Exhibit 4.12


 


 


EXECUTION VERSION


AGREEMENT BETWEEN NOTE HOLDERS






Dated as of January 27, 2020



by and between




BARCLAYS CAPITAL REAL ESTATE INC.

(Initial Note A-1 Holder),


and


BARCLAYS CAPITAL REAL ESTATE INC.

(Initial Note A-2 Holder)


 


Exchange on Erwin 




    	 



    	 



    

TABLE OF CONTENTS


Page




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




    	-i- 



    	 



    

This AGREEMENT BETWEEN
NOTE HOLDERS (“Agreement”), dated as of January 27, 2020, by and between BARCLAYS CAPITAL REAL ESTATE INC. (“Barclays”
and together with its successors and assigns in interest, in its capacity as initial owner of Note A-1, the “Initial Note
A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”) and BARCLAYS CAPITAL REAL
ESTATE INC. (together with its successors and assigns in interest, in its capacity as initial owner of Note A-2, the “Initial
Note A-2 Holder” and together with the Initial Note A-1 Holder, the “Initial Note Holders”).


W I T N E S S E T H:


WHEREAS, pursuant
to the Mortgage Loan Agreement (as defined herein), Barclays originated a certain loan (the “Mortgage Loan”)
described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to SREIT
Erwin Residential, L.P. and SREIT Erwin Retail, L.P. (collectively, the “Mortgage Loan Borrower”), which is
evidenced, inter alia, by (i) one promissory note in the original principal amount of $50,000,000 (as amended, modified or supplemented,
“Note A-1”) made by the Mortgage Loan Borrower in favor of the Initial Note A-1 Holder and (ii) one promissory
note in the original principal amount of $25,450,000 (as amended, modified or supplemented, “Note A-2”, and,
together with Note A-1 the “Notes”) made by the Mortgage Loan Borrower in favor of the Initial Note A-1 Holder
and the Initial Note A-2 Holder, each secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”)
on certain real property located as described on the Mortgage Loan Schedule (the “Mortgaged Property”); and


WHEREAS, each Initial
Note Holder desires to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall
hold the Notes.


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


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


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


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




    	1



    	 



    

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


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


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


“Asset Representations
Reviewer” shall mean the Asset Representations Reviewer named in the Lead Securitization Servicing Agreement.


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


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


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


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


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


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


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


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


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


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




    	-2- 



    	 



    

“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. The terms “Controlled”,
“Controlling” and “Controls” shall have the correlative meanings thereto.


“Controlling
Note Holder” shall mean the Note A-1 Holder; provided that at any time Note A-1 is included in a Securitization,
references to the “Controlling Note Holder” herein shall mean the holders of the majority of the class of securities
issued in such Securitization designated as the “controlling class” or such other class(es) otherwise assigned the
rights to exercise the rights of the “Controlling Note Holder” hereunder or under the Note A-1 PSA; provided
that if at any time Note A-1 (or class of securities issued under the Note A-1 PSA designated as the “controlling class”
or such other class(es) otherwise assigned the rights to exercise the rights of the Controlling Note Holder) is held by a Borrower
Party, Note A-1 (or the class of securities issued under the Note A-1 PSA designated as the “controlling class” or
such other class(es) otherwise assigned the rights to exercise the rights of the Controlling Note Holder) shall not be entitled
to exercise any rights of the Controlling Note Holder and there shall be deemed to be no Controlling Note Holder hereunder. If
the Controlling Note is included in a Securitization, the Lead Securitization Servicing Agreement may contain additional limitations
on the rights of the designated party entitled to exercise the rights of the “Controlling Note Holder” hereunder if
such designated party is the Mortgage Loan Borrower or if it 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”
shall mean DBRS, Inc., and its successors in interest.


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


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


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


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


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


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


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




    	-3- 



    	 



    

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


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


“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 Applicable Interest Rate (as defined in the Mortgage Loan Documents).


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


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


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


“Lead Securitization”
shall mean the Note A-1 Securitization; provided that, if the Note A-2 Securitization occurs prior to the Note A-1 Securitization,
then the Note A-2




    	-4- 



    	 



    

Securitization shall be the Lead Securitization
until such time as the Note A-1 Securitization occurs.


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


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


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


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


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


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


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


“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.


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


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


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


“Mortgage
Loan Agreement” shall mean the Loan Agreement, dated as of November 21, 2019, between the Mortgage Loan Borrower, as
borrower, and Barclays Capital Real Estate Inc., as lender, as the same may be further amended, restated, supplemented or otherwise
modified from time to time, subject to the terms hereof.




    	-5- 



    	 



    

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


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


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


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


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


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


“Non-Controlling
Note” means any Note (other than the Controlling Note), including any New Note designated as a “Non-Controlling
Note” hereunder pursuant to Section 32.


“Non-Controlling
Note Holder” means the holder of the Non-Controlling Note; provided that with respect to the Non-Controlling Note,
at any time the Non-Controlling Note is included in a Securitization, references to the “Non-Controlling Note Holder”
herein shall mean the related Non-Controlling Note Holder Representative under the related 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 Securitization Servicing Agreement and as to the identity of which the Controlling Note Holder
(and, if applicable, the Master Servicer and the Special Servicer) has been given written notice; provided that if at any time
the Non-Controlling Note (or class of securities issued under the related Non-Lead Securitization Servicing Agreement designated
as the “controlling class” or such other party otherwise assigned the rights to exercise the rights of the Non-Controlling
Note Holder) is held by a Borrower Party, the Non-Controlling Note (or the class of securities issued under the Non-Lead Securitization
Servicing Agreement designated as the “controlling class” or such other party otherwise assigned the rights to exercise
the rights of the Non-Controlling Note Holder) shall not be entitled to exercise any rights of the Non-Controlling Note Holder,
and there shall be deemed to be no Non-Controlling Note Holder hereunder with respect to the Non-Controlling Note. The Controlling
Note Holder (or, if applicable, 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 in respect of any Note that is exercising the rights of a “Non-Controlling Note Holder”
herein or, under the Lead Securitization Servicing Agreement and, (x) to the extent that the related Securitization Servicing Agreement
assigns such rights to more than one party or (y) to the extent the related Non-Controlling Note is split into two or more New
Notes pursuant to Section 32, for purposes of this Agreement, such Securitization Servicing Agreement or the holders of
such New Notes shall designate one party to deal with the Lead Securitization Note Holder (or, the Master Servicer or the Special
Servicer acting on its behalf) and provide written notice of such




    	-6- 



    	 



    

designation to the Lead Securitization
Note Holder (or, the Master Servicer and the Special Servicer acting on its behalf); provided that, in the absence of such
designation and notice, the Lead Securitization Note Holder (or, the Master Servicer or the Special Servicer acting on its behalf)
shall be entitled to treat the last party as to which it has received written notice as having been designated as the Non-Controlling
Note Holder with respect to such Non-Controlling Note for all purposes of this Agreement. As of the date hereof and until further
notice from the Non-Controlling Note Holder (or, if applicable, the related Non-Lead Master Servicer or another party acting on
its behalf), the Initial Note A-2 Holder is the Non-Controlling Note Holder with respect to Note A-2. If the Non-Controlling Note
is included in a Securitization, the related Securitization Servicing Agreement may contain additional limitations on the rights
of the designated party entitled to exercise the rights of the “Non-Controlling Note Holder” hereunder if such designated
party is the Mortgage Loan Borrower or if it has certain relationships with the Mortgage Loan Borrower.


