|   |
|--------|

|   |
|--------|

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

|   | GS MORTGAGE SECURITIES CORPORATION II |
|--------|---------------------------------------|
|   |                                  |   |
|   | By:                                   |  /s/J. Theodore Borter |
|   |                                  | Name:J. Theodore Borter |
|   |                                  | Title: President |
|   |                                  |   |
|   | GOLDMAN SACHS MORTGAGE COMPANY        |
|   |                                  |   |
|   | By:                                   | Goldman Sachs Real Estate Funding Corp., its General Partner |

|   | By:    |  /s/Daniel Bennett |   |
|--------|--------|-------------------------|--------|
|   |   | Name:Daniel Bennett     |   |
|   |   | Title:Vice President    |   |

 

 

| GSMS 2011-GC5 Goldman Sachs Mortgage Loan Schedule |
|----------------------------------------------------|
|                                               |   |   |   |   |   |   |   |   |   |   |   |
| Control                                            |   | Loan |   |   |   |   |   |   |   |   |   | Cut-Off Date |
| Number                                             |   Footnotes   |    Number    |   | Property Name |   | Address |   | City |   | State | Zip Code | Balance ($) |
| 1                                                  |   | 8YBBV2 |   | Park Place Mall |   | 5870 East Broadway Boulevard |   | Tucson |   | Arizona | 85711 | 198,914,881 |
| 3                                                  |   | 6P0VX4 |   | Copper Beech Portfolio |   |   |   |   |   |   |   | 119,502,551 |
| 3.01                                               |   | 6P0VX4-1 |   | CBTC 28 Harrisonburg |   | 410 Copper Beech Circle |   | Harrisonburg |   | Virginia | 22801 |   |
| 3.02                                               |   | 6P0VX4-2 |   | CBTC 26 Morgantown |   | 200 Tupelo Drive |   | Morgantown |   | West Virginia | 26508 |   |
| 3.03                                               |   | 6P0VX4-3 |   | CBTC 29 San Marcos |   | 1701 Mill Street |   | San Marcos |   | Texas | 78666 |   |
| 3.04                                               |   | 6P0VX4-4 |   | CBTC 3 IUP |   | 120-180 South 8th Street, 719 Philadelphia Street and 116-126 South 5th Street |   | Indiana |   | Pennsylvania | 15701 |   |
| 4                                                  |   | 6P5CK2 |   | Hyatt Regency Boston |   | 1 Avenue de Lafayette |   | Boston |   | Massachusetts | 02111 | 94,683,253 |
| 5                                                  | 1 | 8Y68I6 |   | Parkdale Mall & Crossing |   | 6155 Eastex Freeway, Eastex Freeway & Dowlen Road |   | Beaumont |   | Texas | 77706 | 94,003,560 |
| 7                                                  |   | 6P2204 |   | Museum Square |   | 5757 Wilshire Boulevard |   | Los Angeles |   | California | 90036 | 58,400,000 |
| 8                                                  |   | 8YAA45 |   | Cole Portfolio |   |   |   |   |   |   |   | 46,670,000 |
| 8.01                                               |   | 8YAA45-1 |   | Volusia Square |   | 2455 West International Speedway Boulevard |   | Daytona Beach |   | Florida | 32114 |   |
| 8.02                                               |   | 8YAA45-2 |   | Shoppes at Port Arthur |   | 8825 Memorial Boulevard |   | Port Arthur |   | Texas | 77640 |   |
| 8.03                                               |   | 8YAA45-3 |   | CVS - Jacksonville |   | 4893 Town Center Parkway |   | Jacksonville |   | Florida | 32246 |   |
| 8.04                                               |   | 8YAA45-4 |   | CVS - Lawrence |   | 4841 Bauer Farm Drive |   | Lawrence |   | Kansas | 66049 |   |
| 8.05                                               |   | 8YAA45-5 |   | CVS (Ground) - Dover |   | 1030 Forrest Avenue |   | Dover |   | Delaware | 19904 |   |
| 8.06                                               |   | 8YAA45-6 |   | On the Border - Mesa |   | 1710 South Power Road |   | Mesa |   | Arizona | 85206 |   |
| 8.07                                               |   | 8YAA45-7 |   | On the Border - Peoria |   | 7873 West Bell Road |   | Peoria |   | Arizona | 85382 |   |
| 8.08                                               |   | 8YAA45-8 |   | Chili’s |   | 53 International Drive South |   | Flanders |   | New Jersey | 07836 |   |
| 8.09                                               |   | 8YAA45-9 |   | On the Border - Kansas City |   | 8340 NW Roanridge Road |   | Kansas City |   | Missouri | 64151 |   |
| 8.10                                               |   | 8YAA45-10 |   | Ulta |   | 1151 Vann Drive |   | Jackson |   | Tennessee | 38305 |   |
| 8.11                                               |   | 8YAA45-11 |   | Tractor Supply - Nixa |   | 525 West Northview Road |   | Nixa |   | Missouri | 65714 |   |
| 8.12                                               |   | 8YAA45-12 |   | Tractor Supply - Hamilton |   | 4525 Hamilton Middletown Road |   | Liberty Township |   | Ohio | 45011 |   |
| 8.13                                               |   | 8YAA45-13 |   | Macaroni Grill |   | 51 International Drive South |   | Flanders |   | New Jersey | 07836 |   |
| 8.14                                               |   | 8YAA45-14 |   | O’Reilly Auto Parts - San Antonio |   | 9811 Potranco Road |   | San Antonio |   | Texas | 78251 |   |
| 8.15                                               |   | 8YAA45-15 |   | O’Reilly Auto Parts - Christiansburg |   | 1275 Roanoke Street |   | Christiansburg |   | Virginia | 24073 |   |
| 8.16                                               |   | 8YAA45-16 |   | O’Reilly Auto Parts - Houston |   | 12421 Tidwell Road |   | Houston |   | Texas | 77044 |   |
| 8.17                                               |   | 8YAA45-17 |   | O’Reilly Auto Parts - Highlands |   | 506 North Main Street |   | Highlands |   | Texas | 77562 |   |
| 9                                                  |   | 8YD966 |   | Ashland Town Center |   | 500 Winchester Avenue |   | Ashland |   | Kentucky | 41101 | 41,931,395 |
| 10                                                 |   | 6P1E45 |   | AppleTree Business Park |   | 2875 Union Road |   | Cheektowaga |   | New York | 14227 | 37,890,537 |
| 11                                                 |   | 8Y5QD9 |   | Lake Buena Vista Factory Stores Phase I |   | 15553 South Apopka Vineland Road |   | Orlando |   | Florida | 32821 | 27,940,467 |
| 12                                                 |   | 8Y79N2 |   | Lake Buena Vista Factory Stores Phase II |   | 15601 South Apopka Vineland Road |   | Orlando |   | Florida | 32821 | 7,499,862 |
| 13                                                 |   | 6PIEQ6 |   | Champlain Centre |   | 60 Smithfield Boulevard |   | Plattsburgh |   | New York | 12901 | 34,812,036 |
| 16                                                 |   | 6P1ER4 |   | Courtyard and Residence Inn - Franklin |   | 31,220,954 |
| 16.01                                              |   | 6P1ER4-1 |   | Courtyard by Marriott |   | 2001 Meridian Boulevard |   | Franklin |   | Tennessee | 37067 |   |
| 16.02                                              |   | 6P1ER4-2 |   | Residence Inn |   | 2009 Meridian Boulevard |   | Franklin |   | Tennessee | 37067 |   |
| 17                                                 |   | 6P5C04 |   | Rivercrest Realty Portfolio 2 |   |   |   | 26,843,957 |
| 17.01                                              |   | 6P5C04-1 |   | Northpointe Commons |   | 10060 Two Notch Road |   | Columbia |   | South Carolina | 29223 |   |
| 17.02                                              |   | 6P5C04-2 |   | Highlands Square |   | 88-210 Highlands Square Drive |   | Hendersonville |   | North Carolina | 28792 |   |
| 17.03                                              |   | 6P5C04-3 |   | Ridgeview Plaza |   | 4001 College Avenue |   | Bluefield |   | Virginia | 24605 |   |
| 17.04                                              |   | 6P5C04-4 |   | East River Plaza |   | 201 Greasy Ridge Road |   | Princeton |   | West Virginia | 24739 |   |
| 22                                                 |   | 8YBHE4 |   | Oaks Apartments |   | 160 Peaceful Lane |   | Sanford |   | North Carolina | 27330 | 19,151,133 |
| 23                                                 |   | 8YCAS8 |   | White Marlin Mall |   | 12641 Ocean Gateway |   | Ocean City |   | Maryland | 21842 | 18,921,909 |
| 25                                                 |   | 8YDGE1 |   | Arbor Park Shopping Center |   | 17700 and 17750 North US Highway 281 |   | San Antonio |   | Texas | 78232 | 16,776,896 |
| 27                                                 |   | 8YDDV6 |   | Hilton Suites Lexington Green |   | 245 Lexington Green Circle |   | Lexington |   | Kentucky | 40503 | 15,680,431 |
| 29                                                 |   | 8YAZ97 |   | Houston Design Center |   | 7026 Old Katy Road |   | Houston |   | Texas | 77024 | 14,911,998 |
| 33                                                 |   | 6P1M95 |   | Holiday Inn Express Anchorage |   | 4411 Spenard Road |   | Anchorage |   | Alaska | 99517 | 13,645,977 |
| 35                                                 |   | 8YA9R6 |   | Courtyard and Residence Inn - Southaven |   |   |   |   |   | 13,466,094 |
| 35.01                                              |   | 6P1ER4-2 |   | Residence Inn |   | 7165 Sleepy Hollow Drive |   | Southaven |   | Mississippi | 38671 |   |
| 35.02                                              |   | 6P1ER4-1 |   | Courtyard by Marriott |   | 7225 Sleepy Hollow Drive |   | Southaven |   | Mississippi | 38671 |   |
| 37                                                 |   | 8YCBV0 |   | Southpark Office Building |   | 5015 South Interstate Highway 35 |   | Austin |   | Texas | 73301 | 13,000,000 |
| 38                                                 |   | 8YDDB0 |   | Albuquerque Hilton Garden Inn |   | 6510 Americas Parkway |   | Albuquerque |   | New Mexico | 87110 | 12,516,586 |
| 40                                                 |   | 6P14E4 |   | Branhaven Plaza |   | 1025-91 West Main Street |   | Branford |   | Connecticut | 06405 | 11,948,206 |
| 41                                                 |   | 8Y97X8 |   | Plaza at Cottonwood |   | 10260 Coors Bypass Northwest |   | Albuquerque |   | New Mexico | 87114 | 11,945,124 |
| 42                                                 |   | 8YAWB5 |   | ARCT Wal-Mart & Sam’s Portfolio |   |   |   | 11,500,000 |
| 42.01                                              |   | 8YAWB5-1 |   | Wal-Mart Supercenter |   | 3700 East Main Street |   | Blytheville |   | Arkansas | 72315 |   |
| 42.02                                              |   | 8YAWB5-2 |   | Sam’s Club |   | 596 & 598 Bobby Jones Expressway |   | Augusta |   | Georgia | 30907 |   |
| 44                                                 |   | 8YDEF0 |   | Embassy Suites - Tempe |   | 4400 South Rural Road |   | Tempe |   | Arizona | 85282 | 10,949,870 |
| 46                                                 |   | 8Y7XG0 |   | Alhambra Renaissance Center |   | 1-21 East Main Street |   | Alhambra |   | California | 91801 | 10,444,644 |
| 54                                                 |   | 6P14X2 |   | Hampton Inn - Colorado Springs South |   | 2910 Geyser Drive |   | Colorado Springs |   | Colorado | 80906 | 8,428,777 |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               | 1 | Parkdale Mall & Crossing Mortgaged Property is comprised of two adjacent properties and is presented as one Mortgaged Property.  One appraisal with an Appraisal Date of January 12, 2011 was performed.  Two separate environmental phase I reports were done and are both dated February 10, 2011.  Two separate engineering reports were done and are both dated February 1, 2011. |

