Unassociated Document


 


Exhibit 10.2


 



	 





 


GS MORTGAGE SECURITIES CORPORATION II,


 


PURCHASER


 


and


 


CITIGROUP GLOBAL MARKETS REALTY CORP.,


 


SELLER


 


MORTGAGE LOAN PURCHASE AGREEMENT


 


Dated as of September 1, 2014


 


Series 2014-GC24




	 







 




  





  











  






 


This Mortgage Loan Purchase Agreement (“Agreement”), dated as of September 1, 2014, is between GS Mortgage Securities Corporation II, a Delaware corporation, as purchaser (in such capacity, the “Purchaser”), and Citigroup Global Markets Realty Corp., a New York corporation, as seller (the “Seller”).


 


Capitalized terms used in this Agreement not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement, dated as of September 1, 2014 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities Corporation II, as depositor (in such capacity, the “Depositor”), Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), LNR Partners, LLC, as special servicer (the “Special Servicer”), Situs Holdings, LLC, as operating advisor, Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”) and as trustee (in such capacity, the “Trustee”), pursuant to which the Purchaser will transfer the Mortgage Loans (as defined herein), together with certain other mortgage loans, to a trust fund and certificates representing ownership interests in the Mortgage Loans, together with the other mortgage loans, will be issued by the trust fund (the “Trust Fund”).  In exchange for the Mortgage Loans and the other mortgage loans, the Trust Fund will issue to or at the direction of the Depositor certificates to be known as GS Mortgage Securities Trust 2014-GC24, Commercial Mortgage Pass-Through Certificates, Series 2014-GC24 (collectively, the “Certificates”).  For purposes of this Agreement, “Mortgage Loans” refers to the mortgage loans listed on Exhibit A and “Mortgaged Properties” refers to the properties securing such Mortgage Loans.


 


The Purchaser and the Seller wish to prescribe the manner of sale of the Mortgage Loans from the Seller to the Purchaser and in consideration of the premises and the mutual agreements hereinafter set forth, agree as follows:


 


SECTION 1     Sale and Conveyance of Mortgages; Possession of Mortgage File.  The Seller does hereby sell, transfer, assign, set over and convey to the Purchaser, without recourse (except as otherwise specifically set forth herein), (subject to the rights of the holders of interests in the Stamford Office Portfolio Companion Loans and the Beverly Connection Companion Loans) all of its right, title and interest in and to the Mortgage Loans identified on Exhibit A to this Agreement (the “Mortgage Loan Schedule”) including all interest and principal received on or with respect to the Mortgage Loans after the Cut-Off Date (excluding payments of principal and interest first due on the Mortgage Loans on or before the Cut-Off Date).  Upon the sale of the Mortgage Loans, the ownership of each related Note, the Seller’s interest in the related Mortgage represented by the Note and the other contents of the related Mortgage File  (subject to the rights of the holders of interests in the Stamford Office Portfolio Companion Loans and the Beverly Connection Companion Loans) will be vested in the Purchaser and immediately thereafter the Trustee, and the ownership of records and documents with respect to each Mortgage Loan (other than those to be held by the holder of any Stamford Office Portfolio Companion Loan or any Beverly Connection Companion Loan) prepared by or which come into the possession of the Seller shall (subject to the rights of the holder of the Stamford Office Portfolio Companion Loan and any Beverly Connection Companion Loan) immediately vest in the Purchaser and immediately thereafter the Trustee.  In connection with the transfer of each of the Stamford Office Portfolio Mortgage Loan and the Beverly Connection Mortgage Loan pursuant to this Section 1, the Seller does hereby assign to the Purchaser all of its rights, title and 


 




  





  











  




 


interest (solely in its capacity as the holder of the Stamford Office Portfolio Mortgage Loan or  the Beverly Connection Mortgage Loan, as applicable) in, to and under the related Co-Lender Agreement (it being understood and agreed that the Seller does not assign any right, title or interest that it or any other party may have thereunder in its capacity as the Stamford Office Portfolio Companion Loan Holder or any Beverly Connection Companion Loan Holder, if applicable). The Purchaser will sell certain of the Certificates (the “Public Certificates”) to the underwriters (the “Underwriters”) specified in the Underwriting Agreement, dated as of September 15, 2014 (the “Underwriting Agreement”), between the Purchaser and the Underwriters, and the Purchaser will sell certain of the Certificates (the “Private Certificates”) to the initial purchasers (the “Initial Purchasers” and, collectively with the Underwriters, the “Dealers”) specified in the Purchase Agreement, dated as of September 15, 2014 (the “Certificate Purchase Agreement”), between the Purchaser and Initial Purchasers.




 


The sale and conveyance of the Mortgage Loans is being conducted on an arms-length basis and upon commercially reasonable terms.  As consideration for the Mortgage Loans, the Purchaser shall pay, by wire transfer of immediately available funds, to the Seller or at the Seller’s direction $406,295,601.09, plus accrued interest on the Mortgage Loans from and including September 1, 2014 to but excluding the Closing Date (but subject to certain post-settlement adjustment for expenses incurred by the Underwriters and the Initial Purchasers on behalf of the Depositor and for which the Seller is specifically responsible).


 


The purchase and sale of the Mortgage Loans shall take place on the Closing Date.


 


SECTION 2     Books and Records; Certain Funds Received After the Cut-Off Date.  From and after the sale of the Mortgage Loans to the Purchaser, record title to each Mortgage and each Note shall be transferred to the Trustee subject to and in accordance with this Agreement.  Any funds due after the Cut-Off Date in connection with a Mortgage Loan received by the Seller shall be held in trust on behalf of the Trustee (for the benefit of the Certificateholders) as the owner of such Mortgage Loan and shall be transferred promptly to the Certificate Administrator.  All scheduled payments of principal and interest due on or before the Cut-Off Date but collected after the Cut-Off Date, and all recoveries and payments of principal and interest collected on or before the Cut-Off Date (only in respect of principal and interest on the Mortgage Loans due on or before the Cut-Off Date and principal prepayments thereon), shall belong to, and shall be promptly remitted to, the Seller.


 


The transfer of each Mortgage Loan shall be reflected on the Seller’s balance sheets and other financial statements as the sale of such Mortgage Loan by the Seller to the Purchaser.  The Seller intends to treat the transfer of each Mortgage Loan to the Purchaser as a sale for tax purposes.  Following the transfer of the Mortgage Loans by the Seller to the Purchaser, the Seller shall not take any actions inconsistent with the ownership of the Mortgage Loans by the Purchaser and its assignees.


 


The transfer of each Mortgage Loan shall be reflected on the Purchaser’s balance sheets and other financial statements as the purchase of such Mortgage Loan by the Purchaser from the Seller.  The Purchaser intends to treat the transfer of each Mortgage Loan from the Seller as a purchase for tax purposes.  The Purchaser shall be responsible for maintaining, and 


 




  





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shall maintain, a set of records for each Mortgage Loan which shall be clearly marked to reflect the transfer of ownership of each Mortgage Loan by the Seller to the Purchaser pursuant to this Agreement.




 


SECTION 3     Delivery of Mortgage Loan Documents; Additional Costs and Expenses.  (a) The Purchaser hereby directs the Seller, and the Seller hereby agrees, such agreement effective upon the transfer of the Mortgage Loans contemplated herein, to deliver or cause to be delivered to the Custodian (on behalf of the Trustee), the Master Servicer and the Special Servicer, respectively, on the dates set forth in Section 2.01 of the Pooling and Servicing Agreement, all documents, instruments and agreements required to be delivered by the Purchaser, or contemplated to be delivered by the Seller (whether at the direction of the Purchaser or otherwise), to the Custodian, the Master Servicer and the Special Servicer, as applicable, with respect to the Mortgage Loans under Section 2.01 of the Pooling and Servicing Agreement, and meeting all the requirements of such Section 2.01 of the Pooling and Servicing Agreement; provided that the Seller shall not be required to deliver any draft documents, privileged communications, credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations.


 


(b)           The Seller shall deliver to and deposit (or cause to be delivered to and deposited) with the Master Servicer within five (5) Business Days after the Closing Date a copy of the Mortgage File and documents and records not otherwise required to be contained in the Mortgage File that (i) relate to the origination and/or servicing and administration of the Mortgage Loans, any Stamford Office Portfolio Companion Loan or any Beverly Connection Companion Loan, (ii) are reasonably necessary for the ongoing administration and/or servicing of the Mortgage Loans (including any asset summaries related to the Mortgage Loans that were delivered to the Rating Agencies in connection with the rating of the Certificates), any Stamford Office Portfolio Companion Loan or any Beverly Connection Companion Loan or for evidencing or enforcing any of the rights of the holder of the Mortgage Loans, any Stamford Office Portfolio Companion Loan or any Beverly Connection Companion Loan or holders of interests therein and (iii) are in the possession or under the control of the Seller, together with (x) all unapplied Escrow Payments and reserve funds in the possession or under control of the Seller that relate to the Mortgage Loans, any Stamford Office Portfolio Companion Loan or any Beverly Connection Companion Loan and (y) a statement indicating which Escrow Payments and reserve funds are allocable to each Mortgage Loan or to any Stamford Office Portfolio Companion Loan or any Beverly Connection Companion Loan, provided that copies of any document in the Mortgage File and any other document, record or item referred to above in this sentence that constitutes a Designated Servicing Document shall be delivered to the Master Servicer on or before the Closing Date; provided that the Seller shall not be required to deliver any draft documents, privileged or other communications, credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations.


 


(c)           With respect to any Mortgage Loan secured by a Mortgaged Property that is subject to a franchise agreement with a related comfort letter in favor of the Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter to the Trustee for the benefit of the Certificateholders or have a new comfort letter (or any such new document or acknowledgement as may be contemplated under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders, the Seller or its designee 


 




  





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shall, within 45 days of the Closing Date (or any shorter period if required by the applicable comfort letter), provide any such required notice or make any such required request to the related franchisor for the transfer or assignment of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement as may be contemplated under the existing comfort letter), with a copy of such notice or request to the Custodian (who shall include such document in the related Mortgage File), the Master Servicer and the Special Servicer, and the Master Servicer shall use reasonable efforts in accordance with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement as may be contemplated under the existing comfort letter).




 


SECTION 4     Treatment as a Security Agreement.  Pursuant to Section 1 hereof, the Seller has conveyed to the Purchaser all of its right, title and interest in and to the Mortgage Loans.  The parties intend that such conveyance of the Seller’s right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a purchase and sale and not a loan.  If such conveyance is deemed to be a pledge and not a sale, then the parties also intend and agree that the Seller shall be deemed to have granted, and in such event does hereby grant, to the Purchaser, a first priority security interest in all of its right, title and interest in, to and under the Mortgage Loans, all payments of principal or interest on such Mortgage Loans due after the Cut-Off Date, all other payments made in respect of such Mortgage Loans after the Cut-Off Date (and, in any event, excluding scheduled payments of principal and interest due on or before the Cut-Off Date) and all proceeds thereof, and that this Agreement shall constitute a security agreement under applicable law.  If such conveyance is deemed to be a pledge and not a sale, the Seller consents to the Purchaser hypothecating and transferring such security interest in favor of the Trustee and transferring the obligation secured thereby to the Trustee.


