Exhibit 4.16


EXECUTION VERSION


 


 


 


 


 


AMENDED AND RESTATED AGREEMENT BETWEEN NOTE
HOLDERS


Dated as of November 30, 2022





by and between






MIDLAND LOAN SERVICES, A DIVISION OF PNC
BANK, NATIONAL ASSOCIATION, 

AS MASTER SERVICER OF BEHALF OF WELLS FARGO BANK, NATIONAL 

ASSOCIATION, AS TRUSTEE FOR THE BENEFIT OF THE
REGISTERED HOLDERS OF 

3650R 2021 – PF1 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH 

CERTIFICATES SERIES 2021-PF1 (Note A-1 Holder)


and


3650 REIT WAREHOUSE FACILITY ENTITY 2A LLC

(Initial Note A-2 Holder)


and


3650 REIT WAREHOUSE FACILITY ENTITY 2A LLC

(Initial Note A-3 Holder)


and


3650 REIT WAREHOUSE FACILITY ENTITY 2A LLC

(Initial Note A-4 Holder)


 


PetSmart HQ




    	 



    


    


 


 


 



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TABLE OF CONTENTS


Page




	Section 1   	Definitions	2
	Section 2   	Servicing of the Mortgage Loan	15
	Section 3   	Priority of Payments	19
	Section 4   	Workout	20
	Section 5   	Administration of the Mortgage Loan	21
	Section 6   	Rights of the Controlling Note Holder; Rights of the Non-Controlling Note Holder	25
	Section 7   	Appointment of Special Servicer	28
	Section 8   	Payment Procedure	28
	Section 9   	Limitation on Liability of the Note Holders	29
	Section 10   	Bankruptcy	30
	Section 11   	Representations of the Note Holders	30
	Section 12   	No Creation of a Partnership or Exclusive Purchase Right	31
	Section 13   	Other Business Activities of the Note Holders	31
	Section 14   	Sale of the Notes	31
	Section 15   	Registration of the Notes and Each Note Holder	34
	Section 16   	Governing Law; Waiver of Jury Trial	35
	Section 17   	Submission To Jurisdiction; Waivers	35
	Section 18   	Modifications	36
	Section 19   	Successors and Assigns; Third Party Beneficiaries	36
	Section 20   	Counterparts	36
	Section 21   	Captions	37
	Section 22   	Severability	37
	Section 23   	Entire Agreement	37
	Section 24   	Withholding Taxes	37
	Section 25   	Custody of Mortgage Loan Documents	38
	Section 26   	Cooperation in Securitization	38
	Section 27   	Notices	39
	Section 28   	Broker	40
	Section 29   	Certain Matters Affecting the Agent	40
	Section 30   	Reserved	40
	Section 31   	Resignation of Agent	40
	Section 32         	Resizing	41



 



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THIS AMENDED AND RESTATED
AGREEMENT BETWEEN NOTE HOLDERS (“Agreement”), dated as of November 30, 2022 by and between Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer on behalf of Wells Fargo Bank, National Association, as trustee for the
benefit of the registered holders of 3650R 2021 – PF1 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2021-PF1
(in its capacity as owner of the Note A-1, the “Note A-1 Holder”), 3650 REIT WAREHOUSE FACILITY ENTITY 2A LLC
(in its capacity as initial owner of the Note A-2, the “Initial Note A-2 Holder”), 3650 REIT WAREHOUSE FACILITY ENTITY
2A LLC (in its capacity as initial owner of the Note A-3, the “Initial Note A-3 Holder”) and 3650 REIT WAREHOUSE FACILITY
ENTITY 2A LLC (in its capacity as initial owner of the Note A-4, the “Initial Note A-4 Holder” and, together with the
Initial Note A-2 Holder and the Initial Note A-3 Holder, the “Initial Note Holders” and, together with the Note A-1
Holder, the Initial Note A-2 Holder and the Initial Note A-3 Holder, the “Note Holders”).


W I T N E S S E T H:


WHEREAS, pursuant to the
Mortgage Loan Agreement (as defined herein), 3650 Real Estate Investment Trust 2 LLC (“3650 REIT”) originated
a certain loan (the “Mortgage Loan”) described on the schedule attached hereto as Exhibit A (the “Mortgage
Loan Schedule”) to the mortgage loan borrower described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”),
which as of the date of the Original Agreement was evidenced, inter alia, by: (i) one promissory note in the original
principal amount of $23,000,000 (as amended, modified or supplemented, “Note A-1”) made by the Mortgage Loan
Borrower in favor of 3650 REIT WAREHOUSE FACILITY ENTITY 2A LLC (in its capacity as initial owner of Note A-1, the “Initial
Note A-1 Holder”), (ii) one promissory note in the original principal amount of $22,650,000 (as amended, modified or supplemented,
“Original Note A-2”) and (iii) one promissory note in the original principal amount of $22,350,000 (as amended,
modified or supplemented, “Note A-3”) made by the Mortgage Loan Borrower in favor of the Initial Note A-3
Holder and secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain real property
located as described on the Mortgage Loan Schedule and commonly known as “PetSmart HQ” (the “Mortgaged Property”);


WHEREAS,
3650 REIT WAREHOUSE FACILITY ENTITY 2A LLC, as the Initial Note A-1 Holder
(and in its capacity as the initial agent, the “Initial Agent”), 3650 REIT WAREHOUSE FACILITY ENTITY 2A LLC
(in its capacity as initial owner of the Original Note A-2, the “Original Note A-2 Holder”),
as the Original Note A-2 Holder and 3650 REIT WAREHOUSE FACILITY ENTITY 2A LLC (in its capacity as initial owner of the Note A-3
Note, the “Initial Note A-3 Holder”), as the Initial Note
A-3 Holder entered into a co-lender agreement (the “Original Agreement”), dated as of November 18, 2021, to memorialize
the terms under which the Initial Note A-1 Holder, the Original Note A-2 Holder and the Initial Note A-3 Holder would hold the Note A-1,
the Original Note A-2, and the Note A-3, respectively;


WHEREAS, 3650 REIT WAREHOUSE
FACILITY ENTITY 2A LLC, as the Original Note A-2 Holder (and pursuant to Section 32 of the Original Agreement), severed the Original Note
A-2 into two component promissory notes (Note A-2, in the original principal







    	 



     


    


amount of $10,000,000 (“Note A-2”)
and Note A-4, in the original principal amount of $12,650,000 (“Note A-4”), together, the “Replacement Notes”)
and replaced the Original Note A-2 with the Replacement Notes and caused the Borrower to execute the Replacement Notes, which Replacement
Notes each have the same interest rate as the Original Note A-2. Note A-1, Note A-3 and the Replacement Notes are collectively referred
to herein as the “Notes”;


WHEREAS, the Initial Note
A-1 Holder sold, transferred and assigned its right, title and interest in and to Note A-1 to 3650 REIT, and 3650 REIT sold, transferred
and assigned its right, title and interest in and to Note A-1 to 3650 REIT Commercial Mortgage Securities II LLC (the “Depositor”),
as depositor, pursuant to a Mortgage Loan Purchase Agreement dated as of November 18, 2021, by and between the Depositor, as purchaser,
and 3650 REIT (directly or through an affiliate), as seller, and the Depositor transferred its right, title and interest in and to Note A-1
to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer on behalf of Wells Fargo Bank, National Association
, as trustee for the 3650R 2021-PF1 Commercial Mortgage Trust under a pooling and servicing agreement, dated as of November 1, 2021 (the
“Note A-1 PSA”), among the Depositor, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, 3650 REIT Loan Servicing LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator
and trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer;


WHEREAS, the Initial Note A-2
Holder intends to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-2 to a depositor who
will in turn transfer the same to a trust as part of the securitization of one or more mortgage loans;


WHEREAS, the Initial Note A-3
Holder intends to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-3 to a depositor who
will in turn transfer the same to a trust as part of the securitization of one or more mortgage loans;


WHEREAS, the Initial Note A-4
Holder intends to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-4 to a depositor who
will in turn transfer the same to a trust as part of the securitization of one or more mortgage loans;


WHEREAS, the Note A-1 Holder,
the Initial Note A-2 Holder, the Initial Note A-3 Holder and the Initial Note A-4 Holder desire to enter into this Agreement to (1) memorialize
the terms under which they, and their successors and assigns, shall hold Note A-1, Note A-2, Note A-3 and Note A-4, respectively,
and (2) amend, restate and supersede the terms of the Original Agreement;


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


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




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“3650 REIT”
shall mean 3650 Real Estate Investment Trust 2 LLC.


“Acceptable Insurance
Default” shall have the meaning set forth in the Lead Securitization Servicing Agreement.


