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

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

|   | GS MORTGAGE SECURITIES CORPORATION II |
|--------|---------------------------------------|
|   |                                  |   |
|   | By:                              |  /s/J. Theodore Borter |
|   |                                  | Name:J. Theodore Borter |
|   |                                  | Title: President |
|   |                                  |   |
|   | CITIGROUP GLOBAL MARKETS REALTY CORP. |

|   | By:  |  /s/Ana E. Rosu       |   |
|--------|-----------|----------------------------|--------|
|   |      | Name:Ana E. Rosu           |   |
|   |      | Title:Authorized Signatory |   |

| GSMS 2011-GC5 Citigroup Mortgage Loan Schedule |   |      |   |    |   |                                             |   |                                       |   |                 |   |
|------------------------------------------------|--------|-----------|--------|---------|--------|--------------------------------------------------|--------|--------------------------------------------|--------|----------------------|--------|
|                                           |   |      |   |    |   |                                             |   |                                       |   |                 |   |   |   |   | Original | Remaining |   |
| Control                                        |   |      |   | Loan    |   |                                             |   |                                       |   |                 |   |   |   | Cut-Off Date | Mortgage | Term To |   |
| Number                                         |   | Footnotes |   | Number  |   | Property Name                                    |   | Address                                    |   | City                 |   | State | Zip Code | Balance ($) | Loan Rate (%) | Maturity / ARD (Mos.) | Maturity Date |
| 2                                              |   |      |   | 4770    |   | 1551 Broadway                                    |   | 1551-1555 Broadway                         |   | New York             |   | New York | 10036 | 180,000,000 | 5.10000% | 117 | 7/6/2021 |
| 6                                              |   |      |   | 4588    |   | Shoppes at Chino Hills                           |   | 13920 City Center Drive                    |   | Chino Hills          |   | California | 91709 | 60,804,936 | 5.20000% | 117 | 7/6/2021 |
| 14                                             |   |      |   | CR-1    |   | Prentiss Creek Apartments                        |   | 2110 Prentiss Drive                        |   | Downers Grove        |   | Illinois | 60516 | 34,331,868 | 5.67000% | 115 | 5/1/2021 |
| 15                                             |   |      |   | 4891    |   | Red Lion Hotel - Seattle, WA                     |   | 1415 5th Avenue West                       |   | Seattle              |   | Washington | 98119 | 31,866,096 | 4.93000% | 57 | 7/6/2016 |
| 18                                             |   |      |   | 4682    |   | 250 Mercer Street                                |   | 250 Mercer Street                          |   | New York             |   | New York | 10012 | 25,918,853 | 5.31000% | 117 | 7/6/2021 |
| 19                                             |   |      |   | 4886    |   | 1117 Perimeter Center West                       |   | 1117 Perimeter Center West                 |   | Atlanta              |   | Georgia | 30338 | 25,046,653 | 5.31000% | 58 | 8/6/2016 |
| 20                                             |   |      |   | 4681    |   | Lehigh Valley Portfolio - Group 4                |   |                                       |   |                 |   |   |   | 23,110,000 | 5.16000% | 56 | 6/6/2016 |
| 20.01                                          |   |      |   | 4681-1  |   | 57 South Commerce Way                            |   | 57 South Commerce Way                      |   | Bethlehem            |   | Pennsylvania | 18017 |   |   |   |   |
| 20.02                                          |   |      |   | 4681-2  |   | 754 Roble Road                                   |   | 754 Roble Road                             |   | Allentown            |   | Pennsylvania | 18109 |   |   |   |   |
| 20.03                                          |   |      |   | 4681-3  |   | 2202 Hangar Place                                |   | 2202 Hangar Place                          |   | Allentown            |   | Pennsylvania | 18109 |   |   |   |   |
| 20.04                                          |   |      |   | 4681-4  |   | 944 Marcon Boulevard                             |   | 944 Marcon Boulevard                       |   | Allentown            |   | Pennsylvania | 18109 |   |   |   |   |
| 20.05                                          |   |      |   | 4681-5  |   | 2196 Avenue C                                    |   | 2196 Avenue C                              |   | Bethlehem            |   | Pennsylvania | 18017 |   |   |   |   |
| 20.06                                          |   |      |   | 4681-6  |   | 7355 William Avenue                              |   | 7355 William Avenue                        |   | Allentown            |   | Pennsylvania | 18106 |   |   |   |   |
| 20.07                                          |   |      |   | 4681-7  |   | 974 Marcon Boulevard                             |   | 974 Marcon Boulevard                       |   | Allentown            |   | Pennsylvania | 18109 |   |   |   |   |
| 20.08                                          |   |      |   | 4681-8  |   | 964 Marcon Boulevard                             |   | 964 Marcon Boulevard                       |   | Allentown            |   | Pennsylvania | 18109 |   |   |   |   |
| 20.09                                          |   |      |   | 4681-9  |   | 954 Marcon Boulevard                             |   | 954 Marcon Boulevard                       |   | Allentown            |   | Pennsylvania | 18109 |   |   |   |   |
| 20.10                                          |   |      |   | 4681-10 |   | 2201 Hangar Place                                |   | 2201 Hangar Place                          |   | Allentown            |   | Pennsylvania | 18109 |   |   |   |   |
| 20.11                                          |   |      |   | 4681-11 |   | 7277 William Avenue                              |   | 7277 William Avenue                        |   | Allentown            |   | Pennsylvania | 18106 |   |   |   |   |
| 20.12                                          |   |      |   | 4681-12 |   | 2041 Avenue C                                    |   | 2041 Avenue C                              |   | Bethlehem            |   | Pennsylvania | 18017 |   |   |   |   |
| 20.13                                          |   |      |   | 4681-13 |   | 7562 Penn Drive                                  |   | 7562 Penn Drive                            |   | Allentown            |   | Pennsylvania | 18106 |   |   |   |   |
| 20.14                                          |   |      |   | 4681-14 |   | 764 Roble Road                                   |   | 764 Roble Road                             |   | Allentown            |   | Pennsylvania | 18109 |   |   |   |   |
| 21                                             |   |      |   | 4582    |   | Harrison Executive Park                          |   | 3000, 3010 & 3020 Westchester Avenue   |   | Purchase             |   | New York | 10577 | 20,411,519 | 5.26000% | 116 | 6/6/2021 |
| 24                                             |   |      |   | 3990    |   | Lehigh Valley Portfolio - Group 2                |   |                                       |   |                 |   |   |   | 17,000,000 | 5.16000% | 56 | 6/6/2016 |
| 24.01                                          |   |      |   | 3990-1  |   | 3701 Corporate Parkway                           |   | 3701 Corporate Parkway                     |   | Center Valley        |   | Pennsylvania | 18034 |   |   |   |   |
| 24.02                                          |   |      |   | 3990-2  |   | 3773 Corporate Parkway                           |   | 3773 Corporate Parkway                     |   | Center Valley        |   | Pennsylvania | 18034 |   |   |   |   |
| 26                                             |   |      |   | 4415    |   | Trinity Square Crossed Portfolio                 |   |                                       |   |                 |   |   |   | 16,064,681 | 6.16000% | 115 | 5/6/2021 |
| 26.01                                          |   |      |   | 4415-1  |   | Trinity Square Retail Center                     |   | 755 Howe Avenue                            |   | Cuyahoga Falls       |   | Ohio | 44221 |   |   |   |   |
| 26.02                                          |   |      |   | 4415-2  |   | MeadWestVaco - Kettering, OH                     |   | 4751 Hempstead Station Drive               |   | Kettering            |   | Ohio | 45429 |   |   |   |   |
| 26.03                                          |   |      |   | 4415-3  |   | Stonegate Corner - Medina, OH                    |   | 4055 Pearl Road                            |   | Medina               |   | Ohio | 44256 |   |   |   |   |
| 26.04                                          |   |      |   | 4415-4  |   | Aspen Dental and AT&T - Monroe, MI           |   | 2155 North Telegraph Road                  |   | Monroe               |   | Michigan | 48162 |   |   |   |   |
| 26.05                                          |   |      |   | 4415-5  |   | Advance Auto Parts - Berea, OH                   |   | 238 North Rocky River Drive                |   | Berea                |   | Ohio | 44017 |   |   |   |   |
| 26.06                                          |   |      |   | 4415-7  |   | Advance Auto Parts - Sandusky, MI                |   | 435 West Sanilac Road                      |   | Sandusky             |   | Michigan | 48471 |   |   |   |   |
| 26.07                                          |   |      |   | 4415-6  |   | Advance Auto Parts - Columbus, OH                |   | 3201 South High Street                     |   | Columbus             |   | Ohio | 43207 |   |   |   |   |
| 26.08                                          |   |      |   | 4415-8  |   | Aspen Dental and AT&T - New Philadelphia, OH |   | 337 Graff Road                             |   | New Philadelphia     |   | Ohio | 44663 |   |   |   |   |
| 28                                             |   |      |   | 4419    |   | The Hills                                        |   | 6321 - 6361 Grapevine Highway              |   | North Richland Hills |   | Texas | 76180 | 15,399,929 | 5.96000% | 53 | 3/6/2016 |
| 30                                             |   |      |   | 4642    |   | ARC Portfolio III                                |   |                                       |   |                 |   |   |   | 14,780,000 | 4.30500% | 57 | 7/6/2016 |
| 30.01                                          |   |      |   | 4642-1  |   | FedEx Ground - Saline, MI                        |   | 6700 State Road                            |   | Saline               |   | Michigan | 48176 |   |   |   |   |
| 30.02                                          |   |      |   | 4642-2  |   | CVS - Stony Point, NY                            |   | 20 Filors Lane                             |   | Stony Point          |   | New York | 10980 |   |   |   |   |
| 30.03                                          |   |      |   | 4642-3  |   | CVS - Charlotte, MI                              |   | 301 South Cochran Avenue                   |   | Charlotte            |   | Michigan | 48813 |   |   |   |   |