 


SECTION 5     Covenants of the Seller.  The Seller covenants with the Purchaser as follows:


 


(a)           it shall cause Anderson McCoy & Orta, P.C. to record and file in the appropriate public recording office for real property records or UCC financing statements, as appropriate (or, with respect to any assignments that the Custodian has agreed to record or file pursuant to the Pooling and Servicing Agreement, deliver to the Custodian for such purpose and cause the Custodian to record and file), the assignments of assignment of leases, rents and profits and the assignments of Mortgage and each related UCC-3 financing statement referred to in the definition of Mortgage File from the Seller to the Trustee as and to the extent contemplated under Section 2.01(c) of the Pooling and Servicing Agreement.  All out of pocket costs and expenses relating to the recordation or filing of such assignments, assignments of Mortgage and financing statements shall be paid by the Seller.  If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, then the Seller shall prepare or cause the preparation of a substitute therefor or cure such defect or cause such defect to be cured, as the case may be, and the Seller shall record or file, or cause the recording or filing of, such substitute or corrected document or instrument or, with respect to any assignments that the Custodian has agreed to record or file pursuant to the Pooling and Servicing Agreement, deliver such substitute or corrected document or instrument to the Custodian (or, if the Mortgage Loan is then no longer subject to the Pooling and Servicing Agreement, the then holder of such Mortgage Loan);


 




  





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(b)           as to each Mortgage Loan, if the Seller cannot deliver or cause to be delivered the documents and/or instruments referred to in clauses (2), (3) and (6) (if recorded) and (15) of the definition of “Mortgage File” in the Pooling and Servicing Agreement solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered for recordation or filing, as applicable, it shall forward to the Custodian a copy of the original certified by the Seller to be a true and complete copy of the original thereof submitted for recording.  The Seller shall cause each assignment referred to in Section (5)(a) above that is recorded and the file copy of each UCC-3 assignment referred to in Section (5)(a) above to reflect that it should be returned by the public recording or filing office to the Custodian or its agent following recording (or, alternatively, to the Seller or its designee, in which case the Seller shall deliver or cause the delivery of the recorded original to the Custodian promptly following receipt); provided that, in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment of Leases, the Custodian shall obtain therefrom a certified copy of the recorded original.  On a monthly basis, at the expense of the Seller, the Custodian shall forward to the Master Servicer a copy of each of the aforementioned assignments following the Custodian’s receipt thereof;


 


(c)           it shall take any action reasonably required by the Purchaser, the Certificate Administrator, the Trustee or the Master Servicer in order to assist and facilitate the transfer of the servicing of the Mortgage Loans to the Master Servicer, including effectuating the transfer of any letters of credit with respect to any Mortgage Loan to the Master Servicer on behalf of the Trustee for the benefit of Certificateholders, the Stamford Office Portfolio Companion Loan Holders and/or the Beverly Connection Companion Loan Holders, as applicable.  Prior to the date that a letter of credit with respect to any Mortgage Loan is transferred to the Master Servicer, the Seller will cooperate with the reasonable requests of the Master Servicer or Special Servicer, as applicable, in connection with effectuating a draw under such letter of credit as required under the terms of the related Loan Documents;


 


(d)           the Seller shall provide the Master Servicer the initial data with respect to each Mortgage Loan for the CREFC Financial File and the CREFC Loan Periodic Update File that are required to be prepared by the Master Servicer pursuant to the Pooling and Servicing Agreement and the Supplemental Servicer Schedule;


 


(e)           if (during the period of time that the Underwriters are required, under applicable law, to deliver a prospectus related to the Public Certificates in connection with sales of the Public Certificates by an Underwriter or a dealer) the Seller has obtained actual knowledge of undisclosed or corrected information related to an event that occurred prior to the Closing Date, which event causes there to be an untrue statement of a material fact with respect to the Seller Information in the Prospectus Supplement dated September 16, 2014 relating to the Public Certificates, the annexes and exhibits thereto and the DVD delivered therewith, or the Offering Circular dated September 16, 2014 relating to the Private Certificates, the annexes and exhibits thereto and the DVD delivered therewith (collectively, the “Offering Documents”), or causes there to be an omission to state therein a material fact with respect to the Seller Information required to be stated therein or necessary to make the statements therein with respect to the Seller Information, in the light of the circumstances under which they were made, not misleading, then the Seller shall promptly notify the Dealers and the Depositor. If as a result of any such event the Dealers’ legal counsel determines that it is necessary to amend or supplement the Offering 


 




  





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Documents in order to correct the untrue statement, or to make the statements therein, in the light of the circumstances when the Offering Documents are delivered to a purchaser, not misleading, or to make the Offering Documents in compliance with applicable law, the Seller shall (to the extent that such amendment or supplement solely relates to the Seller Information) at the expense of the Seller, do all things reasonably necessary to assist the Depositor to prepare and furnish to the Dealers, such amendments or supplements to the Offering Documents as may be necessary so that the Seller Information in the Offering Documents, as so amended or supplemented, will not contain an untrue statement, will not, in the light of the circumstances when the Offering Documents are delivered to a purchaser, be misleading and will comply with applicable law.  (All terms under this clause (e) and not otherwise defined in this Agreement shall have the meanings set forth in the Indemnification Agreement, dated as of September 15, 2014, among the Underwriters, the Initial Purchasers, the Seller and the Purchaser (the “Indemnification Agreement” and, together with this Agreement, the “Operative Documents”));




 


(f)           for so long as the Trust Fund  (or with respect to each of the Stamford Office Portfolio Companion Loans and the Beverly Connection Companion Loans, if such Companion Loan is deposited into another securitization, the trust fund under such other securitization) is subject to the reporting requirements of the Exchange Act, the Seller shall provide the Depositor (or with respect to each of the Stamford Office Portfolio Companion Loans and the Beverly Connection Companion Loans, if such Companion Loan (or a portion thereof) is deposited into another securitization, the depositor of such securitization) and the Certificate Administrator with any Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure and any Form 8-K Disclosure Information indicated on Exhibit U, Exhibit V and Exhibit Z to the Pooling and Servicing Agreement, to the extent contemplated to be provided by the Seller, within the time periods set forth in the Pooling and Servicing Agreement; provided that, in connection with providing Additional Form 10-K Disclosure and the Seller’s reporting obligations under Item 1119 of Regulation AB, upon reasonable request by the Seller, the Purchaser shall provide the Seller with a list of all parties to the Pooling and Servicing Agreement and any other Servicing Function Participant; and


 


(g)          With respect to each of the Stamford Office Portfolio Mortgage Loan and the Beverly Connection Mortgage Loan, the Seller agrees that if disclosure related to the description of a party to the Pooling and Servicing Agreement is requested by the holder of a related Companion Loan for inclusion in the disclosure materials relating to the securitization of such Companion Loan, the reasonable costs of such party related to such disclosure and any opinion(s) of counsel, certifications and/or indemnification agreement(s) shall be paid or caused to be paid by the Seller.


 


SECTION 6     Representations and Warranties.


 


(a)          The Seller represents and warrants to the Purchaser as of the date hereof and as of the Closing Date that:


 


(i)           The Seller is a corporation, duly organized, validly existing and in good standing under the laws of the State of New York with full power and authority to own its assets and conduct its business, is duly qualified as a foreign organization in good standing in all jurisdictions to the extent such qualification is necessary to hold and sell


 




  





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the Mortgage Loans or otherwise comply with its obligations under this Agreement except where the failure to be so qualified would not have a material adverse effect on its ability to perform its obligations hereunder, and the Seller has taken all necessary action to authorize the execution and delivery of, and performance under, the Operative Documents and has duly executed and delivered each Operative Document, and has the power and authority to execute, deliver and perform under each Operative Document and all the transactions contemplated hereby and thereby, including, but not limited to, the power and authority to sell, assign, transfer, set over and convey the Mortgage Loans in accordance with this Agreement;




 


(ii)           Assuming the due authorization, execution and delivery of this Agreement by the Purchaser, this Agreement will constitute a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforcement may be limited by (A) bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (C) public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of this Agreement that purport to provide indemnification for securities laws liabilities;


 


(iii)         The execution and delivery of each Operative Document by the Seller and the performance of its obligations hereunder and thereunder will not conflict with any provision of any law or regulation to which the Seller is subject, or conflict with, result in a breach of, or constitute a default under, any of the terms, conditions or provisions of any of the Seller’s organizational documents or any agreement or instrument to which the Seller is a party or by which it is bound, or any order or decree applicable to the Seller, or result in the creation or imposition of any lien on any of the Seller’s assets or property, in each case, which would materially and adversely affect the ability of the Seller to carry out the transactions contemplated by the Operative Documents;


 


(iv)         There is no action, suit, proceeding or investigation pending or, to the Seller’s knowledge, threatened against the Seller in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity of the Mortgage Loans or the ability of the Seller to carry out the transactions contemplated by each Operative Document;


 


(v)           The Seller is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that, in the Seller’s good faith and reasonable judgment, is likely to materially and adversely affect the condition (financial or other) or operations of the Seller or its properties or might have consequences that, in the Seller’s good faith and reasonable judgment, is likely to materially and adversely affect its performance under any Operative Document;


 


(vi)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Seller of, 


 




  





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or compliance by the Seller with, each Operative Document or the consummation of the transactions contemplated hereby or thereby, other than those which have been obtained by the Seller; and




 


(vii)          The transfer, assignment and conveyance of the Mortgage Loans by the Seller to the Purchaser is not subject to bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction.


 


(b)            The Purchaser represents and warrants to the Seller as of the Closing Date that:


 


(i)             The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with full corporate power and authority to own its assets and conduct its business, is duly qualified as a foreign corporation in good standing in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification, except where the failure to be so qualified would not have a material adverse effect on the ability of the Purchaser to perform its obligations hereunder, and the Purchaser has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has duly executed and delivered this Agreement, and has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby;


 


(ii)            Assuming the due authorization, execution and delivery of this Agreement by the Seller, this Agreement will constitute a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, liquidation 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);


 


(iii)           The execution and delivery of this Agreement by the Purchaser and the performance of its obligations hereunder will not conflict with any provision of any law or regulation to which the Purchaser is subject, or conflict with, result in a breach of, or constitute a default under, any of the terms, conditions or provisions of any of the Purchaser’s organizational documents or any agreement or instrument to which the Purchaser is a party or by which it is bound, or any order or decree applicable to the Purchaser, or result in the creation or imposition of any lien on any of the Purchaser’s assets or property, in each case which would materially and adversely affect the ability of the Purchaser to carry out the transactions contemplated by this Agreement;


 


(iv)           There is no action, suit, proceeding or investigation pending or, to the Purchaser’s knowledge, threatened against the Purchaser in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity of this Agreement or any action taken in connection with the obligations of the Purchaser contemplated herein, or which would be likely to impair materially the ability of the Purchaser to perform under the terms of this Agreement;


 




  





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(v)           The Purchaser is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or other) or operations of the Purchaser or its properties or might have consequences that would materially and adversely affect its performance under any Operative Document; and


 


(vi)           No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Purchaser of or compliance by the Purchaser with this Agreement or the consummation of the transactions contemplated by this Agreement other than those that have been obtained by the Purchaser.


 


(c)           The Seller further makes the representations and warranties as to the Mortgage Loans set forth in Exhibit B to this Agreement as of the Cut-Off Date or such other date set forth in Exhibit B to this Agreement, which representations and warranties are subject to the exceptions thereto set forth in Exhibit C to this Agreement.


 


(d)           Pursuant to the Pooling and Servicing Agreement, if (i) any party thereto discovers or receives notice alleging that any document constituting a part of a Mortgage File has not been properly executed, is missing, contains information that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule, or does not appear to be regular on its face (each, a “Document Defect”), or discovers or receives notice alleging a breach of any representation or warranty of the Seller made pursuant to Section 6(c) of this Agreement with respect to any Mortgage Loan (a “Breach”) or (ii) the Special Servicer or the Purchaser receives a Repurchase Request, such party is required to give prompt written notice thereof to the Seller.


 


(e)           Pursuant to the Pooling and Servicing Agreement, the Special Servicer is required to determine whether any such Document Defect or Breach with respect to any Mortgage Loan materially and adversely affects, or such Document Defect is deemed in accordance with Section 2.03 of the Pooling and Servicing Agreement to materially and adversely affect, the value of the Mortgage Loan or any related REO Property or the interests of the Certificateholders therein or causes any Mortgage Loan to fail to be a Qualified Mortgage (any such Document Defect shall constitute a “Material Document Defect” and any such Breach shall constitute a “Material Breach”).  If such Document Defect or Breach has been determined to be a Material Document Defect or Material Breach, then the Special Servicer will be required to give prompt written notice thereof to the Seller.  Promptly upon becoming aware of any such Material Document Defect or Material Breach (including through a written notice given by any party hereto, as provided above if the Document Defect or Breach identified therein is a Material Document Defect or Material Breach, as the case may be), the Seller shall, not later than 90 days from the earlier of the Seller’s discovery or receipt of notice of, and receipt of a demand to take action with respect to, such Material Document Defect or Material Breach, as the case may be (or, in the case of a Material Document Defect or Material Breach relating to a Mortgage Loan not being a “qualified mortgage” within the meaning of the REMIC Provisions, not later than 90 days from any party discovering such Material Document Defect or Material Breach, provided that, if such discovery is by any party other than the Seller, the Seller receives notice thereof in a 


 




  





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timely manner), cure the same in all material respects (which cure shall include payment of any losses and Additional Trust Fund Expenses associated therewith) or, if such Material Document Defect or Material Breach, as the case may be, cannot be cured within such 90 day period, the Seller shall either (i) substitute a Qualified Substitute Mortgage Loan for such affected Mortgage Loan (provided that in no event shall any such substitution occur later than the second anniversary of the Closing Date) and pay the Master Servicer, for deposit into the Collection Account, any Substitution Shortfall Amount in connection therewith or (ii) repurchase the affected Mortgage Loan or any related REO Property (or the Trust Fund’s interest therein) at the applicable Purchase Price by wire transfer of immediately available funds to the Collection Account; provided, however, that if (i) such Material Document Defect or Material Breach is capable of being cured but not within such 90 day period, (ii) such Material Document Defect or Material Breach is not related to any Mortgage Loan’s not being a “qualified mortgage” within the meaning of the REMIC Provisions and (iii) the Seller has commenced and is diligently proceeding with the cure of such Material Document Defect or Material Breach within such 90 day period, then the Seller shall have an additional 90 days to complete such cure (or, in the event of a failure to so cure, to complete such repurchase of the related Mortgage Loan or substitute a Qualified Substitute Mortgage Loan as described above) it being understood and agreed that, in connection with the Seller’s receiving such additional 90 day period, the Seller shall deliver an Officer’s Certificate to the Trustee, the Special Servicer and the Certificate Administrator setting forth the reasons such Material Document Defect or Material Breach is not capable of being cured within the initial 90 day period and what actions the Seller is pursuing in connection with the cure thereof and stating that the Seller anticipates that such Material Document Defect or Material Breach will be cured within such additional 90 day period; and provided, further, that, if any such Material Document Defect is still not cured after the initial 90 day period and any such additional 90 day period solely due to the failure of the Seller to have received the recorded document, then the Seller shall be entitled to continue to defer its cure, substitution or repurchase obligations in respect of such Document Defect so long as the Seller certifies to the Trustee, the Special Servicer and the Certificate Administrator every 30 days thereafter that the Document Defect is still in effect solely because of its failure to have received the recorded document and that the Seller is diligently pursuing the cure of such defect (specifying the actions being taken), except that no such deferral of cure, substitution or repurchase may continue beyond the date that is 18 months following the Closing Date.  Any such repurchase of a Mortgage Loan shall be on a servicing released basis.  The Seller shall have no obligation to monitor the Mortgage Loans regarding the existence of a Breach or a Document Defect, but if the Seller discovers a Material Breach or Material Document Defect with respect to a Mortgage Loan, it will notify the Purchaser.