 

| GSMS 2011-GC5 Goldman Sachs Mortgage Loan Schedule |
|----------------------------------------------------|
|                                               |   |   |   |   |   | Original | Remaining |   | Remaining |   |   |   |
| Control                                            |   | Loan |   |   |   | Mortgage | Term To |   | Amortization Term | Subservicing | Servicing | Mortgage |
| Number                                             |   Footnotes   |    Number    |   | Property Name |   | Loan Rate (%) | Maturity / ARD (Mos.) | Maturity Date | (Mos.) | Fee Rate (%) | Fee Rate (%) | Loan Seller |
| 1                                                  |   | 8YBBV2 |   | Park Place Mall |   | 5.18000% | 115 | 5/6/2021 | 355 | 0.00000% | 0.07000% | GSMC |
| 3                                                  |   | 6P0VX4 |   | Copper Beech Portfolio | 5.45000% | 56 | 6/6/2016 | 356 | 0.00000% | 0.07000% | GSMC |
| 3.01                                               |   | 6P0VX4-1 |   | CBTC 28 Harrisonburg |   |   |   |   |   |   |   |   |
| 3.02                                               |   | 6P0VX4-2 |   | CBTC 26 Morgantown |   |   |   |   |   |   |   |   |
| 3.03                                               |   | 6P0VX4-3 |   | CBTC 29 San Marcos |   |   |   |   |   |   |   |   |
| 3.04                                               |   | 6P0VX4-4 |   | CBTC 3 IUP |   |   |   |   |   |   |   |   |
| 4                                                  |   | 6P5CK2 |   | Hyatt Regency Boston |   | 5.00850% | 57 | 7/6/2016 | 357 | 0.00000% | 0.07000% | GSMC |
| 5                                                  | 1 | 8Y68I6 |   | Parkdale Mall & Crossing |   | 5.85000% | 113 | 3/6/2021 | 293 | 0.00000% | 0.07000% | GSMC |
| 7                                                  |   | 6P2204 |   | Museum Square |   | 4.93000% | 116 | 6/6/2021 | 0 | 0.00000% | 0.07000% | GSMC |
| 8                                                  |   | 8YAA45 |   | Cole Portfolio | 5.92300% | 115 | 5/6/2041 | 0 | 0.00000% | 0.07000% | GSMC |
| 8.01                                               |   | 8YAA45-1 |   | Volusia Square |   |   |   |   |   |   |   |   |
| 8.02                                               |   | 8YAA45-2 |   | Shoppes at Port Arthur |   |   |   |   |   |   |   |   |
| 8.03                                               |   | 8YAA45-3 |   | CVS - Jacksonville |   |   |   |   |   |   |   |   |
| 8.04                                               |   | 8YAA45-4 |   | CVS - Lawrence |   |   |   |   |   |   |   |   |
| 8.05                                               |   | 8YAA45-5 |   | CVS (Ground) - Dover |   |   |   |   |   |   |   |   |
| 8.06                                               |   | 8YAA45-6 |   | On the Border - Mesa |   |   |   |   |   |   |   |   |
| 8.07                                               |   | 8YAA45-7 |   | On the Border - Peoria |   |   |   |   |   |   |   |   |
| 8.08                                               |   | 8YAA45-8 |   | Chili’s |   |   |   |   |   |   |   |   |
| 8.09                                               |   | 8YAA45-9 |   | On the Border - Kansas City |   |   |   |   |   |   |   |   |
| 8.10                                               |   | 8YAA45-10 |   | Ulta |   |   |   |   |   |   |   |   |
| 8.11                                               |   | 8YAA45-11 |   | Tractor Supply - Nixa |   |   |   |   |   |   |   |   |
| 8.12                                               |   | 8YAA45-12 |   | Tractor Supply - Hamilton |   |   |   |   |   |   |   |   |
| 8.13                                               |   | 8YAA45-13 |   | Macaroni Grill |   |   |   |   |   |   |   |   |
| 8.14                                               |   | 8YAA45-14 |   | O’Reilly Auto Parts - San Antonio |   |   |   |   |   |   |   |   |
| 8.15                                               |   | 8YAA45-15 |   | O’Reilly Auto Parts - Christiansburg |   |   |   |   |   |   |   |   |
| 8.16                                               |   | 8YAA45-16 |   | O’Reilly Auto Parts - Houston |   |   |   |   |   |   |   |   |
| 8.17                                               |   | 8YAA45-17 |   | O’Reilly Auto Parts - Highlands |   |   |   |   |   |   |   |   |
| 9                                                  |   | 8YD966 |   | Ashland Town Center |   | 4.90000% | 117 | 7/6/2021 | 357 | 0.00000% | 0.07000% | GSMC |
| 10                                                 |   | 6P1E45 |   | AppleTree Business Park |   | 5.66600% | 117 | 7/6/2022 | 357 | 0.00000% | 0.07000% | GSMC |
| 11                                                 |   | 8Y5QD9 |   | Lake Buena Vista Factory Stores Phase I |   | 6.18150% | 114 | 4/6/2021 | 354 | 0.02000% | 0.07000% | GSMC |
| 12                                                 |   | 8Y79N2 |   | Lake Buena Vista Factory Stores Phase II |   | 6.18150% | 114 | 4/6/2021 | 354 | 0.02000% | 0.07000% | GSMC |
| 13                                                 |   | 6PIEQ6 |   | Champlain Centre |   | 5.22750% | 115 | 5/6/2021 | 355 | 0.00000% | 0.07000% | GSMC |
| 16                                                 |   | 6P1ER4 |   | Courtyard and Residence Inn - Franklin | 6.25000% | 118 | 8/6/2021 | 358 | 0.00000% | 0.07000% | GSMC |
| 16.01                                              |   | 6P1ER4-1 |   | Courtyard by Marriott |   |   |   |   |   |   |   |   |
| 16.02                                              |   | 6P1ER4-2 |   | Residence Inn |   |   |   |   |   |   |   |   |
| 17                                                 |   | 6P5C04 |   | Rivercrest Realty Portfolio 2 | 5.83250% | 118 | 8/6/2021 | 358 | 0.00000% | 0.07000% | GSMC |
| 17.01                                              |   | 6P5C04-1 |   | Northpointe Commons |   |   |   |   |   |   |   |   |
| 17.02                                              |   | 6P5C04-2 |   | Highlands Square |   |   |   |   |   |   |   |   |
| 17.03                                              |   | 6P5C04-3 |   | Ridgeview Plaza |   |   |   |   |   |   |   |   |
| 17.04                                              |   | 6P5C04-4 |   | East River Plaza |   |   |   |   |   |   |   |   |
| 22                                                 |   | 8YBHE4 |   | Oaks Apartments |   | 5.50000% | 116 | 6/6/2021 | 356 | 0.00000% | 0.07000% | GSMC |
| 23                                                 |   | 8YCAS8 |   | White Marlin Mall |   | 5.49000% | 116 | 6/6/2021 | 356 | 0.04000% | 0.05000% | GSMC |
| 25                                                 |   | 8YDGE1 |   | Arbor Park Shopping Center |   | 4.65000% | 57 | 7/6/2016 | 357 | 0.00000% | 0.07000% | GSMC |
| 27                                                 |   | 8YDDV6 |   | Hilton Suites Lexington Green |   | 5.15000% | 56 | 6/6/2016 | 356 | 0.00000% | 0.07000% | GSMC |
| 29                                                 |   | 8YAZ97 |   | Houston Design Center |   | 5.60000% | 116 | 6/6/2021 | 296 | 0.05000% | 0.05000% | GSMC |
| 33                                                 |   | 6P1M95 |   | Holiday Inn Express Anchorage |   | 6.10000% | 117 | 7/6/2021 | 297 | 0.00000% | 0.07000% | GSMC |
| 35                                                 |   | 8YA9R6 |   | Courtyard and Residence Inn - Southaven | 6.25000% | 117 | 7/6/2021 | 357 | 0.00000% | 0.07000% | GSMC |
| 35.01                                              |   | 6P1ER4-2 |   | Residence Inn |   |   |   |   |   |   |   |   |
| 35.02                                              |   | 6P1ER4-1 |   | Courtyard by Marriott |   |   |   |   |   |   |   |   |
| 37                                                 |   | 8YCBV0 |   | Southpark Office Building |   | 5.35300% | 55 | 5/6/2016 | 0 | 0.00000% | 0.07000% | GSMC |
| 38                                                 |   | 8YDDB0 |   | Albuquerque Hilton Garden Inn |   | 4.86850% | 56 | 6/6/2016 | 296 | 0.00000% | 0.07000% | GSMC |
| 40                                                 |   | 6P14E4 |   | Branhaven Plaza |   | 5.26000% | 116 | 6/6/2021 | 356 | 0.00000% | 0.07000% | GSMC |
| 41                                                 |   | 8Y97X8 |   | Plaza at Cottonwood |   | 5.95150% | 115 | 5/6/2021 | 355 | 0.00000% | 0.07000% | GSMC |
| 42                                                 |   | 8YAWB5 |   | ARCT Wal-Mart & Sam’s Portfolio | 4.18750% | 55 | 5/6/2016 | 0 | 0.00000% | 0.07000% | GSMC |
| 42.01                                              |   | 8YAWB5-1 |   | Wal-Mart Supercenter |   |   |   |   |   |   |   |   |
| 42.02                                              |   | 8YAWB5-2 |   | Sam’s Club |   |   |   |   |   |   |   |   |
| 44                                                 |   | 8YDEF0 |   | Embassy Suites - Tempe |   | 5.00000% | 56 | 6/6/2016 | 356 | 0.00000% | 0.07000% | GSMC |
| 46                                                 |   | 8Y7XG0 |   | Alhambra Renaissance Center |   | 6.22450% | 114 | 4/6/2021 | 354 | 0.00000% | 0.07000% | GSMC |
| 54                                                 |   | 6P14X2 |   | Hampton Inn - Colorado Springs South |   | 6.25000% | 117 | 7/6/2021 | 357 | 0.00000% | 0.07000% | GSMC |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               | 1 | Parkdale Mall & Crossing Mortgaged Property is comprised of two adjacent properties and is presented as one Mortgaged Property.  One appraisal with an Appraisal Date of January 12, 2011 was performed.  Two separate environmental phase I reports were done and are both dated February 10, 2011.  Two separate engineering reports were done and are both dated February 1, 2011. |

 