| 30.04                                          |   |      |   | 4642-4  |   | Provident Bank - Stony Point, NY                 |   | 153 South Liberty Drive                    |   | Stony Point          |   | New York | 10980 |   |   |   |   |
| 30.05                                          |   |      |   | 4642-5  |   | Tractor Supply Company - Demopolis, AL           |   | 1404 US Highway 80 West                    |   | Demopolis            |   | Alabama | 36732 |   |   |   |   |
| 30.06                                          |   |      |   | 4642-6  |   | Tractor Supply Company - New Boston, TX          |   | 907 North Center Street                    |   | New Boston           |   | Texas | 75570 |   |   |   |   |
| 31                                             |   |      |   | 4476    |   | Loyal Plaza                                      |   | 1875-1969 East Third Street                |   | Williamsport         |   | Pennsylvania | 17701 | 14,750,563 | 5.00000% | 117 | 7/6/2021 |
| 32                                             |   |      |   | 4543    |   | ATD                                              |   | 11 Ewall Street                            |   | Mount Pleasant       |   | South Carolina | 29464 | 13,800,000 | 5.58000% | 113 | 3/6/2021 |
| 34                                             |   |      |   | 4596    |   | Midland Apartment Portfolio                      |   |                                       |   |                 |   |   |   | 13,512,985 | 5.75000% | 117 | 7/6/2021 |
| 34.01                                          |   |      |   | 4596-1  |   | Mulberry Lane Apartments                         |   | 2630 Abbott Road                           |   | Midland              |   | Michigan | 48642 |   |   |   |   |
| 34.02                                          |   |      |   | 4596-2  |   | Robin Oaks Apartments                            |   | 1819 Eastlawn Drive                        |   | Midland              |   | Michigan | 48642 |   |   |   |   |
| 34.03                                          |   |      |   | 4596-3  |   | Perrine Pointe Apartments                        |   | 4100 Perrine Pointe                        |   | Midland              |   | Michigan | 48640 |   |   |   |   |
| 36                                             |   |      |   | 5096    |   | All Saints Retail Condo                          |   | 411-417 West 13th Street                   |   | New York             |   | New York | 10014 | 13,275,000 | 5.16000% | 58 | 8/6/2016 |
| 39                                             |   |      |   | 4420    |   | Park Point Syracuse University                   |   | 417 Comstock Avenue                        |   | Syracuse             |   | New York | 13210 | 12,187,596 | 5.47000% | 115 | 5/6/2021 |
| 43                                             |   |      |   | 4734    |   | Merritt 8                                        |   | 99 Hawley Lane                             |   | Stratford            |   | Connecticut | 06614 | 11,202,461 | 5.36000% | 116 | 6/6/2021 |
| 45                                             |   |      |   | 4287    |   | 848 Brickell Plaza                               |   | 848 Brickell Avenue                        |   | Miami                |   | Florida | 33131 | 10,700,000 | 5.10000% | 54 | 4/6/2016 |
| 47                                             |   |      |   | 4605    |   | Consumer Square West                             |   | 3530-3592 Soldano Boulevard                |   | Columbus             |   | Ohio | 43228 | 10,028,685 | 5.32000% | 58 | 8/6/2016 |
| 48                                             |   |      |   | 4347    |   | Cornell 55                                       |   | 5493 & 5500 South Cornell Avenue       |   | Chicago              |   | Illinois | 60615 | 9,412,855 | 5.89000% | 113 | 3/6/2021 |
| 49                                             |   |      |   | 4684    |   | Whole Foods Charlottesville                      |   | 1797 Hydraulic Road                        |   | Charlottesville      |   | Virginia | 22901 | 9,322,658 | 5.60000% | 117 | 7/6/2021 |
| 50                                             |   |      |   | 4325    |   | Richmond Office Portfolio                        |   |                                       |   |                 |   |   |   | 9,252,563 | 6.37000% | 114 | 4/6/2021 |
| 50.01                                          |   |      |   | 4325-1  |   | One Holland Place                                |   | 2235 Staples Mill Road                     |   | Richmond             |   | Virginia | 23230 |   |   |   |   |
| 50.02                                          |   |      |   | 4325-2  |   | Vistas I & II                                |   | 5516 - 5540 Falmouth Street                |   | Richmond             |   | Virginia | 23230 |   |   |   |   |
| 51                                             |   |      |   | 4308    |   | One Crescent Place MHC                           |   | 5365 Southcross Ranch Road                 |   | San Antonio          |   | Texas | 78222 | 9,196,032 | 6.40000% | 113 | 3/6/2021 |
| 52                                             |   |      |   | 4586    |   | Pacific Village Center                           |   | 1299-1313 156th Avenue Northeast           |   | Bellevue             |   | Washington | 98007 | 9,161,453 | 5.40000% | 116 | 6/6/2021 |
| 53                                             |   |      |   | 4913    |   | Pelham Towne Center                              |   | 365 Huntley Parkway                        |   | Pelham               |   | Alabama | 35124 | 9,116,648 | 4.59000% | 57 | 7/6/2016 |
| 55                                             |   |      |   | 4783    |   | SST - Racetrack & Bonanza Self Storage       |   |                                       |   |                 |   |   |   | 7,666,766 | 5.26000% | 116 | 6/6/2021 |
| 55.01                                          |   |      |   | 4783-1  |   | Racetrack Self Storage                           |   | 733 South Racetrack Road                   |   | Henderson            |   | Nevada | 89015 |   |   |   |   |
| 55.02                                          |   |      |   | 4783-2  |   | Bonanza Self Storage                             |   | 4851 East Bonanza Road                     |   | Las Vegas            |   | Nevada | 89110 |   |   |   |   |
| 56                                             |   |      |   | CR-2    |   | Copper Mill Apartments                           |   | 10000 North Lamar Boulevard                |   | Austin               |   | Texas | 78753 | 7,350,000 | 5.70000% | 115 | 5/1/2021 |
| 57                                             |   |      |   | 4593    |   | Sierra Forest Apartments                         |   | 6660 Mableton Parkway                      |   | Mableton             |   | Georgia | 30126 | 7,155,661 | 5.31000% | 56 | 6/6/2016 |
| 58                                             |   |      |   | 4665    |   | Sherman Oaks Plaza                               |   | 13949 Ventura Boulevard                    |   | Sherman Oaks         |   | California | 91423 | 6,973,336 | 5.84000% | 116 | 6/6/2021 |
| 59                                             |   |      |   | CR-3    |   | Cumberland Apartments                            |   | 2330 Cobb Parkway                          |   | Smyrna               |   | Georgia | 30080 | 6,900,000 | 5.70000% | 115 | 5/1/2021 |
| 60                                             |   |      |   | CR-4    |   | Crestmont Apartments                             |   | 500 Williams Drive                         |   | Marietta             |   | Georgia | 30066 | 6,750,000 | 5.70000% | 115 | 5/1/2021 |
| 61                                             |   |      |   | 4583    |   | Smith & American MHP Portfolio               |   | 14115 & 14149 South Western Avenue     |   | Blue Island          |   | Illinois | 60406 | 6,474,747 | 5.75000% | 116 | 6/6/2021 |
| 62                                             |   |      |   | 4948    |   | Bingham Station                                  |   | 1738 Bingham Drive                         |   | Fayetteville         |   | North Carolina | 28304 | 5,641,955 | 5.77000% | 118 | 8/6/2021 |
| 63                                             |   |      |   | CR-5    |   | Heritage Trace Apartments                        |   | 168 Heritage Way                           |   | Newport News         |   | Virginia | 23602 | 5,500,000 | 5.70000% | 115 | 5/1/2021 |
| 64                                             |   |      |   | 4399    |   | Riviera Shopping Center                          |   | 2019 River Road                            |   | Eugene               |   | Oregon | 97404 | 4,971,692 | 5.81000% | 116 | 6/6/2021 |
| 65                                             |   |      |   | 4764    |   | Winterhaven Square                               |   | 6031 Cypress Gardens Boulevard             |   | Winter Haven         |   | Florida | 33884 | 4,485,768 | 5.25000% | 57 | 7/6/2016 |
| 66                                             |   |      |   | 4621    |   | Shoppes at Stonebrook                            |   | 1667 Ooltewah Ringgold Road                |   | Chattanooga          |   | Tennessee | 37363 | 4,480,738 | 5.64000% | 117 | 7/6/2021 |
| 67                                             |   |      |   | 4376    |   | Holiday Park                                     |   | 979 Essex Street                           |   | Bangor               |   | Maine | 04401 | 4,476,625 | 6.29000% | 54 | 4/6/2016 |
| 68                                             |   |      |   | 4387    |   | Lake Zurich                                      |   | 737 South Rand Road                        |   | Lake Zurich          |   | Illinois | 60047 | 4,326,902 | 5.28000% | 55 | 5/6/2016 |
| 69                                             |   |      |   | 4670    |   | Elm Grove Apartments                             |   | 2921 Sycamore Springs Drive                |   | Kingwood             |   | Texas | 77339 | 3,996,114 | 5.52000% | 56 | 6/6/2016 |
| 70                                             |   |      |   | 4662    |   | The Ridge MHP & Eastwood Hills               |   | 11316 Cox Road & 11315 Hillridge Drive |   | Conroe               |   | Texas | 77385 | 3,362,313 | 5.90000% | 116 | 6/6/2021 |
| 71                                             |   |      |   | 4655    |   | Ivanhoe MHP                                      |   | 26 Ivanhoe Drive                           |   | Urbana               |   | Illinois | 61802 | 3,290,994 | 5.90000% | 57 | 7/6/2016 |
| 72                                             |   |      |   | 4685    |   | Foot Locker - Brooklyn, NY                       |   | 2061 - 2063 86th Street                    |   | Brooklyn             |   | New York | 11214 | 3,250,000 | 4.51000% | 55 | 5/6/2016 |
| 73                                             |   |      |   | 4648    |   | Gateway Plaza II                                 |   | 2701 Church Street                         |   | Conway               |   | South Carolina | 29526 | 3,087,449 | 5.56000% | 116 | 6/6/2021 |
| 74                                             |   |      |   | 4759    |   | Oakhurst MHP                                     |   | 6675 East Highway 90                       |   | Lake Charles         |   | Louisiana | 70615 | 1,819,614 | 6.95000% | 116 | 6/6/2021 |