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


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


“Agent Office”
shall mean the designated office of the Agent, which office at the date of this Agreement is located at 3650 Real Estate Investment Trust
2 LLC, 2977 McFarlane Road, Suite 300, Coconut Grove, Florida 33133, Attention: Legal Department, Email: compliance@3650REIT.com, and
which is the address to which notices to and correspondence with the Agent should be directed. The Agent may change the address of its
designated office by notice to the Note Holders.


“Agreement”
shall mean this Agreement between Note Holders, any exhibits and schedules hereto and all amendments hereof and supplements hereto.


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


“Asset Representations
Reviewer” shall mean the asset representations reviewer appointed as provided in the Lead Securitization Servicing Agreement
and any successor thereunder.


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


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


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


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


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


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




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“Companion Distribution
Account” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.


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


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


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


“Control”
shall mean the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership interests
of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of
an entity, whether through the ability to exercise voting power, by contract or otherwise.


“Controlling Class
Representative” shall have the meaning assigned to the term “Directing Certificateholder” in the Lead Securitization
Servicing Agreement.


“Controlling Note
Holder” shall mean the Note A-1 Holder; provided that at any time Note A-1 is included in a Securitization,
the rights of the Controlling Note Holder under this Agreement may be exercised by the “Directing Certificateholder” or any
other party assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to the extent provided
in the Lead Securitization Servicing Agreement. If at any time 50% or more of Note A-1 is held by the Mortgage Loan Borrower or an Affiliate
of the Mortgage Loan Borrower, the Note A-1 Holder shall not be entitled to exercise any rights of the Controlling Note Holder and neither
the Note A-1 Holder nor any other person shall be entitled to exercise the rights of the Controlling Note Holder (and the Lead Securitization
Servicing Agreement shall contain limitations on the rights of the Controlling Note Holder that can be exercised by a certificateholder
that is the Mortgage Loan Borrower or has certain relationships with the Mortgage Loan Borrower).


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


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


“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, 3650 REIT Commercial Mortgage Securities II LLC, (ii) with respect to
the Note A-2 Securitization, the depositor under the Note A-2 PSA, (iii) with respect to the Note A-3 Securitization, the depositor
under the Note A-3 PSA and (iv) with respect to the Note A-4 Securitization, the depositor under the Note A-4 PSA.


“Determination Date”,
with respect to any Securitization, shall have the meaning assigned to such term (or such equivalent term) in the applicable Securitization
Servicing Agreement.




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


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


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


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


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


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


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


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


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


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


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




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


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


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


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


“Lead Securitization
Note” shall mean Note A-1.


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


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


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


“Lead Securitization
Subordinate Class Representative” shall mean the “Controlling Class Representative” or other analogous term used
in the Lead Securitization Servicing Agreement.


“Lead Securitization
Trust” shall mean the trust established under the Lead Securitization Servicing Agreement.


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


“Major Decisions”
shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.


“Master Servicer”
shall mean the master servicer appointed as provided in the Lead Securitization Servicing Agreement and any successor thereunder.


“Master Servicer
Remittance Date” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.


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


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




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


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


“Mortgage Loan Agreement”
shall mean the Loan Agreement, dated as of March 31, 2021, between BDC/Phoenix II, LLC, as Borrower, and 3650 Real Estate Investment
Trust 2 LLC, as Lender, as the same may be further amended, restated, supplemented or otherwise modified from time to time, subject to
the terms hereof.


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


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


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


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


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


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


“Nonrecoverable
Servicing Advance” shall have the meaning assigned to such term (or such equivalent term) in the Lead Securitization Servicing
Agreement.


“Non-Controlling
Note Holder” shall mean each Note Holder other than the Controlling Note Holder; provided that at any time a Non-Controlling
Note is included in a Securitization, the consultation and other rights of the “Non-Controlling Note Holder” under this Agreement
may be exercised by the Directing Certificateholder under the related Non-Lead Securitization Servicing Agreement or any other party assigned
the rights to exercise the rights of the “Non-Controlling Note Holder” hereunder, as and to the extent provided in the related
Non-Lead Securitization Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer
and the Special Servicer) has been given written notice.


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


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




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


“Non-Lead Certificate
Administrator” shall mean the “certificate administrator” under any Non-Lead Securitization Servicing Agreement.


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


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


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


“Non-Lead Securitization”
shall mean the Note A-2 Securitization, the Note A-3 Securitization and the Note A-4 Securitization.


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


“Non-Lead Securitization
Note” shall mean Note A-2, Note A-3 and Note A-4.


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


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


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


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


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


“Note A-1 Holder”
shall have the meaning assigned to such term in the preamble to this Agreement or any subsequent holder of Note A-1, as applicable.


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


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




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


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


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


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


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


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


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


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


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


“Note A-3 Holder”
shall mean the Initial Note A-3 Holder or any subsequent holder of Note A-3, as applicable.


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


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


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


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


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




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“Note A-4 Holder”
shall mean the Initial Note A-4 Holder or any subsequent holder of Note A-4, as applicable.


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


“Note A-4 PSA”
shall mean the “pooling and servicing agreement” entered into in connection with the Note A-4 Securitization.


“Note A-4 Securitization”
shall mean the first sale by the Note A-4 Holder of all or a portion of Note A-4 to a depositor, who will in turn include such
portion of Note A-4 as part of the securitization of one or more mortgage loans.


“Note A-4 Securitization
Date” shall mean the closing date of the Note A-4 Securitization.


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


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


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


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


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


“Operating Advisor”
shall mean the operating advisor or its successor in interest, or any successor appointed as provided in the Lead Securitization Servicing
Agreement.


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


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


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


“Percentage Interest”
shall mean, (i) with respect to the Note A-1 Holder, a fraction, expressed as a percentage, the numerator of which is the Note A-1
Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance,
the Note A-3 Principal Balance and the Note A-4 Principal Balance, (ii) with




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respect to the Note A-2 Holder, a fraction,
expressed as a percentage, the numerator of which is the Note A-2 Principal Balance and the denominator of which is the sum of the
Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance and the Note A-4 Principal Balance,
(iii) with respect to the Note A-3 Holder, a fraction, expressed as a percentage, the numerator of which is the Note A-3 Principal
Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note
A-3 Principal Balance and the Note A-4 Principal Balance, and (iv) with respect to the Note A-4 Holder, a fraction, expressed as
a percentage, the numerator of which is the Note A-4 Principal Balance and the denominator of which is the sum of the Note A-1
Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance and the Note A-4 Principal Balance.


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


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


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


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


(a)              
an entity Controlled (as defined below) by any of the Initial Note Holders, or


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


(c)              
one or more of the following:


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




    	 	-11-	 



     


    

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


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


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


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


in the case of any entity referred to in clause (c)(i),
(ii), (iii), (iv)(B) or (v) of this definition, (x) such entity has at least $200,000,000 in capital/statutory surplus or shareholders’
equity (except with respect to a pension advisory firm or similar fiduciary) and at least $600,000,000 in total assets (in name or under
management), and (y) is regularly engaged in the business of making or owning commercial real estate loans (or interests therein)
similar to the Mortgage Loan (or mezzanine loans with respect thereto) or owning or operating commercial real estate




    	 	-12-	 



     


    

properties; provided that, in the case
of the entity described in clause (iv)(B) above, the requirements of this clause (y) may be satisfied by a general partner,
managing member, or the fund manager responsible for the day-to-day management and operation of such entity; or


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


“Qualified Trustee”
shall mean (i) a corporation, national bank, national banking association or a trust company, organized and doing business under
the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the
trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by federal or
state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose long-term
senior unsecured debt is rated either of the then in effect top two rating categories of each of the applicable Rating Agencies.


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


“Rating Agency Confirmation”
shall mean each of the applicable Rating Agencies shall have confirmed in writing that the occurrence of the event with respect to which
such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal of the applicable rating or ratings
ascribed by such Rating Agency to any of the Certificates then outstanding. In the event that no Certificates are outstanding, any action
that would otherwise require a Rating Agency Confirmation shall require the consent of the holder of Note A-1, which consent shall not
be unreasonably withheld, conditioned or delayed.


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




    	 	-13-	 



     


    

declination or refusal to review or otherwise
engage in any subsequent request for such Rating Agency Confirmation hereunder and the condition for such Rating Agency Confirmation pursuant
to this Agreement for any subsequent request shall apply regardless of any previous waiver, declination or refusal to review or otherwise
engage in such prior request.


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


“Regulation AB”
shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB),
17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation
as have been provided by the Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time
to time; provided, however, that nothing in this definition suggests or mandates early compliance with any provision of
the rules.


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


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


“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, within the twelve (12) month period prior to the date of determination, such special
servicer has acted as special servicer for one or more loans included in a commercial mortgage loan securitization that was rated by Moody’s
and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any
class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial
mortgage loans, (iv) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor
in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings
downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination, and (v)
in the case of DBRS Morningstar, the replacement special servicer either (a) has a then-current special servicer ranking of at least “MOR
CS3” by DBRS Morningstar (if ranked by DBRS Morningstar) or (b) is currently acting as special servicer on a transaction-level basis
on a commercial mortgage loan securitization currently rated by DBRS Morningstar that currently has securities outstanding and for which
DBRS Morningstar has not downgraded or withdrawn the then current rating on any class of commercial mortgage securities or placed any
class of commercial mortgage securities on watch citing the continuation of such special servicer as the sole or material factor in any
qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade
or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination.