| GSMS 2011-GC5 Goldman Sachs Mortgage Loan Schedule |                              |                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                       |
|----------------------------------------------------|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|
|                                               |                              |                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                       | Crossed With |   |   |   |
| Control                                            |                              | Loan                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                       | Other Loans | Anticipated |   | Companion Loan |
| Number                                             |   Footnotes   |    Number                                                                                                                                                                                                                                                                                                                                                                                 |   | Property Name                              | (Crossed Group) | Repayment Date | Revised Rate | Flag |
| 1                                                  |                              | 8YBBV2                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Park Place Mall                            | NAP |   |   |   |
| 3                                                  |                              | 6P0VX4                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Copper Beech Portfolio                     | NAP |   |   | Yes |
| 3.01                                               |                              | 6P0VX4-1                                                                                                                                                                                                                                                                                                                                                                                                                |   | CBTC 28 Harrisonburg                       |   |   |   |   |
| 3.02                                               |                              | 6P0VX4-2                                                                                                                                                                                                                                                                                                                                                                                                                |   | CBTC 26 Morgantown                         |   |   |   |   |
| 3.03                                               |                              | 6P0VX4-3                                                                                                                                                                                                                                                                                                                                                                                                                |   | CBTC 29 San Marcos                         |   |   |   |   |
| 3.04                                               |                              | 6P0VX4-4                                                                                                                                                                                                                                                                                                                                                                                                                |   | CBTC 3 IUP                                 |   |   |   |   |
| 4                                                  |                              | 6P5CK2                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Hyatt Regency Boston                       | NAP |   |   |   |
| 5                                                  | 1                                 | 8Y68I6                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Parkdale Mall & Crossing               | NAP |   |   |   |
| 7                                                  |                              | 6P2204                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Museum Square                              | NAP |   |   |   |
| 8                                                  |                              | 8YAA45                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Cole Portfolio                             | NAP | 5/6/2021 | greater of (i) the initial interest rate plus 300 basis points and (ii) the swap rate as of the anticipated repayment date plus 300 basis points |   |
| 8.01                                               |                              | 8YAA45-1                                                                                                                                                                                                                                                                                                                                                                                                                |   | Volusia Square                             |   |   |   |   |
| 8.02                                               |                              | 8YAA45-2                                                                                                                                                                                                                                                                                                                                                                                                                |   | Shoppes at Port Arthur                     |   |   |   |   |
| 8.03                                               |                              | 8YAA45-3                                                                                                                                                                                                                                                                                                                                                                                                                |   | CVS - Jacksonville                         |   |   |   |   |
| 8.04                                               |                              | 8YAA45-4                                                                                                                                                                                                                                                                                                                                                                                                                |   | CVS - Lawrence                             |   |   |   |   |
| 8.05                                               |                              | 8YAA45-5                                                                                                                                                                                                                                                                                                                                                                                                                |   | CVS (Ground) - Dover                       |   |   |   |   |
| 8.06                                               |                              | 8YAA45-6                                                                                                                                                                                                                                                                                                                                                                                                                |   | On the Border - Mesa                       |   |   |   |   |
| 8.07                                               |                              | 8YAA45-7                                                                                                                                                                                                                                                                                                                                                                                                                |   | On the Border - Peoria                     |   |   |   |   |
| 8.08                                               |                              | 8YAA45-8                                                                                                                                                                                                                                                                                                                                                                                                                |   | Chili’s                              |   |   |   |   |
| 8.09                                               |                              | 8YAA45-9                                                                                                                                                                                                                                                                                                                                                                                                                |   | On the Border - Kansas City                |   |   |   |   |
| 8.10                                               |                              | 8YAA45-10                                                                                                                                                                                                                                                                                                                                                                                                               |   | Ulta                                       |   |   |   |   |
| 8.11                                               |                              | 8YAA45-11                                                                                                                                                                                                                                                                                                                                                                                                               |   | Tractor Supply - Nixa                      |   |   |   |   |
| 8.12                                               |                              | 8YAA45-12                                                                                                                                                                                                                                                                                                                                                                                                               |   | Tractor Supply - Hamilton                  |   |   |   |   |
| 8.13                                               |                              | 8YAA45-13                                                                                                                                                                                                                                                                                                                                                                                                               |   | Macaroni Grill                             |   |   |   |   |
| 8.14                                               |                              | 8YAA45-14                                                                                                                                                                                                                                                                                                                                                                                                               |   | O’Reilly Auto Parts - San Antonio    |   |   |   |   |
| 8.15                                               |                              | 8YAA45-15                                                                                                                                                                                                                                                                                                                                                                                                               |   | O’Reilly Auto Parts - Christiansburg |   |   |   |   |
| 8.16                                               |                              | 8YAA45-16                                                                                                                                                                                                                                                                                                                                                                                                               |   | O’Reilly Auto Parts - Houston        |   |   |   |   |
| 8.17                                               |                              | 8YAA45-17                                                                                                                                                                                                                                                                                                                                                                                                               |   | O’Reilly Auto Parts - Highlands      |   |   |   |   |
| 9                                                  |                              | 8YD966                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Ashland Town Center                        | NAP |   |   |   |
| 10                                                 |                              | 6P1E45                                                                                                                                                                                                                                                                                                                                                                                                                  |   | AppleTree Business Park                    | NAP | 7/6/2021 | greater of (i) the initial interest rate plus 200 basis points and (ii) the swap rate as of the initial scheduled maturity date plus 410 basis points |   |
| 11                                                 |                              | 8Y5QD9                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Lake Buena Vista Factory Stores Phase I    | Group A |   |   |   |
| 12                                                 |                              | 8Y79N2                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Lake Buena Vista Factory Stores Phase II   | Group A |   |   |   |
| 13                                                 |                              | 6PIEQ6                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Champlain Centre                           | NAP |   |   |   |
| 16                                                 |                              | 6P1ER4                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Courtyard and Residence Inn - Franklin     | NAP |   |   |   |
| 16.01                                              |                              | 6P1ER4-1                                                                                                                                                                                                                                                                                                                                                                                                                |   | Courtyard by Marriott                      |   |   |   |   |
| 16.02                                              |                              | 6P1ER4-2                                                                                                                                                                                                                                                                                                                                                                                                                |   | Residence Inn                              |   |   |   |   |
| 17                                                 |                              | 6P5C04                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Rivercrest Realty Portfolio 2              | NAP |   |   |   |
| 17.01                                              |                              | 6P5C04-1                                                                                                                                                                                                                                                                                                                                                                                                                |   | Northpointe Commons                        |   |   |   |   |
| 17.02                                              |                              | 6P5C04-2                                                                                                                                                                                                                                                                                                                                                                                                                |   | Highlands Square                           |   |   |   |   |
| 17.03                                              |                              | 6P5C04-3                                                                                                                                                                                                                                                                                                                                                                                                                |   | Ridgeview Plaza                            |   |   |   |   |
| 17.04                                              |                              | 6P5C04-4                                                                                                                                                                                                                                                                                                                                                                                                                |   | East River Plaza                           |   |   |   |   |
| 22                                                 |                              | 8YBHE4                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Oaks Apartments                            | NAP |   |   |   |
| 23                                                 |                              | 8YCAS8                                                                                                                                                                                                                                                                                                                                                                                                                  |   | White Marlin Mall                          | NAP |   |   |   |
| 25                                                 |                              | 8YDGE1                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Arbor Park Shopping Center                 | NAP |   |   |   |
| 27                                                 |                              | 8YDDV6                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Hilton Suites Lexington Green              | NAP |   |   |   |
| 29                                                 |                              | 8YAZ97                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Houston Design Center                      | NAP |   |   |   |
| 33                                                 |                              | 6P1M95                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Holiday Inn Express Anchorage              | NAP |   |   |   |
| 35                                                 |                              | 8YA9R6                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Courtyard and Residence Inn - Southaven    | NAP |   |   |   |
| 35.01                                              |                              | 6P1ER4-2                                                                                                                                                                                                                                                                                                                                                                                                                |   | Residence Inn                              |   |   |   |   |
| 35.02                                              |                              | 6P1ER4-1                                                                                                                                                                                                                                                                                                                                                                                                                |   | Courtyard by Marriott                      |   |   |   |   |
| 37                                                 |                              | 8YCBV0                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Southpark Office Building                  | NAP |   |   |   |
| 38                                                 |                              | 8YDDB0                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Albuquerque Hilton Garden Inn              | NAP |   |   |   |
| 40                                                 |                              | 6P14E4                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Branhaven Plaza                            | NAP |   |   |   |
| 41                                                 |                              | 8Y97X8                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Plaza at Cottonwood                        | NAP |   |   |   |
| 42                                                 |                              | 8YAWB5                                                                                                                                                                                                                                                                                                                                                                                                                  |   | ARCT Wal-Mart & Sam’s Portfolio  | NAP |   |   |   |
| 42.01                                              |                              | 8YAWB5-1                                                                                                                                                                                                                                                                                                                                                                                                                |   | Wal-Mart Supercenter                       |   |   |   |   |
| 42.02                                              |                              | 8YAWB5-2                                                                                                                                                                                                                                                                                                                                                                                                                |   | Sam’s Club                           |   |   |   |   |
| 44                                                 |                              | 8YDEF0                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Embassy Suites - Tempe                     | NAP |   |   |   |
| 46                                                 |                              | 8Y7XG0                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Alhambra Renaissance Center                | NAP |   |   |   |
| 54                                                 |                              | 6P14X2                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Hampton Inn - Colorado Springs South       | NAP |   |   |   |
|                                               |                              |                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                       |   |   |   |   |
|                                               | 1                                 | Parkdale Mall & Crossing Mortgaged Property is comprised of two adjacent properties and is presented as one Mortgaged Property.  One appraisal with an Appraisal Date of January 12, 2011 was performed.  Two separate environmental phase I reports were done and are both dated February 10, 2011.  Two separate engineering reports were done and are both dated February 1, 2011. |

 

| GSMS 2011-GC5 Goldman Sachs Mortgage Loan Schedule |                              |                                                                                                                                                                                                                                                                                                                                                                                                                    | Companion Loan |                                       | Companion Loan  |           |
|----------------------------------------------------|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------------------------------------------|-----------------|----------------|
|                                               |                              |                                                                                                                                                                                                                                                                                                                                                                                                                    |           |                                       |            |           | Remaining | Companion Loan | Remaining | Companion Loan |
| Control                                            |                              | Loan                                                                                                                                                                                                                                                                                                                                                                                                                    |           |                                       | Companion Loan  | Companion Loan | Term To | Maturity | Amortization Term | Servicing |
| Number                                             |   Footnotes   |    Number                                                                                                                                                                                                                                                                                                                                                                                 |           | Property Name                              | Cut-off Balance | Interest Rate  | Maturity (Mos.) | Date | (Mos.) | Fees |
| 1                                                  |                              | 8YBBV2                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Park Place Mall                            |            |           |   |   |   |   |
| 3                                                  |                              | 6P0VX4                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Copper Beech Portfolio                     | 9,958,546       | 5.45000%       | 56 | 6/6/2016 | 356 | 0.01000% |
| 3.01                                               |                              | 6P0VX4-1                                                                                                                                                                                                                                                                                                                                                                                                                |           | CBTC 28 Harrisonburg                       |            |           |   |   |   |   |
| 3.02                                               |                              | 6P0VX4-2                                                                                                                                                                                                                                                                                                                                                                                                                |           | CBTC 26 Morgantown                         |            |           |   |   |   |   |
| 3.03                                               |                              | 6P0VX4-3                                                                                                                                                                                                                                                                                                                                                                                                                |           | CBTC 29 San Marcos                         |            |           |   |   |   |   |
| 3.04                                               |                              | 6P0VX4-4                                                                                                                                                                                                                                                                                                                                                                                                                |           | CBTC 3 IUP                                 |            |           |   |   |   |   |
| 4                                                  |                              | 6P5CK2                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Hyatt Regency Boston                       |            |           |   |   |   |   |
| 5                                                  | 1                                 | 8Y68I6                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Parkdale Mall & Crossing               |            |           |   |   |   |   |
| 7                                                  |                              | 6P2204                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Museum Square                              |            |           |   |   |   |   |
| 8                                                  |                              | 8YAA45                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Cole Portfolio                             |            |           |   |   |   |   |
| 8.01                                               |                              | 8YAA45-1                                                                                                                                                                                                                                                                                                                                                                                                                |           | Volusia Square                             |            |           |   |   |   |   |
| 8.02                                               |                              | 8YAA45-2                                                                                                                                                                                                                                                                                                                                                                                                                |           | Shoppes at Port Arthur                     |            |           |   |   |   |   |
| 8.03                                               |                              | 8YAA45-3                                                                                                                                                                                                                                                                                                                                                                                                                |           | CVS - Jacksonville                         |            |           |   |   |   |   |
| 8.04                                               |                              | 8YAA45-4                                                                                                                                                                                                                                                                                                                                                                                                                |           | CVS - Lawrence                             |            |           |   |   |   |   |
| 8.05                                               |                              | 8YAA45-5                                                                                                                                                                                                                                                                                                                                                                                                                |           | CVS (Ground) - Dover                       |            |           |   |   |   |   |
| 8.06                                               |                              | 8YAA45-6                                                                                                                                                                                                                                                                                                                                                                                                                |           | On the Border - Mesa                       |            |           |   |   |   |   |
| 8.07                                               |                              | 8YAA45-7                                                                                                                                                                                                                                                                                                                                                                                                                |           | On the Border - Peoria                     |            |           |   |   |   |   |
| 8.08                                               |                              | 8YAA45-8                                                                                                                                                                                                                                                                                                                                                                                                                |           | Chili’s                              |            |           |   |   |   |   |
| 8.09                                               |                              | 8YAA45-9                                                                                                                                                                                                                                                                                                                                                                                                                |           | On the Border - Kansas City                |            |           |   |   |   |   |
| 8.10                                               |                              | 8YAA45-10                                                                                                                                                                                                                                                                                                                                                                                                               |           | Ulta                                       |            |           |   |   |   |   |
| 8.11                                               |                              | 8YAA45-11                                                                                                                                                                                                                                                                                                                                                                                                               |           | Tractor Supply - Nixa                      |            |           |   |   |   |   |
| 8.12                                               |                              | 8YAA45-12                                                                                                                                                                                                                                                                                                                                                                                                               |           | Tractor Supply - Hamilton                  |            |           |   |   |   |   |
| 8.13                                               |                              | 8YAA45-13                                                                                                                                                                                                                                                                                                                                                                                                               |           | Macaroni Grill                             |            |           |   |   |   |   |
| 8.14                                               |                              | 8YAA45-14                                                                                                                                                                                                                                                                                                                                                                                                               |           | O’Reilly Auto Parts - San Antonio    |            |           |   |   |   |   |
| 8.15                                               |                              | 8YAA45-15                                                                                                                                                                                                                                                                                                                                                                                                               |           | O’Reilly Auto Parts - Christiansburg |            |           |   |   |   |   |
| 8.16                                               |                              | 8YAA45-16                                                                                                                                                                                                                                                                                                                                                                                                               |           | O’Reilly Auto Parts - Houston        |            |           |   |   |   |   |
| 8.17                                               |                              | 8YAA45-17                                                                                                                                                                                                                                                                                                                                                                                                               |           | O’Reilly Auto Parts - Highlands      |            |           |   |   |   |   |
| 9                                                  |                              | 8YD966                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Ashland Town Center                        |            |           |   |   |   |   |
| 10                                                 |                              | 6P1E45                                                                                                                                                                                                                                                                                                                                                                                                                  |           | AppleTree Business Park                    |            |           |   |   |   |   |
| 11                                                 |                              | 8Y5QD9                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Lake Buena Vista Factory Stores Phase I    |            |           |   |   |   |   |
| 12                                                 |                              | 8Y79N2                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Lake Buena Vista Factory Stores Phase II   |            |           |   |   |   |   |
| 13                                                 |                              | 6PIEQ6                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Champlain Centre                           |            |           |   |   |   |   |
| 16                                                 |                              | 6P1ER4                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Courtyard and Residence Inn - Franklin     |            |           |   |   |   |   |
| 16.01                                              |                              | 6P1ER4-1                                                                                                                                                                                                                                                                                                                                                                                                                |           | Courtyard by Marriott                      |            |           |   |   |   |   |
| 16.02                                              |                              | 6P1ER4-2                                                                                                                                                                                                                                                                                                                                                                                                                |           | Residence Inn                              |            |           |   |   |   |   |
| 17                                                 |                              | 6P5C04                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Rivercrest Realty Portfolio 2              |            |           |   |   |   |   |
| 17.01                                              |                              | 6P5C04-1                                                                                                                                                                                                                                                                                                                                                                                                                |           | Northpointe Commons                        |            |           |   |   |   |   |
| 17.02                                              |                              | 6P5C04-2                                                                                                                                                                                                                                                                                                                                                                                                                |           | Highlands Square                           |            |           |   |   |   |   |
| 17.03                                              |                              | 6P5C04-3                                                                                                                                                                                                                                                                                                                                                                                                                |           | Ridgeview Plaza                            |            |           |   |   |   |   |
| 17.04                                              |                              | 6P5C04-4                                                                                                                                                                                                                                                                                                                                                                                                                |           | East River Plaza                           |            |           |   |   |   |   |
| 22                                                 |                              | 8YBHE4                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Oaks Apartments                            |            |           |   |   |   |   |
| 23                                                 |                              | 8YCAS8                                                                                                                                                                                                                                                                                                                                                                                                                  |           | White Marlin Mall                          |            |           |   |   |   |   |
| 25                                                 |                              | 8YDGE1                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Arbor Park Shopping Center                 |            |           |   |   |   |   |
| 27                                                 |                              | 8YDDV6                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Hilton Suites Lexington Green              |            |           |   |   |   |   |
| 29                                                 |                              | 8YAZ97                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Houston Design Center                      |            |           |   |   |   |   |
| 33                                                 |                              | 6P1M95                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Holiday Inn Express Anchorage              |            |           |   |   |   |   |
| 35                                                 |                              | 8YA9R6                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Courtyard and Residence Inn - Southaven    |            |           |   |   |   |   |
| 35.01                                              |                              | 6P1ER4-2                                                                                                                                                                                                                                                                                                                                                                                                                |           | Residence Inn                              |            |           |   |   |   |   |
| 35.02                                              |                              | 6P1ER4-1                                                                                                                                                                                                                                                                                                                                                                                                                |           | Courtyard by Marriott                      |            |           |   |   |   |   |
| 37                                                 |                              | 8YCBV0                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Southpark Office Building                  |            |           |   |   |   |   |
| 38                                                 |                              | 8YDDB0                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Albuquerque Hilton Garden Inn              |            |           |   |   |   |   |
| 40                                                 |                              | 6P14E4                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Branhaven Plaza                            |            |           |   |   |   |   |
| 41                                                 |                              | 8Y97X8                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Plaza at Cottonwood                        |            |           |   |   |   |   |
| 42                                                 |                              | 8YAWB5                                                                                                                                                                                                                                                                                                                                                                                                                  |           | ARCT Wal-Mart & Sam’s Portfolio  |            |           |   |   |   |   |
| 42.01                                              |                              | 8YAWB5-1                                                                                                                                                                                                                                                                                                                                                                                                                |           | Wal-Mart Supercenter                       |            |           |   |   |   |   |
| 42.02                                              |                              | 8YAWB5-2                                                                                                                                                                                                                                                                                                                                                                                                                |           | Sam’s Club                           |            |           |   |   |   |   |
| 44                                                 |                              | 8YDEF0                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Embassy Suites - Tempe                     |            |           |   |   |   |   |
| 46                                                 |                              | 8Y7XG0                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Alhambra Renaissance Center                |            |           |   |   |   |   |
| 54                                                 |                              | 6P14X2                                                                                                                                                                                                                                                                                                                                                                                                                  |           | Hampton Inn - Colorado Springs South       |            |           |   |   |   |   |
|                                               |                              |                                                                                                                                                                                                                                                                                                                                                                                                                    |           |                                       |            |           |   |   |   |   |
|                                               | 1                                 | Parkdale Mall & Crossing Mortgaged Property is comprised of two adjacent properties and is presented as one Mortgaged Property.  One appraisal with an Appraisal Date of January 12, 2011 was performed.  Two separate environmental phase I reports were done and are both dated February 10, 2011.  Two separate engineering reports were done and are both dated February 1, 2011. |