 


Subject to the Seller’s right to cure set forth above in this Section 6(e), and further subject to Sections 2.01(b) and 2.01(c) of the Pooling and Servicing Agreement, failure of the Seller to deliver the documents referred to in clauses (1), (2), (7), (8), (18) and (19) in the definition of “Mortgage File” in the Pooling and Servicing Agreement in accordance with this Agreement and the Pooling and Servicing Agreement for any Mortgage Loan shall be deemed a Material Document Defect; provided, however, that no Document Defect (except such deemed Material Document Defect described above) shall be considered to be a Material Document Defect unless the document with respect to which the Document Defect exists is required in connection with an imminent enforcement of the lender’s rights or remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the 


 




  





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Mortgage Loan, establishing the validity or priority of any lien on any collateral securing the Mortgage Loan or for any immediate significant servicing obligation.




 


(f)           In connection with any repurchase or substitution of one or more Mortgage Loans pursuant to this Section 6, the Pooling and Servicing Agreement shall provide that the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer shall each tender to the repurchasing entity, upon delivery to each of them of a receipt executed by the repurchasing entity, all portions of the Mortgage File and other documents and all Escrow Payments and reserve funds pertaining to such Mortgage Loan possessed by it, and each document that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the repurchasing or substituting entity or its designee in the same manner, but only if the respective documents have been previously assigned or endorsed to the Trustee, and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant to which such documents were previously assigned to the Trustee or as otherwise reasonably requested to effect the retransfer and reconveyance of the Mortgage Loan and the security therefor to the Seller or its designee; provided that such tender by the Trustee shall be conditioned upon its receipt from the Master Servicer of a Request for Release and an Officer’s Certificate to the effect that the requirements for repurchase or substitution have been satisfied.


 


(g)           The representations and warranties of the parties hereto shall survive the execution and delivery and any termination of this Agreement and shall inure to the benefit of the respective parties, notwithstanding any restrictive or qualified endorsement on the Notes or Assignment of Mortgage or the examination of the Mortgage Files.


 


(h)           Each party hereto agrees to promptly notify the other party of any breach of a representation or warranty contained in Section 6(c) of this Agreement.  The Seller’s obligation to cure any Material Breach or Material Document Defect or to repurchase or substitute any affected Mortgage Loan pursuant to this Section 6 shall constitute the sole remedy available to the Purchaser in connection with a breach of any of the Seller’s representations or warranties contained in Section 6(c) of this Agreement or a Document Defect with respect to any Mortgage Loan.


 


(i)            The Seller shall promptly notify the Depositor if (i) the Seller receives a Repurchase Communication of a Repurchase Request (other than from the Depositor), (ii) the Seller repurchases or replaces a Mortgage Loan, (iii) the Seller receives a Repurchase Communication of a Repurchase Request Withdrawal (other than from the Depositor) or (iv) the Seller rejects or disputes any Repurchase Request.  Each such notice shall be given no later than the tenth (10th) Business Day after (A) with respect to clauses (i) and (iii) of the preceding sentence, receipt of a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, as applicable, and (B) with respect to clauses (ii) and (iv) of the preceding sentence, the occurrence of the event giving rise to the requirement for such notice, and shall include (1) the identity of the related Mortgage Loan, (2) the date (x) such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal was received, (y) the related Mortgage Loan was repurchased or replaced or (z) the Repurchase Request was rejected or disputed, as applicable, and (3) if known, the basis for (x) the Repurchase Request (as 


 




  





-11-











  




 


asserted in the Repurchase Request) or (y) any rejection or dispute of a Repurchase Request, as applicable.




 


The Seller shall provide to the Depositor and the Certificate Administrator the Seller’s “Central Index Key” number assigned by the Securities and Exchange Commission and a true, correct and complete copy of the relevant portions of any Form ABS-15G that the Seller is required to file with the Securities and Exchange Commission with respect to the Mortgage Loans on or before the date that is five (5) Business Days before the date such Form ABS-15G is required to be filed with the Securities and Exchange Commission.


 


In addition, the Seller shall provide the Depositor, upon request, such other information in its possession as would permit the Depositor to comply with its obligations under Rule 15Ga-1 under the Exchange Act to disclose fulfilled and unfulfilled repurchase requests.  Any such information requested shall be provided as promptly as practicable after such request is made.


 


The Seller agrees that no 15Ga-1 Notice Provider will be required to provide information in a 15Ga-1 Notice that is protected by the attorney-client privilege or attorney work product doctrines.  In addition, the Seller hereby acknowledges that (i) any 15Ga-1 Notice provided pursuant to Section 2.03(a) of the Pooling and Servicing Agreement is so provided only to assist the Seller, the Depositor and their respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii)(A) no action taken by, or inaction of, a 15Ga-1 Notice Provider and (B) no information provided pursuant to Section 2.03(a) of the Pooling and Servicing Agreement by a 15Ga-1 Notice Provider shall be deemed to constitute a waiver or defense to the exercise of any legal right the 15Ga-1 Notice Provider may have with respect to this Agreement, including with respect to any Repurchase Request that is the subject of a 15Ga-1 Notice.


 


Each party hereto agrees that the receipt of a 15Ga-1 Notice or the delivery of any notice required to be delivered pursuant to this Section 6(i) shall not, in and of itself, constitute delivery of notice of, receipt of notice of, or knowledge of the Seller of, any Material Document Defect or Material Breach.


 


Each party hereto agrees and acknowledges that, as of the date of this Agreement, the “Central Index Key” number of the Trust Fund is 0001617957.


 


“Repurchase Communication” means, for purposes of this Section 6(i) only, any communication, whether oral or written, which need not be in any specific form.


 


SECTION 7     Review of Mortgage File.  The Purchaser shall require the Certificate Administrator pursuant to the Pooling and Servicing Agreement to review the Mortgage Files pursuant to Section 2.02 of the Pooling and Servicing Agreement and if it finds any document or documents not to have been properly executed, or to be missing or to be defective on its face in any material respect, to notify the Purchaser, which shall promptly notify the Seller.


 


SECTION 8     Conditions to Closing.  The obligation of the Seller to sell the Mortgage Loans shall be subject to the Seller having received the consideration for the Mortgage 


 




  





-12-











  




 


Loans as contemplated by Section 1 of this Agreement.  The obligations of the Purchaser to purchase the Mortgage Loans shall be subject to the satisfaction, on or prior to the Closing Date, of the following conditions:




 


(a)           Each of the obligations of the Seller required to be performed by it at or prior to the Closing Date pursuant to the terms of this Agreement shall have been duly performed and complied with and all of the representations and warranties of the Seller under this Agreement shall, subject to any applicable exceptions set forth on Exhibit C to this Agreement, be true and correct in all material respects as of the Closing Date or as of such other date as of which such representation is made under the terms of Exhibit B to this Agreement, and no event shall have occurred as of the Closing Date which would constitute a default on the part of the Seller under this Agreement, and the Purchaser shall have received a certificate to the foregoing effect signed by an authorized officer of the Seller substantially in the form of Exhibit D to this Agreement.


 


(b)           The Pooling and Servicing Agreement (to the extent it affects the obligations of the Seller hereunder), in such form as is agreed upon and acceptable to the Purchaser, the Seller, the Underwriters, the Initial Purchasers and their respective counsel in their reasonable discretion, shall be duly executed and delivered by all signatories as required pursuant to the terms thereof.


 


(c)           The Purchaser shall have received the following additional closing documents:


 


(i)            copies of the Seller’s Articles of Association, charter, by-laws or other organizational documents and all amendments, revisions, restatements and supplements thereof, certified as of a recent date by the Secretary of the Seller;


 


(ii)           a certificate as of a recent date of the Secretary of State of the State of New York to the effect that the Seller is duly organized, existing and in good standing in the State of New York;


 


(iii)          an officer’s certificate of the Seller in form reasonably acceptable to the Underwriters, the Initial Purchasers and each Rating Agency;


 


(iv)          an opinion of counsel of the Seller, subject to customary exceptions and carve-outs, in form reasonably acceptable to the Underwriters, the Initial Purchasers and each Rating Agency; and


 


(v)           a letter from counsel of the Seller substantially to the effect that (a) nothing has come to such counsel’s attention that would lead such counsel to believe that the agreed upon sections of the Primary Free Writing Prospectus, the Prospectus Supplement, the Preliminary Offering Circular or the Final Offering Circular (each as defined in the Indemnification Agreement), as of the date thereof or as of the Closing Date (or, in the case of the Primary Free Writing Prospectus or the Preliminary Offering Circular, solely as of the time of sale) contained or contain, as applicable, with respect to the Seller or the Mortgage Loans, any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein relating to the Seller or 


 




  





-13-











  




 


the Mortgage Loans, in the light of the circumstances under which they were made, not misleading and (b) the Seller Information (as defined in the Indemnification Agreement) in the Prospectus Supplement appears to be appropriately responsive in all material respects to the applicable requirements of Regulation AB.




 


(d)           The Public Certificates shall have been concurrently issued and sold pursuant to the terms of the Underwriting Agreement.  The Private Certificates shall have been concurrently issued and sold pursuant to the terms of the Certificate Purchase Agreement.


 


(e)           The Seller shall have executed and delivered concurrently herewith the Indemnification Agreement.


 


(f)           The Seller shall furnish the Purchaser, the Underwriters and the Initial Purchasers with such other certificates of its officers or others and such other documents and opinions to evidence fulfillment of the conditions set forth in this Agreement as the Purchaser and its counsel may reasonably request.


 


SECTION 9     Closing.  The closing for the purchase and sale of the Mortgage Loans shall take place at the office of Cadwalader, Wickersham & Taft LLP, New York, New York, at 10:00 a.m., on the Closing Date or such other place and time as the parties shall agree.


 


SECTION 10     Expenses.  The Seller will pay its pro rata share (the Seller’s pro rata portion to be determined according to the percentage that the aggregate principal balance as of the Cut-Off Date of all the Mortgage Loans represents as to the aggregate principal balance as of the Cut-Off Date of all the mortgage loans to be included in the Trust Fund) of all costs and expenses of the Purchaser in connection with the transactions contemplated herein, including, but not limited to: (i) the costs and expenses of the Purchaser in connection with the purchase of the Mortgage Loans; (ii) the costs and expenses of reproducing and delivering the Pooling and Servicing Agreement and this Agreement and printing (or otherwise reproducing) and delivering the Certificates; (iii) the reasonable and documented fees, costs and expenses of the Trustee, the Certificate Administrator and their respective counsel; (iv) the fees and disbursements of a firm of certified public accountants selected by the Purchaser and the Seller with respect to numerical information in respect of the Mortgage Loans and the Certificates included in the Prospectus, Primary Free Writing Prospectus, the Prospectus Supplement, the Preliminary Offering Circular, the Final Offering Circular and any related disclosure for the initial Form 8-K, including the cost of obtaining any “comfort letters” with respect to such items; (v) the costs and expenses in connection with the qualification or exemption of the Certificates under state securities or blue sky laws, including filing fees and reasonable fees and disbursements of counsel in connection therewith; (vi) the costs and expenses in connection with any determination of the eligibility of the Certificates for investment by institutional investors in any jurisdiction and the preparation of any legal investment survey, including reasonable fees and disbursements of counsel in connection therewith; (vii) the costs and expenses in connection with printing (or otherwise reproducing) and delivering the Registration Statement, Prospectus, Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular and Final Offering Circular and the reproducing and delivery of this Agreement and the furnishing to the Underwriters of such copies of the Registration Statement, Prospectus, Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular, Final Offering Circular and this 


 




  





-14-











  




 


Agreement as the Underwriters may reasonably request; (viii) the fees of the rating agency or agencies requested to rate the Certificates; (ix) the reasonable fees and expenses of Cadwalader, Wickersham & Taft LLP, as counsel to the Purchaser; and (x) the reasonable fees and expenses of Orrick, Herrington & Sutcliffe LLP, as counsel to the Underwriters and the Initial Purchasers.




