Document:

Exhibit
10.1

 

MASTER REPURCHASE AGREEMENT

 

Dated as of October 15, 2013

 

between

 

CB LOAN
NT-II, LLC,

 

as Seller,

 

and

 

CITIBANK, N.A.,

 

as Buyer

 

    	 

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TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	APPLICABILITY	1
	 	 	 
	2.	DEFINITIONS	1
	 	 	 
	3.	INITIATION; CONFIRMATION; TERMINATION; FEES	17
	 	 	 
	4.	MARGIN MAINTENANCE	23
	 	 	 
	5.	INCOME PAYMENTS AND PRINCIPAL PAYMENTS; LIQUIDITY RESERVE ACCOUNT	24
	 	 	 
	6.	SECURITY INTEREST	26
	 	 	 
	7.	PAYMENT, TRANSFER AND CUSTODY	27
	 	 	 
	8.	SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED LOANS	30
	 	 	 
	9.	[INTENTIONALLY OMITTED]	30
	 	 	 
	10.	REPRESENTATIONS	30
	 	 	 
	11.	NEGATIVE COVENANTS OF SELLER	35
	 	 	 
	12.	AFFIRMATIVE COVENANTS OF SELLER	36
	 	 	 
	13.	SINGLE-PURPOSE ENTITY	39
	 	 	 
	14.	EVENTS OF DEFAULT; REMEDIES	41
	 	 	 
	15.	SINGLE AGREEMENT	46
	 	 	 
	16.	RECORDING OF COMMUNICATIONS	47
	 	 	 
	17.	NOTICES AND OTHER COMMUNICATIONS	47
	 	 	 
	18.	ENTIRE AGREEMENT; SEVERABILITY	47
	 	 	 
	19.	NON-ASSIGNABILITY	48
	 	 	 
	20.	GOVERNING LAW	48
	 	 	 
	21.	NO WAIVERS, ETC.	48
	 	 	 
	22.	USE OF EMPLOYEE PLAN ASSETS	48
	 	 	 
	23.	INTENT	49
	 	 	 
	24.	DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS	50
	 	 	 
	25.	CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	50
	 	 	 
	26.	NO RELIANCE	51
	 	 	 
	27.	INDEMNITY	52
	 	 	 
	28.	DUE DILIGENCE	53
	 	 	 
	29.	SERVICING	53

 

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	30.	MISCELLANEOUS	54

 

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ANNEXES AND EXHIBITS

 

	ANNEX I	Names and Addresses for Communications between Parties
	 	 
	ANNEX II	Sponsor Competitors
	 	 
	EXHIBIT I	Form of Confirmation
	 	 
	EXHIBIT II	Authorized Representatives of Seller
	 	 
	EXHIBIT III	Form of Custodial Delivery
	 	 
	EXHIBIT IV	Eligible Loan Due Diligence Checklist
	 	 
	EXHIBIT V	Form of Power of Attorney
	 	 
	EXHIBIT VI	Representations and Warranties Regarding Each Individual Purchased Loan
	 	 
	EXHIBIT VII	Collateral Tape
	 	 
	EXHIBIT VIII	Form of Transaction Request
	 	 
	EXHIBIT IX	Form of Irrevocable Direction Letter

 

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MASTER REPURCHASE AGREEMENT, dated as of October
15, 2013, by and among CB Loan NT-II, LLC,
a Delaware limited liability company (“Seller”) and CITIBANK, N.A., a national banking association (“Buyer”).

 

1.         APPLICABILITY

 

From time to time during the Facility Availability
Period, the parties hereto may enter into transactions in which Seller agrees to transfer to Buyer certain Eligible Loans against
the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Eligible Loans at a date certain,
against the transfer of funds by Seller. Each such transaction shall be referred to herein as a “Transaction” and,
unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained
in any exhibits identified herein as applicable hereunder.

 

2.         DEFINITIONS

 

“Accelerated Repurchase Date”
shall have the meaning specified in Section 14(b)(i) of this Agreement.