 

 

| (1) | Mortgage Loan Schedule.  The information pertaining to each Mortgage Loan set forth in the Mortgage Loan Schedule is true and accurate in all material respects as of the Cut-off Date and contains all information required by the Pooling and Servicing Agreement to be contained therein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Legal Compliance – Origination.  The origination practices of the Seller (or the related originator if the Seller was not the originator) have been, in all material respects, legal and as of the date of its origination, such Mortgage Loan (or the related Whole Loan, as applicable) and the origination thereof complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this Exhibit B. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Good Title; Conveyance.  Immediately prior to the sale, transfer and assignment to the Purchaser, the Seller had good title to, and was the sole owner of, each Mortgage Loan, and the Seller is transferring such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan, other than the rights of the holder of a related Companion Interest pursuant to an Intercreditor Agreement or the Pooling and Servicing Agreement.  Upon consummation of the transactions contemplated by this Agreement, the Seller will have validly and effectively conveyed to the Purchaser all legal and beneficial interest in and to such Mortgage Loan free and clear of any pledge, lien or security interest, other than the rights of a holder of a Companion Interest pursuant to an Intercreditor Agreement or the Pooling and Servicing Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Future Advances.  The proceeds of such Mortgage Loan have been fully disbursed (except in those cases where the full amount of the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the Mortgaged Property), and there is no requirement for future advances thereunder by the mortgagee. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Legal, Valid and Binding Obligation.  Each related Mortgage Note, Mortgage, Assignment of Leases (if contained in a document separate from the Mortgage) and other agreement that evidences or secures such Mortgage Loan (or the related Whole Loan, as applicable) and was executed in connection with such Mortgage Loan  by or on behalf of the related Mortgagor is the legal, valid and binding obligation of the related Mortgagor (subject to any non-recourse provisions therein and any state anti-deficiency or market value limit deficiency legislation), enforceable in accordance with its terms, except |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (i) that certain provisions contained in such Mortgage Loan documents are or may be unenforceable in whole or in part under applicable state or federal laws, but neither the application of any such laws to any such provision nor the inclusion of any such provisions renders any of the Mortgage Loan documents invalid as a whole and such Mortgage Loan documents taken as a whole are enforceable to the extent necessary and customary for the practical realization of the rights and benefits afforded thereby and (ii) as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law).  The Assignment of Leases (as set forth in the Mortgage or in a document separate from the related Mortgage and related to and delivered in connection with each Mortgage Loan) establishes and creates a valid and enforceable first priority assignment of, or a valid first priority security interest in, the related Mortgagor’s right to receive payments due under all leases, subleases, licenses or other agreements pursuant to which any Person is entitled to occupy, use or possess all or any portion of the Mortgaged Property, subject to any license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such leases, and subject to the limitations set forth above, the Title Exceptions and the exceptions to paragraph (8) set forth on Exhibit C.  The related Mortgage Note, Mortgage and Assignment of Leases (if contained in a document separate from the Mortgage) contain no provision limiting the right or ability of the Seller to assign, transfer and convey the related Mortgage Loan to any other Person. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | No Offset or Defense.  Subject to the limitations set forth in paragraph (5), as of the date of its origination there was, and as of the Closing Date there is, no valid right of offset and no valid defense, counterclaim, abatement or right to rescission with respect to any of the related Mortgage Notes, Mortgage(s) or other agreements executed in connection therewith, except in each case, with respect to the enforceability of any provisions requiring the payment of default interest, excess interest in the case of the ARD Loans, late fees, additional interest, prepayment premiums or yield maintenance charges. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Assignment of Mortgage and Assignment of Assignment of Leases.  Subject to the limitations and exceptions set forth in paragraph (5), each assignment of Mortgage and assignment of Assignment of Leases from the Seller constitutes the legal, valid and binding assignment from the Seller.  Each related Mortgage and Assignment of Leases is freely assignable upon notice to but without the consent of the related Mortgagor. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Mortgage Lien.  The Mortgagor has good indefeasible fee simple title (or with respect to Mortgage Loans described in paragraph (48), leasehold title) to the related Mortgaged Property and each related Mortgage is a valid and enforceable first lien on the related Mortgaged Property (and/or Ground Lease, if applicable), subject to the limitations and exceptions set forth in paragraph (5) and the following title exceptions (each such title exception, a “Title Exception”, and collectively, the “Title Exceptions”):  (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | and other matters of public record, (c) the exceptions (general and specific) and exclusions set forth in the applicable Title Policy (described in paragraph (11) below) or appearing of record, (d) other matters to which like properties are commonly subject, (e) the right of tenants (whether under ground leases, space leases or operating leases) pertaining to the related Mortgaged Property and condominium declarations, (f) if such Mortgage Loan is cross-collateralized and cross-defaulted with any other Mortgage Loan, the lien of the Mortgage for such other Mortgage Loan and (g) if such Mortgage Loan is part of a Whole Loan, the rights of the holder of the related Companion Interest pursuant to an Intercreditor Agreement or the Pooling and Servicing Agreement, none of which exceptions described in clauses (a) – (g) above, individually or in the aggregate, materially and adversely interferes with (1) the current use of the Mortgaged Property, (2) the security intended to be provided by such Mortgage, (3) the Mortgagor’s ability to pay its obligations under the Mortgage Loan when they become due or (4) the value of the Mortgaged Property.  The Mortgaged Property is free and clear of any mechanics’ or other similar liens or claims which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender’s title insurance policy.  To the Seller’s actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage, unless such lien is bonded over, escrowed for or covered by insurance. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Taxes and Assessments.  All real estate taxes and governmental assessments, or installments thereof, which could be a lien on the related Mortgaged Property and that prior to the Closing Date have become delinquent in respect of each related Mortgaged Property have been paid, or an escrow of funds in an amount sufficient to cover such payments has been established.  For purposes of this representation and warranty, real estate taxes and governmental assessments and installments thereof shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Condition of Mortgaged Property; No Condemnation.  To the Seller’s actual knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, (a) each related Mortgaged Property was free and clear of any material damage (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely the value of such Mortgaged Property as security for the Mortgage Loan and (b) there was no proceeding pending for the total or partial condemnation of such Mortgaged Property. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Title Insurance.  The lien of each related Mortgage as a first priority lien in the original principal amount of such Mortgage Loan (or related Whole Loan, as applicable, or, in the case of a Mortgage Loan secured by multiple Mortgaged Properties an allocable portion thereof) is insured by an ALTA lender’s title insurance policy (or a binding commitment therefor), or its equivalent as adopted in the applicable jurisdiction (the “Title Policy”), insuring the originator of the Mortgage Loan or Whole Loan, its successors and assigns, subject only to the Title Exceptions; such originator or its successors or assigns is the |
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|   | named insured of such policy; such policy is assignable without consent of the insurer and will inure to the benefit of the Trustee as mortgagee of record; such policy, if issued, is in full force and effect and all premiums thereon have been paid; no claims have been made under such policy and the Seller has not done anything, by act or omission, and to the Seller’s actual knowledge there is no matter, which would impair or diminish the coverage of such policy.  The insurer issuing such policy is either (x) a nationally-recognized title insurance company or (y) qualified to do business in the jurisdiction in which the related Mortgaged Property is located to the extent required.  The Title Policy contains no material exclusion for, or alternatively it insures (unless such coverage is unavailable in the relevant jurisdiction) (a) access to a public road or (b) against any loss due to encroachment of any material portion of the improvements thereon. |
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| (12) | Insurance.  As of the origination date of each Mortgage Loan (or related Whole Loan, as applicable), and to the Seller’s actual knowledge, as of the Closing Date, all insurance coverage required under the related Mortgage Loan documents was in full force and effect.  Each Mortgage Loan requires insurance in such amounts and covering such risks as were customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property in the jurisdiction in which such Mortgaged Property is located, including requirements for (a) a fire and extended perils insurance policy, in an amount (subject to a customary deductible) at least equal to the lesser of (i) the replacement cost of improvements located on such Mortgaged Property, or (ii) the outstanding principal balance of the Mortgage Loan (or in the case of a Whole Loan, the outstanding principal balance of the Whole Loan), and in any event, the amount necessary to prevent operation of any co-insurance provisions (except with respect to a Mortgage Loan secured by mobile home parks or manufactured housing communities, in which case such coverage is required only with respect to buildings owned by the related Mortgagor that are permanently located on the related Mortgaged Property), (b) except if such Mortgaged Property is operated as a mobile home park, business interruption or rental loss insurance, in an amount at least equal to 12 months of operations of the related Mortgaged Property, (c) commercial general liability insurance against claims for personal and bodily injury, death or property damage occurring on, in or about the related Mortgaged Property, in an amount customarily required by prudent institutional lenders and (d) if such Mortgage Loan is secured by a Mortgaged Property (other than a manufactured housing property) located in “seismic zones” 3 or 4, a seismic assessment by an independent third party provider was conducted and if the seismic assessment (based on a 450-year lookback with a 10% probability of exceedance in a 50-year period) revealed a probable maximum loss equal to 20% or higher, earthquake insurance.  If the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, such Mortgaged Property is insured by windstorm insurance in an amount at least equal to the lesser of (i) the outstanding principal balance of such Mortgage Loan and (ii) 100% of the full insurable value, or 100% of the replacement cost, of the improvements located on the related Mortgaged Property.  To the Seller’s actual knowledge, as of the Cut-off Date, all premiums due and payable through the Closing Date have been paid and no notice of termination or |
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|   | cancellation with respect to any such insurance policy has been received by the Seller.  Except for certain amounts not greater than amounts which would be considered prudent by an institutional commercial mortgage lender with respect to a similar Mortgage Loan and which are set forth in the related Mortgage, the related Mortgage Loan documents require that any insurance proceeds in respect of a casualty loss, will be applied either (i) to the repair or restoration of all or part of the related Mortgaged Property or (ii) the reduction of the outstanding principal balance of the Mortgage Loan, subject in either case to requirements with respect to leases at the related Mortgaged Property and to other exceptions customarily provided for by prudent institutional lenders for similar loans.  The hazard insurance policies each contain a standard mortgagee clause naming the Seller and its successors and assigns as loss payee or additional insured, as applicable, and each insurance policy provides that they are not terminable without 30 days prior written notice to the mortgagee (or, with respect to non-payment, 10 days prior written notice to the mortgagee) or such lesser period as prescribed by applicable law.  The loan documents for each Mortgage Loan (a) require that the Mortgagor maintain insurance as described above or permit the mortgagee to require that the Mortgagor maintain insurance as described above, and (b) permit the mortgagee to purchase such insurance at the Mortgagor’s expense if the Mortgagor fails to do so.  The insurer with respect to each policy is qualified to write insurance in the relevant jurisdiction to the extent required. |
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| (13) | No Material Default.  Other than payments due but not yet 30 days or more delinquent, there is no monetary event of default existing under the related Mortgage or the related Mortgage Note and, to the Seller’s actual knowledge, (i) there is no material default, breach, violation or event of acceleration existing under the related Mortgage or the related Mortgage Note, and (ii) there is no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, provided, however, that this representation and warranty does not address or otherwise cover any default, breach, violation or event of acceleration that specifically pertains to any matter otherwise covered in this Exhibit B (including any schedule or exhibit hereto).  The Seller has not waived any material default, breach, violation or event of acceleration under such Mortgage or Mortgage Note, unless a written waiver to that effect is contained in the related Mortgage File being delivered pursuant to the Pooling and Servicing Agreement and there have been no such waivers since August 2, 2011, and pursuant to the terms of the related Mortgage or the related Mortgage Note and other documents in the related Mortgage File, no Person or party other than the holder of such Mortgage Note may declare any event of default or accelerate the related indebtedness under either of such Mortgage or Mortgage Note. |
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| (14) | Payment Record.  As of the Closing Date, each Mortgage Loan is not, and in the prior 12 months (or since the date of origination if such Mortgage Loan (or related Whole Loan, as applicable) has been originated within the past 12 months), has not been, 30 days or more past due in respect of any Scheduled Payment. |
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| (15) | Servicing.  The servicing and collection practices used by the Seller with respect to the Mortgage Loan have been, in all respects, legal and have met customary industry standards for servicing of commercial loans for conduit loan programs. |
