Document:

Exhibit 10.3

 

 
 execution
version 
 

	 

CITIGROUP COMMERCIAL MORTGAGE SECURITIES
INC.,

PURCHASER
 

and
 

WELLS
FARGO BANK, NATIONAL ASSOCIATION

 

SELLER
 

MORTGAGE LOAN PURCHASE AGREEMENT

Dated as of August 1, 2015
 

Citigroup Commercial Mortgage Trust 2015-P1

	 

 

    	 

    	 

    

 

This Mortgage Loan Purchase
Agreement (“Agreement”), dated as of August 1, 2015, is between Citigroup Commercial Mortgage Securities Inc.,
a Delaware corporation, as purchaser (the “Purchaser”), and Wells Fargo Bank, National Association, a national
banking association, as seller (the “Seller”).
 

Capitalized terms used
in this Agreement not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement, dated as
of August 1, 2015 (the “Pooling and Servicing Agreement”), between the Purchaser, as depositor, Wells Fargo
Bank, National Association, a national banking association, as master servicer (in such capacity, the “Master Servicer”),
LNR Partners, LLC, a Florida limited liability company, as special servicer (the “Special Servicer”), Park Bridge
Lender Services LLC, a New York limited liability company, as operating advisor, Citibank, N.A., a national banking association,
as certificate administrator (the “Certificate Administrator”), Deutsche Bank Trust Company Americas, a New
York banking corporation, as trustee (the “Trustee”), and Wells Fargo Bank, National Association, as custodian
(in such capacity, the “Custodian”), pursuant to which the Purchaser will transfer the Mortgage Loans (as defined
herein), together with certain other commercial and multifamily mortgage loans (collectively, the “Other Loans”),
to a trust fund and certificates representing ownership interests in the Mortgage Loans and the Other Loans will be issued by the
trust fund (the “Trust Fund”). In exchange for the Mortgage Loans and the Other Loans, the Trust Fund will issue
to or at the direction of the Depositor certificates to be known as Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage
Pass-Through Certificates, Series 2015-P1 (collectively, the “Certificates”). For purposes of this Agreement,
“Mortgage Loans” refers to the mortgage loans listed on Exhibit A and “Mortgaged Properties”
refers to the properties securing such Mortgage Loans.
 

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

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

 

    	 

    	 

    

 

assign to the Purchaser all of its rights, title and interest (solely in its capacity as the holder of the
subject Mortgage Loan) in, to and under the related Co-Lender Agreement (it being understood and agreed that the Seller does not
assign any right, title or interest that it or any other party may have thereunder in its capacity as the holder of any related
Companion Loan, if applicable). The Seller’s assignment of any Outside Serviced Trust Loan is subject to the terms and conditions
of the applicable Outside Servicing Agreement and the related Co-Lender Agreement. The Purchaser will sell certain of the Certificates
(the “Public Certificates”) to the underwriters (the “Underwriters”) specified in the Underwriting
Agreement, dated as of August 6, 2015 (the “Underwriting Agreement”), between the Purchaser and the Underwriters,
and the Purchaser will sell certain of the Certificates (the “Private Certificates”) to the initial purchasers
(the “Initial Purchasers” and, collectively with the Underwriters, the “Dealers”) specified
in the Purchase Agreement, dated as of August 6, 2015 (the “Certificate Purchase Agreement”), between the Purchaser
and Initial Purchasers.
 

The sale and conveyance
of the Mortgage Loans is being conducted on an arms-length basis and upon commercially reasonable terms. As the purchase price
for the Mortgage Loans, the Purchaser shall pay, by wire transfer of immediately available funds, to the Seller or at the Seller’s
direction that sum set forth in the funding schedule executed by the Seller and the Purchaser relating to the sale of the Mortgage
Loans contemplated hereby (but subject to certain post-settlement adjustment for expenses incurred by the Underwriters and the
Initial Purchasers on behalf of the Depositor and for which the Seller is specifically responsible).
 

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

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

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

The transfer of each
Mortgage Loan shall be reflected on the Purchaser’s balance sheets and other financial statements as the purchase of such
Mortgage Loan by the Purchaser

 

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from the Seller. The Purchaser intends to treat the transfer of each Mortgage Loan from the Seller
as a purchase for tax purposes. The Purchaser shall be responsible for maintaining, and shall maintain, a set of records for each
Mortgage Loan which shall be clearly marked to reflect the transfer of ownership of each Mortgage Loan by the Seller to the Purchaser
pursuant to this Agreement.
 

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

With respect to letters
of credit (exclusive of those relating to an Outside Serviced Trust Loan), the Seller shall deliver to the Master Servicer, and
the Pooling and Servicing Agreement shall require the Master Servicer to hold, the original (or copy, if such original has been
submitted by the Seller to the issuing bank to effect an assignment or amendment of such letter of credit (changing the beneficiary
thereof to the Trustee (in care of the Master Servicer) for the benefit of Certificateholders and, if applicable, the related Serviced
Companion Loan Holder, to the extent required in order for the Master Servicer to draw on such letter of credit on behalf of the
Trustee for the benefit of Certificateholders and, if applicable, the related Serviced Companion Loan Holder in accordance with
the applicable terms thereof and/or of the related Loan Documents)) and the Seller shall be deemed to have satisfied any such delivery
requirements by delivering with respect to any letter(s) of credit a copy thereof to the Custodian together with an Officer’s
Certificate of the Seller certifying that such document has been delivered to the Master Servicer or an Officer’s Certificate
from the Master Servicer certifying that it holds the letter(s) of credit pursuant to Section 2.01(b) of the Pooling and
Servicing Agreement. If a letter of credit referred to in the previous sentence is not in a form that would allow the Master
Servicer to draw on such letter of credit on behalf of the Trustee for the benefit of Certificateholders and, if applicable, the
related Serviced Companion Loan Holder in accordance with the applicable terms thereof and/or of the related Loan Documents, the
Seller shall deliver the appropriate assignment or amendment documents (or copies of such assignment or amendment documents if
the Seller has submitted the originals to the related issuer of such letter of credit for processing) to the Master Servicer within
90 days of the Closing Date. The Seller shall pay any costs of assignment or amendment of such letter(s) of credit required
in order for the Master Servicer to draw on such letter(s) of credit on behalf of the Trustee for the benefit of Certificateholders
and, if applicable, the related Serviced Companion Loan Holder, and shall cooperate with the reasonable requests of the Master
Servicer or the Special Servicer, as applicable, in connection with effectuating a draw under any such letter of

 

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credit prior to
the date such letter of credit is assigned or amended in order that it may be drawn by the Master Servicer on behalf of the Trustee
for the benefit of Certificateholders and, if applicable, the related Serviced Companion Loan Holder.
 

(b)           
Except with respect to any Outside Serviced Trust Loan, the Seller shall deliver to and deposit with (or cause to be delivered
to and deposited with) the Master Servicer within five (5) Business Days after the Closing Date: (i) a copy of the Mortgage
File; (ii) all documents and records not otherwise required to be contained in the Mortgage File that (A) relate to the origination
and/or servicing and administration of the Mortgage Loans and any related Serviced Companion Loan(s), (B) are reasonably necessary
for the ongoing administration and/or servicing of the Mortgage Loans (including any asset summaries related to the Mortgage Loans
that were delivered to the Rating Agencies in connection with the rating of the Certificates) or any related Serviced Companion
Loans or for evidencing or enforcing any of the rights of the holder of the Mortgage Loans or any related Serviced Companion Loans
or holders of interests therein, and (C) are in the possession or under the control of the Seller; and (iii) all unapplied Escrow
Payments and reserve funds in the possession or under control of the Seller that relate to the Mortgage Loans and any related Serviced
Companion Loans together with a statement indicating which Escrow Payments and reserve funds are allocable to each Mortgage Loan
or any related Serviced Companion Loan; provided that copies of any document in the Mortgage File and any other document,
record or item referred to above in this sentence that constitutes a Designated Servicing Document shall be delivered to the Master
Servicer on or before the Closing Date; and provided, further, that the Seller shall not be required to deliver any
draft documents, privileged or other related Seller communications, credit underwriting, due diligence analyses or data, or internal
worksheets, memoranda, communications or evaluations. Notwithstanding the foregoing, this Section 3(b) shall not apply
to any Outside Serviced Trust Loan.
 

(c)           
With respect to any Mortgage Loan secured by any Mortgaged Property that is subject to a franchise agreement with a related
comfort letter in favor of the Seller that requires notice to or request of the related franchisor to transfer or assign any related
comfort letter to the Trustee for the benefit of the Certificateholders or have a new comfort letter (or any such new document
or acknowledgement as may be contemplated under the existing comfort letter) issued in the name of the Trustee for the benefit
of the Certificateholders, the Seller or its designee shall, within 45 days of the Closing Date (or any shorter period if required
by the applicable comfort letter), provide any such required notice or make any such required request to the related franchisor
for the transfer or assignment of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter), with a copy of such notice or request to the Custodian (who shall include
such document in the related Mortgage File) and the Master Servicer, and the Master Servicer shall use reasonable efforts in accordance
with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and the Master Servicer shall, as soon as reasonably practicable following
receipt thereof, deliver the original of such replacement comfort letter, new document or acknowledgement, as applicable, to the
Custodian for inclusion in the Mortgage File.
 

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

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

(a)            
with respect to the Mortgage Loans (other than any Outside Serviced Trust Loan), it shall record and file, or cause a third
party on its behalf to record and file, in the appropriate public recording office for real property records or UCC financing statements,
as appropriate, each related assignment of Mortgage and assignment of Assignment of Leases, and each related UCC-3 financing statement
referred to in the definition of Mortgage File, in each case in favor of the Trustee, as and to the extent contemplated under Section 2.01(c)
of the Pooling and Servicing Agreement, as soon as reasonably possible and in any event within 45 days after the later of (i) the
Closing Date (or in the case of a Qualified Substitute Mortgage Loan substituted as contemplated by Section 2.03 of the Pooling
and Servicing Agreement, the related date of substitution) and (ii) the date on which all recording information necessary to complete
the subject documents is received by the Seller. All out of pocket costs and expenses relating to the recordation or filing of
such assignments of Assignment of Leases, assignments of Mortgage and financing statements shall be paid by (or caused to be paid
by) the Seller; provided, that the Seller shall not be required to pay for any such costs and expenses with respect to a
particular Mortgage Loan that are required to be and are paid by the related Mortgagor. If any such document or instrument is lost
or returned unrecorded or unfiled, as the case may be, because of a defect therein, then the Seller shall promptly prepare or cause
the preparation of a substitute therefor or cure such defect or cause such defect to be cured, as the case may be, and the Seller
shall record or file, or cause the recording or filing of, such substitute or corrected document or instrument, or with respect
to any assignments that a third party on the Seller’s behalf has agreed to record or file as described in the Pooling and
Servicing Agreement, the Seller shall deliver such substitute or corrected document or instrument to such third party (or, if the
Mortgage Loan is then no longer subject to the Pooling and Servicing Agreement, the then holder of such Mortgage Loan);
 

(b)           
as to each Mortgage Loan (except with respect to any Outside Serviced Trust Loan), if the Seller cannot deliver or cause
to be delivered the documents and/or instruments referred to in clauses (2), (3), (6) (if recorded) and (15) of the definition
of “Mortgage File” in the Pooling and Servicing Agreement solely because of a delay caused by the

 

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public recording
or filing office where such document or instrument has been delivered for recordation or filing, as applicable, it shall forward
to the Custodian a copy of the original certified by the Seller or the title agent to be a true and complete copy of the original
thereof submitted for recording. The Seller shall cause each assignment referred to in Section (5)(a) above that is recorded
and the file copy of each UCC-3 assignment referred to in Section (5)(a) above to reflect that it should be returned by
the public recording or filing office to the Custodian or its agent following recording (or, alternatively, to the Seller or its
designee, in which case the Seller shall deliver or cause the delivery of the recorded/filed original to the Custodian promptly
following receipt); provided that, in those instances where the public recording office retains the original assignment
of Mortgage or assignment of Assignment of Leases, the Seller or its designee shall obtain and provide to the Custodian a certified
copy of the recorded original. On a monthly basis, at the expense of the Seller, the Custodian shall forward to the Master Servicer
a copy of each of the aforementioned assignments received during such month following the Custodian’s receipt thereof;
 

(c)            
it shall take any action reasonably required by the Purchaser, the Certificate Administrator, the Trustee or the Master
Servicer in order to assist and facilitate the transfer of the servicing of the Mortgage Loans (other than any Outside Serviced
Trust Loan) to the Master Servicer, including effectuating the transfer of any letters of credit with respect to any Mortgage Loan
to the Master Servicer on behalf of the Trustee for the benefit of Certificateholders and any Serviced Companion Loan Holder. Prior
to the date that a letter of credit with respect to any Mortgage Loan is so transferred to the Master Servicer, the Seller will
cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable, in connection with effectuating
a draw under such letter of credit as required under the terms of the related Loan Documents. Notwithstanding the foregoing, this
Section 5(c) shall not apply with respect to any Outside Serviced Trust Loan;
 

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

(e)            
if (during the period of time that the Underwriters are required, under applicable law, to deliver a prospectus related
to the Public Certificates in connection with sales of the Public Certificates by an Underwriter or a dealer) the Seller has obtained
actual knowledge of undisclosed or corrected information related to an event that occurred prior to the Closing Date, which event
causes there to be an untrue statement of a material fact with respect to the Seller Information in (i) the Prospectus Supplement
dated August 6, 2015 relating to the Public Certificates, the annexes and exhibits thereto and any electronic media delivered therewith,
or (ii) the Offering Circular dated August 6, 2015 relating to the Private Certificates, the annexes and exhibits thereto and any
electronic media delivered therewith (collectively, the “Offering Documents”), or causes there to be an omission
to state therein a material fact with respect to the Seller Information required to be stated therein or necessary to make the
statements therein with respect to the Seller Information, in the light of the circumstances under which they were made, not misleading,
then the Seller shall promptly notify the Dealers and the Depositor. If as a result of any such event the Dealers’ legal
counsel determines that it is necessary to amend or supplement the Offering Documents in order to correct the untrue statement,
or to make the

 

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statements therein, in the light of the circumstances when the Offering Documents are delivered to a purchaser,
not misleading, or to make the Offering Documents in compliance with applicable law, the Seller shall (to the extent that such
amendment or supplement solely relates to the Seller Information) at the expense of the Seller, do all things reasonably necessary
to assist the Depositor to prepare and furnish to the Dealers, such amendments or supplements to the Offering Documents as may
be necessary so that the Seller Information in the Offering Documents, as so amended or supplemented, will not contain an untrue
statement, will not, in the light of the circumstances when the Offering Documents are delivered to a purchaser, be misleading
and will comply with applicable law. (All capitalized terms used in this Section 5(e) and not otherwise defined in
this Agreement shall have the meanings set forth in the Indemnification Agreement, dated as of August 6, 2015, between the Underwriters,
the Initial Purchasers, the Seller and the Depositor (the “Indemnification Agreement” and, together with this
Agreement, the “Operative Documents”)); and
 

(f)            
for so long as the Trust Fund is subject to the reporting requirements of the Exchange Act, the Seller shall provide the
Depositor and the Certificate Administrator with any Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure and any
Form 8-K Disclosure Information for which the Seller is responsible as indicated on Exhibit U, Exhibit V and Exhibit Z
to the Pooling and Servicing Agreement within the time periods set forth in the Pooling and Servicing Agreement; provided
that, in connection with providing Additional Form 10-K Disclosure and the Seller’s reporting obligations under Item 1119
of Regulation AB, upon reasonable request by the Seller, the Purchaser shall provide the Seller with a list of all parties to the
Pooling and Servicing Agreement and any other Servicing Function Participant.
 

SECTION 6    
Representations and Warranties.
 

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

(i)             
The Seller is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States with full power and authority to own its assets and conduct its business, is duly qualified as a foreign organization
in good standing in all jurisdictions to the extent such qualification is necessary to hold and sell the Mortgage Loans or otherwise
comply with its obligations under this Agreement except where the failure to be so qualified would not have a material adverse
effect on its ability to perform its obligations hereunder, and the Seller has taken all necessary action to authorize the execution
and delivery of, and performance under, the Operative Documents and has duly executed and delivered each Operative Document, and
has the power and authority to execute, deliver and perform under each Operative Document and all the transactions contemplated
hereby and thereby, including, but not limited to, the power and authority to sell, assign, transfer, set over and convey the Mortgage
Loans in accordance with this Agreement;

 

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

 

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liquidation or other similar laws affecting
the enforcement of creditors’ rights generally, (B) general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law) and (C) public policy considerations underlying the securities laws, to the
extent that such public policy considerations limit the enforceability of the provisions of this Agreement that purport to provide
indemnification for securities laws liabilities;
 

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

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

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

(vi)           
No consent, approval, authorization or order of any court or governmental agency or body is required for the execution,
delivery and performance by the Seller of, or compliance by the Seller with, each Operative Document or the consummation of the
transactions contemplated hereby or thereby, other than those which have been obtained by the Seller, and those filings and recordings
of Mortgage Loan documents and assignments thereof that are contemplated by the Pooling and Servicing Agreement to be completed
after the Closing Date; and
 

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

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

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

(ii)            
Assuming the due authorization, execution and delivery of this Agreement by the Seller, this Agreement will constitute a
legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as
such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting
the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law);
 

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

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

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

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

(vii)         
The Purchaser has (i) prepared a report on Form ABS-15G under the Exchange Act (the “Form 15G”) that
attaches the Accountant’s Third-Party Due Diligence Report (as defined herein) (a final draft of which Form 15G was provided
to the Seller at least 5 business days before the first pricing date with respect to the Certificates); and (ii) furnished the
Form 15G to the Commission (as defined herein) on EDGAR at least 5 business days before the first pricing date with respect to
the Certificates as required by Rule 15Ga-2 under the Exchange Act.
 

(c)            
The Seller further makes the representations and warranties as to the Mortgage Loans set forth in Exhibit B
to this Agreement as of the Cut-Off Date or such other date set forth in Exhibit B to this Agreement (and, in connection
with any replacement of a Defective Mortgage Loan with one or more Qualified Substitute Mortgage Loans, as of the related date
of substitution), which representations and warranties are subject to the exceptions thereto set forth in Exhibit C
to this Agreement. The Seller hereby agrees that it shall be deemed to make, as of the date of substitution, with respect to any
Qualified Substitute Mortgage Loan that is substituted for a Defective Mortgage Loan by the Seller pursuant to Section 6(e)
of this Agreement, each of the representations and warranties set forth in Exhibit C to this Agreement.
 

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

(e)           
Pursuant to the Pooling and Servicing Agreement, the Special Servicer is required to determine whether any such Document
Defect or Breach with respect to any Mortgage Loan materially and adversely affects, or such Document Defect is deemed in accordance
with Section 2.03 of the Pooling and Servicing Agreement to materially and adversely affect, the value of the Mortgage Loan
or any related REO Property or the interests of the Certificateholders therein or causes any Mortgage Loan to fail to be a Qualified
Mortgage (any such Document Defect shall constitute a “Material Document Defect” and any such Breach shall constitute
a “Material Breach”). If such Document Defect or Breach has been determined to be a Material Document Defect
or Material Breach, then the Special Servicer will be required to give prompt written notice thereof to the Seller. Promptly upon
becoming aware of any such Material Document Defect or Material Breach (including, without limitation, through a written notice
given by any party to the Pooling and Servicing Agreement, as provided above if the Document Defect or Breach identified therein
is a Material Document Defect or Material Breach,

 

    	-10-

    	 

    

 

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

 

    	-11-

    	 

    

 

Servicer or the Special Servicer on behalf of the Trust on
or prior to the related date of repurchase or substitution, shall be part of the Trust Fund. Monthly Payments due with respect
to each Qualified Substitute Mortgage Loan (if any) on or prior to the related Due Date in the month of substitution, and Monthly
Payments due with respect to each Mortgage Loan being repurchased or replaced and received by the Master Servicer or the Special
Servicer on behalf of the Trust after the related date of repurchase or substitution, shall not be part of the Trust Fund and shall
be required, under the Pooling and Servicing Agreement, to be remitted by the Master Servicer to the Seller promptly following
receipt. From and after the date of substitution, each Qualified Substitute Mortgage Loan, if any, that has been substituted shall
be deemed to constitute a “Mortgage Loan” hereunder for all purposes. No mortgage loan may be substituted for a Defective
Mortgage Loan as contemplated by this Section 6(e) if the Mortgage Loan to be replaced was itself a Qualified Substitute
Mortgage Loan that had replaced a prior Mortgage Loan, in which case, absent a cure (including by the making of a Loss of Value
Payment pursuant to the following paragraph) of the relevant Material Breach or Material Document Defect, the affected Mortgage
Loan will be required to be repurchased.
 

Notwithstanding the
foregoing provisions of this Section 6(e), in lieu of the Seller performing its obligations with respect to any
Material Breach or Material Document Defect as set forth in the preceding paragraph, to the extent that the Seller and the
Purchaser (or, following the assignment of the Mortgage Loans to the Trust, the Seller and the Special Servicer on behalf of
the Trust, and with the consent of the Controlling Class Representative prior to the occurrence of a Control Termination
Event) are able to agree upon a cash payment payable by the Seller to the Purchaser that would be deemed sufficient to
compensate the Purchaser for a Material Breach or Material Document Defect (a “Loss of Value Payment”),
the Seller may elect, in its sole discretion, to pay such Loss of Value Payment to the Purchaser; provided, that a
Material Document Defect or a Material Breach as a result of a Mortgage Loan not constituting a “qualified
mortgage”, within the meaning of Section 860G(a)(3) of the Code, may not be cured by a Loss of Value Payment. Upon its
making such payment, the Seller shall be deemed to have cured such Material Breach or Material Document Defect in all
respects. Provided that such Loss of Value Payment is made, this paragraph describes the sole remedy available to the
Purchaser and its assignees regarding any such Material Breach or Material Document Defect, and the Seller shall not
be obligated to repurchase or replace the affected Mortgage Loan or otherwise cure such Material Breach or Material Document
Defect.
 