 


If the Seller elects to exercise its rights under Section 11.15 of the Pooling and Servicing Agreement, then the Seller shall pay the reasonable costs and expenses (if any) of the Depositor, Master Servicer, Special Servicer and Trustee resulting from such parties’ obligations to cooperate with the Seller under Section 11.15 of the Pooling and Servicing Agreement.


 


SECTION 11     Severability of Provisions.  If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.  Furthermore, the parties shall in good faith endeavor to replace any provision held to be invalid or unenforceable with a valid and enforceable provision which most closely resembles, and which has the same economic effect as, the provision held to be invalid or unenforceable.


 


SECTION 12     Governing Law.  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.  THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.


 


SECTION 13     Waiver of Jury Trial.  THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.


 


SECTION 14     Submission to Jurisdiction.  EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL 


 




  





-15-











  




 


ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY MANNER PERMITTED BY LAW.




 


SECTION 15     No Third-Party Beneficiaries.  The parties do not intend the benefits of this Agreement to inure to any third party except as expressly set forth in Section 16.


 


SECTION 16     Assignment.  The Seller hereby acknowledges that the Purchaser has, concurrently with the execution hereof, executed and delivered the Pooling and Servicing Agreement and that, in connection therewith, it has assigned its rights hereunder to the Trustee for the benefit of the Certificateholders.  The Seller hereby acknowledges its obligations pursuant to Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement.  This Agreement shall bind and inure to the benefit of and be enforceable by the Seller, the Purchaser and their permitted successors and assigns.  Any Person into which the Seller may be merged or consolidated, or any Person resulting from any merger, conversion or consolidation to which the Seller may become a party, or any Person succeeding to all or substantially all of the business of the Seller, shall be the successor to the Seller hereunder without any further act.  The warranties and representations and the agreements made by the Seller herein shall survive delivery of the Mortgage Loans to the Trustee until the termination of the Pooling and Servicing Agreement, but shall not be further assigned by the Trustee to any Person.


 


SECTION 17     Notices.  All communications hereunder shall be in writing and effective only upon receipt and (i) if sent to the Purchaser, will be mailed, hand delivered, couriered or sent by facsimile transmission to it at 200 West Street, New York, New York 10282, to the attention of Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318, email: joe.osborne@gs.com, (ii) if sent to the Seller, will be mailed, hand delivered, couriered or sent by facsimile transmission or electronic mail and confirmed to it at Citigroup Global Markets Realty Corp., 390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention of Paul Vanderslice, fax number:  (212) 723-8599, and Citigroup Global Markets Realty Corp., 388 Greenwich Street, 19th Floor, New York, New York 10013, to the attention of Richard Simpson, fax number:  (646) 328-2943, and Ryan M. O’Connor, fax number: (646) 328-2943, respectively, and with an electronic copy emailed to Richard Simpson at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com, and (iii) in the case of any of the preceding parties, such other address as may hereafter be furnished to the other party in writing by such parties.


 


SECTION 18     Amendment.  This Agreement may be amended only by a written instrument which specifically refers to this Agreement and is executed by the Purchaser and the Seller.  This Agreement shall not be deemed to be amended orally or by virtue of any continuing custom or practice.  No amendment to the Pooling and Servicing Agreement which relates to defined terms contained therein or to any obligations or rights of the Seller whatsoever shall be effective against the Seller unless the Seller shall have agreed to such amendment in writing.


 


SECTION 19     Counterparts.  This Agreement may be executed in any number of counterparts, and by the parties hereto in separate counterparts, each of which when executed 


 




  





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and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.




 


SECTION 20     Exercise of Rights.  No failure or delay on the part of any party to exercise any right, power or privilege under this Agreement and no course of dealing between the Seller and the Purchaser shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  Except as set forth in Section 6(h) of this Agreement, the rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which any party would otherwise have pursuant to law or equity.  No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of either party to any other or further action in any circumstances without notice or demand.


 


SECTION 21     No Partnership.  Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties hereto.  Nothing herein contained shall be deemed or construed as creating an agency relationship between the Purchaser  and the Seller and neither party shall take any action which could reasonably lead a third party to assume that it has the authority to bind the other party or make commitments on such party’s behalf.


 


SECTION 22     Miscellaneous.  This Agreement supersedes all prior agreements and understandings relating to the subject matter hereof.  Neither this Agreement nor any term hereof may be waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the waiver, discharge or termination is sought.


 


SECTION 23     Further Assurances.  The Seller and Purchaser each agree to execute and deliver such instruments and take such further actions as any party hereto may, from time to time, reasonably request in order to effectuate the purposes and carry out the terms of this Agreement.


 


* * * * * *


 




  





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IN WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.


 




	 	
GS MORTGAGE SECURITIES

 CORPORATION II


	 	 	 
	 	
By: 

	 /s/ Leah Nivison
	 	 	Name: Leah Nivison
	 	 	Title: Vice President
	 	 	 
	 	
CITIGROUP GLOBAL MARKETS REALTY CORP.


	 	 	 
	 	
By:

	 /s/ Richard W. Simpson
	 	 	
Name: Richard W. Simpson


	 	 	
Title: Authorized Signatory









 




  





  











  






 


EXHIBIT A


 


MORTGAGE LOAN SCHEDULE


 




  





A-1











  




 





	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Property Name

	  	
Address

	  	
City

	  	
State

	  	
Zip Code

	  	
 Cut-Off Date Balance ($)

	  	
Mortgage Loan Rate 

(%)


	
1

	  	
1

	  	
7570

	  	
Stamford Plaza Portfolio

	  	  	  	  	  	  	  	  	  	
140,000,000

	  	
4.58500%


	
1.01

	  	  	  	
9130

	  	
Two Stamford Plaza

	  	
281 Tresser Boulevard

	  	
Stamford

	  	
Connecticut

	  	
06901

	  	  	  	  
	
1.02

	  	  	  	
9132

	  	
Four Stamford Plaza

	  	
107 Elm Street

	  	
Stamford

	  	
Connecticut

	  	
6902

	  	  	  	  
	
1.03

	  	  	  	
8937

	  	
One Stamford Plaza

	  	
263 Tresser Boulevard

	  	
Stamford

	  	
Connecticut

	  	
06901

	  	  	  	  
	
1.04

	  	  	  	
9131

	  	
Three Stamford Plaza

	  	
301 Tresser Boulevard

	  	
Stamford

	  	
Connecticut

	  	
06901

	  	  	  	  
	
3

	  	
2

	  	
8555

	  	
Beverly Connection

	  	
100 North La Cienega Boulevard

	  	
Los Angeles

	  	
California

	  	
90048

	  	
87,500,000

	  	
4.63800%


	
8

	  	  	  	
8908

	  	
Hampton Inn & Suites - Yonkers

	  	
160 Corporate Drive

	  	
Yonkers

	  	
New York

	  	
10701

	  	
25,750,000

	  	
4.80000%


	
11

	  	  	  	
9054

	  	
Highlands Campus Tech Center

	  	
21222, 21312 & 21522 30th Drive Southeast

	  	
Bothell

	  	
Washington

	  	
98021

	  	
23,350,000

	  	
4.34000%


	
13

	  	  	  	
7706

	  	
Loganberry Ridge & Parkside Garden Apartments

	  	  	  	  	  	  	  	  	  	
17,200,000

	  	
4.57000%


	
13.01

	  	  	  	
9087

	  	
Loganberry Ridge Apartments

	  	
26720 Whiteway Drive

	  	
Richmond Heights

	  	
Ohio

	  	
44143

	  	  	  	  
	
13.02

	  	  	  	
9135

	  	
Parkside Garden Apartments

	  	
1557 Knuth Avenue

	  	
Euclid

	  	
Ohio

	  	
44132

	  	  	  	  
	
26

	  	  	  	
9039

	  	
Hampton Inn & Suites Fargo

	  	
4776 Agassiz Crossing South

	  	
Fargo

	  	
North Dakota

	  	
58104

	  	
10,483,621

	  	
4.93000%


	
31

	  	  	  	
8893

	  	
Old Spanish Trail Crossing

	  	
9525, 9545, and 9565 East Old Spanish Trail

	  	
Tucson

	  	
Arizona

	  	
85748

	  	
8,925,000

	  	
4.53000%


	
33

	  	  	  	
7604

	  	
Tellus AL-TX Portfolio

	  	  	  	  	  	  	  	  	  	
8,830,163

	  	
4.78000%


	
33.01

	  	  	  	
9067

	  	
Daphne Self Storage

	  	
25361 U.S. Highway 98

	  	
Daphne

	  	
Alabama

	  	
36526

	  	  	  	  
	
33.02

	  	  	  	
8974

	  	
Arlington Park Self Storage

	  	
106 Arlington Drive

	  	
Madison

	  	
Alabama

	  	
35758

	  	  	  	  
	
33.03

	  	  	  	
9068

	  	
Hawn Freeway Self Storage

	  	
7979 C F Hawn Freeway

	  	
Dallas

	  	
Texas

	  	
75217

	  	  	  	  
	
35

	  	  	  	
8968

	  	
611 Church Street

	  	
611 Church Street

	  	
Ann Arbor

	  	
Michigan

	  	
48104

	  	
8,550,000

	  	
4.65000%


	
36

	  	  	  	
8973

	  	
1300 Guadalupe

	  	
1300 Guadalupe Street

	  	
Austin

	  	
Texas

	  	
78701

	  	
8,215,000

	  	
4.15000%


	
38

	  	  	  	
8533

	  	
12000 Edgewater

	  	
12000 Edgewater Drive

	  	
Lakewood

	  	
Ohio

	  	
44107

	  	
7,500,000

	  	
5.16000%


	
42

	  	  	  	
9070

	  	
Sher Lane

	  	
7672-7746 Edinger Avenue

	  	
Huntington Beach

	  	
California

	  	
92647

	  	
7,000,000

	  	
4.29000%


	
49

	  	  	  	
8979

	  	
Pompano Merchandise Mart

	  	
2099 & 2101 West Atlantic Boulevard

	  	
Pompano Beach

	  	
Florida

	  	
33069

	  	
6,400,000

	  	
4.71000%


	
54

	  	  	  	
9021

	  	
Tops - Erie, PA

	  	
1702 East 38th Street

	  	
Erie

	  	
Pennsylvania

	  	
16510

	  	
5,843,517

	  	
4.82000%


	
55

	  	  	  	
9089

	  	
The Shoppes of North Port

	  	
14809 Tamiami Trail

	  	
North Port

	  	
Florida

	  	
34287

	  	
5,700,000

	  	
4.50000%


	
59

	  	  	  	
9035

	  	
Holiday Inn Express - Kannapolis, NC

	  	
2491 Wonder Drive Northeast

	  	
Kannapolis

	  	
North Carolina

	  	
28083

	  	
4,544,769

	  	
4.66000%


	
66

	  	  	  	
9074

	  	
Tower Plaza

	  	
525 Bankhead Highway

	  	
Carrollton

	  	
Georgia

	  	
30117

	  	
3,037,500

	  	
4.47000%


	
67

	  	  	  	
9042

	  	
Bi-Lo - Winnsboro, SC

	  	
1126 US Highway 321 Business South

	  	
Winnsboro

	  	
South Carolina

	  	
29180

	  	
2,945,120

	  	
4.60000%


	
68

	  	  	  	
8913

	  	
Fountain Square Shopping Center

	  	
1959-2007 Morse Road

	  	
Columbus

	  	
Ohio

	  	
43229

	  	
2,652,636

	  	
4.85000%


	
69

	  	  	  	
9108

	  	
Oregon Trail Village Apartments

	  	
1630-1636 Martha Street

	  	
Boise

	  	
Idaho

	  	
83706

	  	
2,500,000

	  	
4.94000%


	
70

	  	  	  	
9252

	  	
Bond Street Office

	  	
31600-31700 West Thirteen Mile Road

	  	
Farmington Hills

	  	
Michigan

	  	
48334

	  	
2,321,502

	  	
5.13000%


	
71

	  	
3

	  	
9253

	  	
EMU Student Housing Portfolio

	  	
Various

	  	
Ypsilanti

	  	
Michigan

	  	
48197

	  	
2,296,745

	  	
5.46000%


	
72

	  	  	  	
9082

	  	
359 South La Brea

	  	
359 South La Brea Avenue

	  	
Los Angeles

	  	
California

	  	
90036

	  	
2,094,928

	  	
4.45000%


	
73

	  	  	  	
9034

	  	
Homestead Self Storage

	  	
701 South Homestead Boulevard

	  	
Homestead

	  	
Florida

	  	
33030

	  	
2,089,738

	  	
4.87000%


	
75

	  	  	  	
9176

	  	
Davita Dialysis

	  	
7797 Howell Boulevard

	  	
Baton Rouge

	  	
Louisiana

	  	
70807

	  	
1,847,176

	  	
5.05000%


	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	
                 (1)

	  	
The Cut-off Date Balance of $140,000,000  is evidenced by note A-1 (the controlling note in the principal amount of $120,000,000) and note A-2-A (a non-controlling note in the principal amount of $20,000,000), which notes are part of a $270,000,000 whole loan evidenced by four pari passu notes. The non-controlling pari passu companion loan evidenced by note A-2-B has a principal balance of $30,000,000 as of the Cut-off Date is held outside the Issuing Entity and is expected to be contributed to a future securitization. The non-controlling pari passu companion loan evidenced by note A-3  has a principal balance of $100,000,000 as of the Cut-off Date and is held outside the Issuing Entity but is expected to be contributed to the WFRBS 2014-C22 transaction.