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




    	 	-14-	 



     


    

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


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


“Securitization”
shall mean the Note A-1 Securitization, the Note A-2 Securitization, the Note A-3 Securitization or the Note A-4 Securitization,
as applicable.


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


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


“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which Note A-1, Note A-2, Note A-3 or Note
A-4 is held.


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


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


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


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


“Servicing Standard”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement. The Servicing Standard
in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan,
must take into account the interests of each Note Holder.


“Special Servicer”
shall mean the special servicer or its successor in interest, or any successor appointed as provided in the Lead Securitization Servicing
Agreement.


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


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




    	 	-15-	 



     


    

“Trustee”
shall mean the trustee or its successor in interest, or any successor Trustee appointed as provided in the Lead Securitization Servicing
Agreement.


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


Section 2.                
Servicing of the Mortgage Loan.


(a)               Each
Note Holder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced from and after the Lead Securitization
Date by the Lead Securitization Master Servicer and the Lead Securitization Special Servicer pursuant to the terms of this Agreement
and the terms of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges that any other Note Holder may elect, in
its sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section 26, reasonably cooperate
with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization. Subject to the terms and conditions
of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee under the Lead Securitization Servicing Agreement
by the Depositor and the appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably cooperate with the
Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization
Servicing Agreement. In no event shall the Lead Securitization Servicing Agreement require the Servicer to enforce the rights of any
Note Holder or limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder; however, this statement shall
not be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder. Each Servicer shall be required
pursuant to the Lead Securitization Servicing Agreement to service the Mortgage Loan in accordance with the Servicing Standard, the terms
of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable law, and shall not take any action or refrain
from taking any action or follow any direction inconsistent with the foregoing.


If, at any time that the
Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree to cause the
Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders, pursuant to a servicing
agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement and all references herein to the
“Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement; provided, however,
that if a Non-Lead Securitization Note is in a Securitization, then a written confirmation shall have been obtained from each Rating Agency
that the appointment of the servicer(s) pursuant to such servicing agreement would not, in and of itself, cause a downgrade, qualification
or withdrawal




    	 	-16-	 



     


    

of the then-current ratings assigned to the
securities issued in connection with such Securitization; provided, further, however, that until a replacement servicing
agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions
of the Lead Securitization Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan,
by the Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder that is a qualified servicer
meeting the requirements of the Lead Securitization Servicing Agreement.


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


In addition, the Non-Lead
Securitization Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead Securitization Note is deposited)
shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for such Non-Lead Securitization
Note Holder’s pro rata share of any fees, costs or expenses incurred in connection with the servicing and administration
of the Mortgage Loan as to which the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor, the Asset Representations Reviewer or the Depositor, as applicable, is entitled to be reimbursed pursuant to the Lead Securitization
Servicing Agreement, to the extent amounts on deposit in the Collection Account or Companion Distribution Account that are allocated to
the related Non-Lead Securitization Note are insufficient for reimbursement of such amounts. The Non-Lead Securitization Note Holder agrees
to indemnify (as and to the same extent the Lead Securitization Trust is required to indemnify each of the following parties in respect
of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement) each of
the Depositor under the Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer, the Certificate Administrator,




    	 	-17-	 



     


    

the Operating Advisor, the Asset Representations
Reviewer and the Trustee (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified
as indemnified parties in the Lead Securitization Servicing Agreement in respect of other mortgage loans) (the “Indemnified
Parties”) against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other
costs, liabilities, fees and expenses incurred in connection with servicing and administration of the Mortgage Loan (or, with respect
to the Operating Advisor or the Asset Representations Reviewer, incurred in connection with the provision of services for the Mortgage
Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”) to the extent of its
pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Collection Account or Companion Distribution
Account that are allocated to the related Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the Non-Lead
Securitization Note Holder shall be required to, promptly following notice from the Master Servicer, reimburse each of the applicable
Indemnified Parties for its pro rata share of the insufficiency; provided, however, that the Non-Lead Securitization
Note Holder’s duty to pay Indemnified Items to the Operating Advisor shall be subject to any limitations and conditions (including
limitations and conditions with respect to the timing of such payments and the sources of funds for such payments) as may be set forth
from time to time in the Non-Lead Securitization Servicing Agreement.


Any Non-Lead Master Servicer
may be required to make P&I Advances on the respective Non-Lead Securitization Note, from time to time, subject to the terms of the
related Non-Lead Securitization Servicing Agreement, the Lead Securitization Servicing Agreement and this Agreement. The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determination with respect to
a P&I Advance to be made on the Lead Securitization Note based on the information that they have on hand and in accordance with the
Lead Securitization Servicing Agreement. Any Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee under any Non-Lead
Securitization Servicing Agreement, as applicable, shall be entitled to make its own recoverability determination with respect to a P&I
Advance to be made on the related Non-Lead Securitization Note based on the information that they have on hand and in accordance with
the Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee, as applicable, and any Non-Lead Master Servicer
or the Non-Lead Trustee, as applicable, shall be required to notify the other of the amount of its P&I Advance within two Business
Days of making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization
Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer or the Non-Lead Trustee, as applicable (with respect to the Non-Lead Securitization
Note), determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would be
non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed
Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, then the Master Servicer
or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the
Master Servicer, the Special Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead Trustee (as provided in the related
Non-Lead Securitization Servicing Agreement, in the case of the a determination of non-recoverability by a Non-Lead Master Servicer, a
Non-Lead Special Servicer or a Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or the related Non-Lead Master Servicer
and the related Non-Lead Trustee, as the case may be, of such other Securitization




    	 	-18-	 



     


    

within two Business Days of making such determination.
Each of the Master Servicer and the Trustee, any Non-Lead Master Servicer and any Non-Lead Trustee, as applicable, shall only be entitled
to reimbursement for a P&I Advance that becomes non-recoverable first from the Collection Account or Companion Distribution
Account from amounts allocable to the Note for which such P&I Advance was made, and then, if funds are insufficient, (i) in
the case of the Lead Securitization Note, from general collections of the Lead Securitization Trust, pursuant to the terms of the Lead
Securitization Servicing Agreement and (ii) in the case of the Non-Lead Securitization Note, from general collections of the related Securitization
Trust, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.


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


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


(ii)               each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify each
of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization
Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any “additional trust fund expenses”
with respect to the Mortgage Loan) by any Non-Lead Securitization Trust, against any of the Indemnified Items to the extent of its pro
rata share of such Indemnified Items, and to the extent amounts on deposit in the “Serviced Pari Passu Companion Loan Custodial
Account” are insufficient for reimbursement of such amounts, the related Non-Lead




    	 	-19-	 



     


    

Master Servicer will be required to
reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency out of general funds in the collection
account (or equivalent account) established under such Non-Lead Securitization Servicing Agreement; provided, however,
that the Non-Lead Securitization Servicing Agreement may include limitations and conditions on the payment or reimbursement of Indemnified
Items to the Operating Advisor (including limitations and conditions with respect to the timing of such payments or reimbursements and
the sources of funds for such payments or reimbursements);


(iii)           
the related Non-Lead Certificate Administrator will be required to deliver to the Trustee, the Certificate Administrator, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer and Master Servicer notice of any subsequent change in the identity
of the Non-Lead Master Servicer or the party designated to exercise the rights of the “Non-Controlling Note Holder” with respect
to such Non-Lead Securitization Note under this Agreement (together with the relevant contact information);


(iv)           
any matter affecting the servicing and administration of the Mortgage Loan that requires delivery of a Rating Agency Confirmation
pursuant to the Lead Securitization Servicing Agreement shall also require delivery of a Rating Agency Confirmation under any Non-Lead
Securitization Servicing Agreement; and


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


(d)              
The Lead Securitization Servicing Agreement shall contain the provisions and comply with the terms set forth on Schedule I to this
Agreement.


(e)              
If the Note A-2 Securitization or the Note A-3 Securitization occurs prior to the Note A-1 Securitization, the Note A-1 Holder
shall provide the Depositor, the Master Servicer and the Special Servicer under the Note A-2 PSA and/or the Note A-3 PSA, as applicable
(provided such party is not also a party to the Note A-1 PSA) notice of the Note A-1 Securitization in writing (which may be by e-mail)
promptly following the Note A-1 Securitization Date. Such notice shall contain contact information for each of the parties to the Note
A-1 PSA. In addition, if the Note A-2 Securitization and/or the Note A-3 Securitization occurs prior to the Note A-1 Securitization, then
after the Note A-1 Securitization Date, the Note A-1 Holder shall send a copy of the Note A-1 PSA to the Depositor, the Master Servicer
and the Special Servicer under the Note A-2 PSA or the Note A-3 PSA, as applicable (provided such party is not also a party to the Note
A-1 PSA).