If (x) a Mortgage
Loan is to be repurchased or replaced as described above (a “Defective Mortgage Loan”), (y) such Defective
Mortgage Loan is part of a Cross-Collateralized Group and (z) the applicable Document Defect or Breach does not constitute
a Material Document Defect or Material Breach, as the case may be, as to the other Mortgage Loan(s) that are a part of such Cross-Collateralized
Group (the “Other Crossed Loans”) (without regard to this paragraph), then the applicable Document Defect or
Breach (as the case may be) shall be deemed to constitute a Material Document Defect or Material Breach (as the case may be) as
to each such Other Crossed Loan for purposes of the above provisions, and the Seller shall be obligated to repurchase or replace
each such Other Crossed Loan in accordance with the provisions above unless, in the case of such Breach or Document Defect:
 

(A)
 the Seller (at its expense) delivers or causes to be delivered to the Trustee, the Master Servicer and the Special Servicer
an Opinion of Counsel to

 

    	-12-

    	 

    

 

the effect that such Seller’s repurchase or replacement of only those Mortgage Loans as to which
a Material Document Defect or Material Breach has actually occurred without regard to the provisions of this paragraph (the
“Affected Loan(s)”) and the operation of the remaining provisions of this Section 6(e) (i) will not cause
either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart
E, part I of subchapter J of the Code for federal income tax purposes at any time that any Certificate is outstanding and (ii)
will not result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited
transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d)
of the Code); and
 

(B) 
 each of the following conditions would be satisfied if the Seller were to repurchase or replace only the Affected Loans
and not the Other Crossed Loans:
 

(1)  
the debt service coverage ratio for such Other Crossed Loan(s) (excluding the Affected Loan(s)) for the four calendar quarters
immediately preceding the repurchase or replacement is not less than the least of (A) 0.10x below the debt service coverage
ratio for the Cross-Collateralized Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus Supplement,
(B) the debt service coverage ratio for the Cross-Collateralized Group (including the Affected Loan(s)) for the four preceding
calendar quarters preceding the repurchase or replacement and (C) 1.25x;
 

(2)  
the loan-to-value ratio for the Other Crossed Loans (excluding the Affected Loan(s)) is not greater than the greatest of
(A) the loan-to-value ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized
Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus Supplement plus 10%, (B) the
loan-to-value ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including
the Affected Loan(s)) at the time of repurchase or replacement and (C) 75%; and
 

(3)  
either (x) the exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group
will not impair the ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized
Group or (y) the Loan Documents evidencing and securing the relevant Mortgage Loans have been modified in a manner that complies
with this Agreement and the Pooling and Servicing Agreement and that removes any threat of impairment of the ability to exercise
remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group as a result of the exercise
of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group.
 

    	-13-

    	 

    

 

The determination of
the Master Servicer or the Special Servicer, as applicable, as to whether the conditions set forth above have been satisfied shall
be conclusive and binding in the absence of manifest error on the Certificateholders, other parties to the Pooling and Servicing
Agreement and the Seller. The Master Servicer or the Special Servicer, as applicable, will be entitled to cause to be delivered,
or direct the Seller to (in which case the Seller shall) cause to be delivered, to the Master Servicer or the Special Servicer,
as applicable, an Appraisal of any or all of the related Mortgaged Properties for purposes of determining whether the condition
set forth in clause (B)(2) above has been satisfied, in each case at the expense of the Seller if the scope and cost
of the Appraisal is approved by the Seller and, prior to the occurrence and continuance of a Control Termination Event, the Controlling
Class Representative (such approval not to be unreasonably withheld in each case).
 

With respect to any Defective
Mortgage Loan that forms a part of a Cross-Collateralized Group and as to which the conditions described in the second preceding
paragraph are satisfied, such that the Trust Fund will continue to hold the Other Crossed Loans, the Seller and the Depositor agree
to forbear from enforcing any remedies against the other’s Primary Collateral but each is permitted to exercise remedies
against the Primary Collateral securing its respective Mortgage Loans, including with respect to the Trustee, the Primary Collateral
securing the Affected Loan(s) still held by the Trustee. If the exercise of remedies by one such party would impair the ability
of the other such party to exercise its remedies with respect to the Primary Collateral securing the Affected Loan or the Other
Crossed Loans, as the case may be, held by the other such party, then both parties shall forbear from exercising such remedies
unless and until the Loan Documents evidencing and securing the relevant Mortgage Loans can be modified in a manner that complies
with this Agreement to remove the threat of impairment as a result of the exercise of remedies. Any reserve or other cash collateral
or letters of credit securing any of the Mortgage Loans that form a Cross-Collateralized Group shall be allocated between such
Mortgage Loans in accordance with the related Loan Documents, or otherwise on a pro rata basis based upon their outstanding
Stated Principal Balances. All other terms of the Mortgage Loans shall remain in full force and effect, without any modification
thereof. The provisions of this paragraph shall be binding on all future holders of each Mortgage Loan that forms part of a Cross-Collateralized
Group.
 

The Pooling and Servicing
Agreement provides that, to the extent necessary and appropriate, the Master Servicer or Special Servicer, as applicable, will
execute (pursuant to a limited power of attorney provided by the Trustee who will not be liable for any misuse of any such power
of attorney by the Master Servicer or Special Servicer, as applicable, or any of its agents or subcontractors) the modification
of the Loan Documents that complies with this Agreement to remove the threat of impairment of the ability of the Seller or the
Trust Fund to exercise its remedies with respect to the Primary Collateral securing the Mortgage Loan(s) held by such party resulting
from the exercise of remedies by the other such party. All costs and expenses incurred by the Trustee, the Special Servicer and
the Master Servicer with respect to any Cross-Collateralized Group pursuant to this paragraph and the first, second and third preceding
paragraphs shall be advanced by the Master Servicer as provided for in Section 2.03(a) of the Pooling and Servicing Agreement,
and such advances and interest thereon shall be included in the calculation of Purchase Price for the Affected Loan(s) to be repurchased
or replaced.
 

    	-14-

    	 

    

 

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

With respect to any Outside
Serviced Trust Loan, the Seller agrees that if a “material document defect” (as such term or any analogous term is
defined in the related Outside Servicing Agreement) exists under the related Outside Servicing Agreement with respect to the related
Outside Serviced Companion Loan included in the related Outside Securitization Trust, and such Outside Serviced Companion Loan
is repurchased by or on behalf of such Seller (or other responsible repurchasing entity) from the related Outside Securitization
Trust as a result of such “material document defect” (as such term or any analogous term is defined in such Outside
Servicing Agreement), then the Seller shall repurchase such Outside Serviced Trust Loan; provided, however, that
such repurchase obligation does not apply to any “material document defect” (as such term or any analogous term is
defined in the related Outside Servicing Agreement) related to the promissory note for such Outside Serviced Companion Loan.
 

(f)            
In connection with any repurchase or substitution of one or more Mortgage Loans pursuant to this Section 6,
the Pooling and Servicing Agreement shall provide that the Trustee, the Certificate Administrator, the Custodian, the Master Servicer
and the Special Servicer shall each tender to the repurchasing entity, upon delivery to each of them of a receipt executed by the
repurchasing entity evidencing such repurchase or substitution, all portions of the Mortgage File (including, without limitation,
the Servicing File) and other documents and all Escrow Payments and reserve funds pertaining to such Mortgage Loan possessed by
it, and each document that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate
to the repurchasing or substituting entity or its designee in the same manner, but only if the respective documents have been previously
assigned or endorsed to the Trustee, and pursuant to appropriate forms of assignment, substantially similar to the manner and forms
pursuant to which such documents were previously assigned to the Trustee or as otherwise reasonably requested to effect the retransfer
and reconveyance of the Mortgage Loan and the security therefor to the Seller or its designee; provided that such tender
by the Trustee and the Custodian shall be conditioned upon its receipt from the Master Servicer of a Request for Release and an
Officer’s Certificate to the effect that the requirements for repurchase or substitution have been satisfied. In the event
a Qualified Substitute Mortgage Loan is substituted for a Defective Mortgage Loan by the Seller as contemplated by this Section
6, the Seller shall deliver to the Custodian the related Mortgage File and to the Master Servicer all Escrow Payments and reserve
funds pertaining to such Qualified Substitute Mortgage Loan possessed by it and a certification to the effect that such Qualified
Substitute Mortgage Loan satisfies all of the

 

    	-15-

    	 

    

 

requirements of the definition of “Qualified Substitute Mortgage Loan”
in the Pooling and Servicing Agreement.
 

If any Mortgage Loan
is to be repurchased or replaced as contemplated by this Section 6, the Seller shall amend the Mortgage Loan Schedule to
reflect the removal of any deleted Mortgage Loan and, if applicable, the substitution of the related Qualified Substitute Mortgage
Loan(s) and deliver or cause the delivery of such amended Mortgage Loan Schedule to the parties to the Pooling and Servicing Agreement.
Upon any substitution of a Qualified Substitute Mortgage Loan for a deleted Mortgage Loan, such Qualified Substitute Mortgage Loan
shall become part of the Trust Fund and he subject to the terms of this Agreement in all respects.
 

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

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

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

The Seller shall provide
to the Depositor and the Certificate Administrator the Seller’s “Central Index Key” number assigned by the Securities
and Exchange Commission (the “Commission”) and a true, correct and complete copy of the relevant portions of
any Form ABS-15G that the Seller is required to file with the Commission under Rule 15Ga-1 under the Exchange Act with respect
to the Mortgage Loans, on or before the date that is five (5) Business Days before the date such Form ABS-15G is required
to be filed with the Commission.
 

    	-16-

    	 

    

 

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

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

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

Each party hereto agrees
and acknowledges that, as of the date of this Agreement, the “Central Index Key” number of the Trust Fund is 0001648439.
 

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

(j)             
The Seller hereby acknowledges and agrees that it and the Purchaser have engaged Deloitte & Touche LLP (the “Accounting
Firm”) to perform “due diligence services” (as defined in Rule 17g-10 under the Exchange Act), based solely
on a comparison of source documents to a data file, with respect to the Mortgage Loans and to prepare a “third-party due
diligence report” (as defined in Rule 15Ga-2 under the Exchange Act) (the “Accountant’s Third-Party Due Diligence
Report”) in connection therewith. The Seller hereby represents and warrants to, and covenants with, the Depositor that,
except with respect to the Accounting Firm and the Accountant’s Third-Party Due Diligence Report, the Seller, as of the Closing
Date, (A) has not obtained any “third-party due diligence report” (as defined in Rule 15Ga-2 under the Exchange Act),
and (B) has not retained any third party to engage in, and will not retain any third party to engage in, any activity that constitutes
“due diligence services” (as defined in Rule 17g-10 under the Exchange Act) with respect to the Mortgage Loans, unless,
in the case of the immediately preceding clause (B) and following the Closing Date, the Seller (i) provides prior written notice
to the Depositor, (ii) requires the third-party due diligence provider to comply with its obligations under Section 15E(s)(4)(B)
of, and Rule 17g-10 under, the Exchange Act (including with respect to the timely delivery to any applicable NRSRO and to the Depositor
of a

 

    	-17-

    	 

    

 

Form ABS Due Diligence-15E), and (iii) facilitates the Depositor’s compliance with Rule 17g-5(a)(3)(iii)(E) under the
Exchange Act, with respect thereto.
 

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

SECTION 8    
Conditions to Closing. The obligation of the Seller to sell the Mortgage Loans shall be subject to the Seller having
received the purchase price for the Mortgage Loans as contemplated by Section 1 of this Agreement. The obligations
of the Purchaser to purchase the Mortgage Loans shall be subject to the satisfaction, on or prior to the Closing Date, of the following
conditions:
 

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

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

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

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

 

(ii)           
a certificate as of a recent date of the Comptroller of the Currency of the United States to the effect that the Seller
is duly organized, existing and in good standing in the United States;
 

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

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

    	-18-

    	 

    

 

(v)            
a letter from counsel of the Seller substantially to the effect that (a) nothing has come to such counsel’s attention
that would lead such counsel to believe that the agreed upon sections of the Primary Free Writing Prospectus, the Prospectus Supplement,
the Preliminary Offering Circular or the Final Offering Circular (each as defined in the Indemnification Agreement), as of the
date thereof or as of the Closing Date (or, in the case of the Primary Free Writing Prospectus or the Preliminary Offering Circular,
solely as of the time of sale) contained or contain, as applicable, with respect to the Seller, the Mortgage Loans, any sub-servicers
related to the Mortgage Loans, any related Loan Combination (including, without limitation, the identity of the servicers for,
and the terms of the Outside Servicing Agreement relating to, any Outside Serviced Loan Combination, and the identity of any co-originator
of any Loan Combination), the related Mortgaged Properties and the related Mortgagors and their respective affiliates, any untrue
statement of a material fact or omitted or omit to state a material fact necessary in order to make the statements therein relating
to the Seller, the Mortgage Loans, any sub-servicers related to the Mortgage Loans, any related Loan Combination (including, without
limitation, the identity of the servicers for, and the terms of the Outside Servicing Agreement relating to, any Outside Serviced
Loan Combination, and the identity of any co-originator of any Loan Combination), the related Mortgaged Properties and the related
Mortgagors and their respective affiliates, in the light of the circumstances under which they were made, not misleading and (b)
the Seller Information (as defined in the Indemnification Agreement) in the Prospectus Supplement appears to be appropriately responsive
in all material respects to the applicable requirements of Regulation AB.
 

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

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

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

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

SECTION 10   Expenses. The Seller will pay its pro rata share (the Seller’s pro rata portion to be determined according
to the percentage that the aggregate principal balance as of the Cut-Off Date of all the Mortgage Loans represents as to the aggregate
principal balance as of the Cut-Off Date of all the mortgage loans to be included in the Trust Fund) of all costs and expenses
of the Purchaser in connection with the transactions contemplated herein, including, but not limited to: (i) the costs and
expenses of the Purchaser in connection with the purchase of the Mortgage Loans; (ii) the costs and expenses of reproducing
and delivering the Pooling and Servicing Agreement and this Agreement and printing (or otherwise reproducing) and delivering

 

    	-19-

    	 

    

 

the
Certificates; (iii) the reasonable and documented fees, costs and expenses of the Trustee, the Certificate Administrator,
the Master Servicer, the Special Servicer and their respective counsel; (iv) the fees and disbursements of a firm of certified
public accountants selected by the Purchaser and the Seller with respect to numerical information in respect of the Mortgage Loans
and the Certificates included in the Prospectus, Primary Free Writing Prospectus, the Prospectus Supplement, the Preliminary Offering
Circular, the Final Offering Circular and any related disclosure for the initial Form 8-K, including the cost of obtaining any
“comfort letters” with respect to such items; (v) the costs and expenses in connection with the qualification or exemption
of the Certificates under state securities or blue sky laws, including filing fees and reasonable fees and disbursements of counsel
in connection therewith; (vi) the costs and expenses in connection with any determination of the eligibility of the Certificates
for investment by institutional investors in any jurisdiction and the preparation of any legal investment survey, including reasonable
fees and disbursements of counsel in connection therewith; (vii) the costs and expenses in connection with printing (or otherwise
reproducing) and delivering the Registration Statement (as such term is defined in the Indemnification Agreement), Prospectus,
Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular and Final Offering Circular and the reproducing
and delivery of this Agreement and the furnishing to the Underwriters of such copies of the Registration Statement, Prospectus,
Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular, Final Offering Circular and this Agreement
as the Underwriters may reasonably request; (viii) the fees of the rating agency or agencies requested to rate the Certificates;
(ix) the reasonable fees and expenses of Orrick, Herrington & Sutcliffe LLP as counsel to the Depositor; and (x) the reasonable
fees and expenses of Cadwalader, Wickersham & Taft LLP, as counsel to the Underwriters and the Initial Purchasers.
 

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

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

SECTION 12   
Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE
RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE

 

    	-20-

    	 

    

 

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

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

SECTION 14   
Submission to Jurisdiction. EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF THE COURTS
OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT
OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF
BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT
SERVICE OF PROCESS IN ANY MANNER PERMITTED BY LAW.
 

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

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

SECTION 17   
Notices. All communications hereunder shall be in writing and effective only upon receipt and (i) if sent to
the Purchaser, will be mailed, hand delivered, couriered or sent by fax transmission or electronic mail and confirmed to it at
Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention of
Paul Vanderslice, fax number (212) 723-8599, and 390 Greenwich

 

    	-21-

    	 

    

 

Street, 7th Floor, New York, New York 10013, to the attention of Richard
Simpson, fax number (646) 328-2943, and 388 Greenwich Street, 17th Floor, New York, New York 10013, to the attention of Ryan M.
O’Connor, fax number (646) 862-8988, and with an electronic copy emailed to Richard Simpson at richard.simpson@citi.com and
to Ryan M. O’Connor at ryan.m.oconnor@citi.com, (ii) if sent to the Seller, will be mailed, hand delivered, couriered or
sent by fax transmission or electronic mail and confirmed to it at Wells Fargo Bank, National Association, 301 South College St.,
Charlotte, North Carolina 28288, to the attention of Citigroup Commercial Mortgage Trust 2015-P1 (with a copy to Jeff. D. Blake
Esq., Senior Counsel, Wells Fargo Law Department, D1053 300, 301 South College St., Charlotte, North Carolina 28288, and a copy
to A. J. Sfarra, Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, New York, New York 10152, fax number 212-214-8790,
email: Anthony.sfarra@wellsfargo.com); and (iii) in the case of any of the preceding parties, such other address as may hereafter
be furnished to the other party in writing by such parties.

 

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

SECTION 19   
Counterparts. This Agreement may be executed in any number of counterparts, and by the parties hereto in separate
counterparts, each of which when executed and delivered shall be deemed to be an original and all of which taken together shall
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this
Agreement.
 

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

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

    	-22-

    	 

    

 

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

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

* * * * * *

    	-23-

    	 

    

 

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

	 	 	 
	 	CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC.
	 	 	 
	 	By:	     /s/ Richard W. Simpson
	 	 	Name: Richard W. Simpson
	 	 	Title: Authorized Signatory
	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	     /s/
    Brigid M. Mattingly
	 	 	Name: Brigid M. Mattingly
	 	 	Title: Executive Vice President

 

CGCMT 2015-P1
– WFBNA Mortgage Loan Purchase Agreement

 

    	 

    	 

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE
 

    	A-1

    	 

    

 

CGCMT 2015-P1 Mortgage Loan Schedule - WFB

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 	 	Remaining	 	 	 	 	 	 	 	Crossed
    With	 
	Control	 	 	 	Loan	 	 	 	 	 	 	 	 	 	 	 	Cut-Off
    Date	 	Mortgage	 	Term
    To	 	 	 	Amortization
    Term	 	Servicing	 	Subservicing	 	Mortgage
    	 	Other
    Loans	 
	Number	 	Footnotes	 	Number	 	Property
    Name	 	Address	 	City	 	State	 	Zip
    Code	 	Balance
    ($)	 	Rate	 	Maturity
    Date	 	Maturity
    Date	 	(Mos.)	 	Fee
    Rate (%)	 	Fee
    Rate (%)	 	Loan
    Seller	 	(Crossed
    Group)	 
	4	 	(1)	 	610930148	 	Hilton
    Nashville	 	121
    Fourth Avenue South	 	Nashville	 	Tennessee	 	37201	 	75,000,000	 	4.62000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0100%	 	WFB	 	NAP	 
	10	 	 	 	310930142	 	Charles
    Point Apartments	 	171
    Lowry Lane	 	Medford	 	Oregon	 	97501	 	35,250,000	 	4.55000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	21	 	 	 	310928527	 	4400
    Florin Perkins Road	 	4400,
    4450 and 4700 Florin Perkins Road	 	Sacramento	 	California	 	95826	 	15,400,000	 	4.43000%	 	119	 	7/11/2025	 	360	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	29	 	 	 	310929658	 	Amplify
    on Main	 	30
    McFerrin Avenue	 	Nashville	 	Tennessee	 	37206	 	9,870,000	 	4.53000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	30	 	 	 	610929595	 	Valley
    Ridge Apartments	 	1650
    George Dieter Drive	 	El
    Paso	 	Texas	 	79936	 	9,255,623	 	4.28000%	 	118	 	6/11/2025	 	358	 	0.0050%	 	0.0300%	 	WFB	 	NAP	 
	35	 	 	 	410928722	 	Walgreens
    - Longmont	 	1770
    Hover Street	 	Longmont	 	Colorado	 	80501	 	3,895,279	 	4.43000%	 	119	 	7/11/2025	 	359	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	37	 	 	 	310929478	 	Mini
    U Storage - Highlands Ranch	 	6678
    East County Line Road	 	Highlands
    Ranch	 	Colorado	 	80126	 	3,700,000	 	4.55000%	 	119	 	7/11/2025	 	360	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	38	 	 	 	410929362	 	Security
    Self Storage - Orlando	 	12280
    East Colonial Drive	 	Orlando	 	Florida	 	32826	 	3,595,255	 	4.67000%	 	119	 	7/11/2025	 	335	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	39	 	 	 	410929829	 	675
    Mall Ring	 	675
    Mall Ring Circle	 	Henderson	 	Nevada	 	89014	 	3,100,000	 	4.97000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	40	 	 	 	410928483	 	Allen
    Avenue Self Storage-Pasadena	 	234
    Allen Avenue	 	Pasadena	 	California	 	91106	 	2,600,000	 	4.29000%	 	119	 	7/11/2025	 	0	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	41	 	 	 	410929917	 	US
    Bank - Pacific Palisades	 	15305
    West Sunset Boulevard	 	Pacific
    Palisades	 	California	 	90272	 	2,500,000	 	4.69000%	 	84	 	8/11/2022	 	360	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	42	 	 	 	410929419	 	Atwater
    Commons	 	305
    South Broadway Street	 	Lake
    Orion	 	Michigan	 	48362	 	2,292,345	 	4.81000%	 	118	 	6/11/2025	 	298	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 
	43	 	 	 	610929887	 	The
    Summit	 	7721-7741
    East Gray Road	 	Scottsdale	 	Arizona	 	85260	 	2,272,473	 	4.81000%	 	119	 	7/11/2025	 	359	 	0.0050%	 	0.0400%	 	WFB	 	NAP	 
	45	 	 	 	410929522	 	Village
    Center of Livonia	 	15003-15399
    Merriman Road	 	Livonia	 	Michigan	 	48154	 	1,235,000	 	5.28000%	 	120	 	8/11/2025	 	300	 	0.0050%	 	0.0000%	 	WFB	 	NAP	 

 

    	 

    	 

    

 

CGCMT 2015-P1 Mortgage Loan Schedule - WFB

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Serviced
    Companion Loan	 	 	 	Serviced
    Companion Loan	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Remaining	 	Serviced
    Companion Loan	 	Remaining	 	Serviced
    Companion Loan
	Control	 	 	 	Loan	 	 	 	ARD	 	Final	 	ARD	 	Serviced
    Companion Loan	 	Serviced
    Companion Loan	 	Serviced
    Companion Loan	 	Term
    To	 	Maturity	 	Amortization
    Term	 	Servicing
	Number	 	Footnotes	 	Number	 	Property
    Name	 	(Yes/No)	 	Maturity
    Date	 	Revised
    Rate	 	Flag	 	Cut-off
    Balance	 	Interest
    Rate	 	Maturity	 	Date	 	(Mos.)	 	Fees
	4	 	(1)	 	610930148	 	Hilton
    Nashville	 	No	 	 	 	 	 	Yes	 	50,000,000	 	4.62000%	 	120	 	8/11/2025	 	360	 	0.0025%
	10	 	 	 	310930142	 	Charles
    Point Apartments	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21	 	 	 	310928527	 	4400
    Florin Perkins Road	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29	 	 	 	310929658	 	Amplify
    on Main	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30	 	 	 	610929595	 	Valley
    Ridge Apartments	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35	 	 	 	410928722	 	Walgreens
    - Longmont	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	Mini
    U Storage - Highlands Ranch	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	410929362	 	Security
    Self Storage - Orlando	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	39	 	 	 	410929829	 	675
    Mall Ring	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40	 	 	 	410928483	 	Allen
    Avenue Self Storage-Pasadena	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41	 	 	 	410929917	 	US
    Bank - Pacific Palisades	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42	 	 	 	410929419	 	Atwater
    Commons	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	 	 	610929887	 	The
    Summit	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	45	 	 	 	410929522	 	Village
    Center of Livonia	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	(1)	 	The
    Cut-off Date Balance of $75,000,000 represents the note A-1 of a $125,000,000 loan combination evidenced by two pari passu
    notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date and is expected to be contributed
    to a future securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten
    NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate
    Cut-off Date Balance of $125,000,000.