	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	
                 (2)

	  	
The Cut-off Date Balance of $87,500,000 represents the controlling Note A-1 of a $210,000,000 whole loan evidenced by three pari passu notes totaling $175,000,000 and a subordinate loan in the amount of $35,000,000.  The pari passu companion loans are the non-controlling Note A-2 ($43,750,000) and the non-controlling Note A-3 ($43,750,000), both of which are held outside the Issuing Entity and are expected to be contributed to future securitizations.  The subordinate companion loan is evidenced by Note B is also held outside of the issuing entity.

	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	
                 (3)

	  	
This EMU Student Housing Portfolio Mortgage Loan is comprised of four Mortgaged Properties located at 201 North Huron Street, 509 West Forest Avenue, 712 Washtenaw Avenue and 701-705 Emmet Street. All four Mortgaged Properties are located in Ypsilanti, Michigan. Information for all four Mortgaged Properties were in the aggregate on one line as operating information for each Mortgaged Property was not available and the four Mortgaged Properties shared one appraisal.

	  	  	  	  	  	  	  	  	  	  	  	  





 




  





  











  






 



	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Property Name

	  	
Remaining Term To 

Maturity / ARD (Mos.)

	  	
Maturity Date / ARD

	  	
Remaining Amortization 

Term (Mos.)

	  	
Servicing Fee Rate (%)

	  	
Subservicing Fee 

Rate (%)

	  	
Additional Strip (%)


	
1

	  	
1

	  	
7570

	  	
Stamford Plaza Portfolio

	  	
119

	  	
8/6/2024

	  	
360

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
1.01

	  	  	  	
9130

	  	
Two Stamford Plaza

	  	  	  	  	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
9132

	  	
Four Stamford Plaza

	  	  	  	  	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
8937

	  	
One Stamford Plaza

	  	  	  	  	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
9131

	  	
Three Stamford Plaza

	  	  	  	  	  	  	  	  	  	  	  	  
	
3

	  	
2

	  	
8555

	  	
Beverly Connection

	  	
119

	  	
8/6/2024

	  	
0

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
8

	  	  	  	
8908

	  	
Hampton Inn & Suites - Yonkers

	  	
120

	  	
9/6/2024

	  	
360

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
11

	  	  	  	
9054

	  	
Highlands Campus Tech Center

	  	
82

	  	
7/6/2021

	  	
360

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
13

	  	  	  	
7706

	  	
Loganberry Ridge & Parkside Garden Apartments

	  	
120

	  	
9/6/2024

	  	
360

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
13.01

	  	  	  	
9087

	  	
Loganberry Ridge Apartments

	  	  	  	  	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
9135

	  	
Parkside Garden Apartments

	  	  	  	  	  	  	  	  	  	  	  	  
	
26

	  	  	  	
9039

	  	
Hampton Inn & Suites Fargo

	  	
119

	  	
8/6/2024

	  	
299

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
31

	  	  	  	
8893

	  	
Old Spanish Trail Crossing

	  	
118

	  	
7/6/2024

	  	
360

	  	
0.00500%

	  	
0.05000%

	  	
0.00000%


	
33

	  	  	  	
7604

	  	
Tellus AL-TX Portfolio

	  	
118

	  	
7/6/2024

	  	
358

	  	
0.01000%

	  	
0.03000%

	  	
0.00000%


	
33.01

	  	  	  	
9067

	  	
Daphne Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  
	
33.02

	  	  	  	
8974

	  	
Arlington Park Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  
	
33.03

	  	  	  	
9068

	  	
Hawn Freeway Self Storage

	  	  	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	
8968

	  	
611 Church Street

	  	
120

	  	
9/6/2024

	  	
360

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
36

	  	  	  	
8973

	  	
1300 Guadalupe

	  	
59

	  	
8/6/2019

	  	
0

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
38

	  	  	  	
8533

	  	
12000 Edgewater

	  	
59

	  	
8/6/2019

	  	
360

	  	
0.01000%

	  	
0.03000%

	  	
0.00000%


	
42

	  	  	  	
9070

	  	
Sher Lane

	  	
120

	  	
9/6/2024

	  	
0

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
49

	  	  	  	
8979

	  	
Pompano Merchandise Mart

	  	
120

	  	
9/6/2024

	  	
360

	  	
0.00500%

	  	
0.05000%

	  	
0.00000%


	
54

	  	  	  	
9021

	  	
Tops - Erie, PA

	  	
119

	  	
8/6/2024

	  	
359

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
55

	  	  	  	
9089

	  	
The Shoppes of North Port

	  	
119

	  	
8/6/2024

	  	
360

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
59

	  	  	  	
9035

	  	
Holiday Inn Express - Kannapolis, NC

	  	
59

	  	
8/6/2019

	  	
359

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
66

	  	  	  	
9074

	  	
Tower Plaza

	  	
120

	  	
9/6/2024

	  	
360

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
67

	  	  	  	
9042

	  	
Bi-Lo - Winnsboro, SC

	  	
119

	  	
8/6/2024

	  	
299

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
68

	  	  	  	
8913

	  	
Fountain Square Shopping Center

	  	
118

	  	
7/6/2024

	  	
358

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
69

	  	  	  	
9108

	  	
Oregon Trail Village Apartments

	  	
120

	  	
9/6/2024

	  	
360

	  	
0.00500%

	  	
0.16000%

	  	
0.00000%


	
70

	  	  	  	
9252

	  	
Bond Street Office

	  	
59

	  	
8/6/2019

	  	
299

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
71

	  	
3

	  	
9253

	  	
EMU Student Housing Portfolio

	  	
119

	  	
8/6/2024

	  	
299

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
72

	  	  	  	
9082

	  	
359 South La Brea

	  	
58

	  	
7/6/2019

	  	
358

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
73

	  	  	  	
9034

	  	
Homestead Self Storage

	  	
117

	  	
6/6/2024

	  	
297

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%


	
75

	  	  	  	
9176

	  	
Davita Dialysis

	  	
119

	  	
8/6/2024

	  	
299

	  	
0.01000%

	  	
0.00000%

	  	
0.00000%







 




  





  











  






 



	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Property Name

	  	
Mortgage Loan Seller

	  	
Crossed Group

	  	
ARD (Yes / No)

	  	
Final Maturity Date

	  	
Revised Rate

	  	
Companion Loan Flag


	
1

	  	
1

	  	
7570

	  	
Stamford Plaza Portfolio

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	
Yes


	
1.01

	  	  	  	
9130

	  	
Two Stamford Plaza

	  	
CGMRC

	  	  	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
9132

	  	
Four Stamford Plaza

	  	
CGMRC

	  	  	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
8937

	  	
One Stamford Plaza

	  	
CGMRC

	  	  	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
9131

	  	
Three Stamford Plaza

	  	
CGMRC

	  	  	  	  	  	  	  	  	  	  
	
3

	  	
2

	  	
8555

	  	
Beverly Connection

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	
Yes


	
8

	  	  	  	
8908

	  	
Hampton Inn & Suites - Yonkers

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
11

	  	  	  	
9054

	  	
Highlands Campus Tech Center

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
13

	  	  	  	
7706

	  	
Loganberry Ridge & Parkside Garden Apartments

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
13.01

	  	  	  	
9087

	  	
Loganberry Ridge Apartments

	  	
CGMRC

	  	  	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
9135

	  	
Parkside Garden Apartments

	  	
CGMRC

	  	  	  	  	  	  	  	  	  	  
	
26

	  	  	  	
9039

	  	
Hampton Inn & Suites Fargo

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
31

	  	  	  	
8893

	  	
Old Spanish Trail Crossing

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
33

	  	  	  	
7604

	  	
Tellus AL-TX Portfolio

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
33.01

	  	  	  	
9067

	  	
Daphne Self Storage

	  	
CGMRC

	  	  	  	  	  	  	  	  	  	  
	
33.02

	  	  	  	
8974

	  	
Arlington Park Self Storage

	  	
CGMRC

	  	  	  	  	  	  	  	  	  	  
	
33.03

	  	  	  	
9068

	  	
Hawn Freeway Self Storage

	  	
CGMRC

	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	
8968

	  	
611 Church Street

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
36

	  	  	  	
8973

	  	
1300 Guadalupe

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
38

	  	  	  	
8533

	  	
12000 Edgewater

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
42

	  	  	  	
9070

	  	
Sher Lane

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
49

	  	  	  	
8979

	  	
Pompano Merchandise Mart

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
54

	  	  	  	
9021

	  	
Tops - Erie, PA

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
55

	  	  	  	
9089

	  	
The Shoppes of North Port

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
59

	  	  	  	
9035

	  	
Holiday Inn Express - Kannapolis, NC

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
66

	  	  	  	
9074

	  	
Tower Plaza

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
67

	  	  	  	
9042

	  	
Bi-Lo - Winnsboro, SC

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
68

	  	  	  	
8913

	  	
Fountain Square Shopping Center

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
69

	  	  	  	
9108

	  	
Oregon Trail Village Apartments

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
70

	  	  	  	
9252

	  	
Bond Street Office

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
71

	  	
3

	  	
9253

	  	
EMU Student Housing Portfolio

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
72

	  	  	  	
9082

	  	
359 South La Brea

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
73

	  	  	  	
9034

	  	
Homestead Self Storage

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  
	
75

	  	  	  	
9176

	  	
Davita Dialysis

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  	  	  





 




  





  











  






 



	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control 

Number

	  	
Footnotes

	  	
Loan Number

	  	
Property Name

	  	
 Companion Loan Cut-

off Balance

	  	
Companion Loan 

Interest Rate

	  	
Companion Loan 

Remaining Term To 

Maturity / ARD (Mos.)

	  	
Companion Loan Maturity 

Date / ARD

	  	
Companion Loan 

Remaining Amortization 

Term (Mos.)


	
1

	  	
1

	  	
7570

	  	
Stamford Plaza Portfolio

	  	
130,000,000

	  	
4.59%

	  	
119

	  	
8/6/2024

	  	
360


	
1.01

	  	  	  	
9130

	  	
Two Stamford Plaza

	  	  	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
9132

	  	
Four Stamford Plaza

	  	  	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
8937

	  	
One Stamford Plaza

	  	  	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
9131

	  	
Three Stamford Plaza

	  	  	  	  	  	  	  	  	  	  
	
3

	  	
2

	  	
8555

	  	
Beverly Connection

	  	
122,500,000

	  	
4.99%

	  	
119

	  	
8/6/2024

	  	
0


	
8

	  	  	  	
8908

	  	
Hampton Inn & Suites - Yonkers

	  	  	  	  	  	  	  	  	  	  
	
11

	  	  	  	
9054

	  	
Highlands Campus Tech Center

	  	  	  	  	  	  	  	  	  	  
	
13

	  	  	  	
7706

	  	
Loganberry Ridge & Parkside Garden Apartments

	  	  	  	  	  	  	  	  	  	  
	
13.01

	  	  	  	
9087

	  	
Loganberry Ridge Apartments

	  	  	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
9135

	  	
Parkside Garden Apartments

	  	  	  	  	  	  	  	  	  	  
	
26

	  	  	  	
9039

	  	
Hampton Inn & Suites Fargo

	  	  	  	  	  	  	  	  	  	  
	
31

	  	  	  	
8893

	  	
Old Spanish Trail Crossing

	  	  	  	  	  	  	  	  	  	  
	
33

	  	  	  	
7604

	  	
Tellus AL-TX Portfolio

	  	  	  	  	  	  	  	  	  	  
	
33.01

	  	  	  	
9067

	  	
Daphne Self Storage

	  	  	  	  	  	  	  	  	  	  
	
33.02

	  	  	  	
8974

	  	
Arlington Park Self Storage

	  	  	  	  	  	  	  	  	  	  
	
33.03

	  	  	  	
9068

	  	
Hawn Freeway Self Storage

	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	
8968

	  	
611 Church Street

	  	  	  	  	  	  	  	  	  	  
	
36

	  	  	  	
8973

	  	
1300 Guadalupe

	  	  	  	  	  	  	  	  	  	  
	