 

“Acceptable Attorney” means
Allen & Overy LLP or any other attorney-at-law acceptable to Buyer in its reasonable discretion.

 

“Accepted Servicing Practices”
shall mean with respect to any Purchased Loan, those mortgage servicing practices of prudent mortgage lending institutions which
service whole mortgage loans (and senior interests in whole mortgage loans) in the jurisdiction where the related Mortgaged Property
is located.

 

“Account Control Agreement”
shall mean that certain Deposit Account Control Agreement (Liquidity Reserve Account - Access Restricted after Notice), dated as
of the date hereof, among Buyer, Seller and the Depository, relating to the Liquidity Reserve Account, as the same may be amended,
modified and/or restated from time to time.

 

“Act of Insolvency” shall
mean with respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy, insolvency,
reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election
of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property, or the
convening of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or
election, (ii) the commencement of any such case or proceeding against such party, or another seeking such an appointment or election,
or the filing against a party of an application for a protective decree under the provisions of the Securities Investor Protection
Act of 1970, which (A) is consented to or not timely contested by such party, (B) results in the entry of an order for relief,
such an appointment or election, the issuance of such a protective decree or the entry of an order having a similar effect, or
(C) is not dismissed within 60 days, (iii) the making by such party of a general assignment for the benefit of creditors, or (iv)
the admission in writing by such party of such party’s inability to pay such party’s debts as they become due.

 

    	 

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“Affiliate” shall mean, when
used with respect to any specified Person, any other Person directly or indirectly Controlling, Controlled by, or under common
Control with, such Person.

 

“Agreement” shall mean this
Master Repurchase Agreement, dated as of October 15, 2013, by and between CB Loan NT-II, LLC, and Citibank, N.A., as such agreement
may be modified or supplemented from time to time.

 

“Alternative Rate” shall
have the meaning specified in Section 3(g) of this Agreement.

 

“Alternative Rate Transaction”
shall mean, with respect to any Pricing Rate Period, any Transaction with respect to which the Pricing Rate for such Pricing Rate
Period is determined with reference to the Alternative Rate.

 

“Anti–Terrorism Laws”
shall mean any Requirement of Law relating to money laundering or terrorism, including Executive Order 13224 signed into law on
September 23, 2001, the regulations promulgated by the Office of Foreign Assets Control and the Patriot Act.

 

“Applicable Spread” shall
mean, with respect to each Transaction:

 

(i)          so
long as no Event of Default shall have occurred and be continuing, the number of basis points (i.e. 1 basis point equals 0.01%)
determined in accordance with the Pricing Matrix, and set forth in the related Confirmation; or

 

(ii)         after
the occurrence and during the continuance of an Event of Default, the applicable incremental per annum rate described in clause
(i) of this definition, as applicable, plus 400 basis points (4.00%).

 

“Appraisal” shall mean a
FIRREA-compliant appraisal addressed to and reasonably satisfactory to Buyer of the related Mortgaged Property from a third-party
appraiser.

 

“Asset Management Agreement”
shall mean the Advisory Agreement, dated as of October 15, 2013, by and among Guarantor, NorthStar Real Estate Income Operating
Partnership II, LP, Manager and NRFC, or such other agreement acceptable to Buyer in its reasonable discretion, in each
case, as the same shall be amended, modified, waived, supplemented, extended, replaced or restated from time to time.

 

“Assignment Documents in Blank”
shall mean, for each Purchased Loan, the (i) allonge in blank, (ii) omnibus assignment in blank, (iii) Assignment
of Mortgage in blank, and (iv) assignment of Assignment of Leases in blank.

 

“Assignment of Leases” shall
mean, with respect to any Mortgage, an assignment of leases thereunder, notice of transfer or equivalent instrument in recordable
form, sufficient under the laws of the jurisdiction wherein the Mortgaged Property is located to reflect the assignment of leases,
subject to the terms, covenants and provisions of this Agreement.