| GSMS 2011-GC5 Citigroup Mortgage Loan Schedule |   |      |   |    |   |                                             |   |              |         |         |
|------------------------------------------------|--------|-----------|--------|---------|--------|--------------------------------------------------|--------|-------------------|--------------|--------------|
|                                           |   |      |   |    |   |                                             |   | Remaining         |         |         |   | Crossed With |   |   |   |   |
| Control                                        |   |      |   | Loan    |   |                                             |   | Amortization Term | Subservicing | Servicing    | Mortgage | Other Loans | Anticipated |   | Companion Loan | Companion Loan |
| Number                                         |   | Footnotes |   | Number  |   | Property Name                                    |   | (Mos.)            | Fee Rate (%) | Fee Rate (%) | Loan Seller | (Crossed Group) | Repayment Date | Revised Rate | Flag | Cut-off Balance |
| 2                                              |   |      |   | 4770    |   | 1551 Broadway                                    |   | 0                 | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 6                                              |   |      |   | 4588    |   | Shoppes at Chino Hills                           |   | 357               | 0.01000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 14                                             |   |      |   | CR-1    |   | Prentiss Creek Apartments                        |   | 355               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 15                                             |   |      |   | 4891    |   | Red Lion Hotel - Seattle, WA                     |   | 321               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 18                                             |   |      |   | 4682    |   | 250 Mercer Street                                |   | 357               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 19                                             |   |      |   | 4886    |   | 1117 Perimeter Center West                       |   | 358               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 20                                             |   |      |   | 4681    |   | Lehigh Valley Portfolio - Group 4                |   | 360               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 20.01                                          |   |      |   | 4681-1  |   | 57 South Commerce Way                            |   |              |         |         |   |   |   |   |   |   |
| 20.02                                          |   |      |   | 4681-2  |   | 754 Roble Road                                   |   |              |         |         |   |   |   |   |   |   |
| 20.03                                          |   |      |   | 4681-3  |   | 2202 Hangar Place                                |   |              |         |         |   |   |   |   |   |   |
| 20.04                                          |   |      |   | 4681-4  |   | 944 Marcon Boulevard                             |   |              |         |         |   |   |   |   |   |   |
| 20.05                                          |   |      |   | 4681-5  |   | 2196 Avenue C                                    |   |              |         |         |   |   |   |   |   |   |
| 20.06                                          |   |      |   | 4681-6  |   | 7355 William Avenue                              |   |              |         |         |   |   |   |   |   |   |
| 20.07                                          |   |      |   | 4681-7  |   | 974 Marcon Boulevard                             |   |              |         |         |   |   |   |   |   |   |
| 20.08                                          |   |      |   | 4681-8  |   | 964 Marcon Boulevard                             |   |              |         |         |   |   |   |   |   |   |
| 20.09                                          |   |      |   | 4681-9  |   | 954 Marcon Boulevard                             |   |              |         |         |   |   |   |   |   |   |
| 20.10                                          |   |      |   | 4681-10 |   | 2201 Hangar Place                                |   |              |         |         |   |   |   |   |   |   |
| 20.11                                          |   |      |   | 4681-11 |   | 7277 William Avenue                              |   |              |         |         |   |   |   |   |   |   |
| 20.12                                          |   |      |   | 4681-12 |   | 2041 Avenue C                                    |   |              |         |         |   |   |   |   |   |   |
| 20.13                                          |   |      |   | 4681-13 |   | 7562 Penn Drive                                  |   |              |         |         |   |   |   |   |   |   |
| 20.14                                          |   |      |   | 4681-14 |   | 764 Roble Road                                   |   |              |         |         |   |   |   |   |   |   |
| 21                                             |   |      |   | 4582    |   | Harrison Executive Park                          |   | 356               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 24                                             |   |      |   | 3990    |   | Lehigh Valley Portfolio - Group 2                |   | 360               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 24.01                                          |   |      |   | 3990-1  |   | 3701 Corporate Parkway                           |   |              |         |         |   |   |   |   |   |   |
| 24.02                                          |   |      |   | 3990-2  |   | 3773 Corporate Parkway                           |   |              |         |         |   |   |   |   |   |   |
| 26                                             |   |      |   | 4415    |   | Trinity Square Crossed Portfolio                 |   | 355               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 26.01                                          |   |      |   | 4415-1  |   | Trinity Square Retail Center                     |   |              |         |         |   |   |   |   |   |   |
| 26.02                                          |   |      |   | 4415-2  |   | MeadWestVaco - Kettering, OH                     |   |              |         |         |   |   |   |   |   |   |
| 26.03                                          |   |      |   | 4415-3  |   | Stonegate Corner - Medina, OH                    |   |              |         |         |   |   |   |   |   |   |
| 26.04                                          |   |      |   | 4415-4  |   | Aspen Dental and AT&T - Monroe, MI           |   |              |         |         |   |   |   |   |   |   |
| 26.05                                          |   |      |   | 4415-5  |   | Advance Auto Parts - Berea, OH                   |   |              |         |         |   |   |   |   |   |   |
| 26.06                                          |   |      |   | 4415-7  |   | Advance Auto Parts - Sandusky, MI                |   |              |         |         |   |   |   |   |   |   |
| 26.07                                          |   |      |   | 4415-6  |   | Advance Auto Parts - Columbus, OH                |   |              |         |         |   |   |   |   |   |   |
| 26.08                                          |   |      |   | 4415-8  |   | Aspen Dental and AT&T - New Philadelphia, OH |   |              |         |         |   |   |   |   |   |   |
| 28                                             |   |      |   | 4419    |   | The Hills                                        |   | 353               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 30                                             |   |      |   | 4642    |   | ARC Portfolio III                                |   | 0                 | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 30.01                                          |   |      |   | 4642-1  |   | FedEx Ground - Saline, MI                        |   |              |         |         |   |   |   |   |   |   |
| 30.02                                          |   |      |   | 4642-2  |   | CVS - Stony Point, NY                            |   |              |         |         |   |   |   |   |   |   |
| 30.03                                          |   |      |   | 4642-3  |   | CVS - Charlotte, MI                              |   |              |         |         |   |   |   |   |   |   |
| 30.04                                          |   |      |   | 4642-4  |   | Provident Bank - Stony Point, NY                 |   |              |         |         |   |   |   |   |   |   |
| 30.05                                          |   |      |   | 4642-5  |   | Tractor Supply Company - Demopolis, AL           |   |              |         |         |   |   |   |   |   |   |
| 30.06                                          |   |      |   | 4642-6  |   | Tractor Supply Company - New Boston, TX          |   |              |         |         |   |   |   |   |   |   |
| 31                                             |   |      |   | 4476    |   | Loyal Plaza                                      |   | 357               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 32                                             |   |      |   | 4543    |   | ATD                                              |   | 0                 | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 34                                             |   |      |   | 4596    |   | Midland Apartment Portfolio                      |   | 237               | 0.05000%     | 0.05000%     | CGM | NAP |   |   |   |   |
| 34.01                                          |   |      |   | 4596-1  |   | Mulberry Lane Apartments                         |   |              |         |         |   |   |   |   |   |   |
| 34.02                                          |   |      |   | 4596-2  |   | Robin Oaks Apartments                            |   |              |         |         |   |   |   |   |   |   |
| 34.03                                          |   |      |   | 4596-3  |   | Perrine Pointe Apartments                        |   |              |         |         |   |   |   |   |   |   |
| 36                                             |   |      |   | 5096    |   | All Saints Retail Condo                          |   | 0                 | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 39                                             |   |      |   | 4420    |   | Park Point Syracuse University                   |   | 355               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 43                                             |   |      |   | 4734    |   | Merritt 8                                        |   | 356               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 45                                             |   |      |   | 4287    |   | 848 Brickell Plaza                               |   | 0                 | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 47                                             |   |      |   | 4605    |   | Consumer Square West                             |   | 358               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 48                                             |   |      |   | 4347    |   | Cornell 55                                       |   | 353               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 49                                             |   |      |   | 4684    |   | Whole Foods Charlottesville                      |   | 357               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 50                                             |   |      |   | 4325    |   | Richmond Office Portfolio                        |   | 354               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 50.01                                          |   |      |   | 4325-1  |   | One Holland Place                                |   |              |         |         |   |   |   |   |   |   |
| 50.02                                          |   |      |   | 4325-2  |   | Vistas I & II                                |   |              |         |         |   |   |   |   |   |   |
| 51                                             |   |      |   | 4308    |   | One Crescent Place MHC                           |   | 353               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 52                                             |   |      |   | 4586    |   | Pacific Village Center                           |   | 356               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 53                                             |   |      |   | 4913    |   | Pelham Towne Center                              |   | 357               | 0.03000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 55                                             |   |      |   | 4783    |   | SST - Racetrack & Bonanza Self Storage       |   | 356               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 55.01                                          |   |      |   | 4783-1  |   | Racetrack Self Storage                           |   |              |         |         |   |   |   |   |   |   |
| 55.02                                          |   |      |   | 4783-2  |   | Bonanza Self Storage                             |   |              |         |         |   |   |   |   |   |   |
| 56                                             |   |      |   | CR-2    |   | Copper Mill Apartments                           |   | 360               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 57                                             |   |      |   | 4593    |   | Sierra Forest Apartments                         |   | 296               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 58                                             |   |      |   | 4665    |   | Sherman Oaks Plaza                               |   | 356               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 59                                             |   |      |   | CR-3    |   | Cumberland Apartments                            |   | 360               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 60                                             |   |      |   | CR-4    |   | Crestmont Apartments                             |   | 360               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 61                                             |   |      |   | 4583    |   | Smith & American MHP Portfolio               |   | 356               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 62                                             |   |      |   | 4948    |   | Bingham Station                                  |   | 298               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 63                                             |   |      |   | CR-5    |   | Heritage Trace Apartments                        |   | 360               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 64                                             |   |      |   | 4399    |   | Riviera Shopping Center                          |   | 296               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 65                                             |   |      |   | 4764    |   | Winterhaven Square                               |   | 357               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 66                                             |   |      |   | 4621    |   | Shoppes at Stonebrook                            |   | 297               | 0.05000%     | 0.05000%     | CGM | NAP |   |   |   |   |
| 67                                             |   |      |   | 4376    |   | Holiday Park                                     |   | 354               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 68                                             |   |      |   | 4387    |   | Lake Zurich                                      |   | 355               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 69                                             |   |      |   | 4670    |   | Elm Grove Apartments                             |   | 356               | 0.10160%     | 0.05000%     | CGM | NAP |   |   |   |   |
| 70                                             |   |      |   | 4662    |   | The Ridge MHP & Eastwood Hills               |   | 356               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 71                                             |   |      |   | 4655    |   | Ivanhoe MHP                                      |   | 357               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 72                                             |   |      |   | 4685    |   | Foot Locker - Brooklyn, NY                       |   | 0                 | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 73                                             |   |      |   | 4648    |   | Gateway Plaza II                                 |   | 356               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |
| 74                                             |   |      |   | 4759    |   | Oakhurst MHP                                     |   | 356               | 0.00000%     | 0.07000%     | CGM | NAP |   |   |   |   |