 

    	 

    	 

    

 

 

EXHIBIT B

MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES
 

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

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

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

 

    	B-1

    	 

    

 

on intentional fraud by the Seller in connection with
the origination of the Mortgage Loan, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage
Note, Mortgage or other Loan Documents.

 

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

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

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

 

    	B-2

    	 

    

 

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

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

 

    	B-3

    	 

    

 

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

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

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

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

		(11)	Taxes and Assessments. As of the date of origination and, to the Seller’s knowledge, as
of the Cut-off Date, all taxes, governmental assessments and other outstanding 

 

    	B-4

    	 

    

 

			governmental charges (including, without
limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property that would
be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-Off Date have become delinquent in respect
of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient to cover
such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and warranty,
real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof shall not be
considered delinquent until the date on which interest and/or penalties would first be payable thereon.
	 	 	 

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

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

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

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

		(16)	Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage
to be, insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special
cause of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting
the requirements of 

 

    	B-5

    	 

    

 

			the related Loan Documents and having a claims-paying or financial strength rating of at least “A-:VIII”
from A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from
Standard & Poor’s Ratings Services (collectively the “Insurance Rating Requirements”), in an amount (subject
to a customary deductible) not less than the lesser of (1) the original principal balance of the Mortgage Loan and (2) the full
insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor
and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount
necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to
the related Mortgaged Property.
	 	 	 

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

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

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

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

An architectural
or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order
to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the scenario expected limit
(“SEL”) for the Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year
return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL
would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was
obtained from an insurer rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from
Moody’s

 

    	B-6

    	 

    

 

Investors Service, Inc. or “A-” by Standard & Poor’s Ratings Services in an amount not less
than 100% of the SEL.
 

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

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

		(17)	Access; Utilities; Separate Tax Lots. Based solely on evaluation of the Title Policy (as
defined in paragraph 6 of this Exhibit B) and survey, if any, an engineering report or property condition assessment as
described in paragraph 10 of this Exhibit B, applicable local law compliance materials as described in paragraph 24 of this
Exhibit B, and the ESA (as defined in paragraph 40 of this Exhibit B), each Mortgaged Property (a) is located on
or adjacent to a public road and has direct legal access to such road, or has access via an irrevocable easement or irrevocable
right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or
private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the
Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of
the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain
cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which
case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which
the Mortgaged Property is a part until the separate tax lots are created.
	 	 	 

		(18)	No Encroachments. To the Seller’s knowledge based solely on surveys obtained in connection
with origination and the Mortgagee’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary
title policy with escrow instructions or a 

 

    	B-7

    	 

    
 

			“marked up” commitment) obtained in connection with the origination of each
Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged
Property at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged Property, except
encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance
or endorsements were obtained under the Title Policy. No improvements on adjoining parcels encroach onto the related Mortgaged
Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property
or for which insurance or endorsements were obtained under the Title Policy. No improvements encroach upon any easements except
for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property
or for which insurance or endorsements were obtained under the Title Policy.
	 	 	 

		(19)	No Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation
feature, any other contingent interest feature or a negative amortization feature or an equity participation by the Seller (except
that any ARD Mortgage Loan may provide for the accrual of the portion of interest in excess of the rate in effect prior to its
related Anticipated Repayment Date).
	 	 	 

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

 

    	B-8

    	 

    
  

1.860G-1(b)(2). All
terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

 

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

		(22)	Authorized to do Business. To the extent required under applicable law, as of the Cut-Off
Date or as of the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire
and/or hold (as applicable) the Mortgage Note in the jurisdiction in which each related Mortgaged Property is located, or the failure
to be so authorized does not materially and adversely affect the enforceability of such Mortgage Loan by the Trust.
	 	 	 

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

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

		(25)	Licenses and Permits. Each Mortgagor covenants in the Loan Documents that it shall keep
all material licenses, permits, franchises and applicable governmental authorizations necessary for its operation of the Mortgaged
Property in full force and effect, and to the Seller’s knowledge based upon any of a letter from any government authorities
or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar
commercial and multifamily mortgage loans intended for securitization, all such material licenses, permits, franchises and applicable
governmental authorizations are in effect or the failure to obtain or maintain such material licenses, permits, franchises and
applicable governmental authorizations does not materially and adversely affect the use and/or operation of the Mortgaged Property
as

 

    	B-9

    	 

    
 

			it was used and operated as of the date
of origination of the Mortgage Loan or the rights of a holder of the related Mortgage Loan. The Mortgage Loan requires the related
Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located.
	 	 	 

		(26)	Recourse Obligations. The Loan Documents for each Mortgage Loan provide that such Mortgage
Loan (a) becomes full recourse to the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from
the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that
are not de minimis) in any of the following events: (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation
pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by the Mortgagor; (ii) the Mortgagor or
guarantor shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary
bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests
in Mortgagor made in violation of the Loan Documents; and (b) contains provisions providing for recourse against the Mortgagor
and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor)
that has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained
by reason of Mortgagor’s (i) misappropriation of rents after the occurrence of an event of default under the Mortgage Loan;
(ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits or, alternatively, the failure
of any security deposits to be delivered to Mortgagee upon foreclosure or action in lieu thereof (except to the extent applied
in accordance with leases prior to a Mortgage Loan event of default); (iii) fraud or intentional material misrepresentation; (iv) breaches
of the environmental covenants in the Loan Documents; or (v) commission of intentional material physical waste at the Mortgaged
Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related Mortgaged Property to prevent
such waste).
	 	 	 

		(27)	Mortgage Releases. The terms of the related Mortgage or related Loan Documents do not provide
for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied
by principal repayment, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated
loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon
payment in full of such Mortgage Loan, (c) upon a Defeasance defined in (32) below, (d) releases of out-parcels that are unimproved
or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged
Property and which were not afforded any material value in the appraisal obtained at the origination of the Mortgage Loan and are
not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant
to an order of condemnation or taking by a State or any political subdivision or authority thereof. With respect to any partial
release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would not constitute a “significant
modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would
not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Section

 

    	B-10

    	 

    
 

			860G(a)(3)(A) of the Code; or (y) the
Mortgagee or servicer can, in accordance with the related Loan Documents, condition such release of collateral on the related
Mortgagor’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes
of the preceding clause (x), for all Mortgage Loans originated after December 6, 2010, if the fair market value of the real
property constituting such Mortgaged Property after the release is not equal to at least 80% of the principal balance of the Mortgage
Loan (or related Loan Combination) outstanding after the release, the Mortgagor is required to make a payment of principal in
an amount not less than the amount required by the REMIC Provisions.
	 	 	 

With respect
to any partial release under the preceding clause (e), for all Mortgage Loans originated after December 6, 2010, the Mortgagor
can be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the REMIC
Provisions and, to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or released
to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but
taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property
is not equal to at least 80% of the remaining principal balance of the Mortgage Loan (or related Loan Combination).
 

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

		(28)	Financial Reporting and Rent Rolls. The Mortgage Loan documents for each Mortgage Loan require
the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual
operating statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing
more than 5% of the in-place base rent and annual financial statements.
	 	 	 

		(29)	Acts of Terrorism Exclusion.
With respect to each Mortgage Loan over $20 million, the related special-form all-risk insurance policy and business interruption
policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined
in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007, and
as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively referred to as “TRIA”),
from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each other
Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the
Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, to the Seller’s knowledge,
do not, as of the Cut-Off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage
is excluded, it is covered by a separate terrorism insurance policy. With respect to each Mortgage Loan, the related Loan Documents
do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages
related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in effect, then,

 

    	B-11

    	 

    
 

			provided that terrorism insurance is commercially available, the Mortgagor under
each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more
than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap
Amount, the Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal to the Terrorism
Cap Amount. The “Terrorism Cap Amount” is the specified percentage (which is at least equal to 200%) of the
amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance
required under the related Loan Documents (without giving effect to the cost of terrorism and earthquake components of such casualty
and business interruption/rental loss insurance).
	 	 	 

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

 

    	B-12

    	 

    
 

		(31)	Single-Purpose Entity. Each Mortgage Loan requires the Mortgagor to be a Single-Purpose
Entity for at least as long as the Mortgage Loan is outstanding. Both the Loan Documents and the organizational documents of the
Mortgagor with respect to each Mortgage Loan with a Cut-Off Date Principal Balance in excess of $10 million provide that the Mortgagor
is a Single-Purpose Entity, and each Mortgage Loan with a Cut-Off Date Principal Balance of $30 million or more has a counsel’s
opinion regarding non-consolidation of the Mortgagor. For this purpose, a “Single-Purpose Entity” shall mean
an entity, other than an individual, whose organizational documents (or if the Mortgage Loan has a Cut-Off Date Principal Balance
equal to $10 million or less, its organizational documents or the related Loan Documents) provide substantially to the effect that
it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the
Mortgage Loans and prohibit it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational
documents further provide, or which entity represented in the related Loan Documents, substantially to the effect that it does
not have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties, or any
indebtedness other than as permitted by the related Mortgage(s) or the other related Loan Documents, that it has its own books
and records and accounts separate and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is
cross-collateralized and cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate
and apart from any other person or entity.
	 	 	 

(32)       
Defeasance. With respect to any Mortgage Loan that, pursuant to the Loan Documents, can be defeased (a “Defeasance”),
(i) the Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions specified
in the Loan Documents; (ii) the Mortgage Loan cannot be defeased within two years after the Closing Date; (iii) the Mortgagor is
permitted to pledge only United States “government securities” within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii),
the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled payments under the Mortgage
Loan when due, including the entire remaining principal balance on the maturity date (or on or after the first date on which payment
may be made without payment of a yield maintenance charge or prepayment penalty) or, if the Mortgage Loan is an ARD Mortgage Loan,
the entire principal balance outstanding on the related Anticipated Repayment Date (or on or after the first date on which payment
may be made without payment of a yield maintenance charge or prepayment penalty), and if the Mortgage Loan permits partial releases
of real property in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled
payments calculated on a principal amount equal to a specified percentage at least equal to the lesser of (A) 110% of the
allocated loan amount for the real property to be released and (B) the outstanding principal balance of the Mortgage Loan;
(iv) the Mortgagor is required to provide a certification from an independent certified public accountant that the collateral is
sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above, (v) if the Mortgagor would continue
to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan secured by defeasance collateral is required
to be assumed (or the

 

    	B-13

    	 

    

 

Mortgagee may require such assumption) by a Single-Purpose Entity; (vi) the Mortgagor is required to provide
an opinion of counsel that the Mortgagee has a perfected security interest in such collateral prior to any other claim or interest;
and (vii) the Mortgagor is required to pay all rating agency fees associated with defeasance (if rating confirmation is a specific
condition precedent thereto) and all other reasonable out-of-pocket expenses associated with defeasance, including, but not limited
to, accountant’s fees and opinions of counsel.
 

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

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

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

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

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

(c)         
The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances,
may be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less

 

    	B-14

    	 

    

 

than 20 years beyond the
stated maturity of the related Mortgage Loan, or ten years past the stated maturity if such Mortgage Loan fully amortizes by the
stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes);
 

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

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

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

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

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

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

(j)          
Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage
(taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s
interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking
as addressed in subpart (k)) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property
with (so long as such proceeds are in excess of the threshold

 

    	B-15

    	 

    

 

amount specified in the related Loan Documents) the Mortgagee or
a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment
of the outstanding principal balance of the Mortgage Loan, together with any accrued interest;
 

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

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

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

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

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

 

    	B-16

    	 

    

 

			holder of such Mortgage Loan may declare any event of default
under the Mortgage Loan or accelerate any indebtedness under the Loan Documents.
	 	 	 

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

		(39)	Organization of Mortgagor. With respect to each Mortgage Loan, in reliance on certified
copies of the organizational documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage
Loan (or related Loan Combination, 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 under another Mortgage Loan.
	 	 	 

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

 

    	B-17

    	 

    

 

Mortgagor was identified as the responsible party for such condition or circumstance and such responsible party
has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor
having financial resources reasonably estimated to be adequate to address the situation is required to take action. To the Seller’s
knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its
successor) at the related Mortgaged Property.

 

		(41)	Appraisal. The Mortgage File contains an appraisal of the related Mortgaged Property with
an appraisal date within six months of the Mortgage Loan origination date, and within 12 months of the Closing Date. The appraisal
is signed by an appraiser who is a Member of the Appraisal Institute (“MAI”) and, to the Seller’s knowledge,
had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and
whose compensation is not affected by the approval or disapproval of the Mortgage Loan. Each appraiser has represented in such
appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional
Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation. Each appraisal contains a statement,
or is accompanied by a letter from the appraiser, to the effect that the appraisal was performed in accordance with the requirements
of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage Loan was originated.
	 	 	 

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

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

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

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

 

    	B-18

    	 

    
 

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

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

    	B-19

    	 

    

 

Exhibit B-30-1

List of Mortgage Loans with Current Mezzanine Debt

 

[None.]

 

    	B-30-3-1

    	 

    

 

Exhibit B-30-2

List of Mortgage Loans with Permitted Mezzanine Debt

 

[None.]

 

    	B-30-2-1

    	 

    

 

Exhibit B-30-3

List of Cross-Collateralized and Cross-Defaulted Mortgage Loans
 

[None.]
 

    	B-30-3-1

    	 

    

 

EXHIBIT C

EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

 

	Representation	 	Mortgage Loan	 	Description of Exception
	 	 	 	 	 
	6.Permitted
    Liens; Title Insurance. 	 	Hilton Nashville

    (Loan No. 4)	 	Borrower owns hotel unit in two-unit condominium
    regime comprised of a hotel and garage unit. Borrower’s hotel unit has 59% percentage interest in condominium association,
    and has two of three votes on association’s board of directors. An affiliate of the borrower owns the garage unit and
    has the remaining vote on the board. The hotel unit owner controls day-to-day operations of the condominium association. The
    consent of the garage unit owner would be required for fundamental changes to the condominium regime or the property, such
    as changing the percentage ownership interest of the owners, reallocating common elements or changing the hotel use, among
    other things. The loan documents provide for personal liability to the borrower and guarantor for losses related to modification
    or termination of the condominium documents in violation of the loan documents.
	 	 	 	 	 
	6.Permitted
    Liens; Title Insurance. 	 	Walgreens – Longmont

    (Loan No. 35)	 	Single tenant (Walgreen Co.) has Right of First
    Refusal (ROFR) to purchase subject property if bona fide offer received borrower otherwise willing to accept. The ROFR is
    not extinguished by foreclosure; however, the ROFR does not apply to foreclosure or deed in lieu thereof.
	 	 	 	 	 
	6.Permitted
    Liens; Title Insurance. 	 	Atwater Commons 

    (Loan No. 42)	 	Pad site tenant (Hop Hog) has Right of First
    Refusal (ROFR) to purchase entirety of shopping center if bona fide offer received borrower otherwise willing to accept. The
    ROFR is not extinguished by foreclosure; however, the ROFR does not apply to foreclosure or deed in lieu thereof.
	 	 	 	 	 
	16.Insurance.
    	 	Hilton Nashville

    (Loan No. 4)	 	The loan documents permit property insurance
    deductible up to $250,000 and self-insured retention on liability insurance up to $50,000. Current in-place property insurance
    policy has $50,000 deductible, and in-place liability insurance has $50,000 self-insured retention. The loan documents further
    provide for personal liability to the borrower and guarantor for losses related to any deductible/SIR in excess of $25,000.

 

    	C-1

    	 

    

 

	Representation	 	Mortgage Loan	 	Description of Exception
	 	 	 	 	 
	16.Insurance.	 	Walgreens – Longmont

    (Loan No. 35)	 	Borrower’s obligation to provide required
    insurance (including property, rent loss, terrorism and liability coverage) is suspended if tenant (Walgreen Co.) elects to
    self-insure or provide third party insurance in accordance with its lease. Tenant is permitted to self-insure if, among other
    things, Walgreen Co. maintains a minimum net worth of $100 million.  If Walgreen elects to provide third party insurance
    in accordance with its lease (which does not require rent loss or terrorism coverage), the borrower’s obligation to
    provide required insurance is likewise suspended, but the lease has no rent abatement or termination remedies for any reason
    during the loan term. Further, if the Walgreen lease is in full force effect and there is no lease or loan default, the provisions
    of the Walgreen lease control disbursement of any casualty proceeds. Walgreen’s has provided notice of its self-insurance
    election.
	 	 	 	 	 
	16.Insurance.	 	US Bank - Pacific Palisades, CA

    (Loan No. 41)	 	Borrower’s obligation to provide certain
    required insurance (including rent loss and terrorism coverage) is suspended if tenant (U.S. Bank) provides third party insurance
    in accordance with its lease. The related lease requires property and liability insurance, but does not require rent loss
    and terrorism coverage. The lease has no casualty-related rent abatement or termination remedies, however. The tenant has
    the obligation to restore following casualty, and all net casualty proceeds are to be held in trust and applied by tenant
    for restoration expenses.
	 	 	 	 	 
	29.Acts
    of Terrorism Exclusion. 	 	Walgreens – Longmont

    (Loan No. 35)	 	Borrower’s obligation to provide required
    insurance (including property, rent loss, terrorism and liability coverage) is suspended if tenant (Walgreen Co.) elects to
    self-insure or provide third party insurance in accordance with its lease. Tenant is permitted to self-insure if, among other
    things, Walgreen Co. maintains a minimum net worth of $100 million.  If Walgreen elects to provide third party insurance
    in accordance with its lease (which does not require rent loss or terrorism coverage), the borrower’s obligation to
    provide required insurance is likewise suspended, but the lease has no rent abatement or termination remedies for any reason
    during the loan term. Further, if the Walgreen lease is in full force effect and there is no lease or loan default, the provisions
    of the Walgreen lease control disbursement of any casualty proceeds. Walgreen’s has provided notice of its self-insurance
    election.
	 	 	 	 	 
	29.Acts
    of Terrorism Exclusion. 	 	Mini U Storage - Highlands Ranch

    (Loan No. 37)	 	If TRIPRA or a successor statute is not in
    effect, borrower shall not be required to  spend on terrorism insurance more than 2 times the cost of the property
    and rent loss coverage (excluding terrorism and the premium for flood and named storm coverage) required by the loan documents.

 

    	C-2

    	 

    

 

	Representation	 	Mortgage Loan	 	Description of Exception
	 	 	 	 	 
	29.Acts
    of Terrorism Exclusion. 	 	US Bank - Pacific Palisades, CA

    (Loan No. 41)	 	Borrower’s obligation to provide certain
    required insurance (including rent loss and terrorism coverage) is suspended if tenant (U.S. Bank) provides third party insurance
    in accordance with its lease. The related lease requires property and liability insurance, but does not require rent loss
    and terrorism coverage. The lease has no casualty-related rent abatement or termination remedies, however. The tenant has
    the obligation to restore following casualty, and all net casualty proceeds are to be held in trust and applied by tenant
    for restoration expenses.
	 	 	 	 	 
	31.Single-Purpose
    Entity.  	 	Hilton Nashville

    (Loan No. 4)	 	Borrower is recycled SPE that previously owned
    property other than the mortgaged property. Borrower previously owned a two-story underground garage adjacent to subject hotel
    property, and, in connection with the mortgage loan,  created a condominium regime and transferred garage unit to
    an affiliate. A Phase I environmental site assessment obtained with respect to prior owned property that indicated no recognized
    environmental conditions, and loan documents include personal liability to borrower and guarantor for losses related to prior
    owned property.

 

    	C-3

    	 

    

 

EXHIBIT D

FORM OF CERTIFICATE
 

Wells Fargo Bank, National
Association (“Seller”) hereby certifies as follows:
 

		1.	All of the representations and warranties (except as set forth on Exhibit C) of the Seller
under the Mortgage Loan Purchase Agreement, dated as of August 1, 2015 (the “Agreement”), between Citigroup
Commercial Mortgage Securities Inc. 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 January 16, 2015 (the “Base Prospectus”), as supplemented
by the Prospectus Supplement, dated August 6, 2015 (the “Prospectus Supplement” and, collectively with the Base
Prospectus, the “Prospectus”), relating to the offering of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ and Class C
Certificates, nor the Offering Circular, dated August 6, 2015 (the “Offering Circular”), relating to the offering
of the Class D, Class X-D, Class E, Class F, Class G and Class R Certificates, in the case of the Prospectus,
as of the date of the Prospectus Supplement or as of the date hereof, or the Offering Circular, as of the date thereof or as of
the date hereof, included or includes any untrue statement of a material fact relating to the Seller, the Mortgage Loans, any sub-servicers
related to the Mortgage Loans, any related Loan Combination (including, without limitation, the identity of the servicers for,
and the terms of the Outside Servicing Agreement (as defined in the Pooling and Servicing Agreement) relating to, any Outside Serviced
Loan Combination, and the identity of any co-originator of any Loan Combination), the related Mortgaged Properties and the related
Mortgagors and their respective affiliates or omitted or omits to state therein a material fact relating to the Seller, the Mortgage
Loans, any sub-servicers related to the Mortgage Loans, any related Loan Combination (including, without limitation, the identity
of the servicers for, and the terms of the Outside Servicing Agreement (as defined in the Pooling and 

 

    	D-1

    	 

    

 

Servicing
Agreement) relating to, any Outside Serviced Loan Combination, and the identity of any co-originator of any Loan
Combination), the related Mortgaged Properties and the related Mortgagors and their respective affiliates required to be
stated therein or necessary in order to make the statements therein relating to the Seller, the Mortgage Loans, any
sub-servicers related to the Mortgage Loans, any related Loan Combination (including, without limitation, the identity of the
servicers for, and the terms of the Outside Servicing Agreement (as defined in the Pooling and Servicing Agreement) relating
to, any Outside Serviced Loan Combination, and the identity of any co-originator of any Loan Combination), the related
Mortgaged Properties and the related Mortgagors and their respective affiliates, in the light of the circumstances under
which they were made, not misleading.