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


“Non-Exempt
Person” shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with
the Agent for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and
which, pursuant to applicable provisions of (A) any income tax treaty between the United States and the country of residence
of such Person, (B) the Code or (C) any applicable rules or regulations in effect 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
Asset Representations Reviewer” shall mean the “Asset Representations Reviewer” (or similarly named Person
that is the “asset representations reviewer” as defined in Item 1101(m) of Regulation AB.) under the Non-Lead Securitization
Servicing Agreement.


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


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


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


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


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


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




    	-7- 



    	 



    

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


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


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


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


“Non-Lead
Sponsor” shall mean the Note A-2 Holder in its capacity as the sponsor with respect to the related Non-Lead Securitization
Note in connection with the related Non-Lead Securitization.


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


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


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


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


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


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


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


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


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




    	-8- 



    	 



    

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


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


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


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


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


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


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


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


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


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


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


“Note A-2
Trustee” shall mean the trustee under the Note A-2 PSA.


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


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


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


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


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




    	-9- 



    	 



    

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


“Operating
Advisor” shall mean the trust advisor, senior trust advisor, operating advisor or other analogous term as defined under
the Lead Securitization Servicing 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, with respect to each Note Holder, a fraction, expressed as a percentage, the numerator of which
is the Note Principal Balance of the Note held by such Note Holder and the denominator of which is the sum of the Note Principal
Balances of all of the Notes.


“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 by any of the Initial Note Holders, or


(b)              
one or more of the following:


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


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




    	-10- 



    	 



    

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


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


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


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




    	-11- 



    	 



    

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


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


“Qualified
Trustee” shall mean (i) a corporation, national bank, national banking association or a trust company, organized
and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate
trust powers and to accept the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by federal or state authority or (ii) an institution whose long-term senior unsecured debt is rated in either
of the then in effect top three rating categories of each of the applicable Rating Agencies (or, if not rated by an applicable
Rating Agency, an equivalent (or higher) rating from any two of Fitch, Moody’s and S&P).


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


“Rating Agency
Confirmation” shall mean, with respect to any Securitization, a confirmation in writing (which may be in electronic form)
by each of the applicable Rating Agencies for such Securitization that a proposed action, failure to act or other event so specified
will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating assigned to any class
of securities of such Securitization (if then rated by such Rating Agency); provided that a written waiver or other acknowledgment
from any such Rating Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought
shall be deemed to satisfy the requirement for the Rating Agency Confirmation from such Rating Agency with respect to such matter.
If no such securities are outstanding with respect to any Securitization, any action that would otherwise require a Rating Agency
Confirmation shall instead require the consent of the Note A-1 Holder, which consent shall not be unreasonably withheld, conditioned
or delayed.


“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 rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Commission or by its staff, or as may be provided by the Commission or its staff from time to time.




    	-12- 



    	 



    

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


“REMIC Provisions”
shall mean the provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections
860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and temporary and final Treasury Regulations
(or proposed regulations that would apply by reason of their proposed effective date to the extent not inconsistent with temporary
or final regulations) and any rulings or announcements promulgated thereunder, as the foregoing may be in effect from time to time.


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


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


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


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


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


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




    	-13- 



    	 



    

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


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


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


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


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


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


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


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


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


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


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


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


“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




    	-14- 



    	 



    

substantial decisions of such trust
(or, to the extent provided in applicable Treasury Regulations, a trust in existence on August 20, 1996 which is eligible
to elect to be treated as a U.S. Person).


Section 2.               
Servicing of the Mortgage Loan.


(a)               
Each Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced
from and after the Securitization Date by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement
and the Lead Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments
of principal or interest in respect of any Note other than the Lead Securitization Note if such principal or interest is not paid
by the Mortgage Loan Borrower but shall be obligated to make Servicing Advances, subject to the terms of the Lead Securitization
Servicing Agreement. The Lead Securitization Servicing Agreement shall contain terms and conditions that are customary for securitization
transactions involving assets similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to the tax
elections of any Securitization Trust, (ii) required by law or changes in any law, rule or regulation and (iii) generally required
by the Rating Agencies in connection with the issuance of ratings in securitizations similar to the Securitizations. Each Note
Holder acknowledges that each other Note Holder may elect, in its sole discretion, to include its Note in a Securitization and
agrees that it will, subject to Section 26 hereof, reasonably cooperate with such other Note Holder, at such other
Note Holder’s expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Note Holder
hereby irrevocably and unconditionally consents to the appointment of the Master Servicer and the Trustee under the Lead Securitization
Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably
cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with
the Lead Securitization Servicing Agreement. Each Note Holder hereby appoints 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). In
no event shall the Lead Securitization Servicing Agreement require the Servicer to enforce the rights of any Note Holder against
any other Note Holder or limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder; however,
this statement shall not be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder, and
is subject in all respects to Section 6.04 of the Lead Securitization Servicing Agreement. 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.


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




    	-15- 



    	 



    

Securitization Servicing Agreement and
all references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement;
provided, that if the Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have
been obtained from each other Rating Agency with respect to the securities issued in connection with such securitization for the
Non-Lead Securitization Note regarding any servicer(s) to be appointed under such replacement servicing agreement that does not
have the Required Special Servicer Rating for such Rating Agency and that would not otherwise meet the conditions to be a servicer
under the Lead Securitization Servicing Agreement that is being replaced; provided, further, that until a replacement
servicing agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant
to the provisions of the Lead Securitization Servicing Agreement, as if such agreement were still in full force and effect with
respect to the Mortgage Loan, by the applicable Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization
Note Holder that is a servicer meeting the requirements of a master servicer under the Lead Securitization Servicing Agreement
and, in the case of the Special Servicer, that meets the Required Special Servicer Rating for each Rating Agency then rating securities
of the Non-Lead Securitization.