 

“Assignment of Mortgage”
shall mean, with respect to any Mortgage, an assignment of the mortgage, notice of transfer or equivalent instrument in recordable
form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the

 

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assignment and pledge of the Mortgage, subject
to the terms, covenants and provisions of this Agreement.

 

“Attorney’s Bailee Letter”
shall mean a letter from an Acceptable Attorney, in form and substance acceptable to Buyer, wherein such Acceptable Attorney in
possession of a Purchased Loan File (i) acknowledges receipt of such Purchased Loan File, (ii) confirms that such Acceptable Attorney
is holding the same as bailee of Buyer under such letter and (iii) agrees that such Acceptable Attorney shall deliver such
Purchased Loan File to the Custodian by not later than the third (3rd) Business Day following the Purchase Date for
the related Purchased Loan.

 

”Average Debt Yield” shall
mean, with respect to the Purchased Loans, the weighted average of the individual Debt Yield (Purchase Price) of each such Purchased
Loan, calculated as a portfolio and weighted according to each Purchased Loan’s outstanding Purchase Price.

 

“Bankruptcy Code” shall mean
Title 11 of the United States Code (11 U.S.C. § 101, et seq.), as amended, modified or replaced
from time to time.

 

“Blocked Account Agreement”
shall mean that certain Deposit Account Control Agreement (Cash Management Account - Access Restricted after Notice), dated as
of the date hereof, among Buyer, Seller and the Depository, relating to the Cash Management Account, as the same may be amended,
modified and/or restated from time to time.

 

“Business Day” shall mean
a day other than (i) a Saturday or Sunday, or (ii) a day in which the New York Stock Exchange or banks in the State of New York
are authorized or obligated by law or executive order to be closed. When used with respect to a Pricing Rate Determination Date,
“Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banks in London, England are closed
for interbank or foreign exchange transactions.

 

“Buyer” shall mean Citibank,
N.A., or any successor or assign.

 

“Capital Stock” shall mean
any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any
and all equivalent equity ownership interests in a Person which is not a corporation, including, without limitation, any and all
member or other equivalent interests in any limited liability company, and any and all warrants or options to purchase any of the
foregoing.

 

“Cash Management Account”
shall mean a segregated interest bearing account, in the name of Seller for the benefit of Buyer, established at the Depository
and subject to the Blocked Account Agreement.

 

“Change of Control” shall
mean any of the following events shall have occurred without the prior approval of Buyer:

 

(i)         prior
to an internalization of management by Guarantor, if Manager is no longer the manager of Guarantor;

 

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(ii)        after
such time as Guarantor is internally managed, any “person” or “group” (within the meaning of Section 13(d)
or 14(d) of the Exchange Act, as amended) shall become, or obtain rights (whether by means of warrants, options or otherwise) to
become, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of a percentage of the total voting power of all classes of Equity Interests of Guarantor entitled to vote generally in the election
of directors, of 49% or more;

 

(iii)       Guarantor
shall cease to own and control, of record and beneficially, 51% of the Equity Interests of Operating Partnership;

 

(iv)       Operating
Partnership shall cease to own and control, of record and beneficially, directly or indirectly 100% of the outstanding Equity Interests
of Seller; or

 

(v)        any
conveyance, transfer, lease or disposal of all or substantially all assets of Guarantor or Operating Partnership to any Person
or entity that does not result in the repurchase by Seller of all Purchased Loans.

 

Notwithstanding the foregoing, Buyer shall not (i) be deemed to
approve or to have approved any internalization of management by Guarantor or (ii) have waived or be deemed to have waived Section
14(a)(xvii), in either case, as a result of this definition or any other provision herein.

 

“Code” shall mean the Internal
Revenue Code of 1986 and the regulations promulgated and rulings issued thereunder, in each case as amended, modified or replaced
from time to time.

 

“Collateral” shall have the
meaning specified in Section 6 of this Agreement.

 

“Collateral Tape” shall mean,
with respect to each Eligible Loan, the tape containing the fields of information set forth in Exhibit VII attached hereto.