 

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

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

 

    	D-2

    	 

    

Certified this 19th day of August 2015.

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

    	D-3WELLS
FARGO BANK, NATIONAL ASSOCIATION

Master Servicer

 

and

 

PRINCIPAL
GLOBAL INVESTORS, LLC,

Sub-Servicer

 

SUB-SERVICING
AGREEMENT

 

Dated
as of August 1, 2015

 

Citigroup
Commercial Mortgage Securities Inc.,

Commercial Mortgage Pass-Through Certificates, Series 2015-P1

 

    	 

    	 

    

 

TABLE
OF CONTENTS

	 	 	 	 	 
	ARTICLE I	DEFINITIONS	 	1
	 	 	 	 
	Section
    1.01	 	Defined Terms	 	1
	 	 	 	 
	ARTICLE II	MASTER SERVICER’S
    ENGAGEMENT OF SUB-SERVICER TO PERFORM SERVICING RESPONSIBILITIES	 	2
	 	 	 	 
	Section
    2.01	 	Contract for Servicing; Possession
    of Loan Documents	 	2
	 	 	 	 	 
	ARTICLE III	SERVICING OF THE MORTGAGE
    LOANS	 	3
	 	 	 	 
	Section
    3.01	 	Sub-Servicer to Service	 	3
	 	 	 	 	 
	Section
    3.02	 	Merger or Consolidation of the Sub-Servicer	 	19
	 	 	 	 	 
	Section
    3.03	 	Limitation on Liability of the Sub-Servicer
    and Others	 	19
	 	 	 	 	 
	Section
    3.04	 	Sub-Servicer Resignation	 	20
	 	 	 	 	 
	Section
    3.05	 	No Transfer or Assignment of Servicing	 	20
	 	 	 	 	 
	Section
    3.06	 	Indemnification	 	21
	 	 	 	 	 
	ARTICLE IV	DEFAULT	 	21
	 	 	 	 
	Section
    4.01	 	Events of Default	 	21
	 	 	 	 	 
	Section
    4.02	 	Waiver of Defaults	 	24
	 	 	 	 	 
	Section
    4.03	 	Other Remedies of Master Servicer	 	24
	 	 	 	 	 
	ARTICLE V	TERMINATION	 	25
	 	 	 	 
	Section
    5.01	 	Termination	 	25
	 	 	 	 	 
	Section
    5.02	 	Termination With Cause	 	25
	 	 	 	 	 
	Section
    5.03	 	Reserved	 	25
	 	 	 	 	 
	Section
    5.04	 	Termination of Duties with Respect
    to Specially Serviced Loans	 	25
	 	 	 	 	 
	ARTICLE VI	MISCELLANEOUS	 	26
	 	 	 	 	 
	Section
    6.01	 	Successor to the Sub-Servicer	 	26
	 	 	 	 	 
	Section
    6.02	 	Financial Statements	 	26
	 	 	 	 	 
	Section
    6.03	 	Closing	 	26
	 	 	 	 	 
	Section
    6.04	 	Closing Documents	 	26
	 	 	 	 	 
	Section
    6.05	 	Notices	 	27
	 	 	 	 	 
	Section
    6.06	 	Severability Clause	 	27
	 	 	 	 	 
	Section
    6.07	 	Counterparts	 	28
	 	 	 	 	 	 
	 Section 6.08	 	Governing Law	 	 28

 

    	i

    	 

    

 

	 	 	 	 	 
	Section 6.09	 	Protection of Confidential Information	 	28
	 	 	 	 	 
	Section 6.10	 	Intention of the Parties	 	29
	 	 	 	 	 
	Section 6.11	 	Third Party Beneficiary	 	29
	 	 	 	 	 
	Section 6.12	 	Successors and Assigns; Assignment of Agreement	 	29
	 	 	 	 	 
	Section 6.13	 	Waivers	 	29
	 	 	 	 	 
	Section 6.14	 	Exhibits	 	29
	 	 	 	 	 
	Section 6.15	 	General Interpretive Principles	 	30
	 	 	 	 	 
	Section 6.16	 	Complete Agreement	 	30
	 	 	 	 	 
	Section 6.17	 	Further Agreement	 	30
	 	 	 	 	 
	Section 6.18	 	Amendments	 	30

 

    	ii

    	 

    

 

	 	 	 	 	 
	EXHIBIT A	 	MORTGAGE LOAN SCHEDULE	 	A-1
	EXHIBIT B	 	[RESERVED]	 	B-1
	EXHIBIT C	 	POOLING AND SERVICING AGREEMENT	 	C-1
	EXHIBIT D	 	[RESERVED]	 	D-1
	EXHIBIT E	 	QUARTERLY SERVICING CERTIFICATION	 	E-1
	EXHIBIT F	 	FORM OF ACCOUNT CERTIFICATION	 	F-1
	EXHIBIT G	 	FORM OF COLLECTION REPORT	 	G-1
	EXHIBIT H	 	FORM OF CERTIFICATE OF INSURANCE	 	H-1
	EXHIBIT I	 	NEW LEASE INFORMATION	 	I-1
	EXHIBIT J	 	MONTHLY ACCOUNTS CERTIFICATION	 	J-1
	EXHIBIT K	 	FORM NOTE REGISTER	 	K-1

 

    	iii

    	 

    

  

This
is a Sub-Servicing Agreement (the “Agreement”), dated as of August 1, 2015, by and between PRINCIPAL GLOBAL
INVESTORS, LLC, a limited liability company having an office at 801 Grand Avenue, Des Moines, Iowa 50392-1450, and its successors
and assigns (the “Sub-Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, having an office at MAC D1086,
550 South Tryon Street, 14th Floor, Charlotte, North Carolina 28202, and its successors and assigns (the “Master
Servicer”).

 

W
I T N E S S E T H:

 

WHEREAS,
Citigroup Commercial Mortgage Securities Inc. (the “Depositor”), the Master Servicer, as Master Servicer, LNR
Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate
Administrator”), Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), and Wells Fargo
Bank, National Association, as custodian (the “Custodian”), have entered into that certain Pooling and Servicing
Agreement dated as of August 1, 2015, as amended, modified and restated from time to time (the “Pooling and Servicing
Agreement”), whereby the Master Servicer shall master service certain mortgage loans on behalf of the Trustee; and

 

WHEREAS,
the Master Servicer desires to enter into a contract with the Sub-Servicer whereby the Sub-Servicer shall service the mortgage
loan or mortgage loans, as applicable, listed on Exhibit A (the “Mortgage Loan Schedule”) attached
hereto (hereinafter referred to as the “Mortgage Loans”) on behalf of the Master Servicer.

 

NOW,
THEREFORE, in consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Master Servicer and the Sub-Servicer hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.01          Defined
Terms.

  

Unless
otherwise specified in this Agreement, all capitalized terms not otherwise defined herein shall have the meanings set forth in
the Pooling and Servicing Agreement. As used herein, the following terms have the meanings assigned to them in this Section
1.01:

 

“Available
Distribution Amount” shall mean, with respect to any date, an amount equal to, without duplication, (a) the sum of (i)
the aggregate of the amounts on deposit in the Sub-Servicer Collection Account as of such date, (ii) the aggregate of all other
amounts received with respect to the Mortgage Loans as of such date to the extent not previously remitted to the Master Servicer
and (iii) the aggregate amount of Prepayment Interest Shortfalls deposited by the Sub-Servicer in the Sub-Servicer Collection
Account as required by Section 3.13 of the Pooling and Servicing Agreement as incorporated herein pursuant to Section
3.01(c)(19) of this Agreement, to the extent not previously remitted to the Master Servicer, net of (b) the portion of
the amount described in subclause (a) of this definition that represents one or more of the following: (i) Escrow Payments (other
than Escrow Payments that are to be used to reimburse the Master

 

    	 

    	 

    

 

Servicer
for Property Advances) or (ii) any amounts that the Sub-Servicer is entitled to retain as compensation pursuant to Section
3.12 of the Pooling and Servicing Agreement as incorporated herein pursuant to Section 3.01(c)(17) of this
Agreement.

 

“Collection
Report” shall mean the monthly report prepared by the Sub-Servicer setting forth, with respect to the Mortgage Loans,
the information described on Exhibit G attached hereto.

 

“Mortgage
Loans” shall have the meaning specified in the recitals hereto.

 

“Mortgage
Loan Schedule” shall have the meaning specified in the recitals hereto.

 

“Sub-Servicer
Collection Account” shall have the meaning specified in Section 3.01(c)(8) of this Agreement.

 

“Sub-Servicer
Remittance Date” shall mean the first Business Day after each Determination Date.

 

“Sub-Servicing
Fee” shall mean, with respect to each Mortgage Loan, the fee payable to the Sub-Servicer pursuant to Section 3.01(c)(17)
of this Agreement.

 

“Sub-Servicing
Fee Rate” shall mean, with respect to each Mortgage Loan, the rate that corresponds to such Mortgage Loan set forth
on Exhibit A hereto under the heading “Sub-Servicing Fee %.”

 

“Task
List” shall mean the task list attached hereto as Exhibit L.

 

ARTICLE
II

MASTER SERVICER’S ENGAGEMENT OF SUB-SERVICER

TO PERFORM SERVICING RESPONSIBILITIES

 

Section
2.01          Contract
for Servicing; Possession of Loan Documents.

 

The
Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Sub-Servicer, subject to the terms
of this Agreement, for the servicing of the Mortgage Loans. On and after the Closing Date, the Sub-Servicer shall hold any portion
of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of
the Sub-Servicer in trust by the Sub-Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Sub-Servicer’s
possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee
for the sole purpose of facilitating the servicing or the supervision of servicing of the Mortgage Loans pursuant to this Agreement,
and such retention and possession by the Sub-Servicer shall be in a custodial capacity only. Any portion of the Servicing File
or the Mortgage File retained by the Sub-Servicer shall be identified to reflect clearly the ownership of the Mortgage Loans by
the Trustee. The Sub-Servicer shall release from its custody any Mortgage File retained by it only in accordance with this Agreement
and, to the extent incorporated herein, the Pooling and Servicing Agreement. Within 20 days following the Closing Date the Sub-Servicer
shall provide to the

 

    	2

    	 

    

 

Master
Servicer a certification executed by a duly authorized officer of the Sub-Servicer, certifying to the Master Servicer as to the
original letters of credit held by the Sub-Servicer and identifying the letters of credit, the amounts of the letters of credit
and the Mortgage Loans to which they relate. The Sub-Servicer shall provide to the Master Servicer as soon as practicable after
request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans. Upon request, without
limiting any obligation in any other provision in this Agreement, during the term of this Agreement, the Sub-Servicer will also
provide to the Master Servicer copies of any lease, amendments and other documents related to the Mortgaged Properties securing
any Mortgage Loan or related to any Mortgage Loan.

 

ARTICLE
III

SERVICING OF THE MORTGAGE LOANS

 

Section
3.01          Sub-Servicer
to Service.

 

(a)          
The Sub-Servicer, as an independent contractor, shall service and
administer the Mortgage Loans in a manner consistent with the Servicing Standard under the Pooling and Servicing Agreement.

 

(b)           The
Sub-Servicer shall perform, on behalf of the Master Servicer, all of the obligations of the Master Servicer (with respect to
the Mortgage Loans subject to this Agreement) as set forth in those sections of the Pooling and Servicing Agreement
specifically incorporated herein pursuant to Section 3.01(c) of this Agreement (the “Incorporated
Sections”), as modified by Section 3.01(c) of this Agreement, and the Master Servicer shall have the
same rights with respect to the Sub-Servicer that the Trustee, the Certificate Administrator, the Custodian, the Depositor,
the Underwriters, the Initial Purchasers, the Controlling Class Certificateholder, the Directing Holder, the Operating
Advisor, the Rating Agencies, the Rule 17g-5 Information Provider, the Certificateholders, the Controlling Class
Representative and the Special Servicer (including, without limitation, the right of the Special Servicer to direct the
Master Servicer during certain periods) have with respect to the Master Servicer under the Pooling and Servicing Agreement to
the extent that the Sub-Servicer is acting on behalf of the Master Servicer hereunder and except as otherwise set forth
herein. Without limiting the foregoing, and subject to Section 3.22 of the Pooling and Servicing Agreement as
modified herein, the Sub-Servicer shall service and administer each Mortgage Loan as long as it is not a Specially Serviced
Loan; provided, however, that the Sub-Servicer shall continue to receive payments (and provide notice to the Master
Servicer of such payments), collect information and prepare all reports to the Trustee required from the Master Servicer
under the Pooling and Servicing Agreement with respect to any Specially Serviced Loan, and further to render such incidental
services with respect to any Specially Serviced Loan as are specifically provided for therein; provided, further, however,
that the Sub-Servicer shall continue to be entitled to its Sub-Servicing Fee with respect to any such Specially Serviced Loan
in accordance with and to the extent provided for in Section 3.01(c)(17) of this Agreement. All
references herein to the respective duties of the Sub-Servicer and the Special Servicer, and to the areas in which they may
exercise discretion, shall be subject to Section 3.22 of the Pooling and Servicing Agreement, as modified
herein and to the Special Servicer’s rights to service a Specially Serviced Loan. Except as otherwise set forth below,
for purposes of this Agreement, (i)

    	3

    	 

    

references to the Trustee, the Certificate Administrator, the Custodian, the Depositor,
the Underwriters, the Initial Purchasers, the Controlling Class Certificateholder, the Directing Holder, the Operating
Advisor, the Rating Agencies, the Rule 17g-5 Information Provider, the Certificateholders, the Controlling Class
Representative and the Special Servicer in the Incorporated Sections (and in the defined terms used therein) shall be deemed
to be references to the Master Servicer hereunder, (ii) references to the Master Servicer in the Incorporated Sections (and
in the defined terms used therein) shall be deemed to be references to the Sub-Servicer hereunder, (iii) references to the
Mortgage Loans, as defined in the Pooling and Servicing Agreement, in the Incorporated Sections (and in the defined terms
used therein) shall be deemed to be references to the Mortgage Loans as defined herein, and (iv) references to the Pooling
and Servicing Agreement in the Incorporated Sections (and in the defined terms used therein) shall be deemed to be references
to this Agreement (such modifications of the Incorporated Sections (and in the defined terms used therein) pursuant to
clauses (i) through (iv) shall be referred to herein as the “References Modification”). In each case
where the Master Servicer is given any power to act under the provisions of the Incorporated Sections, such power is hereby
delegated to the Sub-Servicer to the extent necessary to perform its obligations under this Agreement. The Sub-Servicer shall
have no duties or obligations with respect to any Serviced Loan Combination or Serviced Companion Loan. The Sub-Servicer
shall perform the duties and obligations allocated to the Sub-Servicer as reflected on the Task List. To the extent of any
conflict or inconsistency between the Task List and this Agreement (other than the Task List), this Agreement shall
control.

 

Without
limiting the generality of the foregoing, with respect to any requirement in an Incorporated Section for the Master Servicer to
provide notices or documents to, or otherwise communicate with, any other party to the Pooling and Servicing Agreement, it is
the intent of the parties hereto that, except as required by Article XI of the Pooling and Servicing Agreement as incorporated
herein and except as specified in Section 3.01(c)(26) of this Agreement, the Sub-Servicer provide such notices or
documents to, or otherwise communicate with, the Master Servicer, and the Master Servicer provide such notices or documents to,
or otherwise communicate with, the other party or parties to the Pooling and Servicing Agreement.

 

(c)          
The following Sections of the Pooling and Servicing Agreement, unless
otherwise provided in this Section 3.01(c) of this Agreement, are hereby incorporated herein by reference as if
fully set forth herein, and, for purposes of this Agreement, in addition to the References Modification, are hereby further modified
as set forth below:

 

(1)          
Section 2.03(a).          
The Sub-Servicer shall promptly notify the Master Servicer upon its actual knowledge of any facts or circumstances that the Sub-Servicer
reasonably believes constitute a breach of any representations and warranties contained in the PCC Loan Purchase Agreement that
could give rise to a cure or repurchase obligation thereunder. Promptly after receipt thereof from the Depositor, the Master Servicer
shall provide a copy of the PCC Loan Purchase Agreement to the Sub-Servicer. The Sub-Servicer shall notify the Master Servicer
in writing within five (5) Business Days after the Sub-Servicer discovers or receives notice alleging a Document Defect or a Breach
or receives a Repurchase Communication of a Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request
Rejection. The Sub-Servicer shall promptly provide to the Master Servicer a copy of any written Repurchase Request, 

 

    	4

    	 

    

 

Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection received by
the Sub-Servicer and such other information in the possession of the Sub-Servicer reasonably requested by the Master Servicer
to fulfill its obligations under Section 2.03(a) of the Pooling and Servicing Agreement.

 

(2)          
Section 2.05. Section 2.05(a)(i) of the Pooling
and Servicing Agreement shall be deemed modified to read “The Sub-Servicer is a limited liability company, duly organized,
validly existing and in good standing under the laws of the State of Delaware, and the Sub-Servicer is in compliance with the
laws of each jurisdiction in which a Mortgaged Property is located to the extent necessary to perform its obligations under this
Agreement.”

 

(3)          
Sections 3.01(a) and (b) are incorporated herein, except
where expressly provided otherwise in this Agreement. Without limiting the generality of the foregoing, the Sub-Servicer shall
take all necessary action to continue all UCC financing statements prior to the expiration of such UCC financing statements. The
Master Servicer shall forward the Sub-Servicer recorded UCC financing statements reflecting the Trust as the secured party. The
Sub-Servicer shall not modify, amend, waive or otherwise consent to any change of the terms of any Mortgage Loan except as allowed
by this Agreement.

 

(4)          
Sections 3.01(c) and (d). References to the Master Servicer
shall not be deemed to be references to the Sub-Servicer for purposes of Sections 3.01(c) and (d) of the Pooling
and Servicing Agreement. Each and every one of the terms and conditions of Sections 3.01(c) and (d) of the Pooling
and Servicing Agreement shall be enforceable against the Sub-Servicer in accordance with the terms thereof. The Sub-Servicer may
not enter into any new Sub-Servicing Agreements in connection with the Mortgage Loans and shall directly service the Mortgage
Loans in accordance with the terms and conditions of this Agreement. The Sub-Servicer may delegate certain non-material and non-cashiering
servicing duties hereunder (such as inspections or insurance monitoring) to contractors, vendors, other third parties or an Affiliate;
provided, however, that (a) the Sub-Servicer shall remain responsible for the actions of such third-party contractors, vendors,
other third parties or Affiliate as if it were alone performing such functions and shall pay all fees and expenses of such third-party
contractors, vendors, other third parties or Affiliate, and (b) the related agreements or arrangements are (or may be required
to be), to the extent of the functions to be performed by such contractors, vendors, other third parties or Affiliate, consistent
with the applicable requirements of the Pooling and Servicing Agreement. This Agreement may be assumed by the Trustee, if the
Trustee has assumed the duties of the Master Servicer or by any successor Master Servicer without cost or obligation to the assuming
party or the Trust Fund, upon the assumption by such party of the obligations of the Master Servicer pursuant to Section
7.02 of the Pooling and Servicing Agreement. Section 3.01(k) of the Pooling and Servicing Agreement is not incorporated
herein. To the extent a Note register is required under any Loan Documents, the Sub-Servicer shall promptly provide to the Master
Servicer any updates regarding the applicable Notes in the form of Exhibit K attached hereto.

 

(5)          
Section 3.03. The determination as to the application of
amounts collected in respect of each Mortgage Loan, to the extent the application is not governed by the 

 

    	5

    	 

    

 

express provisions of
the related Note or Mortgage, shall be made by the Master Servicer, and
so directed to the Sub-Servicer in writing. Without the express written consent of the Master Servicer, the Sub-Servicer shall
not waive any Penalty Charges in connection with any delinquent Monthly Payment with respect to any Mortgage Loan. The Sub-Servicer
shall use reasonable efforts to collect and shall forward to the Master Servicer all income statements, rent rolls and other reporting
information (as required under the related Loan Documents) collected by the Sub-Servicer from Mortgagors within the timeframe
set forth in Section 3.01(c)(29) of this Agreement.

 

(6)          
Section 3.04(a). Without limiting the generality of the obligations
of the Sub-Servicer hereunder, the Sub-Servicer shall monitor and certify the information on each Mortgage Loan with respect to
taxes, insurance premiums, assessments, ground rents and other similar items on a quarterly basis starting for the quarter ending
in September of 2015 (provided that the first such certification shall cover the period from the Closing Date to the end of such
quarter) within thirty (30) days of the end of such quarter as required by, and in the form of, Exhibit E attached
hereto, pursuant to Section 3.01(c)(29) of this Agreement. The third, fourth, fifth and sixth sentences of
Section 3.04(a) of the Pooling and Servicing Agreement are not incorporated herein. The Sub-Servicer shall not be
obligated to make any Property Advances. With respect to non-escrowed payments, when the Sub-Servicer becomes aware in accordance
with the Servicing Standard that a Mortgagor has failed to make any such payment or, with respect to escrowed loans, collections
from a Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Sub-Servicer shall
promptly notify the Master Servicer. The Master Servicer may direct the Sub-Servicer in writing to (and upon such direction, the
Sub-Servicer shall) make a payment from amounts on deposit in the Sub-Servicer Collection Account as contemplated by Section
3.04(a) of the Pooling and Servicing Agreement.

 

(7)          
Section 3.04(b), (c) and (d). The creation of any Escrow
Account shall be evidenced by a certification in the form of Exhibit F attached hereto and a copy of such certification
shall be furnished to the Master Servicer on or prior to the Closing Date and thereafter to the Master Servicer upon any transfer
of any Escrow Account. Without the express written consent of the Master Servicer, the Sub-Servicer shall not (a) waive or extend
the date set forth in any agreement governing reserve funds by which the required repairs and/or capital improvements at the related
Mortgaged Property must be completed or (b) release any earn out reserve funds or return any related letters of credit delivered
in lieu of earn out reserve funds; provided that the Sub-Servicer may grant such a waiver or perform such release or return without the consent
of the Master Servicer if such waiver, release or return, as the case may be, is not a Major Decision or a Special Servicer Decision. The Sub-Servicer shall promptly notify the Master Servicer of any failure by a Mortgagor described
in Section 3.04(d) of the Pooling and Servicing Agreement. References to the Collection Account shall be references
to the Sub-Servicer Collection Account.

