13;


(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 of the Holders 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 13; and


(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.


34.             
Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Note A-1
Holder. In the event that the Agent is terminated pursuant to this Section 34, all of
its rights and obligations under this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date
of such termination.




    35 


     


    




The Agent may resign at any
time upon notice, so long as a successor Agent, reasonably satisfactory to the Holders, has agreed to be bound by this Agreement and perform
the duties of the Agent hereunder. The Initial Agent, may transfer its rights and obligations to the Servicer, as successor Agent, at
any time without the consent of any Holder. The Initial Agent, shall promptly and diligently attempt to cause such Servicer to act as
successor Agent, and, if such Servicer declines to act in such capacity, shall promptly and diligently attempt to cause a similar servicer
to act as successor Agent. The termination or resignation of such Servicer, as Servicer under the Servicing Agreement, shall be deemed
a termination or resignation of such Servicer as Agent under this Agreement. Notwithstanding the to the contrary in this Agreement, upon
a Securitization of Note A-1, the Certificate Administrator shall automatically become and be the Agent.


[NO FURTHER TEXT ON THIS PAGE]




    36 


     


    

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





 


	 	Initial
Note A-1 Holder and Initial Agent:
	 	 
	 	BSPRT
CMBS Finance, LLC
	 	 
	 	 
	 	 By:  	/s/ Micah Goodman
	 	 	Name:  	Micah Goodman
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 



 


 





 


	 	Initial Note A-2 Holder:
	 	 
	 	BSPRT
CMBS Finance, LLC
	 	 
	 	 
	 	 By:  	/s/ Micah Goodman
	 	 	Name:  	Micah Goodman
	 	 	Title: 	Authorized Signatory
	 	 	 	 


 



    BBCMS 2022-C14: The Hallmark Co-Lender Agreement 


     


    

EXHIBIT A


MORTGAGE LOAN SCHEDULE


A.       Description of Mortgage
Loan


	Mortgage Loan:	The Hallmark
	Borrower:	BRIT-Hallmark Building LLC
	Mortgage Loan Origination Date:  	November 30, 2021
	Initial Principal Amount of Mortgage Loan:	$34,250,000
	Location of Mortgaged Property:	Herndon, Virginia
	Current Use of Mortgaged Property:	Office/Suburban
	Mortgage Interest Rate:	3.60%
	Maturity Date:	December 6, 2031




    A-1


     


    

B.       Description of Notes


	Mortgage Loan Origination Date:	November 30, 2021
	Initial Note A-1 Principal Balance:	$22,000,000
	Initial Note A-2 Principal Balance:	$12,250,000
	Initial Note A-1 Percentage Interest:	64.2%
	Initial Note A-2 Percentage Interest:	35.8%
	Note A-1 Interest Rate:	3.60%
	Note A-2 Interest Rate:	3.60% 
	Note A-1 Default Interest Rate:	A rate per annum equal to the lesser of  (i) the maximum rate permitted by applicable law, or (ii) 5% above the Note A-1 Interest Rate, compounded monthly
	Note A-2 Default Interest Rate:  	A rate per annum equal to the lesser of  (i) the maximum rate permitted by applicable law, or (ii) 5% above the Note A-2 Interest Rate, compounded monthly




    A-2


     


    

EXHIBIT B


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


 


BSPRT CMBS Finance, LLC

1345 Avenue of the Americas, Suite 32A


New York, New York 10105


Attention: Micah Goodman


 


 


 


 




    B-1


     


    

EXHIBIT C


PERMITTED FUND MANAGERS


Westbrook Partners


iStar Financial Inc.


Capital Trust


Archon Capital, L.P.


Whitehall Street Real Estate Fund, L.P.


The Blackstone Group


Normandy Real Estate Partners


Dune Real Estate Partners


AllianceBernstein


Rockwood


RREEF Funds


Hudson Advisors


Artemis Real Estate Partners


Apollo Real Estate Advisors


Colony Capital, Inc.


Praedium Group


Fortress Investment Group, LLC


Lonestar Opportunity Funds


Clarion Partners


Walton Street Capital, LLC


Starwood Financial Trust


BlackRock, Inc.


Eightfold Real Estate Capital, L.P.


Rialto Capital Management, LLC


Rialto Capital Advisors, LLC


Raith Capital Partners, LLC


 






    C-1