(b)              
The Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee or
the Special Servicer, to the extent provided in the Lead Securitization Servicing Agreement) shall make the following advances,
subject to the terms of the Lead Securitization Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage
Loan and (ii) P&I Advances on the Lead Securitization Note. The Master Servicer, the Special Servicer and the Trustee, as applicable,
shall be entitled to reimbursement for a Servicing Advance, first from funds on deposit in the Collection Account and/or
the 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 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, shall be entitled to reimbursement
for Advance Interest on a Servicing Advance (including any Nonrecoverable 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 Advance or any Advance Interest on a Servicing Advance
(including any Nonrecoverable Advance), the Non-Lead Securitization Note Holder (including the Securitization Trust into which
the 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 Advance or Advance Interest.


In addition,
the Non-Lead Securitization Note Holder (including, but not limited to, the Securitization Trust into which the Non-Lead Securitization
Note is deposited) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization
for the 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,




    	-16- 



    	 



    

the Operating Advisor 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 Companion Distribution Account are insufficient for reimbursement of such amounts. The Non-Lead Securitization Note Holder
shall indemnify (as and to the same extent the Lead Securitization Trust is required to indemnify each of the following parties
in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing
Agreement) each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
and the Depositor (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified
as indemnified parties in the Lead Securitization Servicing Agreement in respect of other mortgage loans) (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, incurred in connection with the provision of services for the Mortgage Loan) under the Lead
Securitization Servicing Agreement (collectively, the “Indemnified Items”) to the extent of its pro rata
share of such Indemnified Items, and to the extent amounts on deposit in the Companion Distribution Account or Collection Account,
as applicable, are insufficient for reimbursement of such amounts, the Non-Lead Securitization Note Holder shall be required to,
promptly following notice from the Master Servicer, the Special Servicer or the Trustee, reimburse each of the applicable Indemnified
Parties for its pro rata share of the insufficiency; 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 related Non-Lead Securitization Servicing Agreement.


The Non-Lead
Master Servicer (or if not made by such Non-Lead Master Servicer, the related Non-Lead Trustee) may be required to make P&I
Advances on the related Non-Lead Securitization Note, from time to time, subject to the terms of the related servicing agreement
for the related Securitization (each such agreement, a “Non-Lead Securitization Servicing Agreement”), the Lead
Securitization Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable,
shall each be entitled to make its own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization
Note based on the information that it has on hand and in accordance with the Lead Securitization Servicing Agreement. The Non-Lead
Master Servicer, Non-Lead Special Servicer and Non-Lead Trustee under the related Non-Lead Securitization Servicing Agreement,
as applicable, shall be entitled to make 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 it has on hand and in accordance with the Non-Lead Securitization
Servicing Agreement. The Master Servicer and the Trustee, as applicable, and the Non-Lead Master Servicer or Non-Lead Trustee 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 the Non-Lead Master
Servicer, Non-Lead Special Servicer or 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,




    	-17- 



    	 



    

subsequently determines that a proposed
Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, then the Master
Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability
by the Master Servicer, the Special Servicer or the Trustee) or the Non-Lead Master Servicer or Non-Lead Trustee (as provided in
the related Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Non-Lead Master
Servicer, Non-Lead Special Servicer or Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or the Non-Lead Master
Servicer and Non-Lead Trustee, as the case may be, of such other Securitization within two Business Days of making such determination.
Each of the Master Servicer, the Trustee, any Non-Lead Master Servicer and the Non-Lead Trustee, as applicable, will only be entitled
to reimbursement for a P&I Advance that becomes non-recoverable first from the 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 Lead Securitization Note Holder agrees that it shall cause the Lead Securitization Servicing Agreement to provide as
follows (and to the extent such following provisions are not included in the Lead Securitization Servicing Agreement, they shall
be deemed incorporated therein and made a part thereof):


(i)           
the Master Servicer shall remit all payments received with respect to the Non-Lead Securitization Note, net of the servicing
fees payable to the Master Servicer and Special Servicer with respect to the Non-Lead Securitization Note, and any other applicable
fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the related Non-Lead Securitization
Note Holder by the earlier of (x) the Master Servicer Remittance Date (as defined in the Lead Securitization Servicing Agreement)
and (y) the Business Day following the “determination date” (or any term substantially similar thereto) as defined
in the related Non-Lead Securitization Servicing Agreement (such determination date, the “Non-Lead Securitization Determination
Date”), in each case as long as the date on which remittance is required under this clause (i) is at least one business day
after the scheduled monthly payment date under the Mortgage Loan Agreement, provided, that any late collections received by the
Master Servicer after the related due date under the Mortgage Loan shall be remitted by the Master Servicer in accordance with
clause (c)(xiii) below;


(ii)           
with respect to the Non-Lead Securitization Note that is held by a Securitization, the Master Servicer agrees to deliver
or cause to be delivered or to make available to the related Non-Lead Master Servicer all reports required to be delivered by the
Master Servicer to the Certificate Administrator and the Trustee under the Lead Securitization Servicing Agreement (which shall
include all loan-level reports constituting the CREFC® Investor Reporting Package (IRP)) pursuant to the terms of the Lead
Securitization Servicing Agreement, to the extent related to the Mortgage Loan, the Mortgaged Property, the related Non-Lead Securitization
Note, the Master Servicer, the




    	-18- 



    	 



    

Special Servicer, the Certificate
Administrator or the Trustee, by the earlier of (x) the Master Servicer Remittance Date and (y) the Business Day following the
related Non-Lead Securitization Determination Date, in each case so long as the date on which delivery is required under this clause
(ii) is at least one business day after the scheduled monthly payment date under the Mortgage Loan Agreement;


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


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


(v)           
with respect to the Non-Lead Securitization that is subject to reporting requirements under the Securities Act, the Exchange
Act (including Rule 15Ga-1), and Regulation AB, (a) the Master Servicer, any primary servicer, the Special Servicer, the Trustee,
the Certificate Administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and
shall be required to cause each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively,
of Regulation AB) retained or engaged by it to deliver; provided that such party shall only be required to use commercially reasonable
efforts to cause a Mortgage Loan Seller Sub-Servicer to deliver), in a timely manner (i) the reports, certifications, compliance
statements, accountants’ assessments and attestations, and information to be included in reports (including, without limitation,
Form ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in the related Non-Lead
Securitization Servicing Agreement, in the case of clauses (i) and (ii), as the Non-Lead Depositor or Non-Lead Trustee reasonably
believes, in good faith, are required in order for such Non-Lead Depositor or Non-Lead Trustee to comply with its obligations




    	-19- 



    	 