| GSMS 2011-GC5 Citigroup Mortgage Loan Schedule |      |    | Companion Loan |                                             | Companion Loan |           |
|------------------------------------------------|-----------|---------|----------------|--------------------------------------------------|----------------|----------------|
|                                           |      |    |           |                                             |           |           | Remaining | Companion Loan | Remaining | Companion Loan |
| Control                                        |      | Loan    |           |                                             |           | Companion Loan | Term To | Maturity | Amortization Term | Servicing |
| Number                                         | Footnotes | Number  |           | Property Name                                    |           | Interest Rate  | Maturity (Mos.) | Date | (Mos.) | Fees |
| 2                                              |      | 4770    |           | 1551 Broadway                                    |           |           |   |   |   |   |
| 6                                              |      | 4588    |           | Shoppes at Chino Hills                           |           |           |   |   |   |   |
| 14                                             |      | CR-1    |           | Prentiss Creek Apartments                        |           |           |   |   |   |   |
| 15                                             |      | 4891    |           | Red Lion Hotel - Seattle, WA                     |           |           |   |   |   |   |
| 18                                             |      | 4682    |           | 250 Mercer Street                                |           |           |   |   |   |   |
| 19                                             |      | 4886    |           | 1117 Perimeter Center West                       |           |           |   |   |   |   |
| 20                                             |      | 4681    |           | Lehigh Valley Portfolio - Group 4                |           |           |   |   |   |   |
| 20.01                                          |      | 4681-1  |           | 57 South Commerce Way                            |           |           |   |   |   |   |
| 20.02                                          |      | 4681-2  |           | 754 Roble Road                                   |           |           |   |   |   |   |
| 20.03                                          |      | 4681-3  |           | 2202 Hangar Place                                |           |           |   |   |   |   |
| 20.04                                          |      | 4681-4  |           | 944 Marcon Boulevard                             |           |           |   |   |   |   |
| 20.05                                          |      | 4681-5  |           | 2196 Avenue C                                    |           |           |   |   |   |   |
| 20.06                                          |      | 4681-6  |           | 7355 William Avenue                              |           |           |   |   |   |   |
| 20.07                                          |      | 4681-7  |           | 974 Marcon Boulevard                             |           |           |   |   |   |   |
| 20.08                                          |      | 4681-8  |           | 964 Marcon Boulevard                             |           |           |   |   |   |   |
| 20.09                                          |      | 4681-9  |           | 954 Marcon Boulevard                             |           |           |   |   |   |   |
| 20.10                                          |      | 4681-10 |           | 2201 Hangar Place                                |           |           |   |   |   |   |
| 20.11                                          |      | 4681-11 |           | 7277 William Avenue                              |           |           |   |   |   |   |
| 20.12                                          |      | 4681-12 |           | 2041 Avenue C                                    |           |           |   |   |   |   |
| 20.13                                          |      | 4681-13 |           | 7562 Penn Drive                                  |           |           |   |   |   |   |
| 20.14                                          |      | 4681-14 |           | 764 Roble Road                                   |           |           |   |   |   |   |
| 21                                             |      | 4582    |           | Harrison Executive Park                          |           |           |   |   |   |   |
| 24                                             |      | 3990    |           | Lehigh Valley Portfolio - Group 2                |           |           |   |   |   |   |
| 24.01                                          |      | 3990-1  |           | 3701 Corporate Parkway                           |           |           |   |   |   |   |
| 24.02                                          |      | 3990-2  |           | 3773 Corporate Parkway                           |           |           |   |   |   |   |
| 26                                             |      | 4415    |           | Trinity Square Crossed Portfolio                 |           |           |   |   |   |   |
| 26.01                                          |      | 4415-1  |           | Trinity Square Retail Center                     |           |           |   |   |   |   |
| 26.02                                          |      | 4415-2  |           | MeadWestVaco - Kettering, OH                     |           |           |   |   |   |   |
| 26.03                                          |      | 4415-3  |           | Stonegate Corner - Medina, OH                    |           |           |   |   |   |   |
| 26.04                                          |      | 4415-4  |           | Aspen Dental and AT&T - Monroe, MI           |           |           |   |   |   |   |
| 26.05                                          |      | 4415-5  |           | Advance Auto Parts - Berea, OH                   |           |           |   |   |   |   |
| 26.06                                          |      | 4415-7  |           | Advance Auto Parts - Sandusky, MI                |           |           |   |   |   |   |
| 26.07                                          |      | 4415-6  |           | Advance Auto Parts - Columbus, OH                |           |           |   |   |   |   |
| 26.08                                          |      | 4415-8  |           | Aspen Dental and AT&T - New Philadelphia, OH |           |           |   |   |   |   |
| 28                                             |      | 4419    |           | The Hills                                        |           |           |   |   |   |   |
| 30                                             |      | 4642    |           | ARC Portfolio III                                |           |           |   |   |   |   |
| 30.01                                          |      | 4642-1  |           | FedEx Ground - Saline, MI                        |           |           |   |   |   |   |
| 30.02                                          |      | 4642-2  |           | CVS - Stony Point, NY                            |           |           |   |   |   |   |
| 30.03                                          |      | 4642-3  |           | CVS - Charlotte, MI                              |           |           |   |   |   |   |
| 30.04                                          |      | 4642-4  |           | Provident Bank - Stony Point, NY                 |           |           |   |   |   |   |
| 30.05                                          |      | 4642-5  |           | Tractor Supply Company - Demopolis, AL           |           |           |   |   |   |   |
| 30.06                                          |      | 4642-6  |           | Tractor Supply Company - New Boston, TX          |           |           |   |   |   |   |
| 31                                             |      | 4476    |           | Loyal Plaza                                      |           |           |   |   |   |   |
| 32                                             |      | 4543    |           | ATD                                              |           |           |   |   |   |   |
| 34                                             |      | 4596    |           | Midland Apartment Portfolio                      |           |           |   |   |   |   |
| 34.01                                          |      | 4596-1  |           | Mulberry Lane Apartments                         |           |           |   |   |   |   |
| 34.02                                          |      | 4596-2  |           | Robin Oaks Apartments                            |           |           |   |   |   |   |
| 34.03                                          |      | 4596-3  |           | Perrine Pointe Apartments                        |           |           |   |   |   |   |
| 36                                             |      | 5096    |           | All Saints Retail Condo                          |           |           |   |   |   |   |
| 39                                             |      | 4420    |           | Park Point Syracuse University                   |           |           |   |   |   |   |
| 43                                             |      | 4734    |           | Merritt 8                                        |           |           |   |   |   |   |
| 45                                             |      | 4287    |           | 848 Brickell Plaza                               |           |           |   |   |   |   |
| 47                                             |      | 4605    |           | Consumer Square West                             |           |           |   |   |   |   |
| 48                                             |      | 4347    |           | Cornell 55                                       |           |           |   |   |   |   |
| 49                                             |      | 4684    |           | Whole Foods Charlottesville                      |           |           |   |   |   |   |
| 50                                             |      | 4325    |           | Richmond Office Portfolio                        |           |           |   |   |   |   |
| 50.01                                          |      | 4325-1  |           | One Holland Place                                |           |           |   |   |   |   |
| 50.02                                          |      | 4325-2  |           | Vistas I & II                                |           |           |   |   |   |   |
| 51                                             |      | 4308    |           | One Crescent Place MHC                           |           |           |   |   |   |   |
| 52                                             |      | 4586    |           | Pacific Village Center                           |           |           |   |   |   |   |
| 53                                             |      | 4913    |           | Pelham Towne Center                              |           |           |   |   |   |   |
| 55                                             |      | 4783    |           | SST - Racetrack & Bonanza Self Storage       |           |           |   |   |   |   |
| 55.01                                          |      | 4783-1  |           | Racetrack Self Storage                           |           |           |   |   |   |   |
| 55.02                                          |      | 4783-2  |           | Bonanza Self Storage                             |           |           |   |   |   |   |
| 56                                             |      | CR-2    |           | Copper Mill Apartments                           |           |           |   |   |   |   |
| 57                                             |      | 4593    |           | Sierra Forest Apartments                         |           |           |   |   |   |   |
| 58                                             |      | 4665    |           | Sherman Oaks Plaza                               |           |           |   |   |   |   |
| 59                                             |      | CR-3    |           | Cumberland Apartments                            |           |           |   |   |   |   |
| 60                                             |      | CR-4    |           | Crestmont Apartments                             |           |           |   |   |   |   |
| 61                                             |      | 4583    |           | Smith & American MHP Portfolio               |           |           |   |   |   |   |
| 62                                             |      | 4948    |           | Bingham Station                                  |           |           |   |   |   |   |
| 63                                             |      | CR-5    |           | Heritage Trace Apartments                        |           |           |   |   |   |   |
| 64                                             |      | 4399    |           | Riviera Shopping Center                          |           |           |   |   |   |   |
| 65                                             |      | 4764    |           | Winterhaven Square                               |           |           |   |   |   |   |
| 66                                             |      | 4621    |           | Shoppes at Stonebrook                            |           |           |   |   |   |   |
| 67                                             |      | 4376    |           | Holiday Park                                     |           |           |   |   |   |   |
| 68                                             |      | 4387    |           | Lake Zurich                                      |           |           |   |   |   |   |
| 69                                             |      | 4670    |           | Elm Grove Apartments                             |           |           |   |   |   |   |
| 70                                             |      | 4662    |           | The Ridge MHP & Eastwood Hills               |           |           |   |   |   |   |
| 71                                             |      | 4655    |           | Ivanhoe MHP                                      |           |           |   |   |   |   |
| 72                                             |      | 4685    |           | Foot Locker - Brooklyn, NY                       |           |           |   |   |   |   |
| 73                                             |      | 4648    |           | Gateway Plaza II                                 |           |           |   |   |   |   |
| 74                                             |      | 4759    |           | Oakhurst MHP                                     |           |           |   |   |   |   |