Section 3.               
Priority of Payments. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference
over any portion of any other Note or security therefor.  All amounts tendered by the Mortgage Loan Borrower or otherwise available
for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof,
whether received in the form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit
or other collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or




    	 	-20-	 



     


    

Insurance Proceeds (other than proceeds, awards
or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance
with the terms of the Mortgage Loan Documents), but excluding (x) all amounts for required reserves or escrows required by the Mortgage
Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents) to be held as reserves or escrows or received
as reimbursements on account of recoveries in respect of property protection expenses or Servicing Advances then due and payable or reimbursable
to the Trustee or any Servicer under the Lead Securitization Servicing Agreement and (y) all amounts that are then due, payable or
reimbursable (except for (i) any reimbursements of P&I Advances (and interest thereon) made with respect to any Note, which may only
be reimbursed out of payments and collections allocable to such Note, (ii) any Servicing Fees due to the Master Servicer in excess of
any Non-Lead Securitization Note’s pro rata share of that portion of such Servicing Fees calculated at the Servicing Fee
Rate applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement) to any Servicer (or the Trustee as successor
to the Servicer), with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement (including without limitation,
any additional trust fund expenses relating to the Mortgage Loan and any Special Servicing Fees, Liquidation Fees, Workout Fees, Penalty
Charges (to the extent provided in the immediately following paragraph), amounts paid by the Borrower in respect of modification fees
or assumption fees and any other additional compensation payable pursuant to the Lead Securitization Servicing Agreement), shall be applied
by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis.


Penalty Charges (as defined
in the Lead Securitization Servicing Agreement) paid shall be allocated to the Notes on a Pro Rata and Pari Passu Basis and applied first,
to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the Master Servicer, the Trustee
or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with
the terms of the Lead Securitization Servicing Agreement, second, to reduce the respective amounts payable on each Note by the
amount necessary to pay the Master Servicer, Trustee, any Non-Lead Master Servicer or any Non-Lead Trustee, as applicable, for any interest
accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization Servicing
Agreement or applicable Non-Lead Securitization Servicing Agreement, as applicable), third, to reduce, on a pro rata basis,
the amounts payable on each Note by the amount necessary to pay “additional trust fund expenses” (other than Special Servicing
Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing
Agreement) and finally, in the case of the remaining amount of Penalty Charges, be paid to the Master Servicer and/or the Special
Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement.


Section 4.               
Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Lead
Securitization Servicing Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Securitization Note
Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i)
the principal balance of the Mortgage Loan is decreased, (ii) the Interest Rate is reduced, (iii) payments of interest or principal on
any Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment




    	 	-21-	 



     


    

terms of the Mortgage Loan, such modification
shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the equal priorities of each Note
as described in Section 3.


Section 5.               
Administration of the Mortgage Loan.


(a)              
Subject to this Agreement (including but not limited to Section 5(b)) and the Lead Securitization Servicing Agreement and
subject to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization Note Holder
(or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall have the sole
and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan,
including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any
action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default,
accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and the Non-Lead Securitization Note Holder shall have
no voting, consent or other rights whatsoever except as explicitly set forth herein with respect to the Lead Securitization Note Holder’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Lead Securitization
Servicing Agreement, the Non-Lead Securitization Note Holder agrees that it shall have no right to, and the Non-Lead Securitization Note
Holders each hereby presently and irrevocably assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the
Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has
to, (i) call or cause the Lead Securitization Note Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise
any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead
Securitization Note Holder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization Note Holder (or
the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall not have any fiduciary
duty to the Non-Lead Securitization Note Holder in connection with the administration of the Mortgage Loan (but the foregoing shall not
relieve the Lead Securitization Note Holder from the obligation to make any disbursement of funds as set forth herein or its obligation
to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or any liability for failure to do so).


Each Note Holder hereby
irrevocably appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its
behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of the Note Holder set forth herein and in
the Lead Securitization Servicing Agreement).


Upon the Mortgage Loan
becoming a Defaulted Loan, the Non-Lead Securitization Note Holder hereby acknowledges the right and obligation of the Lead Securitization
Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) to sell the Notes together as notes evidencing
one whole loan in accordance with




    	 	-22-	 



     


    

the terms of the Lead Securitization Servicing
Agreement. In connection with any such sale, the Special Servicer shall be required to sell the Notes together as notes evidencing one
whole loan and shall require that all offers be submitted to the Trustee in writing.


The Lead Securitization
Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) shall not be permitted to sell the Mortgage
Loan without the written consent of the Non-Lead Securitization Note Holders unless the Special Servicer has delivered to such Non-Lead
Securitization Note Holders: (a) at least fifteen (15) Business Days prior written notice of any decision to attempt to sell the Mortgage
Loan; (b) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid
packages) received by the Special Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed
sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Servicing File requested by such Non-Lead
Securitization Note Holders and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to
other offerors and the related “Subordinate Class Representative” (or other similar term)) prior to the proposed sale date,
all information and other documents being provided to other offerors and all leases or other documents that are approved by the Master
Servicer or the Special Servicer in connection with the proposed sale provided, that such Non-Lead Securitization Note Holders
may waive any of the delivery or timing requirements set forth in this sentence. Subject to the foregoing, each of the Controlling Note
Holder, the Controlling Note Holder Representative, the Non-Lead Securitization Note Holders and any Non-Controlling Note Holder Representative
shall be permitted to bid at any sale of the Mortgage Loan unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of
the Mortgage Loan Borrower.


Each Note Holder (to
the extent it is not the same entity as the Lead Securitization Note Holder) hereby appoints the Lead Securitization Note Holder as its
agent, and grants to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and its proxy, for
the purpose of soliciting and accepting offers for and consummating the sale of its Note. Each Note Holder (to the extent it is not the
same entity as the Lead Securitization Note Holder) further agrees that, upon the request of the Lead Securitization Note Holder, such
Note Holder shall execute and deliver to or at the direction of Lead Securitization Note Holder such powers of attorney or other instruments
as the Lead Securitization Note Holder may reasonably request to better assure and evidence the foregoing appointment and grant, in each
case promptly following request, and shall deliver its original Note, endorsed in blank, to or at the direction of the Lead Securitization
Note Holder in connection with the consummation of any such sale.


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




    	 	-23-	 



     


    

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


(b)              
The Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be required:


(i) to provide copies
of any notice, information and report that it is required to provide to the Lead Securitization Subordinate Class Representative pursuant
to the Lead Securitization Servicing Agreement with respect to any Major Decisions or the implementation of any recommended actions outlined
in an Asset Status Report relating to the Mortgage Loan, to the Non-Lead Securitization Note Holder (or its related Note Holder Representative),
within the same time frame it is required to provide to the Lead Securitization Subordinate Class Representative (for this purpose, without
regard to whether such items are actually required to be provided to the Lead Securitization Subordinate Class Representative under the
Lead Securitization Servicing Agreement due to the expiration of a Control Termination Event or a Consultation Termination Event) and


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


Notwithstanding the consultation
rights of the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately preceding




    	 	-24-	 



     


    

sentence, the Lead Securitization Note Holder
(or Master Servicer or Special Servicer, acting on its behalf) may take any Major Decision or any action set forth in the Asset Status
Report before the expiration of the aforementioned ten (10) Business Day period if the Lead Securitization Note Holder (or Master Servicer
or Special Servicer, as applicable) determines that immediate action with respect thereto is necessary to protect the interests of the
Note Holders. In no event shall the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf) be
obligated at any time to follow or take any alternative actions recommended by the Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative).


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


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


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




    	 	-25-	 



     


    

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


Section 6.               
Rights of the Controlling Note Holder; Rights of the Non-Controlling Note Holder.


(a)              
The Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its
rights and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling Note Holder
Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling Note Holder may,
at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder Representative may be
any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage Loan Borrower), including, without limitation,
the Controlling Note Holder, any officer or employee of the Controlling Note Holder, any affiliate of the Controlling Note Holder or any
other unrelated third party. No such Controlling Note Holder Representative shall owe any fiduciary duty or other duty to any other Person
(other than the Controlling Note Holder). All actions that are permitted to be taken by the Controlling Note Holder under this Agreement
may be taken by the Controlling Note Holder Representative acting on behalf of the Controlling Note Holder. No Servicer acting on behalf
of the Lead Securitization Note Holder shall be required to recognize any Person as a Controlling Note Holder Representative until the
Controlling Note Holder has notified the Servicer or Trustee of such appointment and, if the Controlling Note Holder Representative is
not the same Person as the Controlling Note Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written
confirmation of its acceptance of such appointment, an address and telecopy number for the delivery of notices and other correspondence
and a list of officers or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work
addresses and telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of




    	 	-26-	 



     


    

the Servicers, Operating Advisor and Trustee
shall be required to recognize any person as a Controlling Note Holder Representative until they receive such information from the Controlling
Note Holder. The Controlling Note Holder agrees to inform each such Servicer, Operating Advisor or Trustee of the then-current Controlling
Note Holder Representative. So long as a Control Termination Event is not in effect pursuant to the terms of the Lead Securitization Servicing
Agreement, the Controlling Note Holder Representative shall be the Lead Securitization Subordinate Class Representative.