38

	  	  	  	
8533

	  	
12000 Edgewater

	  	  	  	  	  	  	  	  	  	  
	
42

	  	  	  	
9070

	  	
Sher Lane

	  	  	  	  	  	  	  	  	  	  
	
49

	  	  	  	
8979

	  	
Pompano Merchandise Mart

	  	  	  	  	  	  	  	  	  	  
	
54

	  	  	  	
9021

	  	
Tops - Erie, PA

	  	  	  	  	  	  	  	  	  	  
	
55

	  	  	  	
9089

	  	
The Shoppes of North Port

	  	  	  	  	  	  	  	  	  	  
	
59

	  	  	  	
9035

	  	
Holiday Inn Express - Kannapolis, NC

	  	  	  	  	  	  	  	  	  	  
	
66

	  	  	  	
9074

	  	
Tower Plaza

	  	  	  	  	  	  	  	  	  	  
	
67

	  	  	  	
9042

	  	
Bi-Lo - Winnsboro, SC

	  	  	  	  	  	  	  	  	  	  
	
68

	  	  	  	
8913

	  	
Fountain Square Shopping Center

	  	  	  	  	  	  	  	  	  	  
	
69

	  	  	  	
9108

	  	
Oregon Trail Village Apartments

	  	  	  	  	  	  	  	  	  	  
	
70

	  	  	  	
9252

	  	
Bond Street Office

	  	  	  	  	  	  	  	  	  	  
	
71

	  	
3

	  	
9253

	  	
EMU Student Housing Portfolio

	  	  	  	  	  	  	  	  	  	  
	
72

	  	  	  	
9082

	  	
359 South La Brea

	  	  	  	  	  	  	  	  	  	  
	
73

	  	  	  	
9034

	  	
Homestead Self Storage

	  	  	  	  	  	  	  	  	  	  
	
75

	  	  	  	
9176

	  	
Davita Dialysis

	  	  	  	  	  	  	  	  	  	  





 




  





  











  










 





EXHIBIT B


  




MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES


 



	
(1)

	
Whole Loan; Ownership of Mortgage Loans.  Except with respect to a Mortgage Loan that is part of a Whole Loan, each Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan.  Each Mortgage Loan that is part of a Whole Loan is a senior or pari passu portion of a whole loan evidenced by a senior or pari passu note.  At the time of the sale, transfer and assignment to Depositor, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to the Seller), participation or pledge, and the Seller had good title to, and was the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment or similar agreement, any Other Pooling and Servicing Agreement with respect to a Non-Serviced Mortgage Loan and rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement.  Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to Depositor constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan other than the rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement.







 



	
(2)

	
Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such Mortgage Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except (i) as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (ii) that certain provisions in such Loan Documents (including, without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance fees, charges and/or premiums) are, or may be, further limited or rendered unenforceable by or under applicable law, but (subject to the limitations set forth in clause (i) above) such limitations or unenforceability will not render such Loan Documents invalid as a whole or materially interfere with the Mortgagee’s realization of the principal benefits and/or security provided thereby (clauses (i) and (ii) collectively, the “Standard Qualifications”).







 


Except as set forth in the immediately preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Loan Documents, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Seller in connection with the origination of the Mortgage Loan, 


 




  





B-1











  






 


that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Loan Documents.


 



	
(3)

	
Mortgage Provisions.  The Loan Documents for each Mortgage Loan contain provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure subject to the limitations set forth in the Standard Qualifications.







 



	
(4)

	
Mortgage Status; Waivers and Modifications.  Since origination and except by written instruments set forth in the related Mortgage File (a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, and related Loan Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially interferes with the security intended to be provided by such Mortgage; (b) no related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the related Mortgagor nor the related guarantor has been released from its material obligations under the Mortgage Loan.







 



	
(5)

	
Lien; Valid Assignment.  Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment of Leases to the Trust Fund constitutes a legal, valid and binding assignment to the Trust Fund.  Each related Mortgage and Assignment of Leases is freely assignable without the consent of the related Mortgagor.  Each related Mortgage is a legal, valid and enforceable first lien on the related Mortgagor’s fee (or if identified on the Mortgage Loan Schedule, leasehold) interest in the Mortgaged Property in the principal amount of such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions to paragraph (6) below (each such exception, a “Title Exception”)), except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-Off Date, to the Seller’s knowledge, is free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below), and, to the Seller’s knowledge and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below).  Notwithstanding anything herein to the contrary, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing statements is required in order to effect such perfection.







 




  





B-2











  






 



	
(6)

	
Permitted Liens; Title Insurance.  Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a “marked up” commitment, in each case binding on the title insurer) (the “Title Policy”) in the original principal amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments due and payable but not yet delinquent; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; (f) if the related Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and (g) if the related Mortgage Loan is part of a Whole Loan, the rights of the holders of the related Companion Loan pursuant to the related Co-Lender Agreement; provided that none of items (a) through (g), individually or in the aggregate, materially and adversely interferes with the value or current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the Mortgagor’s ability to pay its obligations when they become due (collectively, the “Permitted Encumbrances”).  Except as contemplated by clause (f) of the preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage.  Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by the Seller thereunder and no claims have been paid thereunder. Neither the Seller, nor to the Seller’s knowledge, any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy.







 



	
(7)

	
Junior Liens.  It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate mortgages or junior liens, except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, there are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and materialmens liens (which are the subject of the representation in paragraph (5) above), and equipment and other personal property financing).  Except as set forth on Exhibit B-30-1, the Seller has no knowledge of any mezzanine debt secured directly by interests in the related Mortgagor.







 



	
(8)

	
Assignment of Leases and Rents.  There exists as part of the related Mortgage File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related







 




  





B-3











  






 




	
 

	
Assignment of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications.  The related Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.









 



	
(9)

	
UCC Filings.  If the related Mortgaged Property is operated as a hospitality property, the Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, submitted in proper form for filing and/or recording), UCC financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination of the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Mortgage Loan documents or any other personal property leases applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be.  Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described above.  No representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC financing statements are required in order to effect such perfection.







 



	
(10)

	
Condition of Property.  Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within thirteen months of the Cut-Off Date.







 


An engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than thirteen months prior to the Cut-Off Date.  To the Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.


 



	
(11)

	
Taxes and Assessments.  All taxes, governmental assessments and other outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-Off Date have become delinquent in respect of each related Mortgaged Property have been 







 




  





B-4











  






 


paid, or an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon.  For purposes of this representation and warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.


 



	
(12)

	
Condemnation.  As of the date of origination and to the Seller’s knowledge as of the Cut-Off Date, there is no proceeding pending, and, to the Seller’s knowledge as of the date of origination and as of the Cut-Off Date, there is no proceeding threatened, for the total or partial condemnation of such Mortgaged Property that would have a material adverse effect on the value, use or operation of the Mortgaged Property.







 



	
(13)

	
Actions Concerning Mortgage Loan.  As of the date of origination and to the Seller’s knowledge as of the Cut-Off Date, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgagor’s interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Mortgagor’s title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s ability to perform under the related Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal benefit of the security intended to be provided by the Mortgage Loan documents or (f) the current principal use of the Mortgaged Property.







 



	
(14)

	
Escrow Deposits.  All escrow deposits and payments required to be escrowed with Mortgagee pursuant to each Mortgage Loan are in the possession, or under the control, of the Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto) that are required to be escrowed with Mortgagee under the related Loan Documents are being conveyed by the Seller to Depositor or its servicer.







 



	
(15)

	
No Holdbacks.  The principal amount of the Mortgage Loan stated on the Mortgage Loan Schedule has been fully disbursed as of the Closing Date and there is no requirement for future advances thereunder (except in those cases where the full amount of the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the Mortgagor or other considerations determined by Seller to merit such holdback).







 



	
(16)

	
Insurance.  Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting the requirements of the related Loan Documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from Standard & Poor’s Ratings Services (collectively the 







 




  





B-5











  






 


“Insurance Rating Requirements”), in an amount (subject to a customary deductible) not less than the lesser of (1) the original principal balance of the Mortgage Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property.


 


Each related Mortgaged Property is also covered, and required to be covered pursuant to the related Loan Documents, by business interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months).


 


If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as a “Special Flood Hazard Area,” the related Mortgagor  is required to maintain insurance  in the maximum amount available under the National Flood Insurance Program.


 


If the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, the related Mortgagor is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms” issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms.


 


The Mortgaged Property is covered, and required to be covered pursuant to the related Loan Documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by prudent institutional commercial mortgage lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate.


 


An architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the scenario expected limit (“SEL”) for the Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained from an insurer rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-”  by Standard & Poor’s Ratings Services in an amount not less than 100% of the SEL.


 




  





B-6











  






 


The Loan Documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Mortgage Loan (or related Whole Loan), the Mortgagee (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon.


 


All premiums on all insurance policies referred to in this section required to be paid as of the Cut-Off Date have been paid, and such insurance policies name the Mortgagee under the Mortgage Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit of the Trustee.  Each related Mortgage Loan obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes the Mortgagee to maintain such insurance at the Mortgagor’s reasonable cost and expense and to charge such Mortgagor for related premiums.  All such insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the Mortgagee of termination or cancellation arising because of nonpayment of a premium and at least 30 days prior notice to the Mortgagee of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice has been received by Seller.


 



	
(17)

	
Access; Utilities; Separate Tax Lots.  Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access  via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created.







 



	
(18)

	
No Encroachments.  To Seller’s knowledge based solely on surveys obtained in connection with origination and the Mortgagee’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy with escrow instructions or a “marked up” commitment) obtained in connection with the origination of each Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.  No improvements on adjoining parcels encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value 







 




  





B-7











  






 


or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.  No improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.


 



	
(19)

	
No Contingent Interest or Equity Participation.  No Mortgage Loan has a shared appreciation feature, any other contingent interest feature or a negative amortization feature or an equity participation by Seller.







 



	
(20)

	
REMIC.  The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including buildings and structural components thereof, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan (or related Whole Loan) was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)).  If the Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto.  Any prepayment premium and yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2).  All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.







 



	
(21)

	
Compliance with Usury Laws.  The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) of such Mortgage Loan complied as of the date of origination with, or was exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury.







 



	
(22)

	
Authorized to do Business.  To the extent required under applicable law, as of the Cut-Off Date or as of the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold (as applicable) the 







 




  





B-8











  






 


Mortgage Note in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the enforceability of such Mortgage Loan by the Trust.


 



	
(23)

	
Trustee under Deed of Trust.  With respect to each Mortgage which is a deed of trust, as of the date of origination and, to the Seller’s knowledge, as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee.







 



	
(24)

	
Local Law Compliance.  To the Seller’s knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar commercial and multifamily mortgage loans intended for securitization, there are no material violations of applicable zoning ordinances, building codes and land laws (collectively “Zoning Regulations”) with respect to the improvements located on or forming part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan (or related Whole Loan, as applicable) and as of the Cut-Off Date, other than those which (i) are insured by the Title Policy or a law and ordinance insurance policy or (ii) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged Property.  The terms of the Loan Documents require the Mortgagor to comply in all material respects with all applicable governmental regulations, zoning and building laws.







 



	
(25)

	
Licenses and Permits.  Each Mortgagor covenants in the Loan Documents that it shall keep all material licenses, permits and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and to the Seller’s knowledge based upon any of a letter from any government authorities or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar commercial and multifamily mortgage loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect.  The Mortgage Loan requires the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located.







 



	
(26)

	
Recourse Obligations.  The Loan Documents for each Mortgage Loan provide that such Mortgage Loan (a) becomes full recourse to the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis) in any of the following events: (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by the Mortgagor; (ii) Mortgagor or guarantor shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests in Mortgagor 







 




  





B-9











  






 


made in violation of the Loan Documents; and (b) contains provisions providing for recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained by reason of Mortgagor’s (i) misappropriation of rents after the occurrence of an event of default under the Mortgage Loan; (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits or, alternatively, the failure of any security deposits to be delivered to Mortgagee upon foreclosure or action in lieu thereof (except to the extent applied in accordance with leases prior to a Mortgage Loan event of default); (iii) fraud or intentional material misrepresentation; (iv) breaches of the environmental covenants in the Loan Documents; or (v) commission of intentional material physical waste at the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related Mortgaged Property to prevent such waste).


 



	
(27)

	
Mortgage Releases.  The terms of the related Mortgage or related Loan Documents do not provide for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of such Mortgage Loan, (c) upon a Defeasance defined in (32) below, (d) releases of out-parcels that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of the Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order of condemnation or taking by a State or any political subdivision or authority thereof.  With respect to any partial release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would not constitute a “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer can, in accordance with the related Loan Documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x).  For purposes of the preceding clause (x), for all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged Property after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (or related Whole Loan) outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the REMIC Provisions.