 

“Concentration Limit” shall
mean, unless otherwise agreed to in writing by Buyer, the aggregate outstanding Purchase Price with respect to any single property
type and the outstanding Purchase Price with respect to any single Purchased Loan shall not exceed, in either case, 50% of the
Facility Amount at any time.

 

“Control” shall mean the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities or by contract and “controlling” and “controlled” shall have
meanings correlative thereto.

 

“Confirmation” shall have
the meaning specified in Section 3(b) of this Agreement.

 

“Current Appraisal” shall
mean an Appraisal dated within six (6) months of the date of determination which Appraisal shall be approved by Buyer.

 

“Custodial Agreement” shall
mean the Custodial Agreement, dated as of October 15, 2013, by and among the Custodian, Seller and Buyer.

 

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“Custodial Delivery” shall
mean the form executed by Seller in order to deliver the Purchased Loan Schedule and the Purchased Loan File to Buyer or its designee
(including the Custodian) pursuant to Section 7 hereof, a form of which is attached hereto as Exhibit III.

 

“Custodian” shall mean Wells
Fargo Bank, National Association, or any successor Custodian appointed by Buyer with the prior written consent of Seller (which
consent shall not be unreasonably withheld or delayed).

 

“Debt Yield (Loan UPB)” shall
mean, with respect to each Purchased Loan, the percentage equivalent of the quotient obtained by dividing (a) the underwritten
net cash flow of the related Mortgaged Property, as determined by Buyer, by (b) the sum of (x) the unpaid principal balance of
such Purchased Loan plus (y) the unpaid principal balance of any subordinate or mezzanine debt secured directly or indirectly by
the Mortgaged Property.

 

“Debt Yield (Purchase Price)”
shall mean, with respect to each Purchased Loan, the percentage equivalent of the quotient obtained by dividing (a) the underwritten
net cash flow of the related Mortgaged Property, as determined by Buyer, by (b) the outstanding Purchase Price of such Purchased
Loan.

 

“Debt Yield Test” shall mean,
with respect to the Purchased Loans, the test that shall be satisfied at any time the Average Debt Yield shall be 9.00% or greater.

 

“Default” shall mean any
event which, with the giving of notice, the passage of time, or both, would constitute an Event of Default.

 

“Defeasance” shall have the
meaning specified in Exhibit VI.

 

“Depository” shall mean Wells
Fargo Bank, National Association, or any successor Depository appointed by Buyer with the prior written consent of Seller (which
consent shall not be unreasonably withheld or delayed).

 

“Due Diligence Package” shall
mean (i) the Collateral Tape, (ii) the items on the Eligible Loan Due Diligence Checklist, in each case to the extent applicable
and (iii) such other documents or information as Buyer or its counsel shall reasonably deem necessary.

 

“Early Repurchase Date” shall
have the meaning specified in Section 3(d) of this Agreement.

 

“Eligible Loan Due Diligence Checklist”
shall mean the due diligence materials set forth in Exhibit IV attached hereto.

 

“Eligible Loans” shall mean
floating or fixed rate whole mortgage loans (“Whole Loans”) (or senior interests in such Whole Loans) which
are secured by stabilized or un-stabilized commercial or multi-family properties which have been approved by Buyer in its sole
discretion as a Purchased Loan and which satisfy all of the following criteria:

 

(a) the Debt Yield (Loan UPB) is equal to or
greater than 6.00%,

 

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(b) the LTV (Loan UPB) is 75.00% or less,

 

(c) the LTV (Aggregate Loan UPB) is 80.00% or
less,

 

(d) the term (inclusive of any extension periods,
whether or not such periods have yet to be exercised) is not longer than five years, and

 

(e) such whole mortgage loan (or senior interest)
on the initial date of inclusion in a Transaction would not cause the Debt Yield Test not to be met.

 

“Environmental Condition”
shall have the meaning specified in Exhibit VI.