    

under the Securities Act, the
Exchange Act (including Rule 15Ga-1), Regulation AB and Form SF-3, (b) without limiting the generality of the foregoing (x) the
Depositor or the related Note Holder shall provide or cause to be provided to the Non-Lead Depositor (and to counsel to such Non-Lead
Depositor) and the Non-Lead Trustee (1) written notice (which may be by email) in a timely manner (but no later than three (3)
Business Days prior to closing) of the occurrence of such Securitization, and (2) no later than the closing date of such Securitization,
a copy of the Lead Securitization Servicing Agreement in an EDGAR-compatible format, and (y) the Master Servicer and Special Servicer
(or any replacement Master Servicer or Special Servicer, as applicable) shall, upon reasonable prior written request, and subject
to the right of the Master Servicer or the Special Servicer, as the case may be, to review and approve such disclosure materials,
permit a holder of the Non-Lead Securitization Note to use such party’s description contained in the Lead Securitization
prospectus (updated as appropriate by the Master Servicer or Special Servicer, as applicable, at the cost of the related Non-Lead
Sponsor) (or, in the case of a replacement Special Servicer, contained in a Lead Securitization Form 8-K), for inclusion in the
disclosure materials (or, in the case of a replacement Special Servicer, for inclusion in a Form 8-K) relating to any securitization
of the Non-Lead Securitization Note, and (z) the Master Servicer and the Special Servicer (or any replacement Master Servicer or
Special Servicer, as applicable), shall provide indemnification agreements, opinions and Regulation AB compliance letters as were
or are being delivered with respect to the Lead Securitization (in each case, at the cost of the related Non-Lead Sponsor), and
(c) in connection with any amendment of the Lead Securitization Servicing Agreement, the Depositor shall provide written notice
(which may be by email) of such proposed amendment to the Non-Lead Depositor and Non-Lead Certificate Administrator no later than
three (3) Business Days prior to the date of effectiveness of such amendment, and, on the date of effectiveness of such amendment
to the Lead Securitization Servicing Agreement, provide a copy of such amendment in an EDGAR-compatible format to the Non-Lead
Depositor and Non-Lead Trustee. The Master Servicer and the Special Servicer shall each be required to provide certification and
indemnification to any Certifying Person with respect to any applicable Sarbanes-Oxley Certification with respect to the Non-Lead
Securitization;


(vi)           
each of the Master Servicer, the Special Servicer, the Custodian and the Trustee and each Affected Reporting Party shall
cooperate (and require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable
Sub-Servicing Agreement), with the Non-Lead Depositor (including, without limitation, providing all due diligence information,
reports, written responses, negotiations and coordination) to the same extent as such party is required to cooperate with each
Lead Depositor under Article X (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement and
in connection with Deficient Exchange Act Deliverables. All respective reasonable out-of-pocket costs and expenses incurred by
the Non-Lead Depositor (including reasonable legal fees and expenses of outside counsel to such depositor) in connection with the
foregoing (other than those costs and expenses related to participation by the Non-Lead Depositor in any telephone conferences
and meetings with the United States Securities and Exchange Commission (the “Commission”) and other costs such
Non-Lead Depositor must bear pursuant to Article X (or any article substantially similar thereto) of the Lead Securitization Servicing




    	-20- 



    	 



    

Agreement) and any amendments
to any reports filed with the Commission therewith shall be promptly paid by the applicable Affected Reporting Party upon receipt
of an itemized invoice from such Non-Lead Depositor;


(vii)           
the Non-Lead Securitization Note Holder is an intended third-party beneficiary in respect of the rights afforded it under
the Lead Securitization Servicing Agreement and the Non-Lead Master Servicer shall be entitled to enforce the rights of the related
Non-Lead Securitization Note Holder under this Agreement and the Lead Securitization Servicing Agreement;


(viii)           
the Non-Lead Master Servicer and 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 the related Non-Lead Master Servicer or the related Non-Lead Special Servicer, as the case may be, and the provisions regarding
coordination of Advances;


(ix)           
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 the Non-Lead Master Servicer who shall provide notice to the related
Non-Controlling Note Holder of the planned sale and of such Non-Controlling Note Holder’s opportunity to submit an offer
on the Mortgage Loan;


(x)           
the Lead Securitization Servicing Agreement shall not be amended in any manner that materially and adversely affects the
Non-Lead Securitization Note Holder without the consent of the Non-Lead Securitization Note Holder;


(xi)           
Servicer Termination Events with respect to the Master Servicer and the Special Servicer shall include: (i) solely with
respect to the Master Servicer, the failure to timely remit payments to the Non-Lead Securitization Note Holder, which failure
continues unremedied for one (1) Business Day following the date on which such payment was to be made; (ii) solely with respect
to the Special Servicer, the failure to deposit into any REO Account any amount required to be so deposited within two (2) Business
Days after the date such deposit was to be made, or the failure to remit to the Master Servicer for deposit into the Collection
Account or the related Companion Distribution Account, as applicable, any amount required to be so remitted by the Special Servicer
within one (1) Business Day after the date such remittance was to be made; (iii) the qualification, downgrade or withdrawal, or
placing on “watch status” in contemplation of a rating downgrade or withdrawal of the ratings of any class of certificates
issued in connection with the Non-Lead Securitization by the rating agencies rating such securities (and such qualification, downgrade,
withdrawal or “watch status” placement shall not have been withdrawn by such rating agencies within sixty (60) days
of actual knowledge of such event by the Master Servicer or the Special Servicer, as the case may be), and publicly citing servicing
concerns with the Master Servicer or Special Servicer, as applicable, as the sole or a material factor in such rating action; and
(iv) the




    	-21- 



    	 



    

failure to provide to the Non-Lead
Securitization Note Holder (if and to the extent required under the related Non-Lead Securitization) reports required under the
Exchange Act, and the rules and regulations thereunder, in a timely fashion. Upon the occurrence of such a Servicer Termination
Event with respect to the Master Servicer affecting the Non-Lead Securitization Note Holder and the Master Servicer is not otherwise
terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon the direction of the Non-Lead Securitization
Note Holder, require the appointment of a subservicer with respect to the Non-Lead Securitization Note. Upon the occurrence of
a Servicer Termination Event with respect to the Special Servicer affecting the Non-Lead Securitization Note Holder and the Special
Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction
of the Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage
Loan;


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


(xiii)           
any late collections received by the Master Servicer from the Mortgage Loan Borrower that are allocable to the Non-Lead
Securitization Note or reimbursable to the related Non-Lead Master Servicer or the related Non-Lead Trustee shall be remitted by
the Master Servicer to the related Non-Lead Master Servicer within one (1) Business Day of receipt of properly identified and available
funds constituting such late collections; provided, however, that to the extent any such amounts are received after 3:00 p.m. Eastern
time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such late collections to
the related Non-Lead Master Servicer within one (1) Business Day of receipt of properly identified and available funds but, in
any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified and available
funds;


(xiv)           
 if the Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization
Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the
related Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations
Reviewer with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but




    	-22- 



    	 



    

only to the extent (x) such documents
are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and (y) such
Non-Lead Asset Representations Reviewer has not been able to obtain such documents from the related mortgage loan seller;


(xv)           
any conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement;
provided that in no event shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take
any action in accordance with the terms of this Agreement that would cause the Master Servicer or the Special Servicer, as the
case may be, to violate the Servicing Standard or the REMIC Provisions;


(xvi)           
special servicing, workout and liquidation fee rates shall not exceed 0.25%, 1.00% and 1.00%, respectively, subject to any
market minimum special servicing fees and fee offsets set forth in the Lead Securitization Servicing Agreement; and


(xvii)           
the Lead Securitization Servicing Agreement shall also satisfy Moody’s rating methodology as of the closing date of
the Lead Securitization Servicing Agreement for eligible accounts and permitted investments for a securitization rated “Aaa”
by Moody’s.