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


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


For so long as the Note A-1
Holder is the Controlling Note Holder, Note A-2 is included in the Note A-2 Securitization, Note A-3 is included in the Note A-3 Securitization
and Note A-4 is included in the Note A-4 Securitization the “Directing Certificateholder” or other designated party under
the Note A-2 PSA, the Note A-3 PSA or the Note A-4 PSA shall be the Non-Controlling Note Holder Representative.




    	 	-27-	 



     


    

The Lead Securitization Note
Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with more than
one party exercising the rights of the “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing Agreement
and, (x) to the extent that the related Non-Lead Securitization Servicing Agreement assigns such rights to more than one party or (y)
to the extent any of Note A-2, Note A-3 or Note A-4 are split into two or more New Notes pursuant to Section 32, for purposes
of this Agreement, the Non-Lead Securitization Servicing Agreement or the holders of such New Notes shall designate one party to deal
with Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) and provide written notice
of such designation to the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer acting on its behalf); provided
that, in the absence of such designation and notice, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer
acting on its behalf) shall be entitled to treat the last party as to which it has received written notice as having been designated as
the Non-Controlling Note Holder, as the Non-Controlling Note Holder for all purposes of this Agreement. As of the date hereof and until
further notice from the Non-Lead Securitization Note Holder (or the Non-Lead Master Servicer or another party acting on its behalf), the
Initial Note A-2 Holder, the Initial Note A-3 Holder or the Initial Note A-4 Holder is the Non-Controlling Note Holder.


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


(c)              
The Controlling Note Holder (or its Controlling Note Holder Representative) shall have, with respect to the Mortgage Loan, all
of the same rights and powers of the Directing Ceritificateholder under the Lead Securitization Servicing Agreement with respect to the
other mortgage loans included in the Lead Securitization, including without limitation, the right to consent and/or consult regarding
Major Decisions and other servicing matters, the right to advise (1) the Special Servicer with respect to all Specially Serviced Loans
and (2) the Special Servicer with respect to non-Specially Serviced Loans as to all matters for which the Master Servicer must obtain
the consent or deemed consent of the Special Servicer, and the right to direct the Special Servicer to take, or to refrain from taking,
such other actions with respect to the Mortgage Loan as the Directing Ceritificateholder may deem advisable or as to which provision is
otherwise made therein, in each case subject to the terms and conditions of the Lead Securitization Servicing Agreement.


(d)              
The Controlling Note Holder shall have no liability to the other Note Holders or any other party for any action taken, or for refraining
from the taking of any action or the giving of any consent or the failure to give any consent pursuant to this Agreement or the Lead Securitization
Servicing Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith
or gross negligence. The Note Holders agree that the Controlling Note Holder may take or refrain from taking actions, or give or refrain
from giving consents, that favor the interests of one Note Holder over the other Note Holder, and that the Controlling Note Holder may
have special relationships and




    	 	-28-	 



     


    

interests that conflict with the interests
of another Note Holder and, absent willful misfeasance, bad faith or gross negligence on the part of the Controlling Note Holder agree
to take no action against the Controlling Note Holder or any of its officers, directors, employees, principals or agents as a result of
such special relationships or interests, and that the Controlling Note Holder shall not be deemed to have been grossly negligent or reckless,
or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded any exercise of its rights by reason
of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the interests
of any Note Holder.


Section 7.               
Appointment of Special Servicer. The Controlling Note Holder (or its Controlling Note Holder Representative) shall have
the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage
Loan and appoint a replacement Special Servicer in lieu thereof. Any designation by the Controlling Note Holder (or its Controlling Note
Holder Representative) of a Person to serve as Special Servicer shall be made by delivering to each other Note Holder, the Master Servicer,
the then existing Special Servicer and other parties to the Lead Securitization Servicing Agreement a written notice stating such designation
and satisfying the other conditions to such replacement as set forth in the Lead Securitization Servicing Agreement (including, without
limitation, a Rating Agency Confirmation, if required by the terms of the Lead Securitization Servicing Agreement), if any. The Controlling
Note Holder shall be solely responsible for any expenses incurred in connection with any such replacement without cause. The Controlling
Note Holder shall notify the other parties hereto of its termination of the then currently serving Special Servicer and its appointment
of a replacement Special Servicer in accordance with this Section 7. If the Controlling Note Holder has not appointed a Special Servicer
with respect to the Mortgage Loan as of the consummation of the securitization under the Lead Securitization Servicing Agreement, then
the initial Special Servicer designated in the Lead Securitization Servicing Agreement shall serve as the initial Special Servicer but
this shall not limit the right of the Controlling Note Holder (or its Controlling Note Holder Representative) to designate a replacement
Special Servicer for the Mortgage Loan as aforesaid. If a Servicer Termination Event on the part of the Special Servicer has occurred
that affects the Non-Controlling Note Holder, such Non-Controlling Note Holder shall have the right to direct the Trustee (or at any time
that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer
under the Lead Securitization Servicing Agreement solely with respect to the Mortgage Loan pursuant to and in accordance with the terms
of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges and agrees that any successor special servicer appointed
to replace the Special Servicer with respect to the Mortgage Loan that was terminated for cause at the Non-Controlling Note Holder’s
direction cannot at any time be the person (or an Affiliate thereof) that was so terminated without the prior written consent of such
Non-Controlling Note Holder. The Non-Controlling Note Holder shall be solely responsible for reimbursing the Trustee’s or the Controlling
Note Holder’s, as applicable, costs and expenses, if not paid within a reasonable time by the terminated special servicer and, in
the case of the Trustee, that would otherwise be reimbursed to the Trustee from amounts on deposit in the Lead Securitization’s
Collection Account or Companion Distribution Account.






    	 	-29-	 



     


    

Section 8.               
 Payment Procedure.


(a)                  The
Lead Securitization Servicing Agreement shall provide that the Master Servicer shall establish and maintain the Collection Account or
Collection Accounts, as applicable. Each of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder hereby
directs the Master Servicer, in accordance with the priorities set forth in Section 3 hereof, and subject to the terms of the Lead Securitization
Servicing Agreement, (i) to deposit into the applicable Collection Account within the time period specified in the Lead Securitization
Servicing Agreement all payments received with respect to the Mortgage Loan and (ii) to remit from the applicable Collection Account
for deposit or credit on the applicable Business Day following the Determination Date under the related Non-Lead Securitization Servicing
Agreement (so long as the date on which the remittance is required is at least one (1) Business Day after the related due date for the
Mortgage Loan) all payments received with respect to and allocable to Note A-1, Note A-2, Note A-3 and Note A-4 by wire transfer to accounts
maintained by the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder respectively; provided that delinquent
payments received by the Master Servicer after the related Master Servicer Remittance Date shall be remitted by the Master Servicer to
such accounts within the time period specified in the Lead Securitization Servicing Agreement.


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


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


(d)                 Each
Note Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess
of its distributable share thereof, it shall promptly remit such excess to the applicable Note Holder, subject to this Agreement and
the Lead Securitization Servicing Agreement. The Lead Securitization Note




    	 	-30-	 



     


    

Holder shall have the right to offset any
amounts due hereunder from the Non-Lead Securitization Note Holder with respect to the Mortgage Loan against any future payments due to
such Non-Lead Securitization Note Holder under the Mortgage Loan. Such Non-Lead Securitization Note Holder’s obligations under this
Section 8 constitute absolute, unconditional and continuing obligations.


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


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


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




    	 	-31-	 



     


    

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


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


Section 12.           
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant
hereto shall be deemed to constitute the relationship created hereby between the Note Holders as a partnership, association, joint venture
or other entity. The Lead Securitization Note Holder shall have no obligation whatsoever to offer to the Non-Lead Securitization Note
Holder the opportunity to purchase a participation interest in any future loans originated by the Lead Securitization Note Holder or its
Affiliates and if the Lead Securitization Note Holder chooses to offer to the Non-Lead Securitization Note Holder the opportunity to purchase
a participation interest in any future mortgage loans originated by the Lead Securitization Note Holder or its Affiliates, such offer
shall be at such purchase price and interest rate as the Lead Securitization Note Holder chooses, in its sole and absolute discretion.
The Non-Lead Securitization Note Holder shall have no obligation whatsoever to purchase from the Lead Securitization Note Holder a participation
interest in any future loans originated by the Lead Securitization Note Holder or its Affiliates.