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| (16) | Qualified Mortgage.  Each Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to Treasury Regulations Sections 1.860G-2(f)(2) or 1.860G-2(a)(3) that treats a defective obligation as a qualified mortgage, or any substantially similar successor provision), and, accordingly, each Mortgage Loan is directly secured by a Mortgage on a commercial property or a multifamily residential property, and either (1) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the portion of such commercial or multifamily residential property that consists of an interest in real property (within the meaning of Treasury Regulations Sections 1.856-3(c) and 1.856-3(d)) and such interest in real property was the only security for such Mortgage Loan as of the Testing Date (as defined below), or (2) the fair market value of the interest in real property that secures such Mortgage Loan was at least equal to (a) 80% of the principal balance of the Mortgage Loan as of the Testing Date or (b) 80% of the unpaid principal balance of the Mortgage Loan as of the Closing Date.  For purposes of the previous sentence, (1) the fair market value of the referenced interest in real property shall first be reduced by (a) the amount of any lien on such interest in real property that is senior to the Mortgage Loan, and (b) a proportionate amount of any lien on such interest in real property that is on a parity with the Mortgage Loan, and (2) the “Testing Date” shall be the date on which the referenced Mortgage Loan was originated unless (a) such Mortgage Loan was modified after the date of its origination in a manner that would cause a “significant modification” of such Mortgage Loan within the meaning of Treasury Regulations Section 1.1001-3(b), and (b) such “significant modification” did not occur at a time when such Mortgage Loan was in default or when default with respect to such Mortgage Loan was reasonably foreseeable.  However, if the referenced Mortgage Loan has been subjected to a “significant modification” after the date of its origination and at a time when such Mortgage Loan was not in default or when default with respect to such Mortgage Loan was not reasonably foreseeable, the Testing Date shall be the date upon which the latest such “significant modification” occurred.  Each yield maintenance payment and prepayment premium payable under the Mortgage Loans is a “customary prepayment penalty” within the meaning of Treasury Regulations Section 1.860G-1(b)(2).  As of the Closing Date, the related Mortgaged Property, if acquired in connection with the default or imminent default of such Mortgage Loan, would constitute “foreclosure property” within the meaning of Section 860G(a)(8) of the Code. |
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| (17) | Environmental Conditions and Compliance.  One or more environmental site assessments or updates thereof were performed by an environmental consulting firm independent of the Seller or the Seller’s affiliates with respect to each related Mortgaged Property during the 18-months preceding the origination of the related Mortgage Loan (or related Whole Loan, as applicable), and the Seller, having made no independent inquiry other than to review the report(s) prepared in connection with the assessment(s) referenced herein, has no actual knowledge and has received no notice of any material and adverse |
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|   | environmental condition or circumstance affecting such Mortgaged Property that was not disclosed in such report(s).  If any such environmental report identified any Recognized Environmental Condition (“REC”), as that term is defined in the Standard Practice for Environmental Site Assessments:  Phase I Environmental Site Assessment Process Designation:  E 1527-05, as recommended by the American Society for Testing and Materials (“ASTM”), with respect to the related Mortgaged Property and the same have not been subsequently addressed in all material respects, then either one or a combination of (i) an escrow greater than or equal to 100% of the amount identified as necessary by the environmental consulting firm to address the REC is held by the Seller for purposes of effecting same (and the Mortgagor has covenanted in the Mortgage Loan documents to perform such work), (ii) a responsible party, other than the Mortgagor, having financial resources reasonably estimated to be adequate to address the REC is required to take such actions or is liable for the failure to take such actions, if any, with respect to such circumstances or conditions as have been required by the applicable governmental regulatory authority or any environmental law or regulation, (iii) the Mortgagor has provided an environmental insurance policy as set forth on Schedule I, (iv) an operations and maintenance plan was the only action recommended and such plan has been or will be implemented or (v) such conditions or circumstances were investigated further and a qualified environmental consulting firm recommended no further investigation or remediation.  Each of the Mortgage Loans which is covered by a lender’s environmental insurance policy obtained in lieu of an Environmental Site Assessment (“In Lieu of Policy”) is identified on Schedule I, and each In Lieu of Policy is in an amount equal to 125% of the outstanding principal balance of the related Mortgage Loan and has a term ending no sooner than the date which is five years after the maturity date (or, in the case of the ARD Loans, the final maturity date) of the related Mortgage Loan, is non-cancelable by the insurer during such term and the premium for such policy has been paid in full.  All environmental assessments or updates that were in the possession of the Seller and that relate to a Mortgaged Property identified on Schedule I as being insured by an In Lieu of Policy have been delivered to or disclosed to the In Lieu of Policy carrier issuing such policy prior to the issuance of such policy. |
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| (18) | Customary Mortgage Provisions.  Each related Mortgage Note, Mortgage and Assignment of Leases (if contained in a document separate from the Mortgage) contain customary and, subject to the limitations and exceptions set forth in paragraph (5) and applicable state law, enforceable provisions for comparable mortgaged properties similarly situated such as to render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, non-judicial foreclosure. |
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| (19) | Bankruptcy.  No Mortgagor is a debtor in, and no Mortgaged Property (other than any tenants of such Mortgaged Property) is the subject of, any state or federal bankruptcy or insolvency proceeding. |
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| (20) | Whole Loan; No Equity Participation, Contingent Interest or Negative Amortization.  Except with respect to a Mortgage Loan that is part of a Whole Loan, each Mortgage |
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|   | Loan is a whole loan.  None of the Mortgage Loans contain any equity participation, preferred equity component or shared appreciation feature by the mortgagee nor does any Mortgage Loan provide the mortgagee with any contingent or additional interest in the form of participation in the cash flow of the related Mortgaged Property (other than with respect to the deferment of payment with respect to the ARD Loans). |
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| (21) | Transfers and Subordinate Debt.  Subject to specific exceptions set forth below, each Mortgage Loan contains a “due on sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Mortgage Loan documents (which may provide for transfers without the consent of the lender which are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property such as transfers of worn out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers of leases entered into in accordance with the Mortgage Loan documents), (a) the related Mortgaged Property, or any controlling equity interest in the related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers, (ii) transfers to certain affiliates as defined in the related Mortgage Loan documents, (iii) transfers of less than a controlling interest in a Mortgagor, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Mortgage Loan documents or a Person satisfying specific criteria identified in the related Mortgage Loan documents, (v) transfers of common stock in publicly traded companies, (vi) a substitution or release of collateral within the parameters of paragraph (24) below or the exceptions thereto set forth on Exhibit C, or, (vii) as set forth on Exhibit B-21-1 by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan or that was permitted after origination of the related Mortgage Loan or may be permitted in the future under the related Mortgage Loan documents, or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Interest of any Mortgage Loan or any subordinate debt that existed at origination and is permitted under the related Mortgage Loan documents, (ii) trade debt and equipment or other personal property financing in the ordinary course of business or (iii) any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, as set forth on Exhibit B-21-2.  Except as related to (a)(i), (ii), (iii), (iv), (v), (vi) or (vii) above or (b)(i), (ii) or (iii) above, no Mortgage Loan may be assigned to another entity without the mortgagee’s consent.  The Mortgage or other Mortgage Loan document provides that the Mortgagor is required to pay all reasonable out-of-pocket expenses of the lender incurred with respect to any transfer or encumbrance, including Rating Agency Fees that are incurred in connection with the review and consent to any transfer or encumbrance. |
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| (22) | Waivers and Modification.  Except as set forth in the related Mortgage File, the terms of the related Mortgage Note and Mortgage have not been waived, modified, altered, satisfied, impaired, canceled, subordinated or rescinded in any manner which materially |
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|   | interferes with the security intended to be provided by such Mortgage, and no such alterations, impairments, modifications, or waivers have been completed or consented to since August 2, 2011. |
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| (23) | Inspection.  Each related Mortgaged Property was inspected by or on behalf of the related originator or an affiliate of the originator during the 12 month period prior to the related origination date. |
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| (24) | Releases of Mortgaged Property.  (A) Since origination, no material portion of the related Mortgaged Property has been released from the lien of the related Mortgage in any manner which materially and adversely affects the value of the Mortgage Loan or materially interferes with the security intended to be provided by such Mortgage; and (B) the terms of the related Mortgage Loan documents do not permit the release of any portion of the Mortgaged Property from the lien of the Mortgage except in compliance with REMIC Provisions and only (i) in consideration of payment in full (or in certain cases, the allocated loan amount) therefor, (ii) in connection with the substitution of all or a portion of the Mortgaged Property in exchange for delivery of U.S. “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, in a defeasance (or a partial defeasance, in the case of a release of a portion of the Mortgaged Property) meeting the requirements of paragraph (42) below, (iii) where such portion to be released was not considered material for purposes of underwriting the Mortgage Loan and such release was contemplated at origination, (iv) conditioned on the satisfaction of certain underwriting and other requirements, including payment of (or partial defeasance in the amount of) a release price in an amount equal to not less than 125% of the allocated loan amount for such Mortgaged Property or the portion thereof to be released, or (v) as set forth on Exhibit B-24, in connection with the substitution of a replacement property in compliance with REMIC Provisions; provided that in the case of clauses (i), (iii) and (iv), for all Mortgage Loans originated after December 6, 2010, a payment of principal is required to be made in an amount required by the REMIC Provisions if the fair market value of the real property constituting the remaining Mortgaged Property after the release is not equal to at least (x) 80% of the principal balance of the Mortgage Loan (or Whole Loan, if applicable) outstanding after the release or (y) the fair market value of the Mortgaged Property immediately before the release.  The Mortgage Loan documents require the Mortgagor to pay all related reasonable out-of-pocket expenses of the lender incurred in connection with any such property release. |
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| (25) | Compliance with Applicable Law.  To the Seller’s actual knowledge, based upon a letter from governmental authorities, a legal opinion, an endorsement to the related title policy, or other due diligence considered reasonable by prudent commercial mortgage lenders taking into account the location of the Mortgaged Property, as of the date of origination of such Mortgage Loan (or related Whole Loan, as applicable) and as of the Cut-off Date, there are no material violations of any applicable zoning ordinances, building codes and land laws applicable to the Mortgaged Property or the use and occupancy thereof other than those which (i) are insured by the Title Policy or a law and ordinance insurance policy or (ii) would not have a material adverse effect on the value, operation or net |
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|   | operating income of the Mortgaged Property.  The terms of the Mortgage Loan documents evidencing such Mortgage Loan require the Mortgagor to comply in all material respects with all applicable local, state and federal laws and regulations. |
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| (26) | Improvements.  To the Seller’s actual knowledge based on the Title Policy or surveys obtained in connection with the origination of each Mortgage Loan (or related Whole Loan, as applicable), none of the material improvements which were included for the purposes of determining the appraised value of the related Mortgaged Property at the time of the origination of the Mortgage Loan (or related Whole Loan, as applicable) lies outside of the boundaries and building restriction lines of such property nor encroaches upon any easements (except Mortgaged Properties, in each case, which are legal non-conforming improvements or uses), to an extent which would have a material adverse affect on the value of the Mortgaged Property or related Mortgagor’s use and operation of such Mortgaged Property (unless affirmatively covered by the related Title Policy) and no improvements on adjoining properties encroached upon such Mortgaged Property to any material and adverse extent (unless affirmatively covered by the related Title Policy). |
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| (27) | Single Purpose Entity.  With respect to each Mortgage Loan with a Cut-off Date Balance (A) in excess of $5,000,000 the related Mortgagor has covenanted in its organizational documents and/or the Mortgage Loan documents to own no significant asset other than the related Mortgaged Property and assets incidental to its ownership and operation of such Mortgaged Property, and to hold itself out as being a legal entity, separate and apart from any other Person; and (B) in excess of $20,000,000, the representation and warranty in (A) above is true and the related Mortgagor (or if the Mortgagor is a limited partnership or a multi-member limited liability company, the special purpose general partner or special purpose managing member, as applicable, of the related Mortgagor), has at least one independent director, and the related Mortgagor has delivered a non-consolidation opinion of counsel.  For each Mortgage Loan for which the related Mortgagor has covenanted in its organizational documents and/or the Mortgage Loan documents to own no significant asset other than the related Mortgaged Property and assets incidental to its ownership and operation of such Mortgaged Property, at the time of origination of the Mortgage Loan (or related Whole Loan, as applicable), to the Seller’s actual knowledge, the Mortgagor was in compliance with such requirements. |
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| (28) | Advance of Funds.  (A) After origination, the Seller has not, directly or indirectly, advanced any funds to the Mortgagor, other than pursuant to the related Mortgage Loan documents; and (B) to the Seller’s actual knowledge, no funds have been received from any Person other than the Mortgagor, for or on account of payments due on the Mortgage Note (other than amounts paid by the tenant into a lender-controlled lockbox as specifically required under the related lease). |
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| (29) | Litigation or Other Proceedings.  As of the date of origination and, to the Seller’s actual knowledge, as of the Closing Date, there was no pending action, suit or proceeding, or governmental investigation of which it has received notice, against the Mortgagor or the related Mortgaged Property the adverse outcome of which could reasonably be expected to materially and adversely affect (i) such Mortgagor’s ability to pay its obligations under |
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|   | the Mortgage Loan, (ii) the security intended to be provided by the Mortgage Loan documents or (iii) the current use of the Mortgaged Property. |
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| (30) | Trustee Under Deed of Trust.  As of the date of origination, and, to the Seller’s actual knowledge, as of the Closing Date, if the related Mortgage is a deed of trust, a trustee, duly qualified under applicable law to serve as such, has either been properly designated and serving under such Mortgage or may be substituted in accordance with the Mortgage and applicable law. |