| (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 |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | the Mortgage Loan, (ii) the security intended to be provided by the Mortgage Loan documents or (iii) the current use of the Mortgaged Property. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “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. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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                |
|--------|------------------------------------|
| 14     | Prentiss Creek Apartments          |
| 15     | Red Lion Hotel – Seattle, WA |

| Loan No. | Mortgage Loan/ Mortgaged Property |
|----------|-----------------------------------|
| 31       | Loyal Plaza                       |
| 39       | Park Point Syracuse University    |
| 45       | 848 Brickell Plaza                |
| 49       | Whole Foods Charlottesville       |

| Representation |                                             | Mortgage Loan Nameand Number |                                                                                                                                      | Exception |
|----------------|--------------------------------------------------|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|           |                                             |                         |                                                                                                                                      |      |   |
| (8)            | Mortgage Lien                                    |                         | Shoppes at Chino Hills (No. 6)                                                                                                       |      | The Mortgaged Property is subject to a Development Agreement with the City of Chino Hills  that  among other things places limitations on the types of uses and square footage of various uses and store sizes. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (8)            | Mortgage Lien                                    |                         | 250 Mercer Street (No. 18), Harrison Executive Park (No. 21), All Saints Retail Condo (No. 36) and Merritt 8 (No. 43) |      | In the case of each of these Mortgage Loans, the Mortgaged Property is comprised of one or more condominium units subject to a condominium declaration and the related condominium documents. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (8)            | Mortgage Lien                                    |                         | Trinity Square Crossed Portfolio (No. 26)                                                                                            |      | Walgreens, as tenant at Trinity Square, has a right of first refusal to purchase the Trinity Square property. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (8)            | Mortgage Lien                                    |                         | ARC Portfolio III (No. 30)                                                                                                           |      | In the case of the individual properties known as Tractor Supply-New Boston, Tractor Supply-Demopolis, Provident Bank and CVS-Stony Point, the tenant has a right of first refusal to purchase the Mortgaged Property. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (8)            | Mortgage Lien                                    |                         | ATD (No. 32)                                                                                                                         |      | The tenant has a right of first refusal to purchase the Mortgaged Property. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (8)            | Mortgage Lien                                    |                         | Park Point Syracuse University (No. 39)                                                                                              |      | The ground lessor has a right of first refusal to purchase the Mortgaged Property.  Additionally, the ground lease limits the use of the Mortgaged Property to Syracuse University student housing. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (8)            | Mortgage Lien                                    |                         | Whole Foods Charlottesville (No. 49)                                                                                                 |      | As described in further detail with respect to representation (48), the Mortgagor’s interest is a leasehold interest under a sub-ground lease. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (8)            | Mortgage Lien                                    |                         | SST  - Racetrack & Bonanza Self Storage (No. 55)                                                                       |      | An antenna lease tenant for the Bonanza Self Storage property has a right of first refusal to purchase the Mortgaged Property. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (9)            | Taxes and Assessments                            |                         | 848 Brickell Plaza (No. 45)                                                                                                          |      | A notice of lis pendens was recorded in the real property records with respect to the related Mortgage Property challenging the reduction of the 2008 assessed valuation of the Mortgaged Property and recovery of back taxes of approximately $30,000 and penalties of approximately $15,000.  The claim for back taxes is ongoing and a deposit of $45,000 was made by the related borrower with the title insurer to avoid an exception for the notice of lis pendens appearing on the lender’s title insurance policy. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (10)           | Condition of Mortgaged Property; No Condemnation |                         | ATD (No. 32)                                                                                                                         |      | At the time of the loan closing, a road widening project was scheduled to be performed on Route 17, which abuts one of two access points to the property, Frontage Road.  The construction schedule listed the construction affecting the Frontage Road access point as being completed by November, 2011.  Since closing, we have learned that the relevant governmental authority intends to effect a temporary taking of a portion of the access point on Frontage Road during the road widening project.  The Mortgagor will receive an $11,000 award for such taking and during the taking access will be limited to an alternative access point through Route 56 to W. Lowcounty Boulevard. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (12)           | Insurance                                        |                         | All Saints Retail Condo (No. 36)                                                                                                     |      | The distribution and application of insurance proceeds are subject to the terms and conditions of (a) the recorded condominium documents governing the condominium building in which the Mortgaged Property is located and (b) the sole lease in effect at the Mortgaged Property.  So long as All Saints USA Ltd. or a replacement tenant acceptable to Lender is the sole tenant in occupancy of the Mortgaged Property and the subject lease does not permit abatement of rent, whether full or partial, as a result of casualty, the obligation of Mortgagor to maintain rental loss and/or business income interruption insurance is waived. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (17)           | Environmental Conditions and Compliance          |                         | Red Lion Hotel - Seattle, WA (No. 15)                                                                                                |      | The Mortgagor is in the process of decommissioning a vaulted tank on the Mortgaged Property.  The Mortgagor estimated that the cost involved would be approximately $10,000 to $15,000. |
|           |                                             |                         |                                                                                                                                      |      |   |
| (17)           | Environmental Conditions and Compliance          |                         | Trinity  Square Crossed Portfolio (No. 26)                                                                                 |      | The Phase I assessment for the related mortgaged property noted that historical on-site disposal of fill materials (wood, slag, cinders, brick, glass and other materials) was identified at the time the site was slated for redevelopment for its current use.  The developer of the related mortgaged property elected to voluntarily enroll the site in the Ohio Voluntary Cleanup Program in connection with the redevelopment of the related mortgaged property.  In November 2010, the Ohio EPA issued a letter indicating that site restoration activities had been completed to its satisfaction.  Based on the accompanying covenant not to sue and site use restriction covenant which have been issued by Ohio EPA and the assumption that the borrower would continue to abide by any use restrictions so imposed, the Phase I consultant recommended no further action.  The mortgaged |