 


With respect to any partial release under the preceding clause (e), for all Mortgage Loans originated after December 6, 2010, the Mortgagor can be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the REMIC Provisions and, to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or released to the Mortgagor, if, 


 




  





B-10











  






 


immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the Mortgage Loan (or related Whole Loan).


 


No Mortgage Loan that is secured by more than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits the release of cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to partial condemnation, other than in compliance with the REMIC Provisions.


 



	
(28)

	
Financial Reporting and Rent Rolls.  The Mortgage Loan documents for each Mortgage Loan require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements with respect to each Mortgage Loan with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged Properties on a combined basis.







 



	
(29)

	
Acts of Terrorism Exclusion.  With respect to each Mortgage Loan over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively referred to as “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.  With respect to each other Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, to Seller’s knowledge, do not, as of the Cut-Off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.  With respect to each Mortgage Loan, the related Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required to purchase the maximum amount  of terrorism insurance available with funds equal to the Terrorism Cap Amount.  The “Terrorism Cap Amount”  is the specified percentage (which is at least equal to 200%)  of the amount of the insurance premium that is payable at such time  in respect of the property and business interruption/rental loss insurance required under the related Loan Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance).







 




  





B-11











  






 



	
(30)

	
Due on Sale or Encumbrance.  Subject to specific exceptions set forth below, each Mortgage Loan contains a “due on sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Loan Documents (which provide for transfers without the consent of the Mortgagee which are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Loan Documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Loan Documents, (iii) transfers of less than, or other than, a controlling interest in the related Mortgagor, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Loan Documents or a Person satisfying specific criteria identified in the related Loan Documents, such as a qualified equityholder, (v) transfers of stock or similar equity units in publicly traded companies or (vi) a substitution or release of collateral within the parameters of paragraphs (27) and (32) herein or the exceptions thereto set forth on Exhibit C, or (vii) as set forth on Exhibit B-30-1 by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan, or future permitted mezzanine debt as set forth on Exhibit B-30-2 or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Loan of any Mortgage Loan or any subordinate debt that existed at origination and is permitted under the related Loan Documents, (ii) purchase money security interests (iii) any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, as set forth on Exhibit B-30-3 or (iv) Permitted Encumbrances.  The Mortgage or other Loan Documents provide that to the extent any Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable out-of-pocket fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance.







 



	
(31)

	
Single-Purpose Entity.  Each Mortgage Loan requires the Mortgagor to be a Single-Purpose Entity for at least as long as the Mortgage Loan is outstanding.  Both the Loan Documents and the organizational documents of the Mortgagor with respect to each Mortgage Loan with a Cut-Off Date Principal Balance in excess of $5 million provide that the Mortgagor is a Single-Purpose Entity, and each Mortgage Loan with a Cut-Off Date Principal Balance of $20 million or more has a counsel’s opinion regarding non-consolidation of the Mortgagor.  For this purpose, a “Single-Purpose Entity” shall mean an entity, other than an individual, whose organizational documents (or if the Mortgage Loan has a Cut-Off Date Principal Balance equal to $5 million or less, its organizational documents or the related Loan Documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging in any 







 




  





B-12











  






 


business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Loan Documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Loan Documents, that it has its own books and records and accounts separate and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized and cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity.


 



	
(32)

	
Defeasance.  With respect to any Mortgage Loan that, pursuant to the Loan Documents, can be defeased (a “Defeasance”), (i) the Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions specified in the Loan Documents; (ii) the Mortgage Loan cannot be defeased within two years after the Closing Date; (iii) the Mortgagor is permitted to pledge only United States “government securities” within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled payments under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), and if the Mortgage Loan permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal balance of the Mortgage Loan; (iv) the Mortgagor is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above, (v) if the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan secured by defeasance collateral is required to be assumed (or the Mortgagee may require such assumption) by a Single-Purpose Entity; (vi) the Mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such collateral prior to any other claim or interest; and (vii) the Mortgagor is required to pay all rating agency fees associated with defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses associated with defeasance, including, but not limited to, accountant’s fees and opinions of counsel.







 



	
(33)

	
Fixed Interest Rates.  Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in situations where default interest is imposed.







 



	
(34)

	
Ground Leases.   For purposes of this Exhibit B, a “Ground Lease” shall mean a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and does not 







 




  





B-13











  






 


include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement or other benefit.


 


With respect to any Mortgage Loan where the Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Seller, its successors and assigns, Seller represents and warrants that:


 



	
  

	
(a)

	
The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is acceptable for recording in the applicable jurisdiction.  The Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage.  No material change in the terms of the Ground Lease had occurred since the origination of the Mortgage Loan, except as reflected in any written instruments which are included in the related Mortgage File;







 



	
  

	
(b)

	
The lessor under such Ground Lease has agreed in a writing included in the related Mortgage File (or in such Ground Lease) that the Ground Lease may not be amended or  modified, or canceled or terminated by agreement of lessor and lessee, without the prior written consent of the Mortgagee;







 



	
  

	
(c)

	
The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than 20 years beyond the stated maturity of the related Mortgage Loan, or 10 years past the stated maturity if such Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes);







 



	
  

	
(d)

	
The Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii)  is subject to a subordination, non-disturbance and attornment agreement to which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject;







 



	
  

	
(e)

	
The Ground Lease does not place commercially unreasonably restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder (provided that proper notice is delivered to the extent required in accordance with the Ground Lease), and in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its successors and assigns without the consent of (but with prior notice to) the lessor;







 




  





B-14











  






 



	
  

	
(f)

	
The Seller has not received any written notice of material default under or notice of termination of such Ground Lease.  To the Seller’s knowledge, there is no material default under such Ground Lease and no condition that, but for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease and to the Seller’s knowledge, such Ground Lease is in full force and effect as of the Closing Date;







 



	
  

	
(g)

	
The Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the Mortgagee written notice of any default, and provides that no notice of default or termination is effective against the Mortgagee unless such notice is given to the Mortgagee;







 



	
  

	
(h)

	
The Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the Mortgagee’s receipt of notice of any default before the lessor may terminate the Ground Lease;







 



	
  

	
(i)

	
The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender;







 



	
  

	
(j)

	
Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in subpart (k)) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Loan Documents) the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest;







 



	
  

	
(k)

	
In the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to the ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest; and







 



	
  

	
(l)

	
Provided that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into a new lease with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding.







 




  





B-15











  






 



	
(35)

	
Servicing.  The servicing and collection practices used by the Seller with respect to the Mortgage Loan have been, in all respects, legal and have met customary industry standards for servicing of commercial loans for conduit loan programs.







 



	
(36)

	
Origination and Underwriting.  The origination practices of the Seller (or the related originator if the Seller was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal and as of the date of its origination, such Mortgage Loan (or the related Whole Loan, as applicable) and the origination thereof complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this Exhibit B.







 



	
(37)

	
No Material Default; Payment Record.  No Mortgage Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required debt service payments since origination, and as of the date hereof, no Mortgage Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing Date.  To the Seller’s knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Seller in this Exhibit B (including, but not limited to, the prior sentence).  No person other than the holder of such Mortgage Loan may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Loan Documents.







 



	
(38)

	
Bankruptcy.  As of the date of origination of the related Mortgage Loan and to the Seller’s knowledge as of the Cut-Off Date, neither the Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof, is the subject of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding.







 



	
(39)

	
Organization of Mortgagor.  With respect to each Mortgage Loan, in reliance on certified copies of the organizational documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage Loan (or related Whole Loan, as applicable), the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico.  Except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor.







 




  





B-16











  






 



	
(40)

	
Environmental Conditions.  A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements were conducted by a reputable environmental consultant in connection with such Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, hereinafter “Environmental Condition”) at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true:  (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by the related Mortgagee; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in all material respects prior to the date hereof, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and/or Fitch Ratings, Inc.; (E) a party not related to the Mortgagor was identified as the responsible party for such condition or circumstance and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action.  To Seller’s knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged Property.







 



	
(41)

	
Appraisal.  The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the Mortgage Loan origination date, and within 12 months of the Closing Date.  The appraisal is signed by an appraiser who is a Member of the Appraisal Institute (“MAI”) and, to the Seller’s knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation.  Each appraisal contains a statement, or is 







 




  





B-17











  






 


accompanied by a letter from the appraiser, to the effect that the appraisal was performed in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage Loan was originated.


 



	
(42)

	
Mortgage Loan Schedule.  The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan Schedule attached as an exhibit to this Mortgage Loan Purchase Agreement is true and correct in all material respects as of the Cut-Off Date and contains all information required by the Pooling and Servicing Agreement to be contained therein.







 



	
(43)

	
Cross-Collateralization.  Except with respect to a Mortgage Loan that is part of a Whole Loan, no Mortgage Loan is cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool, except as set forth on Exhibit B-30-3.







 



	
(44)

	
Advance of Funds by the Seller.  After origination, no advance of funds has been made by Seller to the related Mortgagor other than in accordance with the Loan Documents, and, to Seller’s knowledge, no funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Loan Documents).  Neither Seller nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the date hereof.







 



	
(45)

	
Compliance with Anti-Money Laundering Laws.  Seller has complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan.







 


For purposes of these representations and warranties, “Mortgagee” shall mean the mortgagee, grantee or beneficiary under any Mortgage, any holder of legal title to any portion of any Mortgage Loan or, if applicable, any agent or servicer on behalf of such party.


 


For purposes of these representations and warranties, the phrases “the Seller’s knowledge” or “the Seller’s belief” and other words and phrases of like import shall mean, except where otherwise expressly set forth herein, the actual state of knowledge or belief of the Seller, its officers and employees directly responsible for the underwriting, origination, servicing or sale of the Mortgage Loans regarding the matters expressly set forth herein.


 




  





B-18











  










 


Exhibit B-30-1


 


List of Mortgage Loans with Current Mezzanine Debt


 



	
Loan #

	
Mortgage Loan


	
1

	
Stamford Plaza Portfolio


	
3

	
Beverly Connection







 




  





B-30-1-1











  






 


Exhibit B-30-2


 


List of Mortgage Loans with Permitted Mezzanine Debt


 



	
Loan #

	
Mortgage Loan


	
3

	
Beverly Connection







 




  





B-30-2-1











  






 


Exhibit B-30-3


 


List of Cross-Collateralized and Cross-Defaulted Mortgage Loans


 


None.


 




  





B-30-3-1











  








EXHIBIT C


 


EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES


 



	


Representation

	
Mortgage Loan

	
Description of Exception

	 
	 	 	 	 
	
(6) Permitted Liens; Title Insurance

	
Hampton Inn & Suites – Yonkers (Loan No. 8)

	
There is a superior lien on the Mortgaged Property securing the related borrower’s obligation to make certain payments to the City of Yonkers Industrial Development Agency (the “IDA”) under a payment in lieu of taxes (“PILOT”) arrangement.  The IDA has a mortgage on the Mortgaged Property.  Pursuant to a subordination agreement entered into at origination between the related borrower, the IDA and the lender, the PILOT lien is superior to the extent of past due payments owed to the IDA up to $750,000, and payments which are not yet due and delinquent are subordinate to the lien of the Mortgage Loan.

	 
	
 


(6) Permitted Liens; Title Insurance

	
 


Sher Lane (Loan No. 42)

	
 


The Mortgaged Property is subject to a right of first offer in favor of an unrelated third party in the event the related borrower wishes to sell all or any portion of the Mortgaged Property, which right of first offer is subordinate to the lien of the Mortgage Loan and does not apply in the event of a foreclosure or deed in lieu of foreclosure, and the first sale following such foreclosure or deed in lieu of foreclosure.

	 
	
 


(7) Junior Liens

	
 


Hampton Inn & Suites – Yonkers (Loan No. 8)

	
 


There is a superior lien on the Mortgaged Property securing the related borrower’s obligation to make certain payments to the City of Yonkers Industrial Development Agency (the “IDA”) under a payment in lieu of taxes (“PILOT”) arrangement.  The IDA has a mortgage on the Mortgaged Property.  Pursuant to a subordination agreement entered into at origination between the related borrower, the IDA and the lender, the PILOT lien is superior to the extent of past due payments owed to the IDA up to $750,000, and payments which are not yet due and delinquent are subordinate to the lien of the Mortgage Loan.

	 
	
 


(16) Insurance

	
 


Beverly Connection (Loan No. 3)

	
 


The Mortgage Loan documents require the related Mortgaged Property to be covered by property insurance on the related improvements and personal property against any peril included within the classification “Special Form,” Cause of Loss including Wind (including Named Storms), on a replacement cost basis with no coinsurance in an amount equal to 100% of the “Replacement Cost,” with agreed value and no coinsurance, which for purposes of the related loan agreement means actual replacement value (exclusive of costs of land, excavations, foundations, underground utilities and footings).