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| (31) | Usury.  Except with respect to the ARD Loans, which provide that the rate at which interest accrues thereon increases after the related Anticipated Repayment Date, the Mortgage Loan accrues interest (exclusive of any default interest, late charges, Yield Maintenance Charge or prepayment premiums) at a fixed rate, and complied as of the date of origination with, or is exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury. |
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| (32) | Other Collateral.  Except with respect to the Companion Interest of any Whole Loan or any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, to the Seller’s actual knowledge, the related Mortgage Note is not secured by any collateral that secures a loan that is not a Mortgage Loan, except for loans permitted pursuant to paragraph (21)(b)(ii). |
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| (33) | Flood Insurance.  If the improvements on the Mortgaged Property are located in a federally designated special flood hazard area, the Mortgagor is required to maintain flood insurance with respect to such improvements and such policy is in full force and effect. |
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| (34) | Escrow Deposits.  All escrow deposits and payments required to be deposited with the Seller or its agent in accordance with the Mortgage Loan documents have been (or by the Closing Date will be) so deposited, are in the possession of or under the control of the Seller or its agent, and there are no deficiencies in connection therewith, other than amounts released from such escrows in accordance with the terms of the related Mortgage Loan. |
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| (35) | Licenses and Permits.  To the Seller’s actual knowledge, based on the due diligence customarily performed in the origination of comparable mortgage loans by prudent commercial lending institutions considering the related geographic area and properties comparable to the related Mortgaged Property, (i) as of the date of origination of the Mortgage Loan (or related Whole Loan, as applicable), the related Mortgagor, the related lessee, franchisor or operator was in possession of all material licenses, permits and authorizations then required for use of the related Mortgaged Property, and, (ii) as of the Cut-off Date, the Seller has no actual knowledge that the related Mortgagor, the related lessee, franchisor or operator was not in possession of such licenses, permits and authorizations.  The Mortgage Loan documents require the Mortgagor to maintain all such material licenses, permits and authorizations. |
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| (36) | Organization of Mortgagors.  With respect to each Mortgage Loan, in reliance on certified copies of the organizational documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage Loan (or related Whole Loan, as applicable), the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico.  Except with respect to any Mortgage Loan that is cross-collateralized and cross defaulted with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor. |
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| (37) | Fee Simple Interest.  Except with respect to the Mortgage Loans listed on Exhibit B-37, the Mortgage Loan is secured in whole or in material part by the fee simple interest in the related Mortgaged Property. |
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| (38) | Recourse.  Each Mortgage Loan is non-recourse to the related Mortgagor except that the Mortgagor and a natural person (or an entity with assets other than an interest in the Mortgagor) as guarantor have agreed to be liable with respect to losses incurred due to (i) fraud and/or other intentional material misrepresentation, (ii) misapplication or misappropriation of rents collected in advance or received by the related Mortgagor after the occurrence of an event of default and not paid to the mortgagee or applied to the Mortgaged Property in the ordinary course of business, (iii) misapplication or conversion by the Mortgagor of insurance proceeds or condemnation awards or (iv) breach of the environmental covenants in the related Mortgage Loan documents. |
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| (39) | Access; Tax Parcels.  Each Mortgaged Property (a) is located on or adjacent to a dedicated road, or has access to an irrevocable easement permitting ingress and egress, (b) is served by public utilities, water and sewer (or septic facilities) and (c) constitutes one or more separate tax parcels. |
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| (40) | Financial Statements.  Each Mortgage or loan agreement requires the Mortgagor to provide the mortgagee with (i) quarterly (other than for single-tenant properties) and annual operating statements, (ii) quarterly (other than for single-tenant properties) rent rolls listing each lease contributing more than 5% of the in-place base rent and (iii) annual financial statements, which annual financial statements (a) with respect to each Mortgage Loan with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations, members’ capital and cash flows, including a combined balance sheet and statement of income for the Mortgaged Properties on a combined basis and (b) for each Mortgage Loan with an original principal balance greater than $75 million are required to be audited by an independent certified public accountant upon the request of the mortgagee. |
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| (41) | Rent Rolls; Operating Histories.  Except with respect to Mortgage Loans secured by one or more hospitality properties, the Seller has obtained a rent roll certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Mortgage Loan.  With respect to each Mortgaged Property, the Seller has obtained operating histories (the |
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|   | “Certified Operating Histories”) certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Mortgage Loan.  The Certified Operating Histories collectively report on operations for (a) a continuous period of at least three years or (b) in the event the Mortgaged Property was owned or operated in its current form by the Mortgagor or an affiliate for less than three years prior to origination, then for a continuous period from the date that such Mortgaged Property was first owned or operated in its current form by the Mortgagor or an affiliate through the end of the calendar month most recently ended prior to origination, it being understood however that for Mortgaged Properties acquired with the proceeds of a Mortgage Loan, Certified Operating Histories may not have been available. |
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| (42) | Defeasance.  If the Mortgage Loan is a Defeasance Loan, the Mortgage Loan documents (A) permit defeasance or partial defeasance (1) no earlier than two years after the Closing Date, and (2) only with substitute collateral constituting “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, in an amount sufficient to make all scheduled payments under the Mortgage Note through the related maturity date (or in the case of the ARD Loans, the related Anticipated Repayment Date) or first day of the open period and the balloon payment that would be due on such date, (B) require the delivery of (or otherwise contain provisions pursuant to which the mortgagee can require delivery of) (i) an opinion to the effect that such mortgagee has a first priority security interest in the defeasance collateral, (ii) an accountant’s certification as to the adequacy of the defeasance collateral to make all payments required under the related Mortgage Loan through the related maturity date (or in the case of the ARD Loans, the related Anticipated Repayment Date) or first day of the open period and the balloon payment that would be due on such date, (iii) an Opinion of Counsel that the defeasance complies with all applicable REMIC Provisions, and (iv) assurances from the Rating Agencies that the defeasance will not result in the withdrawal, downgrade or qualification of the ratings assigned to the Certificates and (C) contain provisions pursuant to which the mortgagee can require the Mortgagor to pay expenses associated with a defeasance (including reasonable rating agencies’ fees, accountant’s fees and attorneys’ fees, subject in certain cases to a cap on such fees and expenses).  Such Mortgage Loan (or related Whole Loan, as applicable) was not originated with the intent to collateralize a REMIC offering with obligations that are not real estate mortgages. |
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| (43) | Authorization in Jurisdiction.  To the extent required under applicable law and necessary for the enforcement of the Mortgage Loan, as of the date of origination and at all times it held the Mortgage Loan, the originator of such Mortgage Loan (or related Whole Loan, as applicable) was authorized to do business in the jurisdiction in which the related Mortgaged Property is located. |
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| (44) | Capital Contributions.  Neither the Seller nor any affiliate thereof has any obligation to make any capital contributions to the Mortgagor under the Mortgage Loan documents. |
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| (45) | Subordinate Debt.  Except with respect to the Companion Interest of any Whole Loan or any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, none of the Mortgaged Properties are encumbered by any lien securing the payment of money of equal priority with, or superior to, the lien of the related Mortgage (other than Title Exceptions, taxes, assessments and contested mechanics and materialmens liens that become payable after the Cut-off Date) and debt permitted pursuant to paragraph (21)(b)(ii).  As of the date of origination of the related Mortgage Loan and, to the Seller’s knowledge, as of the Closing Date, except with respect to the Companion Interest of any Whole Loan or any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, none of the Mortgaged Properties are encumbered by any lien securing the payment of money junior to the lien of the related Mortgage (other than Title Exceptions, taxes, assessments and contested mechanics and materialmens liens that become payable after the Cut-off Date) and debt permitted pursuant to paragraph (21)(b)(ii). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (46) | Condemnation.  In the case of any Mortgage Loan (or Whole Loan, if applicable) originated after December 6, 2010, in the event of a taking of any portion of a Mortgaged Property by the United States, a State or any political subdivision or authority thereof, whether by legal proceeding or by agreement, the Mortgagor can be required to pay down the principal balance of the Mortgage Loan (or Whole Loan, if applicable) in an amount required by the REMIC Provisions and, to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration), the fair market value of the real property constituting the remaining Mortgaged Property is not equal to at least (x) 80% of the remaining principal balance of the Mortgage Loan (or Whole Loan, if applicable) or (y) the fair market value of the Mortgaged Property immediately before the release. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (47) | Release of Cross-Collateralization.  In the case of any Mortgage Loan (or Whole Loan, if applicable) originated after December 6, 2010, no such Mortgage Loan (or Whole Loan, if applicable) that is secured by more than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan (or Whole Loan, if applicable) permits the release of cross-collateralization of the related Mortgaged Properties, other than in compliance with the REMIC Provisions. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (48) | Ground Lease Representations and Warranties.  With respect to each Mortgage Loan secured by a leasehold interest (except with respect to any Mortgage Loan also secured by the corresponding fee interest in the related Mortgaged Property), the Seller represents and warrants the following with respect to the related Ground Lease: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Such Ground Lease or a memorandum thereof has been or will be duly recorded and such Ground Lease permits the interest of the lessee thereunder to be encumbered by the related Mortgage or, if consent of the lessor thereunder is required, it has been obtained prior to the Closing Date. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (b) | Upon the foreclosure of the Mortgage Loan (or acceptance of a deed in lieu thereof), the Mortgagor’s interest in such Ground Lease is assignable to the mortgagee and its assigns without the consent of the lessor thereunder (or, if any such consent is required, it has been obtained prior to the Closing Date). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Subject to the limitations on and exceptions to enforceability set forth in paragraph (5), such Ground Lease may not be amended, modified, canceled or terminated without the prior written consent of the mortgagee and any such action without such consent is not binding on the mortgagee, its successors or assigns, except that termination or cancellation without such consent may be binding on the mortgagee if (i) an event of default occurs under the Ground Lease, (ii) notice is provided to the mortgagee and (iii) such default is curable by the mortgagee as provided in the Ground Lease but remains uncured beyond the applicable cure period. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Such Ground Lease is in full force and effect and other than payments due but not yet 30 days or more delinquent, (i) there is no material default, and (ii) to the actual knowledge of the Seller, there is no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default under such Ground Lease; provided, however, that this representation and warranty does not address or otherwise cover any default, breach, violation or event of acceleration that specifically pertains to any matter otherwise covered by any other representation and warranty made by the Seller elsewhere in this Exhibit B or in any of the exceptions to the representations and warranties in Exhibit C hereto. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The Ground Lease or ancillary agreement between the lessor and the lessee (i) requires the lessor to give notice of any default by the lessee to the mortgagee and (ii) provides that no notice given is effective against the mortgagee unless a copy has been delivered to the mortgagee in the manner described in the ground lease or ancillary agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The Ground Lease (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, other than the ground lessor’s fee interest and Title Exceptions or (ii) is subject to a subordination, non-disturbance and attornment agreement to which the mortgagee on the lessor’s fee interest in the Mortgaged Property is subject. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the ground lease) to cure any curable default under such Ground Lease after receipt of notice of such default before the lessor thereunder may terminate such Ground Lease. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Such Ground Lease has an original term (together with any extension options, whether or not currently exercised, set forth therein all of which can be exercised by the mortgagee if the mortgagee acquires the lessee’s rights under the Ground |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   |   | Lease) that extends not less than 20 years beyond the Stated Maturity Date or if such Mortgage Loan is fully amortizing, extends not less than 10 years after the amortization term for the Mortgage Loan. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Under the terms of the Ground Lease and the related Mortgage Loan documents (including, without limitation, any estoppel or consent letter received by the mortgagee from the lessor), taken together, any related insurance proceeds or condemnation award (other than de minimis amounts for minor casualties or in respect of a total or substantially total loss or taking) will be applied either to the repair or restoration of all or part of the related Mortgaged Property, with the mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment or defeasance of the outstanding principal balance of the Mortgage Loan, together with any accrued interest (except in cases where a different allocation would not be viewed as commercially unreasonable by any commercial mortgage lender, taking into account the relative duration of the ground lease and the related Mortgage and the ratio of the market value of the related Mortgaged Property to the outstanding principal balance of such Mortgage Loan). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | The Ground Lease does not restrict the use of the related Mortgaged Property by the lessee or its successors or assigns in a manner that would materially adversely affect the security provided by the related mortgage. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | The ground lessor under such Ground Lease is required to enter into a new lease upon termination of the Ground Lease for any reason, including the rejection of the Ground Lease in bankruptcy. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