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




    	 	-32-	 



     


    

receive payments on such other loans or extensions
of credit to Mortgage Loan Borrower Related Parties and otherwise act with respect thereto freely and without accountability in the same
manner as if this Agreement and the transactions contemplated hereby were not in effect.


Section 14.             
Sale of the Notes.


(a)              
Each Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate, participate, hypothecate, contribute, encumber
or otherwise dispose (either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar agreement,
excluding a repo financing or a Pledge in accordance with Section 14(d)) of a Note (a “Transfer”) except to a Qualified
Institutional Lender. Promptly after the Transfer, the non-transferring Note Holder shall be provided with (x) a representation from
a transferee or the applicable Note Holder certifying that such transferee is a Qualified Institutional Lender (except in the case of
a Transfer to a Securitization as to which the related pooling and servicing or similar agreement requires the parties thereto to comply
with this Agreement or in accordance with the immediately following sentence) and (y) a copy of the assignment and assumption agreement
referred to in Section 15. If a Note Holder intends to Transfer its respective Note, or any portion thereof, to an entity that is
not a Qualified Institutional Lender, it must first obtain the consent of the non-transferring Note Holder and, if such non-transferring
Note Holder’s Note is held in a Securitization Trust, a confirmation in writing from each Rating Agency that such Transfer will
not result in a qualification, downgrade or withdrawal of its then current rating of the securities issued pursuant to the related Securitization.
Notwithstanding the foregoing, without the non-transferring Note Holder’s prior consent (which will not be unreasonably withheld),
and, if such non-transferring Note Holder’s Note is held in a Securitization Trust, without a confirmation in writing from each
Rating Agency that such Transfer will not result in a qualification, downgrade or withdrawal of its then current rating of the securities
issued pursuant to the related Securitization, no Note Holder shall Transfer all or any portion of its Note (or a participation interest
in such Note) to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and
void and shall vest no rights in the purported transferee. The transferring Note Holder agrees that it will pay the expenses of the non-transferring
Note Holder (including all expenses of the Master Servicer, the Special Servicer and the Trustee) and all expenses relating to the confirmation
from the Rating Agencies in connection with any such Transfer. Notwithstanding the foregoing, each Note Holder shall have the right, without
the need to obtain the consent of any other Note Holder, the Rating Agencies or any other Person, to Transfer 49% or less (in the aggregate)
of its beneficial interest in a Note. None of the provisions of this Section 14(a) shall apply in the case of (1) a sale of all Notes
together, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement or (2) a transfer by the Special
Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged
Property, upon the Mortgage Loan becoming a Defaulted Loan, to a single member limited liability or limited partnership, 100% of the equity
interest in which is owned directly or indirectly, through one or more single member limited liability companies or limited partnerships,
by the Lead Securitization Trust.


For the purposes of
this Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage any request for a confirmation
hereunder from




    	 	-33-	 



     


    

such Rating Agency that a proposed action
will not result in a qualification, downgrade or withdrawal of its then current rating of the securities issued pursuant to the related
Securitization, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition that such confirmation
by such Rating Agency (only) be obtained for purposes of this Agreement. For purposes of clarity, any such waiver, declination or refusal
to review or otherwise engage in any request for such confirmation hereunder shall not be deemed a waiver, declination or refusal to review
or otherwise engage in any subsequent request for such Rating Agency confirmation hereunder and the condition for such Rating Agency confirmation
pursuant to this Agreement for any subsequent request shall apply regardless of any previous waiver, declination or refusal to review
or otherwise engage in such prior request.


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


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




    	 	-34-	 



     


    

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


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


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


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


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


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




    	 	-35-	 



     


    

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


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


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






    	 	-36-	 



     


    

Section 16.           Governing
Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP
OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND OBLIGATIONS OF THE PARTIES TO THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CHOICE OF LAW RULES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.


Section 17.           
Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:


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


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


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


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


Section 18.             
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by
each Note Holder. Additionally, for as long as any Note is contained in a Securitization Trust, the Note Holders shall not amend or modify
this Agreement without first receiving a written confirmation from each Rating Agency that such amendment or modification will not result
in a qualification, withdrawal or downgrade of its then current ratings of the securities issued in connection with a Securitization;
provided




    	 	-37-	 



     


    

that no such confirmation from the Rating Agencies
shall be required in connection with a modification (i) to cure any ambiguity, to correct or supplement any provisions herein that may
be defective or inconsistent with any other provisions herein or with the Lead Securitization Servicing Agreement, or (ii) to make other
provisions with respect to matters or questions arising under this Agreement, which shall not be inconsistent with the provisions of this
Agreement, or (iii) that addresses the creation of New Notes in accordance with Section 32 hereof.


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


Section 20.            Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the same
instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile
transmission shall be effective as delivery of a manually executed original counterpart of this Agreement.


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


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


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


Section 24.           
Withholding Taxes. (a) If the Lead Securitization Note Holder or the Mortgage Loan Borrower shall be required by law
to deduct and withhold Taxes from interest, fees or other amounts payable to the Non-Lead Securitization Note Holder with respect to
the Mortgage Loan as a result of such Non-Lead Securitization Note Holder constituting a Non-Exempt Person, such Lead Securitization
Note Holder, in its capacity as Servicer, shall be entitled to do so with respect to such Non-Lead Securitization Note Holder’s
interest in such payment (all withheld amounts being deemed paid to such Note Holder), provided that the Lead Securitization Note
Holder shall furnish such Non-Lead Securitization Note Holder with a




    	 	-38-	 



     


    

statement setting forth the amount of Taxes
withheld, the applicable rate and other information which may reasonably be requested for purposes of assisting such Note Holder to seek
any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Note Holder is subject to tax.


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


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




    	 	-39-	 



     


    

Securitization Note or otherwise until
the holder of such Note shall have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.


Section 25.           
Custody of Mortgage Loan Documents. Prior to the Lead Securitization Date, the originals of all of the Mortgage Loan Documents
(other than any Notes not held by the Initial Agent) shall be held by the Initial Agent on behalf of the registered holders of each of
the Notes. On and after the Lead Securitization Date, the originals of all of the Mortgage Loan Documents (other than the Non-Lead Securitization
Note) shall be held in the name of the Lead Securitization Trustee (and held by a duly appointed custodian therefor), in accordance with
the terms of the Lead Securitization Servicing Agreement, on behalf of the registered holders of the Notes. On and after the Non-Lead
Securitization Date, the Non-Lead Securitization Note shall be held in the name of the Non-Lead Trustee (and held by a duly appointed
custodian therefor) on behalf of the Non-Lead Securitization Note Holder.


Section 26.            
Cooperation in Securitization.


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




    	 	-40-	 



     


    

to the Lead Securitization Note Holder
may be or has been incorporated into the offering documents for the Lead Securitization. The Lead Securitization Note Holder and each
Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, any Note Holder. The Lead Securitization Note
Holder, at the Non-Lead Securitization Note Holder’s sole cost and expense, will reasonably cooperate with the Non-Lead Securitization
Note Holder by providing all information reasonably requested that is in the Lead Securitization Note Holder’s possession in connection
with such Non-Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization.


Upon request, the Lead Securitization
Note Holder shall deliver to the Non-Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering
memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the Lead Securitization Servicing Agreement
and provide reasonable opportunity to review and comment on such documents.


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


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


Section 29.            Certain
Matters Affecting the Agent.


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


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


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


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




    	 	-41-	 



     


    

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


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


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


Section 30.              Reserved.


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


Section 32.             
Resizing. Notwithstanding any other provision of this Agreement, for so long as 3650 REIT Warehouse Facility Entity 2A LLC
or an affiliate thereof (each a “3650 REIT Entity”) is the owner of the Non-Lead Securitization Note (the “Owned
Note”), such 3650 REIT Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Mortgage
Loan Borrower to execute amended and restated notes or additional notes (in either case “New Notes”) reallocating the
principal of the Owned Note to such New Notes; or severing the Owned Note into one or more further “component” notes in the
aggregate principal amount equal to the then outstanding principal balance of the Owned Note provided that (i) the aggregate principal
balance of all outstanding New Notes following such amendments is no greater than the aggregate principal of the Owned Note prior to such
amendments, (ii) all Notes continue to have the same weighted average interest rate as the Notes prior to such amendments, (iii) all Notes
pay pro rata and on a pari passu basis and such reallocated or component notes shall be automatically subject to the terms of this
Agreement, (iv) the 3650 REIT Entity holding the New Notes shall notify the Lead Securitization Note Holder, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee in writing of such modified allocations and principal amounts, and (v)
the execution of such amendments and New Notes does not violate the Servicing Standard. If the Lead Securitization Note Holder so requests,
the 3650 REIT Entity holding the New Notes (and any subsequent holder of such Notes) shall execute a confirmation of the continuing applicability
of this Agreement to the New Notes, as so modified. Except for the foregoing reallocation and for modifications pursuant to the Lead Securitization




    	 	-42-	 



     


    

Servicing Agreement (as discussed in Section 5),
no Note may be modified or amended without the consent of its holder and the consent of the holder of the other Note. In connection with
the foregoing (provided the conditions set forth in (i) through (v) above are satisfied, with respect to (i) through (iv), as certified
by the 3650 REIT Entity, on which certification the Master Servicer can rely), the Master Servicer is hereby authorized and directed to
execute amendments to the Mortgage Loan Documents and this Agreement on behalf of any or all of the Note Holders, as applicable, solely
for the purpose of reflecting such reallocation of principal. If more than one New Note is created hereunder, for purposes of exercising
the rights of the Non-Controlling Note Holder hereunder, the Non-Controlling Note Holder of such New Notes shall be as provided in the
definition of such term in this Agreement.