 

(8)          
Section 3.05(a). The Sub-Servicer shall establish a collection
account (hereinafter the “Sub-Servicer Collection Account”), meeting all of the requirements of the Collection
Account, and references to the Collection Account shall be references to 

 

    	6

    	 

    

 

such Sub-Servicer Collection Account. The creation of
any Sub-Servicer Collection Account shall be evidenced by a certification in the form of Exhibit F attached hereto
and a copy of such certification shall be furnished to the Master Servicer on or prior to the Closing Date and thereafter to the
Master Servicer upon any transfer of the Sub-Servicer
Collection Account. Notwithstanding the last two paragraphs of Section 3.05(a) of the Pooling and Servicing
Agreement, the Sub-Servicer shall deposit into the Sub-Servicer Collection Account and include in its Available Distribution Amount,
Ancillary Fees, Consent Fees, Excess Modification Fees, Assumption Fees, assumption application fees and defeasance fees collected
by the Sub-Servicer, to the extent the Sub-Servicer is not entitled to such amounts pursuant to Section 3.01(c)(17)
of this Agreement. The last paragraph of Section 3.05(a) of the Pooling and Servicing Agreement is not incorporated
herein. If any check or other form of payment received by the Sub-Servicer with respect to a Mortgage Loan is returned for insufficient
funds and the Sub-Servicer has previously remitted cash in the amount of such payment to the Master Servicer, the Master Servicer
shall reimburse the Sub-Servicer for such amount within three (3) Business Days after the Master Servicer receives notification
from the Sub-Servicer of such insufficient funds.

 

(9)          
Section 3.06 is not incorporated herein. The Sub-Servicer
may, from time to time, make withdrawals from the Sub-Servicer Collection Account for any of the following purposes (the order
set forth below not constituting an order of priority for such withdrawals):

 

(i)          
to remit to the Master Servicer for deposit in the Collection Account
the amounts required to be so deposited pursuant to Section 4.06(a)(i), (ii) and (v) of the
Pooling and Servicing Agreement and Section 3.01(c)(30) of this Agreement;

 

(ii)          to
the extent not otherwise required to be applied to Prepayment Interest Shortfalls, to pay to itself earned and unpaid Sub-Servicing
Fees in respect of the Mortgage Loans, the Sub-Servicer’s right to payment of its Sub-Servicing Fee pursuant to this clause
(ii) with respect to any Mortgage Loan being limited to amounts received on or in respect of such Mortgage Loan (whether in the
form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds) that are allocable as a recovery of interest
thereon; and

 

(iii)         to
the extent not reimbursed or paid pursuant to any other clause of this Section 3.01(c)(9), to pay the Sub-Servicer unpaid Sub-Servicing
Fees (but only if the related Mortgage Loan has been liquidated or a Final Recovery Determination has been made with respect thereto);

 

(iv)         to
pay to itself, as additional servicing compensation in accordance with Section 3.12(a) of the Pooling and Servicing
Agreement, interest and investment income earned in respect of amounts held in the Sub-Servicer Collection Account as provided
in Section 3.01(c)(10) of this Agreement (but only to the extent of the net investment earnings with respect to
the Sub-Servicer Collection Account for the period from and including the prior Sub-Servicer Remittance Date to and including
such Sub-Servicer Remittance Date);

 

 

    	7

    	 

    

(v)          to
pay itself, any amounts payable pursuant to Section 6.03, of the Pooling and Servicing Agreement, but only to the extent allowed
by the Pooling and Servicing Agreement and Section 3.03 of this Agreement;

 

(vi)         to
clear and terminate the Sub-Servicer Collection Account at the termination of this Agreement pursuant to Section 9.01
of the Pooling and Servicing Agreement, as modified herein; and

 

(vii)        any
amounts deposited in the Sub-Servicer Collection Account in error.

 

          The
Sub-Servicer shall keep and maintain separate accounting records, on a loan-by-loan basis and on a property-by-property basis
when appropriate, for the purpose of justifying any withdrawal, debit or credit from its Sub-Servicer Collection Account. On each
Sub-Servicer Remittance Date, all income and gain realized from investment of funds to which the Sub-Servicer is entitled shall
be subject to withdrawal by such Sub-Servicer. The last paragraph of Section 3.06(a) of the Pooling and Servicing
Agreement is incorporated herein.

 

(10)          Section
3.07 is not incorporated herein. The Sub-Servicer may invest funds in the Sub-Servicer Collection Account and any Escrow
Account maintained by the Sub-Servicer on the same terms as the Master Servicer may invest funds in the Collection Account and
any Escrow Account, and subject to the same restrictions and obligations regarding maturity dates, gains, losses, possession of
Permitted Investments and Permitted Investments payable on demand. Without limiting the generality of the foregoing, (A) any investment
of funds in the Sub-Servicer Collection Account shall be made in the name of the Certificate Administrator, on behalf of the Trustee
for the benefit of the Certificateholders or in the name of a nominee of the Certificate Administrator and (B) the Sub-Servicer,
on behalf of the Trustee, shall take the actions described in Section 3.07 of the Pooling and Servicing Agreement
as applicable to the Master Servicer necessary to perfect the Trustee’s interest in Permitted Investments. The Sub-Servicer
shall have no responsibility or liability with respect to the investment direction of the Master Servicer, the Certificate Administrator,
the Special Servicer, any Mortgagor or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise.
The Sub-Servicer shall not be required to deposit any loss on an investment of funds in an Investment Account if such loss is
incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds
such Investment Account, so long as such depository institution or trust company is not the Sub-Servicer or an Affiliate of the
Sub-Servicer and satisfied the qualifications set forth in the definition of Eligible Account both (1) at the time such investment
was made and (2) as of the date that is thirty (30) days prior to the insolvency.

 

(11)         Section
3.08(a). References to the Collection Account shall be references to the Sub-Servicer Collection Account. Within thirty (30)
days after the Closing Date, the Sub-Servicer shall forward to the Master Servicer, for the Mortgage Loans, a fully completed
certificate of insurance in the form of Exhibit H attached hereto. The Sub-Servicer shall promptly notify the Master
Servicer of any Mortgaged Property that is not 

 

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insured against terrorist or other similar acts. Upon receipt of notice from the
Special Servicer of any determination by the Special Servicer that a default is an Acceptable Insurance Default, the Master Servicer
shall notify the Sub-Servicer of such determination.

 

(12)         Section
3.08(b). References to the Collection Account shall be references to the Sub-Servicer Collection Account.

 

(13)         Section
3.08(c). The Sub-Servicer may self insure for the fidelity bond and errors omission insurance required under this Section
3.01(c)(13) under the terms and conditions applicable to the Master Servicer under Section 3.08(c) of the Pooling and
Servicing Agreement.

 

(14)         Section
3.09. With respect to any assumption, transfer or other action contemplated by Section 3.09(a) of the Pooling
and Servicing Agreement, the Sub-Servicer shall perform the obligations of the Master Servicer under Section 3.09
of the Pooling and Servicing Agreement (including dealing directly with the Special Servicer on matters for which the Pooling
and Servicing Agreement requires the Master Servicer to deal with the Special Servicer) without the approval of the Master Servicer,
but subject to all requirements and restrictions set forth in Section 3.09 of the Pooling and Servicing Agreement;
provided, however, that the Sub-Servicer shall copy the Master Servicer on all correspondence to the Special Servicer regarding
such matters and the Sub-Servicer shall prepare any package and analysis necessary to obtain any required Rating Agency Confirmation
and forward such package to the Master Servicer for the Master Servicer to deal with the Rating Agencies. For avoidance of doubt,
the Sub-Servicer shall not approve or consent to any assumption, transfer or other action contemplated by Section 3.09(a)
of the Pooling and Servicing Agreement without the consent of the Special Servicer. With respect to any defeasance contemplated
by Section 3.09(d) of the Pooling and Servicing Agreement, the Sub-Servicer shall perform the obligations of the
Master Servicer under Section 3.09(d) of the Pooling and Servicing Agreement, but subject to all requirements and
restrictions set forth in Section 3.09(d) of the Pooling and Servicing Agreement. For the avoidance of doubt, the
Sub-Servicer will not process any defeasance contemplated by Section 3.09(d) of the Pooling and Servicing Agreement
without the prior written consent of the Master Servicer. With respect to any such defeasance, the Sub-Servicer shall deliver
to the Master Servicer (not the Rating Agencies) a certification substantially in the form attached to the Pooling and Servicing
Agreement as Exhibit DD prior to the Master Servicer’s delivery of such a certification to the Rating Agencies.
With respect to any matter or action requiring Rating Agency Confirmation, the Sub-Servicer shall prepare any package and analysis
necessary to obtain such required Rating Agency Confirmation and forward such package to the Master Servicer for the Master Servicer
to deal with the Rating Agencies.

 

(15)          Reserved.

 

(16)          Section
3.11. The references to the Collection Account shall be references to the Sub-Servicer Collection Account. No expense incurred
in connection with any

 

 

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 instrument of satisfaction or deed of reconveyance shall be chargeable to the Sub-Servicer Collection Account.

 

(17)          Section
                                                                                                                      3.12(a). References to the Servicing Fee shall be deemed to be references to the Sub-Servicing Fee and references to the
                                                                                                                      Servicing Fee Rate shall be deemed to be references to the Sub-Servicing Fee Rate. All references to the Collection Account
                                                                                                                      shall be references to the Sub-Servicer Collection Account. The Sub-Servicer shall be entitled to retain, and shall not be
                                                                                                                      required to deposit in the Sub-Servicer Collection Account, additional servicing compensation in the form of the following
                                                                                                                      amounts to the extent collected from the Mortgagor: (i) 80% of that portion of Excess Modification Fees to which the Master
                                                                                                                      Servicer is entitled under Section 3.12(a) of the Pooling and Servicing Agreement collected by the Sub-Servicer
                                                                                                                      in connection with matters performed by the Sub-Servicer pursuant to Section 3.01(c)(26) of this Agreement,
                                                                                                                      (ii) 100% of that portion of defeasance fees to which the Master Servicer is entitled under Section 3.12(a) of
                                                                                                                      the Pooling and Servicing Agreement collected by the Sub-Servicer in connection with matters performed by the Sub-Servicer
                                                                                                                      pursuant to Section 3.01(c)(14) of this Agreement, (iii) 80% of that portion of Assumption Fees to which the
                                                                                                                      Master Servicer is entitled under Section 3.12(a) of the Pooling and Servicing Agreement collected by the
                                                                                                                      Sub-Servicer in connection with matters performed by the Sub-Servicer pursuant to Section 3.01(c)(14) of this
                                                                                                                      Agreement, (iv) 100% of that portion of assumption application fees to which the Master Servicer is entitled under Section
                                                                                                                      3.12(a) of the Pooling and Servicing Agreement collected by the Sub-Servicer in connection with matters performed by
                                                                                                                      the Sub-Servicer pursuant to Section 3.01(c)(14) of this Agreement, (v) Prepayment Interest Excesses arising
                                                                                                                      from any principal prepayments on the Mortgage Loans to the extent not required by Section 3.13 of the Pooling
                                                                                                                      and Servicing Agreement to offset Prepayment Interest Shortfalls on all Mortgage Loans (as defined in the Pooling and
                                                                                                                      Servicing Agreement), and (vi) 80% of that portion of waiver fees, earnout fees, Consent Fees and other processing fees to
                                                                                                                      which the Master Servicer is entitled under Section 3.12(a) of the Pooling and Servicing Agreement collected by
                                                                                                                      the Sub-Servicer in connection with matters performed by the Sub-Servicer pursuant to Section 3.01(c)(26)
                                                                                                                      of this Agreement. The Sub-Servicer shall be entitled to (a) interest or other income earned on deposits relating to the
                                                                                                                      Trust Fund in the Sub-Servicer Collection Account in accordance with Section 3.01(c)(10) of this Agreement, (b)
                                                                                                                      interest or other income earned on deposits in any Escrow Account maintained by the Sub-Servicer which are not required by
                                                                                                                      applicable law or the Loan Documents to be paid to the Mortgagor, (c) 100% of any charges for processing Mortgagor requests
                                                                                                                      (other than requests for actions otherwise addressed in this Section 3.01(c)(17)) processed by the Sub-Servicer
                                                                                                                      for which the consent of the Master Servicer is not required under this Agreement, (d) 50% of any charges for processing
                                                                                                                      Mortgagor requests (other than requests for actions otherwise addressed in this Section 3.01(c)(17)) processed
                                                                                                                      by the Sub-Servicer for which the consent of the Master Servicer is required under this Agreement, and (e) 100% of Ancillary
                                                                                                                      Fees actually received from Mortgagors on Performing Mortgage Loans in the case of servicing actions processed by the
                                                                                                                      Sub-Servicer, in each case only to the extent actually paid by the Mortgagor. Notwithstanding the foregoing, the Sub-Servicer
                                                                                                                      shall not be entitled to any Penalty Charges or any other additional servicing compensation not specifically addressed in
                                                                                                                      this Section 3.01(c)(17).

 

 

 

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(18)         Section
3.12(d) and (e).

 

(19)          Section
                                                                                                                      3.13. On each Sub-Servicer Remittance Date, the Sub-Servicer shall deposit into the Sub-Servicer Collection Account as
                                                                                                                      part of the Sub-Servicer Remittance Amount, the amount set forth in Section 3.13 of the Pooling and Servicing
                                                                                                                      Agreement to the extent resulting from Principal Prepayments on the Mortgage Loans and to the extent that the Master
                                                                                                                      Servicer is required to remit such amounts under Section 3.13 of the Pooling and Servicing Agreement.
                                                                                                                      Notwithstanding the foregoing, the Sub-Servicer shall have no obligation to deposit any amount set forth in the preceding
                                                                                                                      sentence for Specially Serviced Loans or Mortgage Loans on which the Master Servicer allowed or consented to the Sub-Servicer
                                                                                                                      allowing a Principal Prepayment on a date other than the applicable Due Date. References to the Servicing Fee shall be
                                                                                                                      references to the Sub-Servicing Fee.

 

(20)          Section
3.15. For the avoidance of doubt, access provided by the Sub-Servicer pursuant to Section 3.15 of the Pooling
and Servicing Agreement shall only be provided to the Master Servicer.

 

(21)          Section
3.18(a) and (b). The Sub-Servicer shall promptly (but, in the case of inspections, in no event later than the earlier of (i)
thirty (30) days after completion and receipt of such inspection report and (ii) December 15th of each year) forward
to the Master Servicer a copy of all such reports prepared by the Sub-Servicer. If any inspection report identifies a “life
safety” or other material deferred maintenance item existing with respect to any Mortgaged Property, the Sub-Servicer (x)
shall promptly send to the related Mortgagor a letter identifying such deferred maintenance item and instructing the related Mortgagor
to correct such deferred maintenance item and (y) shall notify the Master Servicer (by email to cmsins@wellsfargo.com) upon resolution
of such “life safety” or deferred maintenance item. With respect to the Mortgage Loans serviced hereunder, the Sub-Servicer
shall inform each ground lessor that any notices of default under the related Ground Lease should thereafter be forwarded to the
Master Servicer in addition to the Sub-Servicer.

 

(22)          Section
3.19.

 

(23)          Section
3.20 is not incorporated herein. The Sub-Servicer shall have no obligation to make any Property Advances, provided, that the
Sub-Servicer shall provide the Master Servicer not less than five (5) Business Days’ notice before the date on which the
Master Servicer is required to make any Property Advance with respect to any Mortgage Loan (which notice shall include any and
all information in its possession reasonably requested by the Master Servicer that will enable the Master Servicer to determine
whether such Property Advance would constitute a Nonrecoverable Property Advance).

 

(24)          Section
3.22(a). The Sub-Servicer shall promptly notify the Master Servicer of any event or circumstance that the Sub-Servicer deems
to constitute a Servicing Transfer Event with respect to any Mortgage Loan. The determination as to whether a Servicing Transfer
Event has occurred shall be made by the Master Servicer.

  

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The Master Servicer shall promptly notify the Sub-Servicer of any determination
by the Master Servicer that a Servicing Transfer Event with respect to any Mortgage Loan has occurred. Upon receipt by the Master
Servicer of notice from the Special Servicer that a Specially Serviced Loan has become a Corrected Loan, the Master Servicer shall
promptly give the Sub-Servicer notice thereof and the obligation of the Sub-Servicer to service and administer such Mortgage Loan
shall resume.

 

(25)         Section
3.22(c).

 

(26)          Section
3.24 With respect to any modification, extension, waiver, consent or other action contemplated by Section 3.24
of the Pooling and Servicing Agreement, the Sub-Servicer shall perform the obligations of the Master Servicer under Section
3.24 of the Pooling and Servicing Agreement (including dealing directly with the Special Servicer on matters for which
the Pooling and Servicing Agreement requires the Master Servicer to deal with the Special Servicer) without the approval of the
Master Servicer, but subject to all requirements and restrictions set forth in Section 3.24 of the Pooling and Servicing
Agreement; provided, however, that the Sub-Servicer shall copy the Master Servicer on all correspondence to the Special Servicer
regarding such matters and the Sub-Servicer shall prepare any package and analysis necessary to obtain any required Rating Agency
Confirmation and forward such package to the Master Servicer for the Master Servicer to deal with the Rating Agencies. Notwithstanding
anything herein to the contrary, the Sub-Servicer will not permit or consent to any Special Servicer Decision or a Major Decision
without the prior written consent of the Special Servicer. The Master Servicer, not the Sub-Servicer, will deal directly with
the Rating Agencies and, as necessary, the Operating Advisor and the Directing Holder, in connection with obtaining any necessary
approval or consent from such parties. When forwarding a request for the approval of any lease or renewal or extension thereof,
the Sub-Servicer shall forward to the Special Servicer the information concerning such lease required by, and in the form of,
Exhibit I attached hereto. The Sub-Servicer will not permit any Principal Prepayment with respect to any Mortgage
Loan without the written consent of the Master Servicer. The Sub-Servicer shall promptly forward all requests for Principal Prepayments
to the Master Servicer, along with a payoff statement setting forth the amount of the necessary Principal Prepayment calculated
by the Sub-Servicer. The Master Servicer shall respond to the Sub-Servicer promptly (but no later than five (5) Business Days or such later date as necessary to obtain any consents or approvals
required by any related intercreditor or other related agreement) following its receipt of any such request
for consent and payoff statement.

 

(27)         Section
3.25 is not incorporated herein. The Sub-Servicer will not permit any replacement of a Manager for the related Mortgaged Property
with respect to any Mortgage Loan without the express written consent of the Special Servicer (if the consent of the Special Servicer
is required on such matter under the Pooling and Servicing Agreement; provided, however, that the Sub-Servicer shall copy the
Master Servicer on all correspondence to the Special Servicer regarding such matters).          

 

(28)          Section
3.30 is not incorporated herein. Notwithstanding any provision herein to the contrary, the Sub-Servicer shall not deliver
any information to the Rating Agencies or make any request to a Rating

 

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Agency
                                                                                                                      for a Rating Agency Confirmation; all such requests shall be made by, and as determined necessary by, the Master Servicer.
                                                                                                                      The Sub-Servicer shall not orally communicate with any Rating Agency regarding any of the Loan Documents or any matter
                                                                                                                      related to the Mortgage Loans, the related Mortgaged Properties, the related Mortgagors or any other matters in connection
                                                                                                                      with the Certificates or pursuant to this Agreement or the Pooling and Servicing Agreement. The Sub-Servicer agrees to comply
                                                                                                                      (and to cause each and every subcontractor, vendor or agent for the Sub-Servicer and each of its officers, directors and
                                                                                                                      employees to comply) with the provisions relating to communications with the Rating Agencies set forth in this paragraph
                                                                                                                      and shall not deliver to any Rating Agency any report, statement, request for Rating Agency Confirmation or other information
                                                                                                                      restricted by the Pooling and Servicing Agreement. All information described above in this Section 3.01(c)(28)
                                                                                                                      will be provided by, and all such communications, responses and requests described in the immediately preceding paragraph
                                                                                                                      will be made by, the Master Servicer in accordance with the procedures required by the Pooling and Servicing Agreement. To
                                                                                                                      the extent that the Master Servicer is required to provide any information to, or communicate with, any Rating Agency in
                                                                                                                      accordance with its obligations under the Pooling and Servicing Agreement and such information or communication is regarding
                                                                                                                      the Mortgage Loans or the sub-servicing by the Sub-Servicer under this Agreement, the Sub-Servicer shall provide the
                                                                                                                      information to the Master Servicer necessary for the Master Servicer to fulfill such obligations.

 

Subject to
any restrictions in the Pooling and Servicing Agreement, none of the foregoing restrictions in this Section 3.01(c)(28)
prohibit or restrict oral or written communications, or providing information, between the Sub-Servicer and any Rating
Agency with regard to (i) such Rating Agency’s review of the ratings it assigns to the Sub-Servicer, (ii) such Rating Agency’s
approval of the Sub-Servicer as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s
evaluation of the Sub-Servicer’s servicing operations in general; provided, however, that the Sub-Servicer shall not provide
any information relating to the Certificates or the Mortgage Loans to a Rating Agency in connection with such review and evaluation
by such Rating Agency unless (x) borrower, property or deal specific identifiers are redacted; (y) the Master Servicer confirms
to the Sub-Servicer in writing that it has previously provided such information to the Rule 17g-5 Information Provider and has
not provided such information to such Rating Agency until the earlier of (a) receipt of notification from the Rule 17g-5 Information
Provider that such information has been posted to the Rule 17g-5 Information Provider’s Website and (b) after 12:00 p.m.
on the first Business Day following the date it has provided such information to the Rule 17g-5 Information Provider; or (z) such
Rating Agency has confirmed in writing to the Sub-Servicer that it does not intend to use such information in undertaking credit
surveillance for any Class of Certificates (and the Sub-Servicer shall, upon written request, certify to the Depositor, with copy
to the Master Servicer, that it received the confirmation described in this clause (z)).