| Representation |                                    | Mortgage Loan Nameand Number |                                                                                                             | Exception |
|----------------|-----------------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------|-----------|
|           |                                    |                         |                                                                                                             |      | property is covered by an environmental insurance policy in an amount of $5,000,000 (such policy is not an In Lieu of Policy and does not satisfy the provisions of the representation respecting an In Lieu of Policy). |
|           |                                    |                         |                                                                                                             |      |   |
| (17)           | Environmental Conditions and Compliance |                         | Loyal Plaza (No. 31)                                                                                        |      | The Phase I assessment for the related mortgaged property identified certain historical use issues as recognized environmental concerns or historical recognized environmental concerns, including: (a) impacts to soil and groundwater at the property from a former dry cleaning business that operated at the site from 1965 to the 1970’s; (b) an oil water separator and four hydraulic lifts used by a former automotive repair business for which no information on decommissioning is available; and (c) soil and groundwater impacts from a former gas station operating from 1965 to the mid 1980’s. The impacts associated with the former gas station and certain unrelated underground tanks were previously addressed under the supervision of the Pennsylvania Department of Environmental Protection (“PADEP”) and the consultant recommended no further action regarding that issue. There is ongoing remediation of the impacts associated with the former dry cleaning operation being undertaken by a prior owner of the site under PADEP supervision.  The loan documents obligate the borrower, among other things, to undertake or continue to cause the former owner to continue the ongoing remediation and to diligently pursue a release letter from PADEP.  Environmental reserves were established at the loan closing, and the mortgaged property is covered by an environmental insurance policy in an amount of $2,000,000. (such policy is not an In Lieu of Policy and does not satisfy the provisions of the representation respecting an In Lieu of Policy). |
|           |                                    |                         |                                                                                                             |      |   |
| (17)           | Environmental Conditions and Compliance |                         | Midland Apartment Portfolio  (No. 34)                                                             |      | The Phase I assessments for two of the three apartment complexes contained in the portfolio (Mulberry Lane and Robin Oaks) identified as a recognized environmental condition the presence of dioxin-containing  soils in the vicinity of the subject properties potentially at levels above the immediate action level established by the Michigan Department of Environmental Quality (“MDEQ”). The dioxin stems from an off-site source and affects several areas within the city of Midland, Michigan (but, according to the relevant Phase I report, not the area where the third apartment complex, Perrine Pointe, is located).  MDEQ has provided guidance to property owners in the affected areas of Midland regarding appropriate “due care” steps to preserve applicable liability exemptions. Both affected properties have “Due Care” plans in place.  The Phase I consultant recommended no further investigation but indicated that landscaped areas and paved surfaces should continue to be managed in accordance with such plans.  The borrower and the borrower’s principal have provided an environmental indemnity to the originating lender and the loan documents obligate the borrower to continue to implement and abide by the requirements of the individual site due care plans and the due care guidance issued by MDEQ. |
|           |                                    |                         |                                                                                                             |      |   |
| (21)           | Transfers and Subordinate Debt          |                         | Red Lion Hotel – Seattle, WA (No. 15)                                                                 |      | An assumption of the Mortgage Loan is permitted in accordance with the requirements of the Mortgage Loan documents.  Additionally, the Mortgage Loan documents permit a change in the ownership or control of Lowe Enterprises Investment Management, LLC (“LEIM”) so long as either (x) Lowe Enterprises Inc. (“Lowe”) continues to hold at least a 25% equity interest therein or (y) Lowe, Bleecker P. Seaman III and Brad Howe, or some combination thereof, have the power to appoint at least one-half of the board of directors (or equivalent governing body) of LEIM. |
|           |                                    |                         |                                                                                                             |      |   |
| (21)           | Transfers and Subordinate Debt          |                         | ARC Portfolio III (No. 30), ATD  (No. 32) and Foot Locker – Brooklyn, NY (No. 72) |      | With respect to each of these Mortgage Loans, the related Mortgage Loan documents allow, subject to satisfaction of conditions set forth therein, the related borrower to convert its ownership structure into a tenancy in common or a Delaware statutory trust, with related transfers to third parties of tenant in common interests or beneficial interests in the Delaware statutory trust, such that legal and/or beneficial title to the related mortgaged property may be owned by such tenants in common or Delaware statutory trust. |
|           |                                    |                         |                                                                                                             |      |   |
| (21)           | Transfers and Subordinate Debt          |                         | All Saints Retail Condo (No. 36)                                                                            |      | The Mortgagor is directly owned and managed by RREEF Spezial Invest GmbH (“RREEF”), a German investment fund management company.  Provided no event of default exists under the Mortgage Loan documents, the following transfers are permitted: (a) the transfer of direct or indirect interests in Mortgagor held by RREEF in accordance with legal requirements under the German Investment Act and (b) transfers of direct or indirect beneficial interests in Mortgagor by investors in the German investment fund that is the beneficial owner of Mortgagor, provided, in each case, that RREEF and/or a replacement Kapitalanlagesellschaft under the |

| Representation |                            | Mortgage Loan Nameand Number |                                                                                                            | Exception |
|----------------|---------------------------------|------------------------------|-----------------------------------------------------------------------------------------------------------------|-----------|
|           |                            |                         |                                                                                                            |      |  German Investment Act remains both the sole member and manager of Mortgagor. |
|           |                            |                         |                                                                                                            |      |   |
|           |                            |                         |                                                                                                            |      | The Mortgagor is the borrower under a subordinated parent loan from RREEF that is secured by a second-priority, unrecorded assignment of rents.  Such parent loan and assignment are unconditionally subordinated to the Mortgage Loan pursuant to a subordination and standstill agreement in favor of Lender. |
|           |                            |                         |                                                                                                            |      |   |
| (24)           | Releases of Mortgaged Property  |                         | Lehigh Valley Portfolio – Group 4 (No. 20)                                                           |      | A partial release of a Mortgaged Property is conditioned on payment of a release price, or partial defeasance of the Mortgage Loan, in each case in an amount equal to 120% of the allocated loan amount for the applicable property to be released. |
|           |                            |                         |                                                                                                            |      |   |
| (24)           | Releases of Mortgaged Property  |                         | Harrison Executive Park (No. 21)                                                                           |      | Upon satisfaction of certain conditions set forth in the Loan Documents, the Property was converted to a condominium form of ownership consisting of 5 condominium units and  Lender released the 3030 condominium unit from the mortgage.  The condominium conversion and release both occurred prior to the Closing Date. |
|           |                            |                         |                                                                                                            |      |   |
| (24)           | Releases of Mortgaged Property  |                         | Lehigh Valley Portfolio – Group 2 (No. 24)                                                           |      | A partial release of a Mortgaged Property is conditioned on payment of a release price, or partial defeasance of the Mortgage Loan, in each case in an amount equal to 120% of the allocated loan amount for the applicable property to be released. |
|           |                            |                         |                                                                                                            |      |   |
| (24)           | Releases of Mortgaged Property  |                         | Trinity Square Crossed Portfolio (No. 26)                                                                  |      | A partial release of a Mortgaged Property is conditioned on payment of a release price, or partial defeasance of the Mortgage Loan, in each case in an amount equal to 120% of the allocated loan amount for the applicable property to be released (except with respect to the Trinity Square property, in which case the release price or partial defeasance amount, as applicable, is 125% of the applicable allocated loan amount). |
|           |                            |                         |                                                                                                            |      |   |
| (24)           | Releases of Mortgaged Property  |                         | ARC Portfolio III (No. 30)                                                                                 |      | A partial release of a Mortgaged Property is conditioned on payment of a release price in an amount equal to 115% of the allocated loan amount for the applicable property to be released. |
|           |                            |                         |                                                                                                            |      |   |
| (25)           | Compliance with Applicable Law  |                         | Cornell 55 (No. 48)                                                                                        |      | The City of Chicago filed a lawsuit against the related borrower for various alleged violations of the municipal code, including with respect to porch structures and masonry requirements.  The borrower has undertaken to complete the work and obtain a dismissal of the lawsuit by no later than February 1, 2012, and has deposited $205,000 with title insurer for the lender’s title insurance policy with respect to the Mortgage Loan for the related work, to be disbursed as the work is completed. |
|           |                            |                         |                                                                                                            |      |   |
| (27)           | Single Purpose Entity           |                         | The Ridge MHP & Eastwood Hills (No. 70)                                                                |      | The Mortgage Loan documents provide that the Borrower has not and will not own any assets other than its applicable Mortgaged Property and incidental personal property necessary for the operation thereof. At the time of origination of the Mortgage Loan, the Borrower owned certain mobile homes located at the Mortgaged Property. The Borrower has covenanted to transfer title to the mobile homes to another entity within thirty (30) days of closing (provided, that such 30 day period has been or is in the process of being extended to August 20, 2011, that Borrower shall have an additional fifteen (15) days to complete such transfer of title if it is diligently pursuing transfer at the expiration of such thirty (30) day period (as extended to August 20, 2011). Failure to transfer title within such time frame results in the Mortgage Loan being full recourse to Borrower and Guarantor. |
|           |                            |                         |                                                                                                            |      |   |
| (29)           | Litigation or Other Proceedings |                         | Lehigh Valley Portfolio – Group 4 (No. 20) and Lehigh Valley Portfolio – Group 2 (No. 24) |      | A plaintiff claiming to be a prospective investor in a portfolio of properties that includes the related mortgaged properties named the related borrower, the direct and indirect owners of the related borrower, and others, including a holder of a profit participation in the owner of the related borrower, as defendants in a complaint filed on June 2, 2011.  In the complaint, the plaintiff asserts various claims against the named defendants, including direct and vicarious liability claims for fraud, breach of fiduciary duty, breach of contract, tortious interference, and unjust enrichment.  The claims are based upon allegations that (i) the plaintiff had a joint venture relationship with the holder of the profit participation in the current owner of the related borrower (which owner holds ownership interests in the portfolio of properties that includes the Mortgaged Properties) and was a prospective investor to acquire the property portfolio on behalf of the joint venture, (ii) the plaintiff incurred due diligence costs of approximately $573,000 and provided strategies and assistance in connection with the initial contract to purchase the property portfolio (which contract was terminated), and (iii) the named defendants, acting together, acquired the property portfolio (including the Mortgaged Properties) that were the |