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


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




    	-23- 



    	 



    

Holder’s pro rata
share of any such Nonrecoverable Advances and/or additional expenses of the Trust Fund;


(ii)           
each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required
to indemnify each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the
terms of Lead Securitization Servicing Agreement) by each Securitization Trust holding the Non-Lead Securitization Note, against
any of the Indemnified Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on
deposit in the Companion Distribution Account are insufficient for reimbursement of such amounts, the related Non-Lead Master Servicer
will be required to reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency out
of general collections in the collection account (or equivalent account) established under the related Non-Lead Securitization
Servicing Agreement; provided, however, that such 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 Non-Lead Master Servicer, Non-Lead Trustee or Non-Lead Certificate Administrator will be required to deliver to the
Trustee, the Certificate Administrator, the Special Servicer, the Master Servicer and the Operating Advisor (i) promptly following
Securitization of the Non-Lead Securitization Note, notice of the deposit of such Non-Lead Securitization Note into a Securitization
Trust (which notice shall also provide contact information for the related Non-Lead Trustee, the related certificate administrator,
the related Non-Lead Master Servicer, the related Non-Lead Special Servicer and the party designated to exercise the rights of
the “Non-Controlling Note Holder” under this Agreement), accompanied by a certified copy of such executed Non-Lead
Securitization Servicing Agreement and (ii) notice of any subsequent change in the identity of the related Non-Lead Master Servicer
or the party designated to exercise the rights of the “Non-Controlling Note Holder” under this Agreement (together
with the relevant contact information); and


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


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




    	-24- 



    	 



    

applicable, all notices, reports,
information or other deliverables required to be delivered to the Non-Lead 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 related Non-Lead Master Servicer and related Non-Lead Special Servicer (who then may forward such items
to the party entitled to receive such items as and to the extent provided in the related Non-Lead Securitization Servicing Agreement)
and, when so delivered to such related Non-Lead Master Servicer and such related Non-Lead 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.


(f)               
The Lead Securitization Note Holder agrees that, if the Non-Lead Securitization Note is included in a Securitization,
and such Non-Lead Securitization is subject to reporting requirements under Regulation AB, the Master Servicer, the Special Servicer,
the Trustee and the Custodian shall be required to reasonably cooperate with the related Non-Lead Asset Representations Reviewer
in connection with such Non-Lead Asset Representations Reviewer’s obligations under the related Non-Lead Securitization Servicing
Agreement with respect to the Mortgage Loan by providing any documents reasonably requested by such Non-Lead Asset Representations
Reviewer or other requesting party in connection with such Non-Lead Asset Representations Reviewer’s obligations, 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 and such Non-Lead Asset Representations Reviewer has not been able to obtain such documents from the related
mortgage loan seller. The reasonable out-of-pocket expenses of the Master Servicer, Special Servicer, the Trustee and the Custodian
actually incurred in connection with their compliance with such requests shall be reimbursable by the related Non-Lead Asset Representations
Reviewer or, if not paid by the related Non-Lead Asset Representations Reviewer, the related Non-Lead Securitization Note Holder.


 


(g)              
If Note A-1 is not the first Note to be deposited into the Lead Securitization, the Note A-1 Holder shall give each of the
parties to the Lead Securitization (that will not also be a party to the Note A-1 PSA) and the Non-Controlling Note Holder Representative
under the Lead Securitization Servicing Agreement notice of the Note A-1 Securitization in writing (which may be by e-mail) not
less than 5 business days’ prior to the Note A-1 Securitization Date. Such notice shall contain contact information for each
of the parties to the Note A-1 PSA. In addition, after the Note A-1 Securitization Date, the Note A-1 Holder shall send a copy
of the Note A-1 PSA to each of the parties to the Note A-2 PSA.


Section 3.               
Priority of Payments.


(a)               
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 Periodic Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other
collateral or




    	-25- 



    	 



    

instrument securing the Mortgage
Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair
of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents)
shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided,
that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to be held as reserves or escrows
or received as reimbursements on account of recoveries in respect of property protection expenses or Servicing Advances then due
and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing Agreement shall be applied to
the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents; and (y) all amounts that are then
due, payable or reimbursable to any Servicer, with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement
and any other compensation payable to it thereunder (including without limitation, any additional expenses of the Trust Fund relating
to the Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties
and any Special Servicing Fees, Liquidation Fees, Workout Fees and Penalty Charges (to the extent provided in the immediately following
paragraph) but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed
in accordance with Section 2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer (including any primary
servicing fees).


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


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


               





    	-26- 



    	 



    

    Section
5.         Administration of the Mortgage Loan.


(a)               
Subject to this Agreement (including but not limited to Section 5(c)) and the Lead Securitization Servicing
Agreement and subject to the rights and consents, where required, of the Controlling Note Holder Representative, 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 not have any 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 shall have no right to, and the Non-Lead Securitization Note Holder 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 the 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 acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of
the Lead Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Loan to sell the Notes together as notes evidencing
one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement and shall require that all offers be
submitted to the Special Servicer in writing. Whether any cash offer constitutes a fair price for the Mortgage Loan shall be determined
by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest
offeror is an Interested Person. Absent an offer at least equal to the Purchase Price, no offer from an Interested Person shall
constitute a fair price unless (i) it is the highest offer received and (ii) at least two other offers are received from independent
third parties. In determining whether any offer from an Interested Person received represents a fair price for the Mortgage Loan,
the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) conducted in accordance with the Lead Securitization
Servicing Agreement within the preceding nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal. In
determining whether any such offer from a Person other than an Interested Person constitutes a fair price for the Mortgage Loan,
the Special Servicer shall




    	-27- 



    	 