  

(29)          
Section 4.02(b) is not incorporated herein. The Sub-Servicer
shall deliver to the Master Servicer, no later than 4:00 p.m. New York City time on the Sub-Servicer Remittance Date, by electronic
transmission in the format mutually agreed upon by the

 

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Master
Servicer and the Sub-Servicer, the CREFC® Financial File, the CREFC® Property File, the
CREFC® Comparative Financial Status Report, the CREFC® Loan Level Reserve/LOC Report, the
CREFC® Total Loan Report, a CREFC® Delinquent Loan Status Report and a CREFC®
Servicer Watch List/Portfolio Review Guidelines, each providing the required information as of the related Determination
Date. To the extent any Mortgage Loan becomes a Specially Serviced Loan, the Sub-Servicer shall send to the related Mortgagor
a notice directing the Mortgagor to forward to the Special Servicer annual, quarterly and monthly operating statements,
budgets and rent rolls of the related Mortgaged Property, and financial statements of the related Mortgagor. The preparation
and maintenance by the Sub-Servicer of all the reports specified in this Section 3.01(c)(29), including the
calculations made therein, shall be done in accordance with CREFC® standards to the extent applicable thereto.
The Sub-Servicer shall deliver to the Master Servicer by electronic transmission in a format mutually agreed upon by the
Master Servicer and the Sub-Servicer, (a) on a monthly basis not later than 4:00 p.m. New York City time on each Sub-Servicer
Remittance Date, the Collection Report (the information therein to be stated as of the Determination Date) and (b) on a
quarterly basis starting for the quarter ending September of 2015 (provided that the first such certification shall cover the
period from the Closing Date to the end of such quarter), within thirty (30) days of the end of such quarter, the information
on the Mortgage Loans, including without limitation information regarding UCC financing statements, taxes, insurance premiums
and ground rents on a quarterly basis, required by and in the form of Exhibit E attached hereto. The
Sub-Servicer shall deliver to the Master Servicer no later than 4:00 pm New York City time on the first Business Day of each
month by electronic transmission in a format designated by the Master Servicer, a remittance report containing
scheduled balance information for each Mortgage Loan reflecting the scheduled Monthly Payment for such month (also known as a
“Day One Report”) in the form of Exhibit G attached hereto. In addition, on each day that the
Sub-Servicer forwards to the Master Servicer any funds pursuant to Section 3.01(c)(30) of this Agreement, the
Sub-Servicer shall deliver the Collection Report to the Master Servicer by electronic transmission in a format mutually
agreed upon by the Master Servicer and the Sub-Servicer. The Sub-Servicer shall also prepare and deliver to the Master
Servicer, not later than 4:00 p.m. New York City time on the 25th day of the calendar month following each
calendar quarter beginning with the calendar quarter ending in September of 2015 a certification in the form of Exhibit
J. Following the Closing Date, the Master Servicer shall provide a CREFC® Loan Setup File,
CREFC® Property File and CREFC® Comparative Financial Status Report to the
Sub-Servicer.

 

The
Sub-Servicer shall forward to the Master Servicer promptly upon completion, and in any event at least five (5) Business Days before
the Master Servicer must deliver or make available such reports, statements and files under the Pooling and Servicing Agreement,
a copy of all income statements, rent rolls and other reporting information collected by the Sub-Servicer and electronically deliver
in Microsoft Excel format the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment
Worksheet with respect to the Mortgage Loans as required by Section 4.02(b) of the Pooling and Servicing Agreement.

 

 

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(30)         Section
4.06 is not incorporated herein. By 4:00 p.m. New York City time on the Sub-Servicer Remittance Date immediately
preceding each Distribution Date, the Sub-Servicer shall remit to the Master Servicer by wire transfer the Available
Distribution Amount for such date. Each month, by 4:00 p.m. New York City time on each Business Day between the Sub-Servicer
Remittance Date and the Distribution Date, the Sub-Servicer shall forward to the Master Servicer by wire transfer the
Available Distribution Amount for such date. Each month, on each Business Day that the Sub-Servicer is not required to remit
to the Master Servicer pursuant to the previous two sentences, the Sub-Servicer shall forward to the Master Servicer by wire
transfer all amounts collected by the Sub-Servicer and not previously remitted to the Master Servicer which constitute
delinquent payments on the Mortgage Loans and any related late fees or Default Interest to the extent not due to the
Sub-Servicer. Section 3.01(c)(29) of this Agreement sets forth certain reporting requirements with respect to
such remittances. The Sub-Servicer shall have no obligation to make P&I Advances.

 

(31)         Sections
10.01, 10.02, 10.03, 10.04, 10.05, 10.06, 10.07, 10.08, 10.09, 10.10 and 10.12. The Sub-Servicer shall perform all obligations
and be subject to all restrictions and requirements applicable to the Master Servicer or “Sub-Servicer” in such Sections
as they relate to its duties thereunder. In addition, if the Sub-Servicer is a “Servicing Function Participant” or
“Reporting Servicer” it shall perform all obligations and be subject to all restrictions and requirements applicable
to a “Servicing Function Participant” or “Reporting Servicer” in such Sections. The Sub-Servicer shall
cooperate with requests by the Master Servicer, and if the Sub-Servicer is a Servicing Function Participant or Reporting Servicer,
the Trustee and the Depositor in connection with the satisfaction of the Trust’s reporting requirements under the Exchange
Act as they relate to its duties hereunder and as required by Regulation AB. The Sub-Servicer shall have a reasonable period of
time to comply with any written request made under Section 10.01 or 10.02 of the Pooling and Servicing Agreement,
but in any event, shall, upon reasonable advance written request, provide information in sufficient time to allow the Depositor
to satisfy any related filing requirements. It is hereby acknowledged that, as of the Closing Date, the Sub-Servicer is a Servicing
Function Participant, a Reporting Servicer and an Additional Servicer.

 

The
Sub-Servicer shall cooperate fully with the Master Servicer and deliver to the Master Servicer any and all statements, reports,
certifications, records and any other information in its possession or reasonably available to it and necessary in the reasonable
good faith determination of the Master Servicer, the Certificate Administrator or the Depositor to permit the Depositor to comply
with the provisions of Regulation AB and the Master Servicer to comply with its obligations under Article X of the
Pooling and Servicing Agreement, together with such disclosures relating to the Sub-Servicer, or the servicing of the Mortgage
Loans, reasonably believed by the Depositor, the Certificate Administrator and/or the Master Servicer in good faith to be necessary
in order to effect such compliance, as it relates to the Sub-Servicer’s duties thereunder.

 

For
purposes of Section 10.02 of the Pooling and Servicing Agreement, references to the Depositor and Certificate Administrator
shall not mean the Master

 

 

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Servicer, and the Sub-Servicer shall deliver such written notice and any additional information required
directly to the Depositor with a copy to the Master Servicer.

 

With
respect to any period that the Sub-Servicer is a Servicing Function Participant or a servicer as contemplated by Item 1108(a)(2)
of Regulation AB, the Sub-Servicer shall perform all obligations under Sections 10.01 and 10.03 of the Pooling and
Servicing Agreement applicable to a Servicing Function Participant or such a servicer (including, without limitation, any obligation
or duty the Master Servicer is required under Sections 10.01 and 10.03 of the Pooling and Servicing Agreement to
cause (or use commercially reasonable efforts to cause) a Servicing Function Participant or such a servicer to perform).

 

Any
Additional Form 10-D Disclosure and related Additional Disclosure Notification required to be delivered by the Sub-Servicer shall
be delivered to the Master Servicer (and, if the Sub-Servicer is a Servicing Function Participant or an Additional Servicer, also
to the Depositor and the Certificate Administrator) within the time provided in Section 10.04 of the Pooling and
Servicing Agreement.

 

Any
Additional Form 10-K Disclosure and related Additional Disclosure Notification required to be delivered by the Sub-Servicer shall
be delivered to the Master Servicer (and, if the Sub-Servicer is a Servicing Function Participant or an Additional Servicer, also
to the Depositor and the Certificate Administrator) within the time provided in Section 10.05 of the Pooling and
Servicing Agreement.

 

The
Sub-Servicer (without regard to whether the Sub-Servicer is a Servicing Function Participant, Reporting Servicer or Additional
Servicer) shall provide a Sarbanes-Oxley Certification described in Section 10.06 of the Pooling and Servicing Agreement
(on which the Master Servicer and its officers, directors and Affiliates, and only if the Sub-Servicer is a Servicing Function
Participant, also the Certification Parties, can reasonably rely) to the Master Servicer at least five (5) Business Days before
the Master Servicer must deliver its Sarbanes-Oxley Certification. If the Sub-Servicer is a Servicing Function Participant, such
Sarbanes-Oxley Certification shall also be provided to the Certifying Person by the time required by the Pooling and Servicing
Agreement, and if the Sub-Servicer is not a Servicing Function Participant, such Sarbanes-Oxley Certification shall be delivered
only to the Master Servicer. In addition, the Sub-Servicer (a) shall provide such information and assistance as may be reasonably
required to cooperate with the Master Servicer in complying with Section 10.06 of the Pooling and Servicing Agreement
and (b) shall cooperate with the Master Servicer’s reasonable requests in performing its due diligence for its certification
under Section 10.06 of the Pooling and Servicing Agreement.

 

Any
Form 8-K Disclosure Information and related Additional Disclosure Notification required to be delivered by the Sub-Servicer (only
if the Sub-Servicer is an Additional Servicer) shall be delivered to the Master Servicer, the Depositor and the Certificate Administrator
within the time provided in Section 10.07 of the Pooling and Servicing Agreement.

 

 

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The
                                                                                                                    Sub-Servicer (without regard to whether the Sub-Servicer is an Additional Servicer) shall deliver its Officer’s
                                                                                                                    Certificate required by Section 10.08 of the Pooling and Servicing Agreement to the Master Servicer at least
                                                                                                                    three (3) Business Days before the Master Servicer must deliver its Officer’s Certificate under Section
                                                                                                                    10.08 of the Pooling and Servicing Agreement. If the Sub-Servicer is an Additional Servicer, the Sub-Servicer shall
                                                                                                                    also deliver such Officer’s Certificate to the Certificate Administrator, the Depositor, the Rule 17g-5 Information
                                                                                                                    Provider and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class
                                                                                                                    Representative within the time provided in Section 10.08, and if the Sub-Servicer is not an Additional
                                                                                                                    Servicer, such Officer’s Certificate shall be delivered only to the Master Servicer. The Sub-Servicer shall not be
                                                                                                                    required to cause the delivery of any such statement until five (5) Business Days prior to March 15 in any given year so long
                                                                                                                    as it has received written confirmation from the Depositor or the Master Servicer that a report on Form 10-K is not required
                                                                                                                    to be filed in respect of the Trust for the preceding calendar year.

 

The
Sub-Servicer (without regard to whether the Sub-Servicer is a Servicing Function Participant or Reporting Servicer) shall deliver
the items required under Sections 10.09 and 10.10 of the Pooling and Servicing Agreement regarding itself (the “report
on an assessment of compliance with Relevant Servicing Criteria” and “accountants’ report”) to the Master
Servicer at least three (3) Business Days before the Master Servicer must deliver its Sections 10.09 and 10.10 items.
If the Sub-Servicer is a Servicing Function Participant, Reporting Servicer or Additional Servicer the report on an assessment
of compliance with Relevant Servicing Criteria and accountants’ report shall also be delivered to the Certificate Administrator,
the Trustee and the Depositor within the time provided in Sections 10.09 and 10.10 of the Pooling and Servicing
Agreement. Only if the Sub-Servicer is a Servicing Function Participant, and only with respect to the accountants’ report,
the Sub-Servicer shall also deliver such report to the 17g-5 Information Provider and, prior to the occurrence and continuation
of a Consultation Termination Event, the Controlling Class Representative within the time provided in Section 10.10
of the Pooling and Servicing Agreement. If the Sub-Servicer is not a Servicing Function Participant or Reporting Servicer, the
report on an assessment of compliance with Relevant Servicing Criteria and accountants’ report shall be delivered only to
the Master Servicer. The Sub-Servicer shall not be required to cause the delivery of any such report on assessment or accountant’s
report until five (5) Business Days prior to March 15 in any given year so long as it has received written confirmation from the
Depositor or the Master Servicer that a report on Form 10-K is not required to be filed in respect of the Trust for the preceding
calendar year.

 

With
respect to the Sub-Servicer obligations in Sections 10.08 and 10.10 of the Pooling and Servicing Agreement to send
reports to the Controlling Class Representative, the Master Servicer shall, upon request from the Sub-Servicer, confirm if the
Master Servicer has received notice that a Consultation Termination Event occurred in the prior year. The Sub-Servicer may rely
on any such notice, without any independent investigation or inquiry.

 

Section
10.12 of the Pooling and Servicing Agreement shall be incorporated herein and apply to the Sub-Servicer for so long as
the Sub-Servicer is a Servicing

 

    	17

    	 

    

Function
Participant or an Additional Servicer. In connection with comments provided to the Depositor from the Commission regarding
information (x) delivered by the Sub-Servicer, (y) regarding the Sub-Servicer and (z) prepared by the Sub-Servicer or any
registered public accounting firm, attorney or other agent retained by such party to prepare such information, which
information is contained in a report filed by the Depositor under the Reporting Requirements and which comments are received
subsequent to the Depositor’s filing of such report, the Depositor is required pursuant to Section 10.12
of the Pooling and Servicing Agreement to promptly provide to the Sub-Servicer any such comments which related to the
Sub-Servicer. Sub-Servicer shall be responsible for timely preparing a written response to the Commission for inclusion in
the Depositor’s or the Master Servicer’s, as applicable, response to the Commission, unless Sub-Servicer elects,
with the consent of the Master Servicer (which consent shall not be unreasonably denied, withheld or delayed), to directly
communication with the Commission and negotiate a response and/or resolution with the Commission. If such election is made,
the Sub-Servicer shall be responsible for directly negotiating such response and/or resolution with the Commission in a
timely manner; provided, that (i) Sub-Servicer shall use reasonable efforts to keep the Depositor and the Master Servicer
informed of its progress with the Commission and copy the Depositor and the Master Servicer on all correspondence with the
Commission and provide the Depositor and the Master Servicer with the opportunity to participate (at the Depositor’s or
Master Servicer’s, as applicable, expense) in any telephone conferences and meetings with the Commission and (ii) the
Master Servicer shall cooperate with the Sub-Servicer in order to authorize the Sub-Servicer and its representatives to
respond to and negotiate directly with the Commission with respect to any comments received from the Commission or its
staff relating to Sub-Servicer and to notify the Commission of such authorization. The Master Servicer and the Sub-Servicer
shall cooperate and coordinate with each other with respect to any requests made to the Commission for any extension of time
for submitting a response or compliance. All reasonable out-of-pocket costs and expenses incurred by the Depositor and the
Master Servicer (including reasonable legal fees and expenses of outside counsel to the Depositor and the Master Servicer) in
connection with the foregoing and any amendments to any reports filed with the Commission in connection therewith shall be
promptly paid by the Sub-Servicer upon receipt of an itemized invoice from the Depositor and/or the Master Servicer, as
applicable.

 

Following
its receipt of notice from the Certificate Administrator that it has filed a form to suspend reporting obligations with respect
to the Trust as contemplated by Section 10.19 of the Pooling and Servicing Agreement, the Master Servicer shall
provide such notice to the Sub-Servicer; provided, however, failure to so notify shall not be considered a Sub-Servicer Termination
Event under this Agreement.

 

Subject
to other provisions of this Agreement restricting the right of the Sub-Servicer to retain subservicers or subcontractors, the
provisions of Article X regarding retaining a “Sub-Servicer,” “Subcontractor,” “Additional
Servicer” or “Servicing Function Participant” shall be applicable to any sub-servicer, subcontractor or agent
hired by the Sub-Servicer to perform any of its obligations hereunder and the Sub-Servicer shall comply with such provisions.

 

 

    	18

    	 

    

If
                                                                                                                      at any time the Sub-Servicer is a Servicing Function Participant, the Sub-Servicer shall indemnify and hold harmless the
                                                                                                                      Master Servicer, each Certification Party, the Depositor, each Other Depositor, any employee, director or officer of the
                                                                                                                      Depositor or any Other Depositor from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal
                                                                                                                      fees and expenses and related costs, judgments and any other costs, fees and expenses incurred by such indemnified party
                                                                                                                      arising out of (i) a breach of its obligations to provide any of the annual compliance statements or annual servicing
                                                                                                                      criteria compliance reports or attestation reports pursuant to this Agreement, (ii) negligence, bad faith or willful
                                                                                                                      misconduct on its part in the performance of such obligations, (iii) any failure by a Servicer (as defined in Section
                                                                                                                      10.02(b) of the Pooling and Servicing Agreement) to identify a Servicing Function Participant pursuant to Section
                                                                                                                      10.02 of the Pooling and Servicing Agreement or (iv) any Deficient Exchange Act Deliverable with respect to the
                                                                                                                      Sub-Servicer.

 

If
the indemnification provided for in this Section 3.01(c)(31) is unavailable or insufficient to hold harmless
any Certification Party, the Master Servicer, the Depositor, any Other Depositor, any employee, director or officer of the Depositor,
any Other Depositor or the Master Servicer, or any other person who controls the Depositor or any Other Depositor within the meaning
of either Section 15 of the Securities Act or Section 20 of the Exchange Act, then the Sub-Servicer shall contribute to the amount
paid or payable to the indemnified party as a result of the losses, claims, damages or liabilities of the indemnified party in
such proportion as is appropriate to reflect the relative fault of the indemnified party on the one hand and the Sub-Servicer
on the other in connection with a breach of the Sub-Servicer’s obligations pursuant to this Section 3.01(c)(31).

 

(32)          
If the Sub-Servicer receives a Form ABS Due Diligence-15E from any
Person in connection with any third-party “due diligence services” (as defined in Rule 17g-10 under the Exchange Act)
provided by such Person with respect to the Mortgage Loans (“Due Diligence Service Provider”), the Sub-Servicer
shall promptly forward such Form ABS Due Diligence-15E to the Master Servicer.

 

Section
3.02          Merger
or Consolidation of the Sub-Servicer.

 

Subject
to the following paragraph, the Sub-Servicer shall keep in full effect its existence, rights and good standing as a limited liability
company under the laws of the state of its organization and shall not jeopardize its ability to do business in each jurisdiction
in which the Mortgaged Properties are located, to the extent necessary to perform its obligations under this Agreement, or to
protect the validity and enforceability of this Agreement, the Certificates or any of the Mortgage Loans and to perform its duties
under this Agreement.

 

Any
Person into which the Sub-Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Sub-Servicer shall be a party, or any Person succeeding to the business or substantially all of the
servicing business of the Sub-Servicer, shall be the successor of the Sub-Servicer hereunder, without the execution or filing
of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided,
however, that the successor or surviving Person (i) must be a company whose business includes the servicing of mortgage loans

 

 

 

    	19

    	 

    

and shall be authorized to transact business in each state in which the Mortgaged Properties it is to service are situated, (ii)
must be acceptable to the Master Servicer (which acceptance shall not be unreasonably withheld, conditioned or delayed), and (iii)
shall assume in writing the obligations of the Sub-Servicer under this Agreement.

 

Section
3.03          Limitation
on Liability of the Sub-Servicer and Others.

 

Neither
the Sub-Servicer nor any of the Affiliates, directors, members, managers, officers, employees or agents of the Sub-Servicer
shall be under any liability to the Master Servicer for any action taken or for refraining from the taking of any action in
good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect
the Sub-Servicer or any of its Affiliates, directors, members, managers, officers, employees or agents against liability to
the Master Servicer for any breach of any representation or warranty made herein, or against any liability which would
otherwise be imposed by reason of willful misconduct, bad faith, fraud or negligence in the performance of obligations or
duties hereunder or by reason of negligent disregard of obligations or duties hereunder. The Sub-Servicer and any Affiliate,
director, member, officer, employee or agent of the Sub-Servicer may rely on any document of any kind which, prima facie, is
properly executed and submitted by any Person respecting any matters arising hereunder. The Sub-Servicer shall not be under
any obligation to appear in, prosecute or defend any legal or administrative action (whether in equity or at law),
proceeding, hearing or examination that is not incidental to its duties under this Agreement or which in its opinion may
involve it in any expense or liability not recoverable hereunder; provided, however, that the Sub-Servicer may, with the
consent of the Master Servicer, undertake any such action which it may deem necessary or desirable in respect to this
Agreement and the rights and duties of the parties hereto. In such event, the legal expenses and all costs of such action and
any loss, liability, penalty, fine, forfeiture, claim or judgment resulting therefrom, to the extent the Master Servicer may
recover such amounts from the Trust Fund pursuant to the Pooling and Servicing Agreement, shall be expenses, costs and
liabilities for which the Master Servicer will be liable and the Sub-Servicer shall be entitled to be reimbursed therefor
from the Master Servicer upon written demand. To the extent provided in Section 6.03 of the Pooling and
Servicing Agreement, the Sub-Servicer shall be indemnified and held harmless by the Trust Fund against any loss,
liability, penalty, fine, forfeiture, claim, judgment or expense (including reasonable legal fees and expenses) incurred
in connection with, or relating to, this Agreement or the Certificates, other than any loss, liability, penalty, fine,
forfeiture, claim, judgment or expense (including reasonable legal fees and expenses) (i) incurred by reason of willful
misconduct, bad faith, fraud or negligence in the performance of obligations or duties hereunder or by reason of negligent
disregard of obligations or duties hereunder in each case by the Sub-Servicer, (ii) resulting from the breach by the
Sub-Servicer of any of its representations or warranties contained herein, or (iii) specifically required to be borne
the Sub-Servicer without right of reimbursement pursuant to the terms hereof. The Sub-Servicer shall not have any rights of
indemnification out of the Trust Fund except through the Master Servicer as described above.

 

Section
3.04          Sub-Servicer
Resignation.

 

The
Sub-Servicer may not resign from the obligations and duties hereby imposed on it except by mutual consent of the Sub-Servicer
and the Master Servicer and payment by the Sub-

 

    	20

    	 

    

Servicer of all reasonable out-of-pocket costs and expenses of the Master Servicer
in connection with such resignation and transfer of servicing, or upon the determination that its duties hereunder are no longer
permissible under applicable law and such incapacity cannot be cured by the Sub-Servicer. Any such determination permitting the
resignation of the Sub-Servicer because its duties are no longer permissible under applicable law shall be evidenced by an Opinion
of Counsel to such effect delivered to the Master Servicer, which Opinion of Counsel shall be in form and substance acceptable
to the Master Servicer.

 

Section
3.05          No
Transfer or Assignment of Servicing.