 


All policies of insurance may be issued by a syndicate of insurers through which (i) at least 75% of the coverage (if there are 4 or fewer members of the syndicate) or at least 60% of the coverage (if there are 5 or more members of the syndicate) is with insurers having ratings of not less than “A” by S&P and “A:X” by A.M. Best (provided that the Mortgagor may utilize Factory Mutual Insurance Co. for so long as it maintains a rating by Fitch of not lower than “A” and by S&P of “Api”) and (ii) the remainder of the coverage is with insurers having ratings 

	 



 




  





C-1











  






 




	


Representation

	
Mortgage Loan

	
Description of Exception

	 








	 	 	
of not less than “BBB+” by S&P and “A-:VIII” by A.M. Best.  Additionally, the required flood hazard insurance may be with any insurance company authorized by the United States government to issue such insurance provided such flood hazard insurance is reinsured by the United States government.


 


The related Mortgagor may maintain property all-risk insurance with a deductible that does not exceed (i) five percent (5%) of the insured value for windstorm and earthquake coverage, and (ii) $100,000 for all other such coverage. The amounts of these deductibles may be considered higher than customary.


 


The related Mortgagor may maintain earthquake insurance with a deductible that does not exceed the greater of (i) $100,000 or (ii) five percent (5%) of the insured value for so long as that threshold is available at commercially reasonable rates (if not available at commercially reasonable rates, then the threshold is capped at ten percent (10%) of the insured value provided that the Mortgagor establishes a reserve with the lender for the difference). The amount of this deductible may be considered higher than customary.


 


The related Mortgagor may maintain flood insurance with a deductible that does not exceed the greater of (i) $25,000 or (ii) the maximum deductible permitted under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as amended plus excess limits with deductibles reasonably acceptable to the lender and no larger than customary for similar policies in the geographic area. The amount of this deductible may be considered higher than customary.


 


The Mortgage Loan documents provide that Mortgagee is entitled to hold and disburse insurance proceeds in excess of 5% of the original principal loan amount (as opposed to the then outstanding loan amount). As the Mortgage Loan amortizes, therefore, the Mortgage Loan documents impose a higher threshold than what the representation states regarding when Mortgagee can hold and disburse the proceeds.  Additionally, in the event that the ground lease requires insurance proceeds to be applied to the restoration of the Mortgaged Property, and so long as the related borrower is neither the ground lessor nor affiliated with the ground lessor, the lender is required to disburse any net proceeds to the borrower for such restoration.

	 
	
 


(24) Local Law Compliance

	
 


Beverly Connection (Loan No. 3)

	
 


There were 2 outstanding zoning violations related to parking as of the origination date.  The Mortgagor is required to use commercially reasonable efforts to satisfy such violations as a post-closing obligation.

	 
	
 


(24) Local Law Compliance

	
 


Loganberry Ridge & Parkside Garden Apartments (Loan No. 13)

	
 


The individual Mortgaged Property identified on Annex A as Parkside Garden Apartments, built in 1949, is considered to be a pre-existing non-conforming use to the current zoning code requirements.  The zoning code states that, seventy-five years after the building was constructed (2024), the Parkside Garden Apartments Mortgaged Property has to be demolished and reconstructed to single family residential property.  In the alternative, the owner has to apply and get the zoning 

	 



 




  





C-2











  







 




	


Representation

	
Mortgage Loan

	
Description of Exception

	 










	 	 	
changed which, according to correspondence with the local municipality, can take approximately 2 months.


 


Under the Mortgage Loan documents, the related borrower is required to undertake to deliver and file any and all documentation with the local municipality necessary in order to amend the zoning code such that the current use (multi-family) will be legally permitted beyond seventy-fifth anniversary of the building’s construction.  The Mortgage Loan documents provide that failure to do so within 1 year of the origination date will result in (i) a full cash sweep, (ii) an event of default, and (iii) full recourse to the three non-recourse carveout guarantors.

	 
	
 


(26) Recourse Obligations

	
 


Stamford Plaza Portfolio (Loan No. 1)

	
 


The Mortgage Loan documents provide that the Mortgage Loan becomes full recourse to the Mortgagor and guarantor for any violation or breach of the transfer provisions which occurs and is caused by (a) any voluntary transfer of fee simple title to all or any material portion of the land and improvements or (b) any sale, conveyance, pledge or similar transfer of the ownership interests in Mortgagor which results in a change of control of Mortgagor (other than a change of control of Mortgagor in accordance with and expressly permitted by the Mortgage Loan documents).

	 
	
 


(26) Recourse Obligations

	
 


Beverly Connection (Loan No. 3)

	
 


(a)(i):  The Mortgage Loan agreement does not provide for recourse in the event that the borrower consents to or otherwise acquiesces to an involuntary bankruptcy petition against the borrower if such petition was filed by the lender or any affiliate of the lender.


 


(a)(iii):  The Mortgage Loan agreement does not provide recourse for a transfer made in violation of the Mortgage Loan documents if (A) such violation results solely from a failure to provide any required notice, a non-consolidation opinion, any other deliveries (including payment of fees) or copies of instruments and/or organizational documents related to such transfer (and but for such failure to provide such item(s), such transfer would otherwise be permitted), and (B) the borrower promptly provides such notice, non-consolidation opinion or other deliveries (including payment of fees) or copies of instruments and/or organizational documents related to such transfer within 10 business days after the lender’s written request therefor.  Additionally, the Mortgage Loan agreement does not provide recourse if the borrower fails to obtain lender’s prior consent to the transfer (to the extent such consent is required under the Mortgage Loan agreement or the mortgage) of any indirect equity interest in the borrower (not to exceed twenty percent (20%) of the equity interests in the borrower at the time of such transfer) which does not result in a change in control of the borrower and the borrower promptly provides to the lender all information reasonably requested by the lender with respect to such transfer within 10 business days after the lender’s written request therefor.


 


(b)(ii): Misappropriation, intentional misapplication or conversion of (i) prepaid rents or rents after an event of default, (ii) condemnation awards or (iii) insurance proceeds is a carveout, in each case only to the extent the rents, proceeds or condemnation awards were received 

	 



 




  





C-3











  







 




	


Representation

	
Mortgage Loan

	
Description of Exception

	 










	 	 	by Mortgagor or certain affiliates or with respect to insurance proceeds and condemnation awards, paid at the direction of the Mortgagor. 

 


(b)(iii): The Mortgage Loan documents provide recourse for losses for fraud or material misrepresentation in writing.


 


(b)(v):  The Mortgage Loan documents do not provide recourse for losses for the commission of intentional material physical waste at the Mortgaged Property, but there is loss recourse for any damage or destruction to the Mortgaged Property after an event of default (other than in the ordinary course of owning and operating the property).


 


Additionally, there are three recourse carveout guarantors, Ben Ashkenazy, Edward S. Gindi and Raymond Gindi.  Under the recourse carveout guaranty, (i) Ben Ashkenazy has no liability for certain of the full recourse items which occur solely as a result of the actions of Edward S. Gindi or an entity controlled by Edward S. Gindi, (ii) Edward S. Gindi has no liability for certain of the full recourse items which occur solely as a result of the actions of Ben Ashkenazy or an entity controlled by Ben Ashkenazy, and (iii) Raymond Gindi only has liability for certain of the full recourse items related to bankruptcy and only if such items occur as a result of the actions of Edward S. Gindi or an entity that Edward S. Gindi controls.

	 
	
 


(28) Financial Reporting and Rent Rolls

	
 


Stamford Plaza Portfolio (Loan No. 1)

	
 


The Mortgage Loan documents require the Mortgagor to provide the holder of the Mortgage Loan with monthly rather than quarterly operating statements and rent rolls.

	 
	
 


(31) Single-Purpose Entity

	
 


Hampton Inn & Suites – Yonkers (Loan No. 8)

	
 


The books and records for the related borrower’s bank accounts and other financial statements have included, and are expected to continue to include, information regarding revenue relating to operations of the lobby-bar at the Mortgaged Property.  The lobby-bar is leased by the related borrower to the affiliated manager of the Mortgaged Property and the revenue generated from such operations has been and is expected to continue to be deposited into the borrower’s bank account, notwithstanding the fact that such funds are the property of the affiliated property manager. 

	 
	
 


(32) Defeasance

	
 


Beverly Connection (Loan No. 3)

	
 


In addition to defeasance in full as a unilateral right of Mortgagor, in connection with a partial release of a portion of the Mortgaged Property, the lender may choose to forego partial defeasance and require partial prepayment with respect to one or more of the notes.

	 
	
 


(34) Ground Leases

	
 


Beverly Connection (Loan No. 3)

	
 


(i) The Mortgagor may sublease the portion of the Mortgaged Property subject to a ground lease without the consent of the ground lessor, except that the ground lessor’s prior written consent is required for any sublease: (i) demising more than 15,000 rentable square feet to a single subtenant, or (ii) with a term of more than 10 years, including options to extend or renew.


 


(k) The Ground Lease provides that if casualty proceeds are in excess of $100,000 (with certain CPI adjustments from 1986) the ground lessor may cause such proceeds 

	 



 




  





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Representation

	
Mortgage Loan

	
Description of Exception

	 










	 	 	to be paid into an escrow account maintained with a reputable bank or trust company designated by the ground lessor, to be made available to carry out repair and restoration (with the excess, if any, being paid to the ground lessee after such repair and restoration is completed).  Additionally, with respect to a total taking, any award is payable (1) first to payment of real estate taxes, (2) second, to the leasehold lender in an amount equal to the lesser of the value of the improvements or the amounts secured by the leasehold mortgage, (3) third, to the ground lessee in an amount equal to the lesser of the value of all improvements or the amounts secured under the leasehold mortgage, (4) fourth, to the ground lessor in an amount equal to (x) the present value of the loss of all future base rents and additional rents due under the Ground Lease through the end of the term of the Ground Lease, plus (y) the value of the ground lessor’s reversionary interest, and (5) fifth, the balance, if any, to the ground lessee.  The Mortgagor has the right to terminate the ground lease after a casualty to the extent that the casualty occurs in the final two years of the lease term and the cost to repair such damage exceeds the base rent paid by Mortgagor for the three calendar months immediately preceding the calendar month in which the damage occurred.  To the extent that the ground lease is terminated pursuant under such circumstances, then all casualty insurance proceeds will be paid to the ground lessor. If the lease is not terminated after a casualty, then all insurance proceeds will be paid to the Mortgagor to restore the Mortgaged Property, subject to the Mortgage Loan documents.	 
	
 


(37) No Material Default; Payment Record

	
 


Hampton Inn & Suites – Yonkers (Loan No. 8)

	
 


The related borrower and its sole member each failed to complete certain publication requirements under the New York limited liability company act in order to qualify to do business in the state of New York.  The Mortgage Loan documents require the related borrower and its sole member to complete such requirements by September 15, 2014.

	 













 




  





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EXHIBIT D


 


FORM OF OFFICER’S CERTIFICATE


 


Citigroup Global Markets Realty Corp. (“Seller”) hereby certifies as follows:


 



	
  

	
1.

	
All of the representations and warranties (except as set forth on Exhibit C) of the Seller under the Mortgage Loan Purchase Agreement, dated as of September 1, 2014 (the “Agreement”), between GS Mortgage Securities Corporation II and Seller, are true and correct in all material respects on and as of the date hereof (or as of such other date as of which such representation is made under the terms of Exhibit B to the Agreement) with the same force and effect as if made on and as of the date hereof (or as of such other date as of which such representation is made under the terms of Exhibit B to the Agreement).







 



	
  

	
2.

	
The Seller has complied in all material respects with all the covenants and satisfied all the conditions on its part to be performed or satisfied under the Agreement on or prior to the date hereof, and no event has occurred which would constitute a default on the part of the Seller under the Agreement.







 



	
  

	
3.

	
Neither the Prospectus, dated September 8, 2014 (the “Base Prospectus”), as supplemented by the Prospectus Supplement, dated September 16, 2014 (the “Prospectus Supplement” and, together with the Base Prospectus, the “Prospectus”), relating to the offering of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ and Class C Certificates, nor the Offering Circular, dated September 16, 2014 (the “Offering Circular”), relating to the offering of the Class X-C, Class X-D, Class D, Class E, Class F, Class G and Class R Certificates, in the case of the Prospectus, as of the date of the Prospectus Supplement or as of the date hereof, or the Offering Circular, as of the date thereof or as of the date hereof, included or includes any untrue statement of a material fact relating to the Mortgage Loans, the related Mortgaged Properties and/or the Seller or omitted or omits to state therein a material fact relating to the Mortgage Loans, the related Mortgaged Properties and/or the Seller required to be stated therein or necessary in order to make the statements therein relating to the Mortgage Loans, the related Mortgaged Properties and/or the Seller, in the light of the circumstances under which they were made, not misleading.







 


Capitalized terms used herein without definition have the meanings given them in the Agreement or, if not defined therein, in the Indemnification Agreement.


 


[SIGNATURE APPEARS ON THE FOLLOWING PAGE]


 




  





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Certified this __ day of September, 2014.


 




	 	
CITIGROUP GLOBAL MARKETS REALTY CORP.


	 	 	 
	 	
By: 

	 
	 	 	Name: 
	 	 	Title: 







 




  





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