 

 

| Loan # |  Mortgage Loan                      |
|--------|------------------------------------------|
| 11     | Lake Buena Vista Factory Stores Phase I  |
| 12     | Lake Buena Vista Factory Stores Phase II |

 

|  Loan # | Mortgage Loan   |
|--------------|-----------------|
| 1            | Park Place Mall |

 

| Loan No. |   | Mortgage Loan/ Mortgaged Property |   |
|----------|--------|-----------------------------------|--------|
| 23       |   | White Marlin Mall                 |

 

 

| Representation |                                    | Mortgage Loan Nameand Number |                                                    | Exception |
|----------------|-----------------------------------------|------------------------------|---------------------------------------------------------|-----------|
|           |                                    |                         |                                                    |      |   |
| (5)            | Legal, Valid and Binding Obligation     |                         | White Marlin Mall (No. 23)                         |      | Due to the indemnity deed of trust structure, the Mortgage secures a guaranty by the Mortgaged Property owner of the Mortgagor’s payments under the Mortgage Note.  The Mortgagor under the Mortgage Note does not own the Mortgaged Property, the guarantor under the indemnity deed of trust owns a leasehold interest in the Mortgaged Property. |
|           |                                    |                         |                                                    |      |   |
| (8)            | Mortgage Lien                           |                         | Cole Portfolio (No. 8)                             |      | With respect to each of the Tractor Supply – Nixa Mortgaged Property and the Tractor Supply – Hamilton Mortgaged Property, the related sole tenant has a right of first refusal to purchase all or a portion of the related Mortgaged Property (which right of first refusal is subordinated to the Mortgage Loan). |
|           |                                    |                         |                                                    |      |   |
| (8)            | Mortgage Lien                           |                         | Southpark Office Building (No. 37)                 |      | The sole tenant has an option to purchase the related Mortgaged Property (which purchase option is subordinated to the Mortgage Loan and is a feature of the Shari’ah structure). |
|           |                                    |                         |                                                    |      |   |
| (12)           | Insurance                               |                         | Branhaven Plaza (No. 40)                           |      | The Mortgagor is required to maintain insurance coverage under the Mortgage Loan documents, but the Mortgagor is permitted to rely on the property coverage provided as of the Closing Date by the Kohl’s tenant to satisfy the portion of its insurance requirements relating to the leased premises occupied by such tenant for so long as, among other things, the Kohl’s tenant maintains an investment grade rating from Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business. |
|           |                                    |                         |                                                    |      |   |
| (12)           | Insurance                               |                         | ARCT Wal-Mart & Sam’s Portfolio (No. 42) |      | The Mortgagor is required to maintain insurance coverage under the Mortgage Loan documents, but the Mortgagor is permitted to use insurance coverage provided by either sole tenant (Wal-Mart Supercenter or Sam’s Club) to satisfy all or a portion of its insurance requirements and each such sole tenant is entitled to provide their own property insurance, including self-insurance.  However, with respect to the Wal-Mart Supercenter Mortgaged Property, the Mortgagor may not use insurance coverage provided by either sole tenant to satisfy its insurance requirements after March 2016. |
|           |                                    |                         |                                                    |      |   |
| (13)           | No Material Default                     |                         | AppleTree Business Park (No. 10)                   |      | The Mortgage Loan documents permit the release of an outparcel on or after December 29, 2011.  The lender has waived this timing restriction, and the Mortgagor exercised its release option in August 2011. |
|           |                                    |                         |                                                    |      |   |
| (13)           | No Material Default                     |                         | White Marlin Mall (No. 23)                         |      | Despite being required by the Mortgage Loan documents, (i) a $59,828 tenant improvement and leasing commission reserve was not funded because the requirements set forth in the related lease were expected to be satisfied shortly after origination (and have since been satisfied); and (ii) reserve amounts equal to one month of ground lease rent required to be collected was not collected on the origination date, but was subsequently collected by the lender. |
|           |                                    |                         |                                                    |      |   |
| (13)           | No Material Default                     |                         | Holiday Inn Express Anchorage (No. 33)             |      | The Mortgage Loan documents require the Mortgagor to deliver to the lender within 30 days of origination (i.e., by July 17, 2011), either (i) a replacement franchise agreement with Holiday Hospitality Franchising, Inc. for an initial term of no less than ten (10) years and a tri-party agreement or comfort letter from the franchisor related to the replacement franchise agreement (collectively, the “New License Conditions”), or (ii) provided the Mortgagor is diligently pursuing the New License Conditions, a request for an extension of the deadline to satisfy the New License Conditions. The Mortgagor failed to timely satisfy the New License Conditions and requested an extension of the deadline under cover of letter dated September 8, 2011. The lender agreed to waive the timing requirement of the extension request and the Mortgagor satisfied the New License Conditions by obtaining a replacement franchise agreement in September 2011. |
|           |                                    |                         |                                                    |      |   |
|           |                                    |                         |                                                    |      |   |
| (17)           | Environmental Conditions and Compliance |                         | Ashland Town Center (No. 9)                        |      | The Phase I assessment for the related Mortgaged Property recommended (i) the repair of a hydraulic oil leak from a solid waste compactor located on the north side of the main building and (ii) a Phase II subsurface investigation be performed in connection with the historical use of the Mortgaged Property as part of a rail yard with at least four above ground oil tanks, two main rail lines and seven large rail buildings.  The Phase II subsurface investigation identified (i) petroleum impacts to soil and |

 

| Representation |                                    | Mortgage Loan Nameand Number |                                  | Exception |
|----------------|-----------------------------------------|------------------------------|---------------------------------------|-----------|
|           |                                    |                         |                                  |      | groundwater on the eastern part of the Mortgaged Property, to the east of the JC Penney location and (ii) concentrations of total petroleum hydrocarbons in soil and groundwater that were above the Kentucky Department of Environmental Protection Cleanup Standards for AST’s, Surface Releases and Exempt USTs.  The Phase II subsurface investigation recommended pursuing managed site closure through the Kentucky Department of Environmental Protection, which would include further investigation into the nature and extent of the identified petroleum contamination.  The Phase II subsurface investigation estimated costs associated with the managed site closure to be approximately $30,000 to $40,000 and the Mortgagor has escrowed $40,000 in an environmental reserve to cover the costs of the additional investigation and site closure. |
|           |                                    |                         |                                  |      |   |
| (17)           | Environmental Conditions and Compliance |                         | AppleTree Business Park (No. 10) |      | The Phase I assessment for the related Mortgaged Property recommended the development of an asbestos Operations and Maintenance Program to address any potential asbestos and lead-based paint present at the Mortgaged Property and recommended New York State Electric & Gas conduct the appropriate response actions to remove the impacted concrete pad and any underlying impacted soils due to the identified release of dielectric fluid reported to New York State Electric & Gas.  The Mortgaged Property has an environmental insurance policy as set forth on Schedule I. |
|           |                                    |                         |                                  |      |   |
| (17)           | Environmental Conditions and Compliance |                         | Branhaven Plaza (No. 40)         |      | The Phase I assessment for the related Mortgaged Property recommended (a) research be conducted to determine the status of remediation and monitoring activities at an adjacent property that was identified as causing historical groundwater contamination (in the form of elevated concentrations of chlorinated volatile organic compounds largely consisting of trichloroethylene) at the mortgaged property, (b) a comprehensive vapor encroachment investigation, estimated to cost approximately $24,200 plus, if a vapor encroachment condition exists, additional mitigation costs of approximately $80,000 to $120,000 and (c) investigation of the condition of groundwater monitoring wells at the mortgaged property and the performance of any necessary repairs, estimated to cost approximately $7,000 to $9,000.  A recent air impact study was conducted at the Mortgaged Property.  Although the technical consultants that prepared this indoor air impact study concluded that there is no significant risk and therefore mitigation is not warranted based on the concentrations identified compared to certain federal risk guidelines, the lender believes that mitigation may be warranted based on certain state guidelines.  The lender therefore has requested clarification and possibly revision of the indoor air conclusions and are in the process of pursuing this with the borrower.  Should indoor air mitigation be warranted, the estimated cost of mitigation measures is approximately $80,000 to $120,000.  The borrower has indemnified the lender for environmental damages related to any breach of environmental representations or covenants, and the indemnification is guaranteed by a sponsor. |
|           |                                    |                         |                                  |      |   |
| (21)           | Transfers and Subordinate Debt          |                         | Parkdale Mall & Crossing (No. 5)  |      | Permitted Preferred Equity is permitted to be issued.  “Permitted Preferred Equity” means the issuance of a preferred equity interest in Borrower, subject to and conditioned upon the following: (a) receipt of a Rating Agency Confirmation with respect to such preferred equity interest, (b) the holder of such preferred equity interest shall be an equityholder permitted by the loan agreement, (c) any and all preferred equity contributions shall be subject and subordinate to all amounts payable to the lender with respect to the loan, all reserves required by the loan documents and all amounts required for the borrower to operate the property, (d) any such preferred equity interest shall not be transferable or subject to a pledge or other encumbrance, (e) the holder of any such preferred equity interest shall not have actual or effective control over the normal operation of the borrower or the property and (f) any and all remedies of the holder of such preferred equity with respect to such preferred equity interest shall be subordinate to the liens of the loan documents in all respects and shall not be exercisable until the loan is repaid in full. |
|           |                                    |                         |                                  |      |   |
| (21)           | Transfers and Subordinate Debt          |                         | Cole Portfolio (No. 8)           |      | The Mortgage Loan documents do not provide that the Mortgagor is required to pay all reasonable out of pocket expenses of the lender incurred with respect to any transfer or encumbrance. |