 

With
respect to the responsibility of the Sub-Servicer to service the Mortgage Loans hereunder, the Sub-Servicer acknowledges that
the Master Servicer has acted in reliance upon the Sub-Servicer’s independent status, the adequacy of its servicing facilities,
plant, personnel, records and procedures, its integrity, reputation and financial standing and the continuance thereof. Without
in any way limiting the generality of this Section 3.05, the Sub-Servicer shall neither assign or transfer this
Agreement or the servicing hereunder nor delegate its rights or duties hereunder or any portion thereof, nor sell or otherwise
dispose of all or substantially all of its property or assets, without the prior written approval of the Master Servicer and the
prior written consent of the Depositor, which consent will not be unreasonably conditioned, withheld or delayed. Notwithstanding
the foregoing, prior to any assignment or transfer by the Sub-Servicer of this Agreement, the servicing hereunder or the delegation
of any of the Sub-Servicer’s rights or duties hereunder or the delegation of any of the Sub-Servicer’s rights or duties
hereunder (the “Sub-Servicing Rights”), the Sub-Servicer shall allow the Master Servicer an opportunity (but
not an obligation) to bid on the purchase or assumption of such Sub-Servicing Rights. The Sub-Servicer may also solicit bids from
any other parties independent of the Master Servicer. If after receipt by the Sub-Servicer of all bids, the Master Servicer is
not the highest bidder, the Master Servicer shall be given the opportunity (but not the obligation) to submit a second bid, which
bid shall be the final bid received by the Sub-Servicer and shall be given equal consideration by the Sub-Servicer with all other
bids. The Sub-Servicer shall notify the Master Servicer upon the completion of any assignment (except to the Master Servicer as
contemplated above) and provide any information, applicable to the Sub-Servicer, as required pursuant to Section 10.02
of the Pooling and Servicing Agreement.

 

Section
3.06          Indemnification.

 

The
Master Servicer and the Sub-Servicer each agrees to and hereby does indemnify and hold harmless the Master Servicer, in the case
of the Sub-Servicer, and the Sub-Servicer, in the case of the Master Servicer (including any of their Affiliates, directors, members,
managers, officers, employees or agents) from and against any and all liability, claim, loss, out-of-pocket cost (including reasonable
attorneys’ fees), penalty, expense or damage of the Master Servicer, in the case of the Sub-Servicer, and the Sub-Servicer,
in the case of the Master Servicer (including any of their Affiliates, directors, officers, employees or agents) resulting from
(i) any breach by the indemnitor of a representation or warranty made by it herein, or (ii) any willful misconduct, bad faith,
fraud or negligence by the indemnitor in the performance of its obligations or duties hereunder or by reason of negligent disregard
of such obligations and duties; provided, that such indemnity shall not cover indirect or consequential damages. Each indemnified
party hereunder shall give prompt written notice to the indemnitor of matters which may give rise to liability of

 

 

    	21

    	 

    

 

such indemnitor
hereunder; provided, however, that failure to give such notice shall not relieve the indemnitor of any liability except to the
extent of actual prejudice. This Section 3.06 shall survive the termination of this Agreement and the termination
or resignation of the Master Servicer or the Sub-Servicer. Notwithstanding the foregoing, the Sub-Servicer shall not have any
direct rights of indemnification that may be satisfied out of assets of the Trust Fund.

 

ARTICLE
IV

DEFAULT

 

Section
4.01          Events
of Default.

 

In
case one or more of the following events (each a “Sub-Servicer Termination Event”) by the Sub-Servicer shall
occur and be continuing, that is to say:

 

(i)          
any failure by the Sub-Servicer to deposit into the Sub-Servicer
Collection Account or any Escrow Account, or to deposit into, or to remit to the Master Servicer for deposit into, the Collection
Account, on a timely basis, any amount required to be so deposited or remitted under this Agreement, which failure continues unremedied
for one (1) Business Day following the date on which such deposit or remittance is required to be made; or

 

(ii)          
any failure on the part of the Sub-Servicer to (a) timely provide
to the Master Servicer the certification called for on Exhibit E attached hereto as required by Section 3.01(c)(29)
of this Agreement which failure continues unremedied for five (5) Business Day after the Sub-Servicer’s receipt
of notice from the Master Servicer of such failure, or (b) timely provide to the Master Servicer the Collection Report which failure
continues unremedied for one (1) Business Day after the Sub-Servicer’s receipt of notice from the Master Servicer of such
failure; or

 
 

(iii)the
Sub-Servicer shall fail three (3) times within any two (2) year period to timely provide to the Master Servicer any report required
by this Agreement to be provided to the Master Servicer which failure continues unremedied for five (5) Business Days after the
Sub-Servicer’s receipt of notice from the Master Servicer of such failure; or 

(iv)           
if the Sub-Servicer is a Servicing Function Participant or an Additional
Servicer, any failure by the Sub-Servicer to deliver by the due date any Exchange Act reporting items required to be delivered
to the Master Servicer under Article X of the Pooling and Servicing Agreement or under this Agreement (following
the expiration of any applicable grace period); or

 

(v)          
if the Sub-Servicer is a Servicing Function Participant or an Additional
Servicer, any failure by the Sub-Servicer to perform in any material respect any of the covenants or obligations of the Sub-Servicer
contained in this Agreement regarding creating, obtaining or delivering any Exchange Act reporting items required for any party
to the Pooling and Servicing Agreement to perform its obligations under Article X of the Pooling and Servicing Agreement
(following the expiration of any applicable grace period); or

 

(vi)           
any failure on the part of the Sub-Servicer duly to observe or perform
in any material respect any other of the covenants or agreements on the part of the Sub-Servicer

 

    	22

    	 

    

 

contained
in this Agreement which continues unremedied for a period of twenty-five (25) days (ten (10) days in the case of payment of
insurance premiums or in any event such shorter period of time (not less than two (2) Business Days) as is necessary to avoid
the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or a lapse in any required
insurance coverage if the Sub-Servicer had prior notice of the related borrower’s failure to pay such taxes,
assessments or insurance premium) after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Sub-Servicer by the Master Servicer; provided, however, if such failure is capable
of being cured and the Sub-Servicer is diligently pursuing such cure, such 25-day period will be extended an additional sixty (60)
days; provided, further, however, that such extended period will not apply to the obligations regarding
Exchange Act reporting; or

 

(vii)         any
breach on the part of the Sub-Servicer of any representation or warranty contained in Section 2.05 of the Pooling
and Servicing Agreement as incorporated herein pursuant to Section 3.01(c)(2) which materially and adversely affects
the interests of the Master Servicer or any Class of Certificateholders and which continues unremedied for a period of thirty
(30) days after the date on which notice of such breach, requiring the same to be remedied, shall have been given to the Sub-Servicer
by the Master Servicer; provided, however, if such breach is capable of being cured and the Sub-Servicer is diligently
pursuing such cure, such thirty (30) day period will be extended an additional sixty (60) days; or

 

(viii)       
a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency
or similar law for the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy, insolvency,
readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its
affairs, shall have been entered against the Sub-Servicer and such decree or order shall have remained in force undischarged or
unstayed for a period of sixty (60) days; or

 

(ix)           the
Sub-Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any
bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to
the Sub-Servicer or of or relating to all or substantially all of its property; or

 

(x)          
the Sub-Servicer shall admit in writing its inability to pay its
debts generally as they become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization
statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take any corporate
action in furtherance of the foregoing; or

 

(xi)           the
Sub-Servicer shall assign or transfer or attempt to assign or transfer all or part of its rights and obligations hereunder except
as permitted by this Agreement; or

 

(xii)          any
of Moody’s, Fitch or KBRA has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of
Certificates, or (B) placed one or more Classes of Certificates on “watch status” in contemplation of rating
downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Sub-Servicer
as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal

 

 

    	23

    	 

    

or “watch status”
placement has not been withdrawn by such Rating Agency, within 60 days of such event);

 

If
any Sub-Servicer Termination Event shall occur and be continuing, then, and in each and every such case, so long as such
Sub-Servicer Termination Event shall not have been remedied, the Master Servicer or, with respect to any Sub-Servicer
Termination Event under clause (iv) above, the Depositor, may terminate, by notice in writing to the Sub-Servicer, all of the
rights and obligations of the Sub-Servicer as Sub-Servicer under this Agreement and in and to the Mortgage Loans and the
proceeds thereof. From and after the receipt by the Sub-Servicer of such written notice, all authority and power of the
Sub-Servicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in
the Master Servicer pursuant to and under this Section, and, without limitation, the Master Servicer is hereby authorized and
empowered to execute and deliver, on behalf of and at the expense of the Sub-Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage
Loans and related documents, or otherwise. The Sub-Servicer agrees that if it is terminated pursuant to this Section, it
shall promptly (and in any event no later than ten (10) Business Days subsequent to its receipt of the notice of termination)
provide the Master Servicer with all documents and records (including, without limitation, those in electronic form)
requested by it to enable it to assume the Sub-Servicer’s functions hereunder, and shall cooperate with the Master
Servicer in effecting the termination of the Sub-Servicer’s responsibilities and rights hereunder and the assumption by
a successor of the Sub-Servicer’s obligations hereunder, including, without limitation, the transfer within one (1)
Business Day to the Master Servicer for administration by it of all cash amounts which shall at the time be or should have
been credited by the Sub-Servicer to the Sub-Servicer Collection Account, any Collection Account or any Escrow Account, or
thereafter be received with respect to the Mortgage Loans (provided, however, that the Sub-Servicer shall continue to be
entitled to receive all amounts accrued or owing to it under this Agreement on or prior to the date of such termination, and
it and its Affiliates, directors, members, managers, officers, employees and agents shall continue to be entitled to the
benefits of Section 3.03 and Section 3.06 of this Agreement notwithstanding any such
termination).

 

In
addition to any other rights the Master Servicer may have hereunder, if the Sub-Servicer fails to remit to the Master Servicer
any amounts when required to be remitted hereunder, the Sub-Servicer shall pay to the Master Servicer interest on the amount of
such late remittance at the Prime Rate, applied on a per diem basis for each day such remittance is late (i.e., said per annum
rate divided by 365 multiplied by the number of days late); but in no event shall such interest be greater than the maximum amount
permitted by law.

 

Section
4.02          Waiver
of Defaults.

 

The
Master Servicer may waive any default by the Sub-Servicer in the performance of its obligations hereunder and its consequences.
Upon any such waiver of a past default, such default shall cease to exist, and any Sub-Servicer Termination Event arising therefrom
shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall

 

 

 

    	24

    	 

    

extend to any subsequent or other
default or impair any right consequent thereon except to the extent expressly so waived.

 

Section
4.03          Other
Remedies of Master Servicer.

 

During
the continuance of any Sub-Servicer Termination Event, so long as such Sub-Servicer Termination Event shall not have been
remedied, the Master Servicer, in addition to the rights specified in Section 4.01 of this Agreement, shall
have the right, in its own name, to take all actions now or hereafter existing at law, in equity or by statute to enforce its
rights and remedies (including the institution and prosecution of all judicial, administrative and other proceedings and the
filing of proofs of claim and debt in connection therewith). Except as otherwise expressly provided in this Agreement, no
remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative
and in addition to any other remedy and no delay or omission to exercise any right or remedy shall impair any such right or
remedy or shall be deemed to be a waiver of any Sub-Servicer Termination Event.

 

ARTICLE
V

TERMINATION

 

Section
5.01          Termination.

 

(a)           Except
as otherwise specifically set forth herein, the rights, obligations and responsibilities of the Sub-Servicer shall terminate (without
payment of any penalty or termination fee): (i) upon the later of the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan and the remittance of all funds due hereunder; (ii) by mutual consent of the Sub-Servicer
and the Master Servicer in writing; (iii) pursuant to Section 5.02 of this Agreement; (iv) at the option of any
purchaser of any Mortgage Loan pursuant to the Pooling and Servicing Agreement, upon such purchase and only with respect to such
purchased Mortgage Loan; (v) upon a Mortgage Loan becoming an REO Mortgage Loan, and only with respect to such Mortgage Loan;
or (vi) upon termination of the Pooling and Servicing Agreement, each subject to the Sub-Servicer’s rights to accrued and
due amounts to the Sub-Servicer prior to the date of termination.

 

(b)          
The obligations and responsibilities of the Sub-Servicer shall also
terminate in accordance with the terms and conditions of Section 3.01(c)(4) of this Agreement.

 

Section
5.02          Termination
With Cause.

 

The
Master Servicer may, at its sole option, terminate any rights the Sub-Servicer may have hereunder with respect to the Mortgage
Loans as provided in Section 4.01 of this Agreement upon the occurrence of a Sub-Servicer Termination Event.

 

Any
notice of termination shall be in writing and delivered to the Sub-Servicer as provided in Section 6.03 of this
Agreement.

  

    	25

    	 

    

Additionally,
the Depositor may terminate this Agreement (without compensation, termination fee or the consent of any other Person) at any time
following any failure of the Sub-Servicer to deliver any Exchange Act reporting items that the Sub-Servicer is required to deliver
under Regulation AB as otherwise contemplated by Article X of the Pooling and Servicing Agreement.

 

Section
5.03          Reserved

 

Section
5.04          Termination
of Duties with Respect to Specially Serviced Loans.

 

At
such time as any Mortgage Loan becomes a Specially Serviced Loan, the obligations and duties of the Sub-Servicer set forth herein
with respect to such Specially Serviced Loan that are required to be performed by the Special Servicer under the Pooling and Servicing
Agreement shall cease. The Sub-Servicer shall continue to perform all of its duties hereunder with respect to the Specially Serviced
Loans that are not required to be performed by the Special Servicer pursuant to the Pooling and Servicing Agreement. If a Specially
Serviced Loan becomes a Corrected Loan, the Sub-Servicer shall commence servicing such Corrected Loan pursuant to the terms of
this Agreement.

 

ARTICLE
VI

MISCELLANEOUS

 

Section
6.01          Successor
to the Sub-Servicer.

 

Prior
to termination of the Sub-Servicer’s responsibilities and duties under this Agreement pursuant to Sections 3.04, 4.01,
5.01 or 5.02 of this Agreement, the Master Servicer shall (i) succeed to and assume all of the Sub-Servicer’s responsibilities,
rights, duties and obligations under this Agreement, or (ii) appoint a successor which satisfies the criteria for a successor
Sub-Servicer in Section 3.02 of this Agreement and which shall succeed to all rights and assume all of the responsibilities,
duties and liabilities of the Sub-Servicer under this Agreement accruing following the termination of the Sub-Servicer’s
responsibilities, duties and liabilities under this Agreement.

 

Section
6.02          Financial
Statements.

 

The
Sub-Servicer shall, upon the written request of the Master Servicer, make available its publicly available financial statements
and other records relevant to the performance of the Sub-Servicer’s obligations hereunder.

 

Section
6.03          Closing.

 

The
commencement of the Sub-Servicer’s obligation to perform the servicing responsibilities under this Agreement with respect
to the Mortgage Loans shall take place on the Closing Date. The closing shall be by electronic mail.

 

The
closing shall be subject to the execution and delivery of the Pooling and Servicing Agreement by the parties thereto.

 

    	26

    	 

    

Section
6.04          Closing
Documents.

 

The
Closing Documents shall consist of all of the following documents:

 

(a)          
to be provided by the Sub-Servicer:

 

(i)          
 this Agreement executed by the Sub-Servicer;

 
 

(ii)          Certificate
of Secretary of the Sub-Servicer, dated the Closing Date addressing certain organizational and authorization matters and reasonably
satisfactory to the Master Servicer; and 

(iii)          the
account certifications in the form of Exhibit F hereto required by Sections 3.01(c)(7) and (8) of
this Agreement, fully completed; and

 

(b)          
to be provided by the Master Servicer:

 

(i)          
 this Agreement executed by the Master Servicer;

 

(ii)          
the Mortgage Loan Schedule, with one copy to be attached to each
counterpart of this Agreement as Exhibit A hereto; and

 

(iii)          the
Pooling and Servicing Agreement substantially in the form of

Exhibit C hereto.

 

Section
6.05          Notices.

 

Except
as otherwise provided herein, all demands, notices, consents and communications hereunder shall be in writing and shall be deemed
to have been duly given when delivered to the following addresses:

 

(i)          
if to the Master Servicer:

 

Wells
Fargo Bank, National Association

Commercial
Mortgage Servicing

MAC
D1086

550
South Tryon Street, 14th Floor

Charlotte,
North Carolina 28202

Reference:
CGCMT 2015-P1 Asset Manager

 

with
a copy to:

 

Wells
Fargo Bank, National Association

Legal
Department

301
S. College St., TW-30

D1053-300

Charlotte,
North Carolina 28202-6000

Reference:
Commercial Mortgage Servicing Legal Support

 

 

 

    	27

    	 

    

(ii)          
if to the Sub-Servicer:

 

Principal
Global Investors, LLC

801 Grand Avenue

Des Moines, IA 50392-1450

Attention: Steve Johnson, Managing Director

 

Telephone
No.: (515) 246-7095

Facsimile No.: (866) 850-4022

Reference: CGCMT 2015-P1

  

or such
other address as may hereafter be furnished to the other party by like notice.

 

Section
6.06          Severability
Clause.

 

Any
part, provision, representation or warranty of this Agreement which is prohibited or which is held to be void or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction as to any Mortgage Loan shall not invalidate or render unenforceable
such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereto waive any provision of
law which prohibits or renders void or unenforceable any provision hereof. If the invalidity of any part, provision, representation
or warranty of this Agreement shall deprive any party of the economic benefit intended to be conferred by this Agreement, the
parties shall negotiate, in good faith, to develop a structure the economic effect of which is nearly as possible the same as
the economic effect of this Agreement without regard to such invalidity.

 

Section
6.07          Counterparts.

 

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

 

Section
6.08          Governing
Law.

 

This
Agreement and any claim, controversy or dispute arising under or related to or in connection with this Agreement, the relationship
of the parties, and/or the interpretation and enforcement of the rights and duties of the parties shall be governed by the laws
of the State of New York without regard to any conflicts of law principles other than Section 5-1401 of the New York General Obligations
Law.

 

The
parties hereto hereby waive, to the fullest extent permitted by law, the right to trial by jury in any action, proceeding or counterclaim,
whether in contract, tort or otherwise, relating directly or indirectly to this Agreement or the transactions contemplated hereby.
Each of the parties hereto irrevocably (i) submits to the jurisdiction of the courts of the State of New York

 

    	28

    	 

    

and
the federal courts of the United States of America for the Southern District of New York for the purpose of any such action
or proceeding relating to this Agreement; (ii) waives, to the fullest extent permitted by law, the defense of an
inconvenient forum in any such action or proceeding in any such court; (iii) agrees that a final judgment in any such action
or proceeding in any such court shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment or
in any other manner provided by law; and (iv) consents to service of process upon it by mailing a copy thereof by
certified mail addressed to it as provided for notices hereunder and agrees that nothing herein shall affect the right to
effect service of process in any manner permitted by law.

 

Section
6.09          Protection
of Confidential Information.

 

The
Sub-Servicer shall keep confidential and shall not divulge to any party other than the Master Servicer, the Depositor, the Special
Servicer or the Trustee, without the Master Servicer’s prior written consent (which consent shall not be unreasonably withheld
or delayed), any information pertaining to the Mortgage Loans, the Mortgaged Properties or any Mortgagor thereunder, except to
the extent that (a) it is appropriate for the Sub-Servicer to do so in (i) working with third party vendors, property inspectors,
legal counsel, auditors, taxing authorities or other governmental agencies or in accordance with this Agreement, (ii) in accordance
with the Servicing Standard, or (iii) when required by any law, regulation, ordinance, court order or subpoena, or (b) the Sub-Servicer
is disseminating general statistical information relating to the mortgage loans being serviced by the Sub-Servicer (including
the Mortgage Loans) so long as Sub-Servicer does not identify the owner of any Mortgage Loan, any Mortgaged Property, or any Mortgagor
or violate confidentiality obligations owed to any Mortgagor under the Loan Documents or otherwise.

 

Section
6.10          Intention
of the Parties.

 

It
is the intention of the parties that the Master Servicer is conveying, and the Sub-Servicer is receiving, only a contract for
servicing the Mortgage Loans. Accordingly, the parties hereby acknowledge that the Trustee remains the sole and absolute beneficial
owner of the Mortgage Loans and all rights related thereto.

 

Section
6.11          Third
Party Beneficiary.

 

The
Trustee, for the benefit of the Certificateholders shall be a third party beneficiary under this Agreement; provided that (except
to the extent the Trustee or its designee assumes the obligations of the Master Servicer hereunder or except as provided in the
Pooling and Servicing Agreement) none of the Trust Fund, the Trustee, the Operating Advisor, the Certificate Administrator or
any Certificateholder shall have any duties under this Agreement or any liabilities arising herefrom. The Depositor shall be a
third party beneficiary under this Agreement solely with respect to Section 10.17 of the Pooling and Servicing Agreement.

 

Section
6.12          Successors
and Assigns; Assignment of Agreement.

 

This
Agreement shall bind and inure to the benefit of and be enforceable by the Sub-Servicer and the Master Servicer and the respective
successors and assigns of the Sub-Servicer and the Master Servicer. This Agreement shall not be assigned, pledged or hypothecated
by the

 

    	29

    	 

    

Sub-Servicer
                                                                                                            to a third party except as otherwise specifically provided for herein. If the Master Servicer shall for any reason no longer
                                                                                                            act in such capacity under the Pooling and Servicing Agreement (including, without limitation, by reason of a Servicer
                                                                                                            Termination Event), the Trustee or its designee shall thereupon assume all of the rights and, except to the extent they arose
                                                                                                            prior to the date of assumption, obligations of the Master Servicer under this Agreement, or, alternatively, may act in
                                                                                                            accordance with Section 7.02 of the Pooling and Servicing Agreement under the circumstances described
                                                                                                            therein (subject to Section 3.01(c) and (d) of the Pooling and Servicing Agreement).

 

Section
6.13          Waivers.

 

No
term or provision of this Agreement may be waived or modified unless such waiver or modification is in writing and signed by the
party against whom such waiver or modification is sought to be enforced.

 

Section
6.14          Exhibits.

 

The
exhibits to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement.

 

Section
6.15          General
Interpretive Principles.

 

The
article and section headings are for convenience of a reference only, and shall not limit or otherwise affect the meaning hereof.

 

Section
6.16          Complete
Agreement.

 

This
Agreement embodies the complete agreement between the parties regarding the subject matter hereof and may not be varied or terminated
except by a written agreement conforming to the provisions of Section 6.18 of this Agreement. All prior negotiations
or representations of the parties are merged into this Agreement and shall have no force or effect unless expressly stated herein.

 

Section
6.17          Further
Agreement.

 

The
Sub-Servicer and the Master Servicer each agree to execute and deliver to the other such reasonable and appropriate additional
documents, instruments or agreements as may be necessary or appropriate to effectuate the purposes of this Agreement.

 

Section
6.18          Amendments.