Pursuant to this Section
32 hereof, 3650 REIT Warehouse Facility Entity 2A LLC confirms the continuing applicability of this Agreement to the Note A-2, Note A-3,
and Note A-4 following the amendment of the original Note A-2, as so modified. Further, 3650 REIT Warehouse Facility Entity 2A LLC certifies
as to each of the following: (i) the aggregate principal balance of the Note A-2, Note A-3, and Note A-4 following the amendment of the
original Note A-2 is no greater than the aggregate principal of the original Note A-2 prior to such amendment, (ii) all Notes continue
to have the same weighted average interest rate as the Notes prior to such amendment of the original Note A-2, (iii) all Notes pay pro
rata and on a pari passu basis and Note A-2, Note A-3, and Note A-4 following the amendment of the original Note A-2 are automatically
subject to the terms of this Agreement and (iv) the 3650 REIT Entity holding the Note A-2, Note A-3, and Note A-4 following the amendment
of the original Note A-2 has notified the Lead Securitization Note Holder, the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee in writing of such modified allocations and principal amounts of Note A-2, Note A-3, and Note A-4 following
the amendment of the original Note A-2.


 


[SIGNATURE PAGE FOLLOWS]




    	 	-43-	 



     


    

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





	 	MIDLAND LOAN SERVICES, A DIVISION
	 	 	OF PNC BANK, NATIONAL
	 	 	ASSOCIATION, AS MASTER
	 	 	SERVICER ON BEHALF OF WELLS
	 	 	FARGO BANK, NATIONAL
	 	 	ASSOCIATION, AS TRUSTEE FOR
	 	 	THE BENEFIT OF THE REGISTERED
	 	 	HOLDERS OF 3650R 2021 – PF1
	 	 	MORTGAGE TRUST COMMERCIAL
	 	 	MORTGAGE PASS-THROUGH
	 	 	CERTIFICATES SERIES 2021-PF1
	 	 	as Note A-1 Holder
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	 	 
	 	 /s/  Scott Dunkley
	 	Name:  Scott Dunkley
	 	Title:    Vice President








    	(Amended and Restated Agreement Between Note Holders – PetSmart HQ)



     


    



 





	 36	50	REIT WAREHOUSE FACILITY
	 	 	ENTITY 2A LLC,
	 	 	as Initial Note A-2 Holder
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	 /s/  Tobin Cobb
	 	Name:  Tobin Cobb
	 	Title:    Authorized Signatory






	 36	50	REIT WAREHOUSE FACILITY
	 	 	ENTITY 2A LLC,
	 	 	as Initial Note A-3 Holder
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	 /s/  Tobin Cobb
	 	Name:  Tobin Cobb
	 	Title:    Authorized Signatory





	 36	50	REIT WAREHOUSE FACILITY
	 	 	ENTITY 2A LLC,
	 	 	as Initial Note A-4 Holder
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	 /s/  Tobin Cobb
	 	Name:  Tobin Cobb
	 	Title:    Authorized Signatory







    	(Amended and Restated Agreement Between Note Holders – PetSmart HQ)



     


    


EXHIBIT A



MORTGAGE LOAN SCHEDULE






Description of Mortgage Loan


	Mortgage
    Loan Borrower:	BDC/Phoenix
    II, LLC
	Date
    of Mortgage Loan:	March
    31, 2021
	Date
    of Amended and Restated Notes:	November
    30, 2022
	Original
    Principal Amount of Mortgage Loan:	$68,000,000
	Principal
    Amount of Mortgage Loan as of the date hereof:	$68,000,000
	Initial
    Note A-1 Principal Balance:	$23,000,000
	Initial
    Note A-2 Principal Balance:	$10,000,000
	Initial
    Note A-3 Principal Balance:	$22,350,000
	Initial
    Note A-4 Principal Balance:	$12,650,000
	Location
    of Mortgaged Property:	19601
    North 27th Avenue, Phoenix, Arizona 85027
	Initial
    Maturity Date:	June
    5, 2028


 


 




    	 	A-1	 



     


    


EXHIBIT B


Note A-1 Holder:


 


Midland Loan Services, a Division of PNC Bank, National Association, as
master servicer on behalf of Wells Fargo Bank, National Association, as trustee for the benefit of the registered holders of the 3650R
2021 – PF1 Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2021-PF1

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head,


Fax number: 1-888-706-3565


Email: NoticeAdmin@midlandls.com (and solely with respect to notices


under Section 3.13, with a copy to AskMidland@midlandls.com)



with a copy to:


Stinson LLP

1201 Walnut Street

Suite 1209

Kansas City, Missouri 64106-2150

Fax Number: 1-816-412-9338 Attention: Kenda K. Tomes E-mail: kenda.tomes@stinson.com


Initial Note A-2 Holder, Initial Note A-3 Holder and
Initial Note A-4 Holder:


(Prior to Securitization of Note A-2, Note A-3 or Note A-4,
as applicable):


3650 REIT Warehouse Facility Entity 2A LLC

c/o 3650 Real Estate Investment Trust 2 LLC

2977 McFarlane Road, Suite 300

Coconut Grove, Florida 33133

Attention: Legal Department


Email: compliance@3650REIT.com



with a copy to:


Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Greg Prindle

Email: gregory.prindle@cwt.com








    	 	B-1	 



     


    


EXHIBIT C


 


PERMITTED FUND MANAGERS


		1.	AllianceBernstein



		2.	Apollo Real Estate Advisors



		3.	Archon Capital, L.P.



		4.	Artemis Real Estate Partners



		5.	BlackRock, Inc.



		6.	The Blackstone Group



		7.	Capital Trust



		8.	Clarion Partners



		9.	Colony Capital, Inc.



		10.	DLJ Real Estate Capital Partners



		11.	Dune Real Estate Partners



		12.	Eightfold Real Estate Capital, L.P.



		13.	Fortress Investment Group, LLC



		14.	Hudson Advisors



		15.	iStar Financial Inc.



		16.	JER Partners



		17.	Land-Lease Real Estate Investments



		18.	Lonestar Opportunity Funds



		19.	Normandy Real Estate Partners



		20.	Praedium Group



		21.	Raith Capital Partners



		22.	Rialto Capital Management LLC



		23.	Rialto Capital Advisors LLC



		24.	Rockwood



		25.	RREEF Funds



		26.	Starwood Financial Trust



		27.	Torchlight Investors, LLC



		28.	Walton Street Capital, LLC



		29.	Westbrook Partners



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


 



    	 	C-1	 



     


    


SCHEDULE I


The Lead Securitization
Servicing Agreement shall:


(i)          provide that
the applicable Master Servicer or Trustee for the Lead Securitization shall be required to provide written notice to each Non-Lead Master
Servicer and Non-Lead Trustee of any P&I Advance it has made with respect to the Lead Securitization Note within two (2) Business
Days of making such advance;


(ii)         provide
that if the Master Servicer determines that a proposed P&I Advance with respect to the Lead Securitization Note or Servicing Advance
with respect to the Mortgage Loan, if made, or any outstanding P&I Advance or Servicing Advance previously made, would be, or is,
as applicable, a Nonrecoverable Advance, the Master Servicer shall provide each Non-Lead Master Servicer written notice of such determination
within two (2) Business Days of making such determination;


(iii)        provide
that the Master Servicer shall remit all payments received with respect to the Non-Lead Securitization Notes, net of the Servicing Fee
payable with respect to each such Non-Lead Securitization Note, and any other applicable fees and reimbursements payable to the Master
Servicer, the Special Servicer and the Trustee to the other Holders on the Business Day following the Determination Date under the related
Non-Lead Securitization Servicing Agreement (so long as the date on which the remittance is required is at least one (1) Business Day
after the related due date for the Mortgage Loan);