| Representation |                            | Mortgage Loan Nameand Number |                                                                                                                                                                 | Exception |
|----------------|---------------------------------|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|           |                            |                         |                                                                                                                                                                 |      | subject of the terminated purchase contract, used the plaintiff’s due diligence, induced the plaintiff to terminate the prior contract to acquire the property portfolio, and concealed such conduct from the plaintiff.  The plaintiff alleges that it was harmed by the named defendants’ conduct in an amount of not less than $100,000,000, and seeks damages in that amount and recovery of its due diligence costs.  The originator of the related Mortgage Loans was subpoenaed on or about June 15, 2011 to provide information concerning the related Mortgage Loans and other financing to the named defendants.  The owners of the Mortgaged Properties claim that the lawsuit by the plaintiff is without merit and they will defend against, and seek dismissal of, the complaint. |
|           |                            |                         |                                                                                                                                                                 |      |   |
| (29)           | Litigation or Other Proceedings |                         | 848 Brickell Plaza (No. 45)                                                                                                                                     |      | A notice of lis pendens was recorded in the real property records with respect to the related Mortgage Property challenging the reduction of the 2008 assessed valuation of the Mortgaged Property and recovery of back taxes of approximately $30,000 and penalties of approximately $15,000.  The claim for back taxes is ongoing and a deposit of $45,000 was made by the related borrower with the title insurer to avoid an exception for the notice of lis pendens appearing on the lender’s title insurance policy.  |
| (29)           | Litigation or Other Proceedings |                         | Cornell 55 (No. 48)                                                                                                                                             |      | The City of Chicago filed a lawsuit against the related borrower for various alleged violations of the municipal code, including with respect to porch structures and masonry requirements.  The borrower has undertaken to complete the work and obtain a dismissal of the lawsuit by no later than February 1, 2012, and has deposited $205,000 with title insurer for the lender’s title insurance policy with respect to the Mortgage Loan for the related work, to be disbursed as the work is completed.  |
| (35)           | Licenses and Permits            |                         | Park Point Syracuse University (No. 39)                                                                                                                         |      | As of the origination of the loan,  the borrower was in the process of passing an elevator inspection and obtaining the valid elevator permit.  borrower has a post-closing obligation to deliver the elevator permit within 30 days of closing (such period to be extended for another 30 days if reasonably necessary).  |
| (36)           | Organization of Mortgagors      |                         | Lehigh Valley Portfolio – Group 4 (No. 20) and Lehigh Valley Portfolio – Group 2 (No. 24)                                                      |      | With respect to (i) Lehigh Valley Portfolio-Group 4 and (ii) Lehigh Valley Portfolio-Group 2, the Borrowers are affiliated entities, but each of the Mortgage Loans is a stand-alone loan that is not cross-collateralized or cross defaulted with the others.  |
| (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)  |      | With respect to (i) ARC Portfolio III, (ii) ATD, (iii) Foot Locker  and (iv) ARCT Wal-Mart & Sam’s Portfolio (a mortgage loan not originated by the Seller), the Borrowers are affiliated entities, but each of the Mortgage Loans is a stand-alone loan that is not cross-collateralized or cross defaulted with the others. |
| (36)           | Organization of Mortgagors      |                         | Copper Mill Apartments (No. 56), Cumberland Apartments (No. 59), Crestmont Apartments (No. 60) and Heritage Trace Apartments (No. 63)       |      | With respect to (i) Copper Mill Apartments, (ii) Cumberland Apartments, (iii) Crestmont Apartments and (iv) Heritage Trace Apartments, the Borrowers are affiliated entities, but each of the Mortgage Loans is a stand-alone loan that is not cross-collateralized or cross defaulted with the others. |
| (37)           | Fee Simple Interest             |                         | Loyal Plaza (No. 31)                                                                                                                                            |      | The mortgaged property is held in fee by the related borrower except that the borrower holds a leasehold interest under a ground lease of an approximately 0.483 acre portion of the related mortgaged property, under a ground lease that expires May 31, 2028, which is less than 20 years beyond the maturity date of the related mortgage loan.  |
| (37)           | Fee Simple Interest             |                         | Park Point Syracuse University (No. 39)                                                                                                                         |      | The Mortgage Loan is secured by both a leasehold, sub-leasehold and sub-sub-leasehold interests in the Mortgaged Property.  |
|           |                            |                         |                                                                                                                                                                 |      | The Mortgaged Property is subject to a certain PILOT Agreement between the Mortgagor, City of Syracuse and City of Syracuse Industrial Development Agency (“IDA”).  In order to obtain tax benefits under the PILOT Agreement, the Mortgagor’s leasehold interest was structured as follows: 1. the Mortgagor leased the property from the Syracuse University pursuant to the Ground Lease; 2. the Mortgagor subleased its leasehold interest to IDA pursuant to the Company Lease; 3. IDA leased back the premises to the Mortgagor pursuant to the Agency Lease. The Mortgage Loan is secured by Mortgagor’s leasehold estates under the Ground Lease and the Agency Lease and IDA’s estate under the Company Lease.  However, The Company Lease and the Agency Lease do not contain some of the mortgagee protection provisions (see exceptions to the Rep #48 below). As a result, there is a possibility that after a foreclosure of the Mortgage Loan, the tax benefits under the PILOT Agreement may |

| Representation |                | Mortgage Loan Nameand Number |                                             | Exception |
|----------------|---------------------|------------------------------|--------------------------------------------------|-----------|
|           |                |                         |                                             |      | discontinue. If tax benefits are terminated as a result of the foreclosure of the Mortgage Loan, the Mortgage Loan shall be recourse to Guarantor up to a maximum amount equal to the lesser of (i) the amount which would be sufficient if applied to the payment of Debt immediately prior to the applicable foreclosure or deed in lieu of foreclosure, to result in (a) a Debt Yield to be equal to or greater than 9%, (b) a DSCR to be equal to or greater than 1.25 to 1.00 and (c) an LTV Ratio to be less than 75%; (ii) $2,950,000.00 and (iii) the Debt immediately prior to the applicable foreclosure or deed in lieu of foreclosure. |
|           |                |                         |                                             |      |   |
| (37)           | Fee Simple Interest |                         | 848 Brickell Plaza (No. 45)                 |      | The Mortgagor’s interest is a leasehold interest under a ground lease (although the fee owner joined in the mortgage to subordinate its fee interest).  |
| (37)           | Fee Simple Interest |                         | Whole Foods Charlottesville (No. 49)        |      | The Mortgagor’s interest is a leasehold interest under a sub-ground lease.  |
| (38)           | Recourse            |                         | 1551 Broadway (No. 2)                       |      | There is recourse liability for misappropriation or conversion of insurance proceeds, condemnation proceeds or any rents collected following an event of default or collected more than one (1) month in advance.  |
| (38)           | Recourse            |                         | Red Lion Hotel - Seattle, WA (No. 15)       |      | There is recourse liability for breaches of the environmental covenants to the extent that there is a material breach or failure to perform any environmental covenant under the Mortgage Loan documents.  |
| (38)           | Recourse            |                         | All Saints Retail Condo (No. 36)            |      | The Mortgagor is the sole guarantor with respect to recourse events and environmental covenants.  |
| (38)           | Recourse            |                         | All Mortgage Loans                               |      | In many or all cases, the loan documents for the Mortgage Loans provide for recourse the related Mortgagor and/or other guarantors or indemnitors for matters and/or under circumstances that are in addition to those items specified in representation (38).  |
| (39)           | Access; Tax Parcels |                         | Trinity Square Crossed Portfolio (No. 26)   |      | The Trinity Square and Columbus properties were properly subdivided, however, new tax identification numbers have not yet been issued.  |
| (39)           | Access; Tax Parcels |                         | Merritt 8 (No. 43)                          |      | The Mortgaged Property is a condominium unit with appurtenant rights to condominium general common elements.  As of the closing date, the condominium consists of one unit and developments rights to the other two “unit sites,” which development rights are owned by third parties. The portion of the land on which the Mortgagor’s unit sits is a separate tax lot (the title policy is issued with a separate tax lot endorsement), which separate tax lot includes some, but not all, general common elements.  Under the condominium declaration, the Mortgagor, as the sole unit owner, is responsible for 100% of the real estate taxes on the general common elements of the condominium, some of which are located adjacent to the other “unit sites.”  Accordingly, the Mortgagor may be responsible for its pro-rata share (currently 100%) of the taxes for the other portions of the general common elements not included in the Mortgagor’s tax lot.  Real estate taxes applicable to a portion of the general common elements, which may be a responsibility of the Mortgagor, were, as of the closing date, being assessed under a separate tax lot to and paid by holders of the rights to two other “unit sites” in the condominium. The title policy issued for this transaction insures, among other things, that there are no real estate taxes or any condominium common charges currently due and payable, that the condominium is a validly existing condominium under applicable statutes and that the insured condo unit is a valid unit under the declaration.  The Mortgagor has represented that there has been no demand for payment of any condominium common expenses or unpaid real estate taxes. The Loan also has a recourse for losses for any failure by the Mortgagor or any predecessor owner of the Mortgaged Property to pay any real estate taxes or insurance premiums relating to the Common Elements as required under the Condominium Documents.  |
| (39)           | Access; Tax Parcels |                         | The Ridge MHP & Eastwood Hills (No. 70) |      | The related Mortgage Property is served by public utilities, except for a privately operated sewage treatment facility and a private well both of which are maintained by the related Mortgagor.  Pursuant to a recorded easement, an adjoining property owner has access to use the water and sewer facilities.  The related Mortgage Loan documents require the related Mortgagor to maintain the well and the sewage facility in accordance with all applicable laws and to maintain all required licenses and permits to operate such facility.  The failure of the related Mortgagor to comply with such covenants shall result in a recourse event to the related Mortgagor and guarantors of the related Mortgage Loan.  |
| (39)           | Access; Tax         |                         | Oakhurst MHP (No. 74)                       |      | The related Mortgaged Property is served by public utilities, except for a |