    

take into account (in addition to
the results of any Appraisal or updated Appraisal or narrative appraisal that it may have obtained within the prior nine (9) months
pursuant to the Lead Securitization Servicing Agreement) among other factors, the period and amount of the occupancy level and
physical condition of the Mortgaged Property and the state of the local economy. In determining whether any offer received from
an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal (or
update of such Appraisal) of the related Mortgaged Property conducted in accordance with this Agreement within the preceding nine
(9) month period or, in the absence of any such Appraisal, on a new Appraisal. Except as provided in the following paragraph, the
cost of any Appraisal will be covered by, and will be reimbursable as, a Servicing Advance by the Master Servicer. Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder)
shall not be permitted to sell the Mortgage Loan without the written consent of the Non-Lead Securitization Note Holder (provided
that such consent is not required if the related Non-Lead Securitization Note is held by the Mortgage Loan Borrower or an Affiliate
of the Mortgage Loan Borrower) unless the Special Servicer has delivered to the Non-Lead Securitization Note Holder: (a) at least
15 Business Days’ prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10) days prior
to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received by the Special
Servicer in connection with any such proposed sale, (c) at least 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 reasonably requested by the Non-Lead Securitization
Note Holder that are material to the sale price of the Mortgage Loan and (d) until the sale is completed, and a reasonable period
of time (but no less time than is afforded to other offerors and the Lead Securitization Controlling Class Representative) prior
to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale; provided, however, that
the Non-Lead Securitization Note Holder may waive any delivery or timing requirements set forth in this sentence only for itself.
Subject to the foregoing, each of the Controlling Note Holder, the Controlling Note Holder Representative, the Non-Controlling
Note Holder and the Non-Controlling Note Holder Representatives shall be permitted to submit an offer at any sale of the Mortgage
Loan (unless such Person is a Borrower Party).


Notwithstanding
anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by
an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the offering Interested Person
purchaser) designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5)
years’ experience in valuing loans similar to the Mortgage Loan, that has been selected with reasonable care by the Trustee
to determine if such cash offer constitutes a fair price for the Mortgage Loan. If the Trustee designates such third party to make
such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable
fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party shall
be covered by, and shall be reimbursable, from the offering Interested Person.


The Non-Lead
Securitization Note Holder hereby appoints the Lead Securitization Note Holder as its agent, and grants to the Lead Securitization
Note Holder an




    	-28- 



    	 



    

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


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


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




    	-29- 



    	 



    

(c)               
Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf) shall be required (i) to provide copies of any notice, information and report that it is required to provide to
the Lead Securitization Controlling Class Representative pursuant to the Lead Securitization Servicing Agreement (for this purpose,
without regard to whether such items are actually required to be provided to the Lead Securitization Controlling Class Representative
under the Lead Securitization Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination
Event or effectively equivalent period) with respect to any Major Decision 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 Non-Lead Securitization
Note Holder Representative), within the same time frame it is required to provide to the Lead Securitization Controlling Class
Representative (for this purpose, without regard to whether such items are actually required to be provided to the Lead Securitization
Controlling Class Representative under the Lead Securitization Servicing Agreement due to the occurrence of a Control Termination
Event or a Consultation Termination Event or effectively equivalent period) and (ii) 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-Lead Securitization Note Holder (or its Non-Controlling Note Holder Representative) requests
consultation with respect to any such Major Decision 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 (or the Master Servicer or the Special Servicer acting on its behalf) of written notice of a proposed action, together with
copies of the notice, information and report required to be provided to the Lead Securitization Controlling 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) (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 sentence, the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, acting on its behalf) may make 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-Lead Securitization Note Holder (or its Non-Lead Securitization Note Holder Representative) provided
in the immediately




    	-30- 



    	 



    

preceding paragraph, the Non-Controlling
Note Holder shall have the right to attend annual meetings (which may be held telephonically) with the Lead Securitization Note
Holder (or the Master Servicer or the Special Servicer acting on its behalf), upon reasonable notice and 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.


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


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


Section 6.               
Rights of the Controlling Note Holder.


(a)               
The Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise
of its rights and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”).
The Controlling Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace
the Controlling Note Holder Representative. When exercising its various rights under Section 5 and elsewhere in this
Agreement, the Controlling Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative.
The Controlling Note Holder Representative may be any Person (other than the Mortgage Loan Borrower or any




    	-31- 



    	 



    

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. Any Servicer acting on behalf of the Lead Securitization Note Holder shall not be required
to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified the Servicer
or Trustee of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note
Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written confirmation of its acceptance
of such appointment, an address and telecopy number for the delivery of notices and other correspondence and a list of officers
or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses and
telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of 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 or Trustee
of the then-current Controlling Note Holder Representative.


Neither the Controlling
Note Holder Representative nor the Controlling Note Holder, in such capacity, 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, gross negligence or breach of this Agreement.
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, gross negligence or breach of this Agreement on the part of the Controlling
Note Holder Representative or the Controlling Note Holder, as the case may be, acting in such capacity, 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 each Note
Holder.


The Non-Controlling
Note Holder shall provide notice of its identity and contact information (including any change thereof) to the Trustee, Certificate
Administrator, the Master




    	-32- 



    	 



    

Servicer and the Special Servicer under
the Lead Securitization Servicing Agreement; provided, that each Initial Note Holder shall be deemed to have provided such
notice on the date hereof. The Trustee, Certificate Administrator, the Master Servicer and the Special Servicer under the Lead
Securitization Servicing Agreement shall be entitled to conclusively rely on such identity and contact information received by
it and shall not be liable in respect of any deliveries hereunder sent in reliance thereon.


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


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


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




    	-33- 



    	 



    

reasonable effort to contact the Controlling
Note Holder, the Master Servicer or the Special Servicer, as the case may be, may take any such action without waiting for the
Controlling Note Holder’s response.


No objection, consent,
direction or advice contemplated by the preceding paragraphs may require or cause the Master Servicer or the Special Servicer,
as applicable, to (i) 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, (ii) result in the imposition of a tax on any REMIC trust under the REMIC Provisions or cause any
REMIC pool to fail to qualify as a REMIC or cause the grantor trust to fail to qualify as a grantor trust under subpart E, part
I of subchapter J of the Code for federal income tax purposes, (iii) expose the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Depositor, the Asset Representations Reviewer, the Trust Fund or the Trustee or any of
their respective Affiliates, officers, directors, shareholders, partners, members, managers, employees or agents to any claim,
suit, or liability for which this Agreement or the Lead Securitization Servicing Agreement does not provide indemnification to
such party or expose any such party to prosecution for a criminal offense, (iv) materially expand the scope of responsibilities
of any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Asset Representations Reviewer, the Trustee
or the Operating Advisor, as applicable, under this Agreement or the Lead Securitization Servicing Agreement


Section 7.               
Appointment of Special Servicer. Subject to the conditions and requirements set forth in the Lead Securitization
Servicing Agreement, the Controlling Note Holder (or its Controlling Note Holder Representative) shall have the right at any time
and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and
appoint a replacement Special Servicer that satisfies the Required Special Servicer Rating Requirements in lieu thereof. Any designation
by the Controlling Note Holder (or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be
made by delivering to the Non-Controlling 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,
but only if required by the terms of the Lead Securitization Servicing Agreement), and delivering to the Non-Controlling Note Holder
a Rating Agency Confirmation with respect to any rated securities issued and outstanding under the related Securitization, if applicable.
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, the Non-Controlling




    	-34- 



    	 



    

Note Holder shall have the right
to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling Note
Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement solely with respect to the Mortgage
Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement. The Note Holders acknowledge
and agree that any successor special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that
was terminated for cause at the Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate
thereof) that was so terminated without the prior written consent of such Non-Controlling Note Holder. If the Non-Controlling Note
Holder directs the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling
Note Holder) to terminate the Special Servicer, 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 Collection Account under the Lead Securitization Servicing Agreement.