 

This
Agreement may only be amended with the consent of the Sub-Servicer and the Master Servicer and, to the extent required by Section
3.01(c)(vii) of the Pooling and Servicing Agreement, the prior written consent of the Depositor, which consent shall not
be unreasonably withheld, conditioned or delayed. No amendment to the Pooling and Servicing Agreement that purports to change
the rights or obligations of the Sub-Servicer hereunder shall be effective against the Sub-Servicer without the express written
consent of the Sub-Servicer.

 

 

    	30

    	 

    

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	31

    	 

    

 

IN
WITNESS WHEREOF, the Sub-Servicer and the Master Servicer have caused their names to be signed hereto by their respective officers
thereunto duly authorized as of the date first above written. 

	 	

  

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By: 	  
	 	Name: Cynthia L. Schwartz
Title:    Director
	 	 	 

CGCMT 2015-P1

Principal Sub-Servicing Agreement

 

    	 

    	 

    

 

	 	   PRINCIPAL GLOBAL INVESTORS, LLC

 

	 	By: 	  
	 	Name:
Title:  

  

	 	By: 	  
	 	Name:
Title:  

 

CGCMT 2015-P1

Principal Sub-Servicing Agreement

 

    	 

    	 

    

 

EXHIBIT
A

 

MORTGAGE
LOAN SCHEDULE

 

	Property
                                         Name

         
	Cut-Off
                                         Date 

                                         Balance

         
	Sub-Servicing

                                         Fee %

         

	Piazza
    Carmel	$64,000,000	0.01000%
	Le
    Meridien Dallas by the Galleria	$31,000,000	0.01000%
	Lewis
    Self Storage & Industrial	$30,024,334	0.01000%
	Birch
    Street Promenade	$24,125,000	0.01000%
	Courtyard
    by Marriott Fort Lauderdale	$22,941,246	0.01000%
	Beltway
    Plaza II	$18,500,000	0.01000%
	Bethany
    Village Office	$13,247,875	0.01000%
	Waterway
    Shoppes I	$10,400,000	0.01000%
	Promontory
    Point	$10,218,320	0.01000%
	One
    Industrial Way	$10,000,000	0.01000%
	Best
    Plaza	$9,971,974	0.01000%
	Courtyard
    E Associates	$9,000,000	0.01000%

 

    	A-1

    	 

    

 

	Davis
    Ford Crossing	$33,750,000	0.02000%
	Ryders
    Crossing Shopping Center	$20,300,000	0.03000%
	University
    Town Centre	$55,000,000	0.04000%
	Monarch
    Crossing Apartments	$19,310,000	0.04000%
	240
    N Ashland	$12,500,000	0.04000%
	Mediterranean
    Inn	$10,762,335	0.04000%
	Austin
    Bluffs Shopping Center	$6,284,417	0.04000%

 

    	A-2

    	 

    

 

EXHIBIT
B

 

[RESERVED]

 

    	B-1

    	 

    

 

EXHIBIT
C

 

POOLING
AND SERVICING AGREEMENT

 

Previously
delivered.

 

    	 

    	 

    

 

EXHIBIT
D

 

[RESERVED]

 

    	D-1

    	 

    

 

EXHIBIT
E

 

QUARTERLY
SERVICING CERTIFICATION

 

Sub-Servicer:
                                                    

 

RE:          Series
CGCMT 2015-P1

 

Pursuant
to the Servicing Agreement(s) between Wells Fargo Bank, National Association and the above referenced Servicer, we certify with
respect to the Mortgage Loans serviced by us for Wells Fargo Bank, National Association that as of the quarter ending ______________________
except as otherwise noted below:

 

	•		All
                                         taxes, assessments and other governmental charges levied against the mortgaged premises,
                                         ground rents payable with respect to the mortgaged premises, if any, which would be delinquent
                                         if not paid, have been paid.

	•		Based
                                         on [Sub-Servicer’s] monitoring of the insurance policies in accordance with the
                                         Servicing Standard, all required insurance policies are in full force and effect on the
                                         mortgaged premises in the form and amount and with the coverage required by the loan
                                         documents.

	•		On
                                         all required insurance policies, the loss payee is in the name of the Trust.

	•		All
                                         necessary action has been taken to continue all UCC Financing Statements in favor of
                                         the originator of each mortgage loan or in favor of any assignee prior to the expiration
                                         of such UCC Financing Statements.

	•		All
                                         reserves are maintained and disbursed in accordance with the loan documents and no obligation
                                         for which a reserve is held has not been completed within the time required by the applicable
                                         document.

	•		To
                                         the best of our knowledge, all letters of credit are transferred to the Trust as beneficiary
                                         and are properly renewed.

	•		Lockboxes
                                         are being serviced in accordance with loan documents.

	•		The Sub-Servicer has notified the Master Servicer of any facts or circumstances actually known to the Sub-Servicer
that the Sub-Servicer reasonably believes constitute a breach of any representations and warranties contained in the PCC Loan Purchase
Agreement or a document defect, in either case, that could give rise to a cure or repurchase obligation thereunder.

 

 

	EXCEPTIONS: 	 
	 	 
	 	 
	 	 

 

    	E-1

    	 

    

 

	 	 	 
	Servicing Officer	 	Date

 

    	D-2

    	 

    

    

EXHIBIT
F

 

FORM
OF ACCOUNT CERTIFICATION

 

	Securitization:	 
	 	 
	Sub Servicer:	 

 

	                              New
    Account	                              Change
    of Account Information

 

Indicate purpose of account (check all that apply):

 

	                              Principal
    & Interest	                              Deposit
    Clearing
	                              Taxes
    & Insurance	                              Disbursement
    Clearing
	                              Reserves
    (non-interest bearing)	                              Suspense
	                              Reserves
    (interest bearing)	 

  

	Account Number:	 
	 	 
	Account Name:	 

 

Depository
Institution (and Branch):

 

	 	 Name: 	 
	 	 	 
	 	Street:	 
	 	 	 
	 	City, State, Zip: 	 
	 	 	 
	 	Rating Agency: 	 	 	Rating:	 

 

Please
note that the name of the account must follow the guideline specifications detailed in the applicable agreement.

  

	 	Prepared by: 	 
	 	 	 
	 	Signature: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	Date: 	 
	 	 	 
	 	Telephone: 	 	 	Fax:	 	 

 

    	F-1

    	 

    

 

EXHIBIT
G

 

Collection
Report

 

Series
CGCMT 2015-P1

 

Month
of ____________

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

         

         

         
	 

         

         

         
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         
	 

         

         

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	G-1

    	 

    

 

EXHIBIT
H

 

FORM
OF CERTIFICATE OF INSURANCE

 

	Sub-Servicer:
    	 	 

 

RE:
Series CGCMT 2015-P1

 

Pursuant
to the Sub-Servicing Agreement(s) between Wells Fargo Bank, National Association and the above-named Sub-Servicer, based on [Sub-Servicer’s]
monitoring of the insurance policies in accordance with the Servicing Standard, we certify with respect to the Mortgage Loans
serviced by us for Wells Fargo Bank, National Association that all required insurance policies are in full force and effect on
the mortgaged premises in the form and amount and with the coverage required by the Servicing Agreement(s). Any exceptions are
attached hereto.

 

	Servicing Officer	 	 	Date 	 

 

    	H-1

    	 

    

  

EXHIBIT
I

 

NEW
LEASE INFORMATION

 

	Loan #	 	 	Property Type:	 	 		Tenant:	 
	Property Name/Address:	 
	Term (Years, Months):	 	 	 	Sq Ft Gross Rentable:	 	 	 	Net Rentable	 
	Begin Lease Date:	 	 	Retail	 
	End Lease Date:	 	 	Office	 
	Occupancy Date (if diff):	 	 	Other	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Minimum Rent	 	 	(S/SF/YR)

 

 

	 	(Mo/Yr) Escalation:	CPI	Other

	 	Change to	on 	 
	 	Change to	on 	 
	 	Change to	on 	 
	 	Change to	on 	 

 

Percentage
Rent

 

	 	 	 	% Rent Due:	 
	 	% Amount	For	 	Monthly
	 	 	For	 	Quarterly
	 	 	Up to	 	Annually
	 	 	Up to	 	 

  

	Breakpoint	(S/Yr)	Sales Report Due:	 

 

	 	 	 	 	 
	 	 	 	(Mo/Yr)	 
	 	Change to	on 	 	Monthly
	 	Change to	on 	 	Quarterly
	 	Change to	on 	 	Annually

 

Recoveries

 

	Taxes	 	 	Per 	 	 
	Insurance	 	 	Per 	 	 
	Cam	 	 	Per 	 	 
	HVAC	 	 	Per 	 	 
	Adver/Promo	 	 	Per 	 	 
	 	 	 	Per	 	 
	 	 	 	Per	 	 
	Management	 	 	Per	 	 
	 	 	 	 	 	 	 	 

  

    	I-1

    	 

    

 

 

Renewal
Options

 

	 	 	 	 	 	 	 	 	 
	Term	 	 	SF	 
	Minimum rent	 	 	Gross Rentable	 
	% Rent	 	 	Net Rentable	 

 

Landlord
Costs

 

	 	 	 	 	 	 
	Alterations: 	 
	Commissions:	 
	Moving Allowances: 	 
	Buyout Clauses: 	 
	Other: 	 

 

Building
Insurance Requirements

 

	 
	Tenant maintains fire & ED on building(s);
    will need coverage to renew
	Does not furnish building coverage
	General liability naming landlord mortgagee
    as additional insured; will need coverage for 
	review
	General liability without mentioning landlord’s
    mortgagee; do not need coverage

 

Waiver
of Subrogation

 

	N/A
	Mutual; will need endorsement
	Landlord only; will need endorsement
	Tenant only; do not need endorsement

Comments:

 

Attachments:

 

	Original Lease
	Original Subordination Agreement

    	I-2

    	 

    

 

EXHIBIT
J

 

MONTHLY
SERVICING ACCOUNTS CERTIFICATION

 

	 	 	 	 
	Servicer:	 	 	 

  

	 	 	 
	RE:	 	Series CGCMT 2015-P1

 

Pursuant
to the Servicing Agreement(s) between Wells Fargo Bank, National Association and the above named Servicer, I certify with respect
to each transaction serviced by us, as noted above, for Wells Fargo Bank, National Association that as of the last day of the
calendar month immediately preceding the month in which this certificate is dated, all Collection Accounts and Servicing Accounts
have been properly reconciled and the reconciliations have been reviewed and approved by Servicer’s management, except as
otherwise noted below:

	 	 
	EXCEPTIONS: 	 
	 
	 
	 

 

	 	 	 
	 	 	 
	Servicing Officer	 	Date

 

    	J-1

    	 

    

 

EXHIBIT
K

 

FORM
NOTE REGISTER

  

	  HOLDER	  DATE
    

      ACQUIRED	  ADDRESS/WIRE

       INSTRUCTIONS	  PRINCIPAL
    

      AMOUNT	  STATED
    

      INTEREST
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	K-1

    	 

    

  

EXHIBIT
L

 

TASK
LIST

 

SERVICER/SUB-SERVICER
TASK LIST (SECURITIZATION)

 

		Note:	Some
                                         listed tasks designate more than one party to perform that function by placing an “X”
                                         in more than one column. In these instances the parties shall follow any specific guidance
                                         about the allocation of responsibilities in completing the task found in the terms of
                                         this Agreement. In the absence of specific allocation of obligations in this Agreement
                                         the parties shall work in good faith to allocate responsibilities in a fair and equitable
                                         manner

 

	 	MASTER
    SERVICER	SUB-SERVICER	CUSTODIAN
	 	 	 	 
	1.   Asset
    Files	 	 	 
	Credit
    file management	X	X	 
	Original
    collateral file (security)	 	 	X
	Authorized
    parties list for request for release of collateral from Custodian	X	 	 
	Provide
    access to servicing files and copies of servicing files or of specific docs upon request to the Servicer	 	X	 
	Request
    delivery of files from Custodian upon request and certification of Sub-Servicer	X	 	 
	 	 	 	 
	2.   Property
    Taxes	 	 	 
	Preparation
    and delivery of quarterly servicing certification regarding taxes	 	X	 
	Monitoring
    of tax status — Loans with/without escrows	 	X	 
	Recommendation
    of payment of taxes — Loans with/without escrows	 	X	 
	Notification
    of advance requirement 3 business days prior to advance being required	 	X	 
	Payment
    of taxes — with sufficient escrows	 	X	 
	Payment
    of taxes — with escrow shortfall	X	 	 
	 	 	 	 
	3.   Property
    Insurance	 	 	 
	Preparation
    and delivery of quarterly servicing certification regarding insurance	 	X	 
	Monitoring
    of insurance status — Loans with/without escrows	 	X	 
	Ensure
    insurance carrier meets applicable qualifications	 	X	 
	Ensure
    insurance in favor of the Servicer	 	X	 
	Recommendation
    of payment or force placement of insurance with/without escrow	 	X	 
	Notification
    of advance requirement or force placement of insurance 3 business days prior to advance being required	 	X	 
	Payment
    of insurance — with sufficient escrows	 	X	 

 

    	L-1

    	 

    

 

	 	MASTER
    SERVICER	SUB-

    SERVICER	CUSTODIAN
	 	 	 	 
	Payment
    of insurance or force placement — with escrow shortfall	X	 	 
	If
    not a Special Servicer Decision or Major Decision	 	 	 
	Preparation
    and presentment of claims	 	X	 
	Collection
    of insurance proceeds	 	X	 
	If
    a Special Servicer Decision or Major Decision	 	 	 
	Preparation
    and presentment of claims	X	 	 
	Collection
    of insurance proceeds	X	 	 
	 	 	 	 
	4.   UCC
    Continuation Filings	 	 	 
	Preparation
    and delivery of quarterly servicing certification regarding UCC’s	 	X	 
	Maintain
    tickler system of refiling the dates on all Loans	 	X	 
	File
    UCC Continuation Statements	 	X	 
	Pay
    recording fees	 	X	 
	Monitor
    tickler system	 	X	 
	 	 	 	 
	5.   Collection/Deposit/Distribution
    of P&I payments and Principal Prepayments	 	 	 
	Collection
    and deposit of loan P&I payments	 	X	 
	Remittance
    of available P&I payments to Servicer and B Note holders, as applicable, net of Sub-Servicing Fee then due and payable
    to Sub-Servicer from such funds	 	X	 
	Provide
    Collection Reports to Servicer	 	X	 
	Approval
    of Prepayment Premiums	X	 	 
	 	 	 	 
	6.   Collection/Deposit/Disbursement
    of Reserves	 	 	 
	Collection
    and deposit of reserves	 	X	 
	Approval
    of Disbursement of Reserves – If not a Special Servicer Decision or Major Decision	 	X	 
	Approval
    of Disbursement of Reserves – If a Special Servicer Decision or Major Decision	X*	 	 
	Disbursement
    of reserves	 	X	 
	 	 	 	 
	7.   Customer
    Billing Collection and Customer Service	 	 	 
	Contact
    delinquent borrowers by phone 3 days after delinquent date	 	X	 
	Send
    30 day delinquent notices	 	X	 
	Send
    notice of balloon payment to each Mortgagor one year, 180, and 90 days prior to the related maturity date	 	X	 

 

 

*    Or Special Servicer if required by Pooling and
Servicing Agreement

 

    	L-2

    	 

    

 

 

	 	MASTER
    SERVICER	SUB-

    SERVICER	CUSTODIAN
	 	 	 	 
	Provide
    copy of Balloon Mortgage Loan notice to Servicer	 	X	 
	 	 	 	 
	8.  Escrows	 	 	 
	Setup
    and monitor Escrow Accounts including escrow analysis	 	X	 
	Pay
    borrower investment income required, if applicable	 	X	 
	Prepare
    annual escrow analysis	 	X	 
	 	 	 	 
	9.  Loan
    payment history/calculation	 	 	 
	Maintain
    loan payment history	 	X	 
	Create
    payoff/reinstatement statements and telecopy or email to Servicer	 	X	 
	Approve
    payoff calculations and telecopy or email approval to Sub-Servicer promptly (but no later than five (5) Business Days after receipt of request or such later date as necessary to obtain
any consents or approvals required by any related intercreditor or other related agreement)	X	 	 
	 	 	 	 
	10.
    Monitoring     of Financial and Legal Covenants	 	 	 
	Collect
    quarterly and annual operating statements, budgets, rent rolls and borrower financial statements, as applicable	 	X	 
	Deliver
    one (1) copy of quarterly and annual operating statements, budgets, rent rolls and borrower financial statement, as applicable,
    within thirty 30 days of Sub-Servicer’s receipt	 	X	 
	 	 	 	 
	11.Borrower
    Inquiries/Performing Loans	 	 	 
	Respond
    to routine billing questions	 	X	 
	Assumptions
    & Due on sale:	 	 	 
	Borrower
    contact and data gathering	 	X	 
	Underwriting
    and analysis	 	X	 
	Obtain
    Special Servicer approval of assumption	 	X	 
	Approve
    assumption (if Special Servicer consents)	 	X	 
	Close
    assumption (directly with Borrower)	 	X	 
	Additional
    Liens, Monetary Encumbrances or Mezzanine Financing:	 	 	 
	Borrower
    contact and data gathering	 	X	 

	Underwriting
    and analysis	 	X	 
	Obtain
    Special Servicer approval of additional lien monetary encumbrance or mezzanine financing	 	X	 
	Approve
    additional lien monetary encumbrance or mezzanine financing (if Special Servicer consents)	 	X	 
	Close
    additional lien, monetary encumbrance or mezzanine financing (directly with Borrower)	 	X	 
	Modifications,
    Waivers, Consents and Extensions (not otherwise provided in this Agreement):	 	 	 
	Borrower
    contact and data gathering	 	X	 

 

    	L-3

    	 

    

 

	 	MASTER
    SERVICER	SUB-

    SERVICER	CUSTODIAN
	 	 	 	 
	Underwriting,
    analysis and recommendation	 	X	 
	Approval
    of modification, waivers, consents and extensions (If not a Special Servicer Decision or Major Decision)	 	X	 
	Obtain
    any necessary Special Servicer approval of modification, waiver, consent and extensions (If a Special Servicer Decision or
    Major Decision) and copy the Master Servicer on correspondence to the Special Servicer	 	X	 
	Approve
    modification, waiver, consent and extensions (If a Special Servicer Decision or Major Decision)	X†	 	 
	Closing
    Documents and Closing	 	X	 
	Response
    to request for Discounted Payoffs, Workouts, Restructures, Forbearances and Casualties	X	 	 
	Condemnation
    (only with respect to Specially Serviced Mortgage Loans the Servicer will perform such functions)	X	X	 
	 	 	 	 
	12. Reports
    due at or following Closing 	 	 	 
	Account
    Certifications (Exhibit F) - at Closing	 	X	 
	Certificate
    of Insurance (Exhibit H) – 30 days after execution	 	X	 
	Initial
    CREFC Loan Setup File	X	 	 
	Initial
    CREFC Property File	X	 	 
	Initial
    CREFC Comparative Financial Status Report	X	 	 
	 	 	 	 
	13. Monthly
    Reporting 	 	 	 
	•      CREFC Reports (CREFC Property File, CREFC Servicer Watch List, CREFC Comparative Financial Status Report, CREFC Loan Level
    Reserve/LOC Report and CREFC Total Loan Report)	 	X	 
	•      Day One Report	 	X	 
	•      Collection Report	 	X	 
	 	 	 	 
	14.  Quarterly
    Reporting	 	 	 
	•      Quarterly Servicing Account (Exhibit J)	 	X	 
	•      Quarterly Servicing Certification (Exhibit E)	 	X	 
	•      CREFC NOI Adjustment Worksheet	 	X	 
	•      CREFC Operating Statement Analysis Report	 	X	 
	 	 	 	 

 

 

†    Or Special Servicer if required by Pooling and
Servicing Agreement

 

    	L-4

    	 

    

 

				

	 	MASTER
    SERVICER	SUB-

    SERVICER	CUSTODIAN
	 	 	 	 
	15. Release
    of Collateral	 	 	 
	Borrower
    contact and data gathering	 	X	 
	Underwriting,
    analysis and recommendation	 	X	 
	Approval
    of Release (If not a Special Servicer Decision or Major Decision)	 	X	 
	Obtain
    any necessary Special Servicer approval of Release (If a Special Servicer Decision or Major Decision) and copy the Master
    Servicer on correspondence to the Special Servicer	 	X	 
	Approve
    Release (If a Special Servicer Decision or Major Decision)	X‡	 	 
	Request
    delivery of files from Custodian	X	 	 
	Preparation
    and recordation of release deeds all Loans (full and partial)	 	X	 
	 	 	 	 
	16. Property
    Annual Inspections	 	 	 
	Conduct
    site inspection	 	X	 
	Deliver
    copy of site inspection to Master Servicer within 30 days of inspection but not later than December 15 of each year 	 	X	 
	 	 	 	 
	17.   Preparation
    of IRS Reporting (l098s and 1099s or other tax reporting requirements) by January 31 of each year.  Provide copy
    to Servicer upon request	 	X	 
	 	 	 	 
	18.   Provide
    annual statement of compliance at the times and in the manner set forth in Section 3.01(c)(37) of this Agreement	 	X	 
	 	 	 	 
	19.   Provide
    a report regarding Sub-Servicers assessment of compliance with servicing criteria and a report by a registered public accounting
    firm that attests to and reports on such assessment report at the times in the manner and as specified in Section 3.01(c)(37)
    of this Agreement	 	X	 
	 	 	 	 
	20. Compensation	 	 	 
	Sub-Servicer
    Fee and other fees payable to the Sub-Servicer by the B Note holders or the holders of the Serviced Companion Mortgage Loans	 	X	 
	Investment
    earnings on Sub-Servicer Collection Account	 	X	 
	Investment
    earnings on tax & insurance reserves not payable to borrower	 	X	 
	Investment
    earnings on reserve accounts not payable to borrower	 	X	 
	Default
    Charges to the extent collected from borrower 	X	 	 
	Fees
    for late submission of financials to the extent collected from the borrower	 	X	 

 

 

‡    Or Special Servicer if required by Pooling and
Servicing Agreement

 

    	L-5

    	 

    

 

	 	MASTER
    SERVICER	SUB-

    SERVICER	CUSTODIAN
	 	 	 	 
	21. Defeasance
    	 	 	 
	Coordinate,
    analyze and process defeasance request	 	X	 
	Provide
    to Servicer certificate re satisfaction of defeasance requirements	 	X	 
	Service
    Defeasance Loans	 	X	 
	Retain
    all processing fees associated with a defeasance 	 	X	 

 

    	L-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}]]