(iv)        provide
that with respect to each Non-Lead Securitization Note that is held by a Securitization, the Certificate Administrator agrees to make
available to each of the Non-Lead Securitization Note Holders or, if such Non-Lead Securitization Note is securitized, to each of the
Non-Lead Master Servicers (or, if so requested, the related certificate administrator) certain reports required to be delivered pursuant
to Section 3.29 of the Lead Securitization Servicing Agreement (which shall include all loan-level reports constituting the CREFC Investor
Reporting Package) to the extent related to the Mortgage Loan or the Non-Lead Securitization Note;


(v)          provide
that the Master Servicer shall provide (in electronic media) to each Non-Lead Securitization Note Holder (i) copies of operating statements
and rent rolls; (ii) annual CREFC® NOI Adjustment Worksheets (with annual operating statements as exhibits); and (iii)
annual CREFC® Operating Statement Analysis Reports, in each case prepared, received or obtained by it pursuant to the
Lead Securitization Servicing Agreement with respect to the Mortgaged Propert(y)(ies) securing the Non-Lead Securitization Note;


(vi)        provide
that the servicing duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing Agreement shall
include the duty to service the Mortgage Loan and all of the Notes on behalf of the Note Holders (including the respective trustees and
certificateholders) in accordance with (i) applicable laws, (ii) this Agreement and the Lead Securitization Servicing Agreement and (iii)
to the extent consistent with the foregoing, the Servicing Standard;


(vii)        provide
that the Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in
servicing the




    	 	Schedule I-1	 



     


    


Mortgage Loan, must take into account
the interests of each Note Holder and act in the best interests and for the benefit of the Note Holders together with the certificateholders
of the Lead Securitization, as a collective whole as if such Note Holders and certificateholders constituted a single lender;


(viii)       provide
that with respect to any Non-Lead Securitization that is subject to following reporting requirements under the Securities Act of 1933,
as amended, the Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, (a) the Master Servicer, any
primary servicer, the Special Servicer, the Trustee and the certificate administrator or other party acting as custodian for the Lead
Securitization shall be required to deliver (and shall be required to cause each other servicer and servicing function participant (within
the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver; provided that such party shall
only be required to use commercially reasonable efforts to cause an Initial Sub-Servicer to deliver), in a timely manner (i) the reports,
certifications, compliance statements, accountants’ assessments and attestations, information to be included in reports (including,
without limitation, Form ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in each of
the Non-Lead Securitization Servicing Agreements, in the case of clauses (i) and (ii), as the Non-Lead Depositor or the
Non-Lead Trustee to the applicable Securitization reasonably believes, in good faith, are required in order for the Non-Lead Depositor
or the Non-Lead Trustee to comply with their obligations under the Securities Act of 1933, the Securities Exchange Act of 1934 (including
Rule 15Ga-1, as amended) and Regulation AB, and (b) without limiting the generality of the foregoing (x) the Trustee or Certificate Administrator,
as applicable, shall, upon reasonable prior written request, provide or cause to be provided with notice in a timely manner to each Non-Lead
Depositor and Non-Lead Trustee for any Non-Lead Securitization a copy of the Lead Securitization Servicing Agreement and (y) the Master
Servicer and Special Servicer shall, upon reasonable prior written request, and subject to the right of the Master Servicer or the Special
Servicer, as the case may be, to review and approve such disclosure materials, permit a holder of a related Non-Lead Securitization Note
to use such party’s description contained in the Lead Securitization prospectus (updated as appropriate by the Master Servicer
or Special Servicer, as applicable, at the cost of the Non-Lead Depositor) for inclusion in the disclosure materials relating to any
securitization of a Non-Lead Securitization Note and (z) the Master Servicer and Special Servicer, upon reasonable written request, shall
provide indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect to the
Lead Securitization (in each case, at the cost of the Mortgage Loan Seller). The Master Servicer and the Special Servicer shall each
be required to provide certification and indemnification to any Certifying Person with respect to any applicable Sarbanes-Oxley Certification
(or analogous terms);


(ix)           provide
that the Non-Lead Depositor and each Certification Party shall be entitled to indemnification from and against any claims, losses, damages,
penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses, including any reasonable
out-of-pocket legal or other expenses incurred in connection with investigating or defending any such action or claim, arising out of
(i) an actual breach by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be,
of its obligations under Article XI of the Lead Securitization Servicing Agreement, (ii) negligence, bad faith or willful misconduct
on




    	 	Schedule I-2	 



     


    


the part of the Master Servicer, the
Special Servicer, the Certificate Administrator or the Trustee, as applicable, in the performance of such obligations under the Lead Securitization
Servicing Agreement, or (iii) delivery of any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, the Master
Servicer, Special Servicer, Certificate Administrator or Trustee, as the case may be;


(x)          provide
that the Non-Lead Securitization Note Holders are intended third-party beneficiaries in respect of the rights afforded them under the
Lead Securitization Servicing Agreement and the Non-Lead Master Servicers will be entitled to enforce the rights of the Non-Lead Securitization
Note Holders under this Agreement and the Lead Securitization Servicing Agreement;


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


(xii)        provide
that if the Mortgage Loan becomes a Defaulted Mortgage Loan and the Special Servicer determines to sell the Lead Securitization Note
in accordance with the Lead Securitization Servicing Agreement, it shall have the right and the obligation to sell all of the Notes as
notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection with any such
sale, the Special Servicer shall provide notice to each Non-Controlling Note Holder of the planned sale and of such Non-Controlling Note
Holder’s opportunity to bid on the Mortgage Loan;


(xiii)       provide
that if any action relating to the servicing and administration of the Mortgage Loan requires delivery of a Rating Agency Confirmation
as a condition precedent to such action, then, except as set forth in the Lead Securitization Servicing Agreement, such action shall
also require delivery of a Rating Agency Confirmation from any Rating Agency that was engaged by a participant in the applicable Non-Lead
Securitization to assign a rating to the related commercial mortgage pass-through certificates issued in connection with such Non-Lead
Securitization;


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


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


(xvi)       provide
that Servicer Termination Events (or analogous term) with respect to the Master Servicer and the Special Servicer shall include, but
not be limited to, (i) the failure to timely remit payments to the Non-Lead Securitization Note Holders, which failure continues unremedied
for one business day following the date on which such payment was to be made; and (ii) the failure to provide to the Non-Lead Securitization
Note Holders (if and to the extent required under the applicable Non-Lead Securitization)




    	 	Schedule I-3	 



     


    


reports required under the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder, in a timely fashion. Upon the occurrence of such a Servicer
Termination Event affecting a Non-Lead Securitization Note Holder, the Trustee shall, upon the direction of the related Non-Lead Securitization
Note Holder, require the appointment of a subservicer with respect to the related Non-Lead Securitization Note;


(xvii)     provide
that compensating interest payments as defined therein with respect to each Note will be allocated by the Master Servicer between each
Note, pro rata, in accordance with their respective principal amounts. The Master Servicer shall remit any compensating interest
payment in respect of a Non-Lead Securitization Note to the related Non-Lead Securitization Note Holder;


(xviii)    provide
that any conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement;


(xix)         provide
that, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous term defined in the related
Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master Servicer, the Special
Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations Reviewer or any other party to
the Other Pooling and Servicing Agreement in connection with such Asset Review by providing the Other Asset Representations Reviewer
or such other requesting party with any documents reasonably requested by the Other Asset Representations Reviewer or such other requesting
party, but only to the extent such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian,
as the case may be, but in any event excluding any documents known to the Master Servicer, the Special Servicer, the Trustee or the Custodian
to contain information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or privileged or
internal communications;


(xx)         have
provisions materially consistent with those set forth in the Note A-1 Securitization Servicing Agreement with respect to:


(A) servicing transfer
events that would result in the transfer of the Mortgage Loan to special servicing status;


(B) 
 the authority of the servicers in the Non-Lead Securitization to grant or agree or consent to material modifications, waivers
and amendments to the Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness in connection
with the Mortgage Loan;


(C) 
 requirements to obtain an appraisal or appraisal update following a transfer of the Mortgage Loan to special servicing status
and periodic updates thereof;


(D) duties of the special
servicer in respect of foreclosure and the management of REO property;


(E) 
 subject to various adjustments and caps provided for in the Lead Securitization Servicing Agreement (which shall be substantially
similar to those set forth in the Non-Lead Securitization Servicing Agreement), primary




    	 	Schedule I-4	 



     


    


servicing, special servicing, workout and
liquidation fees (and, in any event, the fees at which such compensation accrue or are determined shall not exceed 0.0025%, 0.25%, 1.00%
and 1.00%, respectively),


provided, however,
that (1) this clause (xx) shall not be construed to prohibit differences in timing, control or consultation triggers or thresholds, terminology,
allocation of ministerial duties between multiple servicers or other service providers or certificate holder or investor voting or consent
thresholds, or to prohibit or restrict additional approval, consent, consultation, notice or rating agency confirmation requirements;
and (2) in the event of any conflict between this sentence and any other provision of this Agreement, such other provision of the Agreement
shall control.






    	 	Schedule I-5