 

| Representation |                           | Mortgage Loan Nameand Number |                                        | Exception |
|----------------|--------------------------------|------------------------------|---------------------------------------------|-----------|
|           |                           |                         |                                        |      |   |
| (21)           | Transfers and Subordinate Debt |                         | Rivercrest Realty Portfolio 2 (No. 17) |      | Transfers are permitted so long as there is no change in Control in the Mortgagor.  “Control” will be deemed to be held by the related sponsor so long as each sponsor or any permitted family members of the sponsor collectively owns, directly or indirectly, at least 20% of the indirect equity interests in the Mortgagor and one or both of the persons comprising the sponsor (i.e. Stanley Werb or Jonathan Gaines) shall have the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such entity, whether through the ability to exercise voting power, by contract or otherwise. |
|           |                           |                         |                                        |      |   |
| (21)           | Transfers and Subordinate Debt |                         | Southpark Office Building (No. 37)     |      | Transfers of interest in the master tenant are permitted so long as the key principal retain control of, and at least a 5% direct or indirect interest in the master tenant. |
|           |                           |                         |                                        |      |   |
| (21)           | Transfers and Subordinate Debt |                         | Albuquerque Hilton Garden Inn (No. 38) |      | The Mortgage Loan documents permit the issuance of preferred equity in the related Mortgagor, subject to the satisfaction of certain conditions, including, among other things, (a) the combined loan-to-value ratio of the Stated Principal Balance of the related Mortgage Loan and the preferred equity is equal to or less than 70%, (b) the combined debt service coverage ratio of the Stated Principal Balance of the related Mortgage Loan and the preferred equity is equal to or greater than 1.60x and (c) the written approval of the Rating Agencies and the lender. |
|           |                           |                         |                                        |      |   |
| (21)           | Transfers and Subordinate Debt |                         | Branhaven Plaza (No. 40)               |      | Transfers of interests in the sponsor (Kimco Income Operating Partnership, L.P.) and the Mortgagor are permitted subject to certain conditions, including (i) transfer of interests in the sponsor is permitted for so long as Kimco Realty Corporation owns at least 15% of the interest in the sponsor and (ii) direct or indirect transfer of interests in the Mortgagor is permitted for so long as Kimco Realty Corporation owns at least 10% of the direct or indirect interests in the Mortgagor. |
|           |                           |                         |                                        |      |   |
| (22)           | Waivers and Modification       |                         | AppleTree Business Park (No. 10)       |      | The Mortgage Loan documents permit the release of an outparcel on or after December 29, 2011.  The lender has waived this timing restriction, and the Mortgagor exercised its release option in August 2011. |
|           |                           |                         |                                        |      |   |
| (22)           | Waivers and Modification       |                         | White Marlin Mall (No. 23)             |      | Despite being required by the Mortgage Loan documents, (i) a $59,828 tenant improvement and leasing commission reserve was not funded because the requirements set forth in the related lease were expected to be satisfied shortly after origination (and have since been satisfied); and (ii) reserve amounts equal to one month of ground lease rent required to be collected was not collected on the origination date, but was subsequently collected by the lender. |
|           |                           |                         |                                        |      |   |
| (22)           | Waivers and Modification       |                         | Holiday Inn Express Anchorage (No. 33) |      | The Mortgage Loan documents require the Mortgagor to deliver to the lender within 30 days of origination (i.e., by July 17, 2011), either (i) a replacement franchise agreement with Holiday Hospitality Franchising, Inc. for an initial term of no less than ten (10) years and a tri-party agreement or comfort letter from the franchisor related to the replacement franchise agreement (collectively, the “New License Conditions”), or (ii) provided the Mortgagor is diligently pursuing the New License Conditions, a request for an extension of the deadline to satisfy the New License Conditions. The Mortgagor failed to timely satisfy the New License Conditions and requested an extension of the deadline under cover of letter dated September 8, 2011. The lender agreed to waive the timing requirement of the extension request and the Mortgagor satisfied the New License Conditions by obtaining a replacement franchise agreement in September 2011. |
|           |                           |                         |                                        |      |   |
| (24)           | Releases of Mortgaged Property |                         | Cole Portfolio (No. 8)                 |      | The Mortgage Loan documents require the Mortgagor to pay servicer fees up to (i) $30,000 for full defeasance, (ii) $10,000 for each partial defeasance or (iii) in the case of full defeasance after one or more previous partial defeasances, the greater of (x) $30,000 in the aggregate for all full and partial defeasances, or (y) the sum of $10,000 multiplied by the total number of partial and full defeasances. |
|           |                           |                         |                                        |      |   |
| (25)           | Compliance with Applicable Law |                         | Houston Design Center (No. 29)         |      | The Mortgaged Property is located in Houston, which does not have zoning regulations in place.  In order to undertake work on a property, the owner and tenant are required to obtain a permit.  When the work is complete, the owner or tenant is required to release the permit prior to its expiration.  An |

 

| Representation |                           | Mortgage Loan Nameand Number |                                                                                                                                                                            | Exception |
|----------------|--------------------------------|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|           |                           |                         |                                                                                                                                                                            |      | expired permit constitutes a building code violation.  There are 29 inactive permits and 15 active permits, each of which need to be closed.  The Mortgagor is required under the loan documents to provide written evidence to the lender within 6 months of the origination date (subject to certain additional cure periods) that each of the permits has been released and that the Mortgaged Property and the use thereof comply in all material respects with all applicable legal requirements, including building and zoning ordinances and codes. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (25)           | Compliance with Applicable Law |                         | Branhaven Plaza (No. 40)                                                                                                                                                   |      | There are possible violation of indoor air quality standards at the Mortgaged Property as determined from the results of Phase II scope of work required to be completed by the Mortgagor.  The Mortgagor is required to timely remediate any air quality levels which exceed thresholds required by the applicable governmental authority and provide any results to the lender. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (34)           | Escrow Deposits                |                         | White Marlin Mall (No. 23)                                                                                                                                                 |      | Despite being required by the Mortgage Loan documents, (i) a $59,828 tenant improvement and leasing commission reserve was not funded because the requirements set forth in the related lease were expected to be satisfied shortly after origination (and have since been satisfied); and (ii) reserve amounts equal to one month of ground lease rent required to be collected was not collected on the origination date, but was subsequently collected by the lender. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (36)           | Organization of Mortgagors     |                         | ARC Portfolio III (No. 30), ATD (No. 32), ARCT Wal-Mart & Sam’s Portfolio (No. 42) and Foot Locker – Brooklyn, NY (No. 72)                  |      | The Mortgagors under these Mortgage Loans are affiliated. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (36)           | Organization of Mortgagors     |                         | Courtyard and Residence Inn – Franklin (No. 16), Courtyard and Residence Inn – Southaven (No. 35) and Hampton Inn – Colorado Springs South (No. 54) |      | The Mortgagors under these Mortgage Loans are affiliated. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (37)           | Fee Simple Interest            |                         | Copper Beech Portfolio (No. 3)                                                                                                                                             |      | A portion of the Copper Beech Portfolio – CBTC 3 IUP Mortgaged Property is subject to a condominium regime.  A condominium endorsement has been obtained. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (37)           | Fee Simple Interest            |                         | White Marlin Mall (No. 23)                                                                                                                                                 |      | The sole member of the Mortgagor owns a leasehold interest in the Mortgaged Property. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (38)           | Recourse                       |                         | AppleTree Business Park (No. 10)                                                                                                                                           |      | The related Mortgagor and guarantor are liable with respect to a breach of environmental covenants in the related Mortgage Loan documents only to the extent not otherwise covered by an environmental insurance policy. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (38)           | Recourse                       |                         | Southpark Office Building (No. 37)                                                                                                                                         |      | The Mortgage Loan is non-recourse to the related Mortgagor and does not contain any non-recourse carve-outs. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (38)           | Recourse                       |                         | Branhaven Plaza (No. 40)                                                                                                                                                   |      | The Mortgage Loan is non-recourse to the related Mortgagor and does not contain any non-recourse carve-outs except with respect to certain environmental matters, for which there is an environmental indemnity. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (39)           | Access; Tax Parcels            |                         | Ashland Town Center (No. 9)                                                                                                                                                |      | The Mortgaged Property does not constitute one or more separate tax parcels for the 2011 tax year.  There is an escrow in place for the entire tax parcel.  A separate tax parcel has been established for the Mortgaged Property for 2012 and beyond. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (39)           | Access; Tax Parcels            |                         | AppleTree Business Park (No. 10)                                                                                                                                           |      | The Mortgaged Property does not constitute one or more separate tax parcels.  There is an escrow in place for the entire tax parcel.  The Mortgagor is required to establish a separate tax parcel for the Mortgaged Property prior to the end of 2011. |
|           |                           |                         |                                                                                                                                                                            |      |   |
| (39)           | Access; Tax Parcels            |                         | Albuquerque Hilton Garden Inn (No. 38)                                                                                                                                     |      | The Mortgaged Property is part of a larger tax parcel that is owned by an affiliate of the related Mortgagor.  Application has been made to the tax assessor’s office for assignment of a separate tax parcel.  Until the Mortgaged Property constitutes a separate tax parcel, the Mortgagor will be required to fund a reserve to cover taxes for the entire tax parcel. |

 

| Representation |                            | Mortgage Loan Nameand Number |                                                    | Exception |
|----------------|---------------------------------|------------------------------|---------------------------------------------------------|-----------|
|           |                            |                         |                                                    |      |   |
| (39)           | Access; Tax Parcels             |                         | ARCT Wal-Mart & Sam’s Portfolio (No. 42) |      | The Sam’s Club Mortgaged Property does not constitute one or more separate tax parcels.  An upfront escrow of an amount equal to one year of taxes was collected at origination and is required to be used to pay taxes if evidence of payment is not timely provided by the Mortgagor.  In the event the Mortgaged Property has not been separated into its own tax lot prior to October 2011, or there is a shortfall in the tax escrow, then the Mortgagor will be required to commence making monthly escrow deposits for the Mortgaged Property together with any other property located within such shared tax parcel. |
|           |                            |                         |                                                    |      |   |
| (40)           | Financial Statements            |                         | Park Place Mall (No. 1)                            |      | The annual financial statements of the Mortgagor are not required to be audited.  In lieu of an operating statement, the Mortgagor is required to deliver an income statement quarterly and annually. |
|           |                            |                         |                                                    |      |   |
| (40)           | Financial Statements            |                         | Copper Beech Portfolio (No. 3)                     |      | The annual financial statements of the Mortgagor are not required to be audited. |
|           |                            |                         |                                                    |      |   |
| (40)           | Financial Statements            |                         | Parkdale Mall & Crossing (No. 5)               |      | The annual financial statements of the Mortgagor are not required to be audited. |
|           |                            |                         |                                                    |      |   |
| (40)           | Financial Statements            |                         | Cole Portfolio (No. 8)                             |      | The Mortgagor is not required to provide annual operating statements. |
|           |                            |                         |                                                    |      |   |
| (41)           | Rent Rolls; Operating Histories |                         | Cole Portfolio (No. 8)                             |      | The Mortgagor was not required to deliver Certified Operating Histories. |
|           |                            |                         |                                                    |      |   |
| (42)           | Defeasance                      |                         | Cole Portfolio (No. 8)                             |      | The Mortgage Loan documents require the Mortgagor to pay lender fees up to (i) $30,000 for full defeasance, (ii) $10,000 for each partial defeasance or (iii) in the case of full defeasance after one or more previous partial defeasances, the greater of (x) $30,000 in the aggregate for all full and partial defeasances, or (y) the sum of $10,000 multiplied by the total number of partial and full defeasances. |
|           |                            |                         |                                                    |      |   |
| (42)           | Defeasance                      |                         | Champlain Centre (No. 13)                          |      | The Mortgage Loan documents require the Mortgagor to pay reasonable out of pocket costs and expenses up to $40,000. |
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| (42)           | Defeasance                      |                         | Albuquerque Hilton Garden Inn (No. 38)             |      | The Mortgage Loan documents provide that the Mortgagor’s reimbursement obligation associated with a defeasance is limited to reasonable out of pocket costs and expenses. |
|           |                            |                         |                                                    |      |   |
| (42)           | Defeasance                      |                         | Branhaven Plaza (No. 40)                           |      | The Mortgagors reimbursement obligation associated with a defeasance is limited to any reasonable and customary costs and expenses actually incurred. |
|           |                            |                         |                                                    |      |   |
| (42)           | Defeasance                      |                         | Plaza at Cottonwood (No. 41)                       |      | The Mortgage Loan documents provide that the Mortgagor’s reimbursement obligation associated with a defeasance is limited to reasonable out of pocket costs and expenses. |
|           |                            |                         |                                                    |      |   |
| (42)           | Defeasance                      |                         | ARCT Wal-Mart & Sam’s Portfolio (No. 42) |      | The Mortgage Loan documents provide that the Mortgagor’s reimbursement obligation associated with a defeasance is limited to reasonable out of pocket costs and expenses. |
|           |                            |                         |                                                    |      |   |
| (48)           | Ground LeaseRepresentations and |                         | White Marlin Mall (No. 23)                         |      | (f)  The ground lease has not been subordinated to the Mortgage. |
|           | Warranties                      |                         |                                                    |      | (l)  The ground lease provides that the lender is required to make any accrued payments under the ground lease owing to the ground lessor prior to the ground lessor being obligated to enter new lease. |

 

|   | 1. | All of the representations and warranties (except as set forth on Exhibit C) of the Seller under the Mortgage Loan Purchase Agreement, dated as of October 1, 2011 (the “Agreement”), between GS Mortgage Securities Corporation II and Seller, are true and correct in all material respects on and as of the date hereof (or as of such other date as of which such representation is made under the terms of Exhibit B to the Agreement) with the same force and effect as if made on and as of the date hereof (or as of such other date as of which such representation is made under the terms of Exhibit B to the Agreement). |
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|   | 2. | The Seller has complied in all material respects with all the covenants and satisfied all the conditions on its part to be performed or satisfied under the Agreement on or prior to the date hereof and no event has occurred which would constitute a default on the part of the Seller under the Agreement. |
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|   | 3. | Neither the Prospectus, dated September 16, 2011, as supplemented by the Prospectus Supplement, dated September 22, 2011 (collectively, the “Prospectus”), relating to the offering of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, nor the Offering Circular, dated September 22, 2011 (the “Offering Circular”), relating to the offering of the Class X-A, Class X-B, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G and Class R Certificates, in the case of the Prospectus and the Prospectus Supplement, as of the date of the Prospectus Supplement or as of the date hereof, or the Offering Circular, as of the date thereof or as of the date hereof, included or includes any untrue statement of a material fact relating to the Mortgage Loans and/or the Seller or omitted or omits to state therein a material fact required to be stated therein or necessary in order to make the statements therein relating to the Mortgage Loans and/or the Seller, in light of the circumstances under which they were made, not misleading. |
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|   | GOLDMAN SACHS MORTGAGE COMPANY |
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|   |                           |   |
|   | By:                            |   |
|   |                           | Name: |
|   |                           | Title: |