| Representation |                                  | Mortgage Loan Nameand Number |                                                                                                                                                                                                                                                                                                                                | Exception |
|----------------|---------------------------------------|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|           | Parcels                               |                         |                                                                                                                                                                                                                                                                                                                                |      | privately operated sewage treatment facility maintained by the related Mortgagor.  This sewage treatment facility only services the related Mortgaged Property.  The related Mortgage Loan documents require the related Mortgagor to maintain such facility in accordance with all applicable laws and to maintain all required permits to operate such facility.  The failure of the related Mortgagor to comply with such covenants shall result in a recourse event to the related Mortgagor and guarantors of the related Mortgage Loan. |
|           |                                  |                         |                                                                                                                                                                                                                                                                                                                                |      |   |
| (40)           | Financial Statements                  |                         | Red Lion Hotel - Seattle, WA (No. 15)                                                                                                                                                                                                                                                                                          |      | The Mortgagor is not obligated to provide quarterly rent rolls since the Mortgaged Property is a hospitality property.  |
| (40)           | Financial Statements                  |                         | 250 Mercer Street (No. 18)                                                                                                                                                                                                                                                                                                     |      | The Borrower is only obligated to deliver quarterly “updates” to the rent roll for the Property, the operating statements and income statements for the Property delivered to Lender in connection with the closing of the Loan, which updates have to be in the same form as the rent rolls and financial statement delivered in connection with the closing.  In lieu of providing annual financial statements, Borrower is required to deliver to Lender,  upon Lender’s request, a copy of each annual financial statement of the condominium association of which the Mortgaged Property is a part thereof.  |
| (40)           | Financial Statements                  |                         | Lehigh Valley Portfolio – Group 4  (No. 20), Lehigh Valley Portfolio – Group 2 (No. 24), Trinity Square Crossed Portfolio (No. 26), ARC Portfolio III (No. 30), SST – Racetrack & Bonanza Self Storage (No. 55) and The Ridge MHP & Eastwood Hills (No. 70)  |      | Annual financial statements are required to be delivered by the Borrower, but combined financial statements are not expressly required. |
| (40)           | Financial Statements                  |                         | ARC Portfolio III (No. 30)                                                                                                                                                                                                                                                                                                     |      | Annual balance sheets required to be delivered by the Borrower shall be prepared on a consolidated basis with the Borrower’s Sponsor (provided that (i) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of Borrower and Sponsor and to indicate that Borrower’s assets and credit are not available to satisfy the debts and other obligations of Sponsor or any other Person and (ii) any Borrower’s assets included in such consolidated financial statements shall be listed on Borrower’s own separate balance sheet).  |
| (40)           | Financial Statements                  |                         | Lake Zurich (No. 68)                                                                                                                                                                                                                                                                                                           |      | Borrower is obligated to provide quarterly unit mix reports, or if requested by Lender, certified rent rolls.  |
| (41)           | Rent Rolls; Operating Histories       |                         | All Saints Retail Condo (No. 36)                                                                                                                                                                                                                                                                                               |      | The entire Mortgaged Property is leased by a single commercial tenant.  A certificate of Mortgagor delivered at closing attaches a true, correct and complete copy of the lease as the sole lease in effect at the Mortgaged Property. The Mortgage Loan was an acquisition loan and no operating history was available at closing.  |
| (41)           | Rent Rolls; Operating Histories  |                         | Cornell 55 (No. 48)                                                                                                                                                                                                                                                                                                            |      | Borrower provided Operating Histories for the years of 2009 and 2010.  |
| (41)           | Rent Rolls; Operating Histories       |                         | SST – Racetrack & Bonanza Self Storage (No. 55)                                                                                                                                                                                                                                                                 |      | Borrower provided Operating Histories for the past two (2) years. |
| (42)           | Defeasance                            |                         | Cornell 55 (No. 48)                                                                                                                                                                                                                                                                                                            |      | The Mortgagor is only required to deliver an opinion that the Mortgagee has a perfected security interest in the defeasance collateral; the opinion requirement does not need to cover the priority of the security interest.  |
| (45)           | Subordinate Debt                      |                         | Prentiss Creek Apartments  (No. 14)                                                                                                                                                                                                                                                                                  |      | There is a subordinate mezzanine loan in the amount of $5,000,000.  |
| (45)           | Subordinate Debt                      |                         | Red Lion Hotel - Seattle, WA (No. 15)                                                                                                                                                                                                                                                                                     |      | There is a subordinate mezzanine loan in the amount of $10,300,000.  |
| (45)           | Subordinate Debt                      |                         | All Saints Retail Condo (No. 36)                                                                                                                                                                                                                                                                                               |      | The Mortgagor is the borrower under a subordinated parent loan that is secured by a second-priority, unrecorded assignment of rents.  Such parent loan and assignment are unconditionally subordinated to the Mortgage Loan pursuant to a subordination and standstill agreement in favor of Lender.  |
| (46)           | Subordinate                           |                         | All Saints Retail Condo                                                                                                                                                                                                                                                                                                             |      | Application of proceeds to pay down the Mortgage Loan is required if,  |

| Representation |                                        |   Mortgage Loan Nameand Number |                                         | Exception |
|----------------|---------------------------------------------|-------------------------------------|----------------------------------------------|-----------|
|           | Debt                                        |                                | (No. 36)                                |      | immediately following the release, the ratio of the unpaid principal balance of the Mortgage Loan to the value of the remaining Mortgaged Property is greater than 125% (such value to be determined, in Lender’s sole discretion, by a commercially reasonable valuation method).  |
| (48)           | Ground Lease Representations and Warranties |                                | Loyal Plaza (No. 31)                    |      | A 0.483 acre portion of the Property is owned by Borrower by virtue of a Ground Lease.  The balance of the Property is owned by Borrower in fee.  The Ground Lease term expires May 31, 2028.  In connection with the closing of the Loan, Citi confirmed that the Ground Lease premises (and the income attributable thereto) were excluded from value, cash flow and underwriting. The Ground Lease premises (i) are on a separate tax lot and (ii) are not required for the balance of the Property to comply with zoning.  Borrower and the carveout guarantor under the Loan are personally obligated for losses attributable to a termination of the Ground Lease.  This ground lease is thus excepted from the representations in paragraph (48).  |
| (48)           | Ground LeaseRepresentations and             |                                | Park Point Syracuse University (No. 39) |      | With respect to the Ground Lease:  |
|           | Warranties                                  |                                |                                         |      | (j) | Permitted use under the Ground Lease is limited to the Syracuse University student housing only.  |
|           |                                        |                                |                                         |      | (k) | Ground lessor’s (Syracuse University’s) prior written consent, which consent shall not be unreasonably withheld, is required for any sublease other than subleases to (i) a nationally or regionally recognized operator of student housing; (ii) a parent, subsidiary or affiliate or a surviving entity after a merger or a consolidation of the Mortgagor or (iii) apartment leases to Syracuse University students or (iv) to IDA as a part of lease/leaseback transaction.  |
|           |                                        |                                |                                         |      | With respect to the Company Lease and the Agency Lease:  |
|           |                                        |                                |                                         |      | Please note the following exceptions only affect the Company Lease and the Agency Lease and do not affect the Ground Lease.  As a result, these exception affect the tax benefits under the PILOT Agreement (the Loan Documents provide for a recourse (described above) for a loss of such tax benefits), but the Ground Lease’s leasehold interest shall not be disturbed.  Therefore, the representations of paragraph (48) are not made with respect to the sub-leasehold and sub-subleasehold interests in the Mortgaged Property or the related sublease and sub-sublease, and without limiting the foregoing, we call your attention to the following specific items:  |
|           |                                        |                                |                                         |      | (b) | IDA, as a lessor under the Agency Lease did not give its present consent to the Mortgagee’s succeeding to the Mortgagor’s interests under the Agency Lease upon a foreclosure (IDA’s future consent shall not be unreasonably withheld).  |
|           |                                        |                                |                                         |      | (e) | IDA, as a lessor under the Agency Lease or a tenant under the Company Lease, has no obligation to give notice of default under the Agency Lease or Company Lease to the Mortgagee.  |
|           |                                        |                                |                                         |      | (g) | Under the Agency Lease, the Mortgagee has the same cure period as the Mortgagor (there is no extension for sufficient time to gain possession of the leasehold interest under the Agency Lease, if such possession is necessary for cure).  |
|           |                                        |                                |                                         |      | (h) | The terms of the Agency Lease and the Company Lease will not extend more than 10 years after the term of the Mortgaged Loan.  |
|           |                                        |                                |                                         |      | (i) | IDA, as a lessor under the Agency Lease, is not required to enter into a new lease with the Mortgagee upon a termination of the Agency Lease.  |
| (48)           | Ground Lease Representations and Warranties |                                | Whole Foods Charlottesville (No. 49)    |      | The Mortgagor has mortgaged its interest as tenant under a sub-ground lease.  The master ground lease between the fee owner and the Mortgagor’s landlord is also mortgaged by the Mortgagor’s landlord, as tenant under the master ground lease, to a different lender.  The fee interest is not mortgaged.  There is an Attornment and Nondisturbance Agreement already on record among the fee owner, the Mortgagor’s landlord and the Mortgagor agreeing that in the event the master ground lease is terminated, the fee owner will accept the premises subject to the Mortgagor’s lease and the Mortgagor’s lease will continue in full force and effect between the fee owner and the Mortgagor (or its lender, if applicable).  A Subordination, Non-Disturbance and Attornment Agreement was also put to record at closing by and among the Mortgagor’s landlord’s lender, the Mortgagor’s landlord, and the Mortgagor in which the Mortgagor’s landlord’s lender agrees (i) not to disturb Mortgagor if it is not in default under its lease and (ii) not to disturb Mortgagor’s lender while |

| Representation |   | Mortgage Loan Nameand Number |   | Exception |
|----------------|--------|------------------------------|--------|-----------|
|           |   |                         |   |      | Mortgagor’s lender remains entitled to exercise any rights or remedies under its Mortgage. |

|   | 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). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | The Seller has complied in all material respects with all the covenants and satisfied all the conditions on its part to be performed or satisfied under the Agreement on or prior to the date hereof and no event has occurred which would constitute a default on the part of the Seller under the Agreement. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Neither the Prospectus, dated September 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. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | CITIGROUP GLOBAL MARKETS REALTY CORP.                     |
|--------|-----------------------------------------------------------|
|   |                                                      |   |
|   |         By:  |   |
|   |                                                      | Name: |
|   |                                                      | Title: |