Section 8.               
Payment Procedure.


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


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




    	-35- 



    	 



    

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


Section 9.               
Limitation on Liability of the Note Holders. Each Note Holder shall have no liability to the other Note Holders with
respect to its Note except with respect to losses actually suffered due to the negligence, willful misconduct or breach of this
Agreement on the part of such Note Holder; provided that, notwithstanding any of the foregoing to the contrary, each Servicer will
nevertheless be subject to the obligations and standards (including the Servicing Standard) set forth in the related Securitization
Servicing Agreement.


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 such Lead Securitization Note Holder’s exercise of rights or any omission by the Lead Securitization
Note Holder to exercise such rights other than as described above; provided, however, that the Servicer must act
in accordance with the Servicing Standard.


Section 10.           
Bankruptcy. Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead Securitization
Note Holder has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join
any Person in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect to
or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the
winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead Securitization
Note Holder, and not the Non-Lead Securitization Note Holder, can make any election, give any consent, commence any action or file
any motion, claim, obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower
under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization Note Holder
as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled




    	-36- 



    	 



    

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 Non-Lead Securitization Note Holder hereby agrees that, upon the request
of the Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall execute, acknowledge and deliver to the
Lead Securitization Note Holder all and every such further deeds, conveyances and instruments as the Lead Securitization Note Holder
may reasonably request for the better assuring and evidencing of the foregoing appointment and grant. All actions taken by any
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




    	-37- 



    	 



    

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 the other Note Holders or their
Affiliates may make loans or otherwise extend credit to, and generally engage in any kind of business with, the Mortgage Loan Borrower
or any Affiliate thereof, any entity that is a holder of debt secured by direct or indirect ownership interests in the Mortgage
Loan Borrower or any entity that is a holder of a preferred equity interest in the Mortgage Loan Borrower (each, a “Mortgage
Loan Borrower Related Party”), and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower
Related Parties and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement
and the transactions contemplated hereby were not in effect.


Section 14.           
Sale of the Notes.


(a)               
Except as contemplated by the second following sentence, each Note Holder agrees that it will not sell, assign, transfer,
pledge, syndicate, hypothecate, contribute, encumber or otherwise dispose of all or any portion of its respective Note (a “Transfer”)
except to a Qualified Institutional Lender. Promptly after the Transfer, each 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 in accordance with the immediately following sentence) and (y) a copy of the assignment
and assumption agreement referred to in Section 15. If a Note Holder intends to Transfer its respective Note, or any
portion thereof, to an entity that is not a Qualified Institutional Lender, it must first (a) obtain the consent of each non-transferring
Note Holder and (b) if such non-transferring Note Holder’s Note is held in a Securitization Trust, obtain a Rating Agency
Confirmation from each Rating Agency then rating the securities of such Securitization Trust. Notwithstanding the foregoing, without
each non-transferring Note Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring
Note Holder’s Note is held in a Securitization Trust, until a Rating Agency Confirmation is obtained, no Note Holder shall
Transfer all or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower or a Mortgage
Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.
The transferring Note Holder agrees that it shall pay the expenses of each non-transferring Note Holder (including all expenses
of the Master Servicer, the Special Servicer, the Trustee and any Controlling Note Holder or Controlling Note Holder Representative)
and all expenses relating to any Rating Agency Confirmation in connection with any such Transfer. Notwithstanding the foregoing,
each Note Holder shall have the right, without the need to obtain the consent of the other Note Holders or of any other Person
or having to provide any Rating Agency Confirmation, to Transfer 49% or less (in the aggregate) of its beneficial interest in a
Note. None of the provisions of this Section 14(a) shall apply in the case of (1) a sale of all of the Notes together, in
accordance with the terms and conditions of the Lead Securitization Servicing Agreement or (2) a transfer by the Special Servicer,
in accordance with the terms and conditions of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged
Property, upon the Mortgage Loan becoming a Defaulted Loan to a single member limited liability or limited partnership, 100% of
the equity interest in which is owned directly or




    	-38- 



    	 



    

indirectly, through one or more
single member limited liability companies or limited partnerships, by the Lead Securitization Trust.


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


(c)               
Notwithstanding any other provision hereof, each 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 applicable Rating Agency (or, if not rated by an applicable Rating Agency,
an equivalent or higher rating from any two of Fitch, Moody’s and S&P) (a “Note Pledgee”), on terms and conditions
set forth in this Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder or
any person which Controls such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify as
a “Pledge” hereunder, provided that a Note Pledgee that is not a Qualified Institutional Lender may not take title
to the pledged Note without a Rating Agency Confirmation. Upon written notice by the applicable Note Holder to any other Note Holder
and any Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), 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 any other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment,
modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written consent
of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Note Holder
shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same to
the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee
shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to such other Note Holder;
and (vi) that, upon written notice (a “Redirection Notice”) to the other Note Holders and any Servicer by such Note
Pledgee that the pledging Note Holder is in default, beyond any applicable cure periods, under the pledging Note Holder’s
obligations to such Note Pledgee 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 such other Note Holders 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




    	-39- 



    	 



    

unconditionally and absolutely releases
the other Note Holders and any Servicer from any liability to the pledging Note Holder on account of such other Note Holder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to have been delivered
by a Note Pledgee. A Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Note Holder
to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law
and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other
than the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar
sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the
pledging Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional
Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such Transfer (i.e.,
realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The
rights of a Note Pledgee under this Section 14(c) shall remain effective as to each 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


(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.



    	-40- 



    	 



    

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 each Note of which the Agent has received notice, in the form of
a copy of the assignment and assumption agreement referred to in this Section 15, shall be registered in the Note Register.
The Person in whose name a Note is so registered shall be deemed and treated as the sole owner and holder thereof for all purposes
of this Agreement. Upon the request of a Note Holder, the Agent shall provide such party with the names and addresses of the other
Note Holders. To the extent the Trustee or another party is appointed as Agent hereunder, each Note Holder hereby designates such
person as its agent under this Section 15 solely for purposes of maintaining the Note Register.


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


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




    	-41- 



    	 



    

STATE OF NEW YORK, THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;


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


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


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


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


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


Section 20.           
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in




    	-42- 



    	 



    

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


(b)              
The Non-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 the Non-Lead Securitization Note Holder in reliance upon any representation, certificate, statement, document or instrument
made or provided by the Non-Lead Securitization 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 the Non-Lead Securitization 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) the Non-Lead Securitization Note Holder, upon request of the Lead Securitization
Note Holder and at its sole cost and expense, shall defend any claim or action




    	-43- 



    	 



    

relating to the foregoing indemnification
using counsel selected by the Lead Securitization Note Holder.


(c)               
The Non-Lead Securitization Note Holder represents to the Lead Securitization Note Holder (for the benefit of the Mortgage
Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage Loan Borrower
is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant
to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of
this Agreement, the Non-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 the Non-Lead Securitization
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 the Non-Lead Securitization Note Holder is not created or organized under the laws of the United States, any
state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan Borrower is treated
for United States income tax purposes as derived in whole or part from sources within the United States, such Note Holder shall
satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Note Holder Internal Revenue Service
Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may be required from time to time,
duly executed by such Note Holder, as evidence of such Note Holder’s exemption from the withholding of United States tax
with respect thereto. The Lead Securitization Note Holder shall not be obligated to make any payment hereunder with respect to
the Non-Lead Securitization Note or otherwise until the Non-Lead Securitization Note Holder 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, the originals of all of the Mortgage Loan Documents
(other than Note A-2) shall be held by the Initial Agent on behalf of the registered holders of the Notes. On and after the closing
of the Lead Securitization, the originals of all of the Mortgage Loan Documents (other than Note A-2) shall be held in the name
of the Note A-1 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 Note A-2 Securitization Date, Note A-2
shall be held in the name of the Note A-2 Trustee (and held by a duly appointed custodian therefor) under the Note A-2 PSA, on
behalf of the Note A-2 Holder.


Section 26.           
Cooperation in Securitization. Each Note Holder acknowledges that each Note Holder may elect, in its sole discretion,
to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence,
at the request of the related Securitizing Note Holder, each Non-Securitizing Note Holder shall use reasonable efforts, at such
Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause
the Mortgage Loan




    	-44- 



    	 



    

Borrower to satisfy, the market
standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by
the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications
to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the
Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested
by the Rating Agencies to effect such Securitization; provided, that each Non-Securitizing Note Holder shall not be required to
modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith,
if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority
of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations
or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization,
each Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information
concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary
or appropriate, and such Non-Securitizing Note Holder shall, at such Securitizing Note Holder’s expense, cooperate with the
reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including,
without limitation, reasonably cooperating with such Securitizing Note Holder (without any obligation to make additional representations
and warranties) to enable such Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions
(including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection
with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with
respect to any information relating to such Note Holder and its Note in any Securitization document. Each Note Holder acknowledges
that in connection with any Securitization, the information provided by it in its capacity as the Non-Securitizing Note Holder
to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing
Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing
Note Holder.


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


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


           





    	-45- 



    	 



    

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


Section 29.           
Certain Matters Affecting the Agent.


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


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


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


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


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


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


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


Section 30.           
Reserved.


Section 31.           
Resignation of Agent. The Agent may resign at any time on ten (10) days’ prior notice, so long as a successor
Agent, reasonably satisfactory to the Note Holders (it being agreed that a Servicer, the Trustee or a Certificate Administrator
in a Securitization is satisfactory to the Note Holders), has agreed to be bound by this Agreement and perform the duties of the
Agent hereunder. Barclays, as Initial Agent, may transfer its rights and obligations to a Servicer, the Trustee or the Certificate
Administrator, as successor Agent, at any time without the consent of the other 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 Barclays 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




    	-46- 



    	 



    

this Agreement, and any successor
master servicer shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place thereof
without any further notice or other action.


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


 


 


[Signature Page Follows]




    	-47- 



    	 



    

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








	 	 BARCLAYS CAPITAL REAL ESTATE 

INC., as Initial Agent
    and Initial Note A-

1 Holder and Initial Note A-2 Holder
	 	 
	 	By: 	/s/ Daniel Schmidt
	 	 	 Name: Daniel Schmidt
Title: Authorized Signatory



 


 









 




    	[Signature Page to Exchange on Erwin CLA]



    	 



    

EXHIBIT A



MORTGAGE LOAN SCHEDULE


Description of Mortgage Loan


	Mortgage Loan Borrower:	SREIT Erwin Residential, L.P. and SREIT Erwin Retail, L.P.
	Date of Mortgage Loan:	November 21, 2019
	Date of Notes:	November 21, 2019
	Original Principal Amount of Mortgage Loan:	$75,450,000.00
	Principal Amount of Mortgage Loan as of the date hereof:	$75,450,000.00
	Initial Note A-1 Principal Balance:	$50,000,000.00
	Initial Note A-2 Principal Balance:	$25,450,000.00
	Location of Mortgaged Property:	
        2610 Erwin Road

        Durham, North Carolina 27705

	Initial Maturity Date:	December 6, 2029


 


 




    	 



    	 



    

EXHIBIT B


1.   Initial Note
A-1 Holder:


 


Barclays Capital Real Estate Inc.

745 Seventh Avenue


New York, New York 10019

Attention: Sabrina J. Khabie






2.   Initial Note
A-2 Holder:


 


Barclays Capital Real Estate Inc.

745 Seventh Avenue


New York, New York 10019

Attention: Sabrina J. Khabie




    	 



    	 



    

 


EXHIBIT C



PERMITTED FUND MANAGERS


 


1.                 
AllianceBernstein


		2.	Annaly Capital Management



		3.	Apollo Real Estate Advisors



		4.	Archon Capital, L.P.



		5.	AREA Property Partners



		6.	Artemis Real Estate Partners



		7.	BlackRock, Inc.



		8.	Clarion Partners



		9.	Colony Capital, LLC



		10.	DLJ Real Estate Capital Partners



		11.	Dune Real Estate Partners



		12.	Eightfold Real Estate Capital, L.P.



		13.	Five Mile Capital Partners



		14.	Fortress Investment Group, LLC



		15.	Garrison Investment Group



		16.	H/2 Capital Partners LLC



		17.	Hudson Advisors



		18.	Investcorp International



		19.	iStar Financial Inc.



		20.	J.P. Morgan Investment Management Inc.



		21.	JER Partners



		22.	Lend-Lease Real Estate Investments



		23.	Libermax Capital LLC



		24.	LoanCore Capital



		25.	Lone Star Funds



		26.	Lowe Enterprises



		27.	Normandy Real Estate Partners



		28.	Och-Ziff Capital Management Group



		29.	Praedium Group



		30.	Raith Capital Partners, LLC



		31.	Rialto Capital Management LLC



		32.	Rialto Capital Partners, LLC



		33.	Rockwood



		34.	RREEF Funds



		35.	Square Mile Capital Management



		36.	The Blackstone Group



		37.	The Carlyle Group



		38.	Torchlight Investors



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



		40.	Westbrook Partners



		41.	Wheelock Street Capital



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