 

“Environmental Law” shall
mean, any federal, state, foreign or local statute, law, rule, regulation, ordinance, code, guideline, written policy and rule
of common law now or hereafter in effect and in each case as amended, and any judicial or administrative interpretation thereof,
including any judicial or administrative order, consent decree or judgment, relating to the environment, employee health and safety
or Hazardous Materials, including, without limitation, CERCLA; RCRA; the Federal Water Pollution Control Act, 33 U.S.C. §
1251 et seq.; the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.; the Clean Air Act, 42
U.S.C. § 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C. § 3803 et seq.; the Oil Pollution
Act of 1990, 33 U.S.C. § 2701 et seq.; the Emergency Planning the Community Right-to-Know Act of 1986, 42 U.S.C.
§ 11001 et seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq.; and
the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq.; and any state and local or foreign counterparts
or equivalents, in each case as amended from time to time.

 

“Equity Interests” shall
mean, with respect to any Person, (a) any share, interest, participation and other equivalent (however denominated) of capital
stock of (or other ownership, equity or profit interests in) such Person, (b) any warrant, option or other right for the purchase
or other acquisition from such Person of any of the foregoing, (c) any security convertible into or exchangeable for any of the
foregoing, and (d) any other ownership or profit interest in such Person (including partnership, member or trust interests therein),
whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise
existing on any date.

 

“ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. Section references
to ERISA are to ERISA, as in effect at the date of this Agreement and, as of the relevant date, any subsequent provisions of ERISA,
amendatory thereof, supplemental thereto or substituted therefor.

 

“ERISA Affiliate” shall mean
any corporation or trade or business that is a member of any group of organizations (i) described in Section 414(b) or (c) of the
Code of which Seller is a member and (ii) solely for purposes of potential liability under Section 302(c)(11) of ERISA and Section
412(c)(11) of the Code and the lien created under Section 302(f) of ERISA and Section 412(n) of the Code, described in Section
414(m) or (o) of the Code of which Seller is a member.

 

“Event of Default” shall
have the meaning specified in Section 14(a) of this Agreement.

 

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“Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended, modified or replaced from time to time.

 

“Extension Fee” shall have
the meaning specified in the Fee Agreement.

 

“Facility Amount” shall mean,
as of any date, the lesser of (a) the amount of equity capital raised by Guarantor prior to such date and (b) $100,000,000; provided,
that from and after October 15, 2014, the “Facility Amount” shall mean the lesser of (a) the amount of equity capital
raised by Guarantor prior to October 15, 2014 and (b) $100,000,000.

 

“Facility Availability Period”
shall mean the three year period commencing on the date of this Agreement and ending on October 15, 2016.

 

“Facility Expiration Date”
shall mean the last day of the Facility Availability Period; provided, that the Facility Expiration Date shall be extendable
by Seller for a single one year period, subject to the following:

 

(a) Seller delivers to Buyer a written request
of the extension of the Facility Expiration Date no earlier than ninety (90) nor later than thirty (30) days before the original
Facility Expiration Date,

 

(b) no Default or Event of Default exists on
the date of the request to extend or on the original Facility Expiration Date,

 

(c) no Margin Deficit exists that has not been
satisfied on the original Facility Expiration Date,

 

(d) the Debt Yield Test for all Purchased Loans
is satisfied,

 

(e) the Purchase Price Percentage and the Applicable
Spread shall have been adjusted in the manner set forth in the Pricing Matrix, and

 

(f) Seller shall have paid to Buyer the Extension
Fee on or before the original Facility Expiration Date.

 

“FATCA” shall mean Sections
1471 through 1474 of the Code, as of the date of Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any
agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

“Fee Agreement” shall mean
that certain fee letter agreement, dated as of October 15, 2013, between Seller and Buyer.

 

“Filings” shall have the
meaning specified in Section 6 of this Agreement.

 

“FIRREA” shall mean the Financial
Institutions, Reform, Recovery and Enforcement Act of 1989.

 

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“GAAP” shall mean United
States generally accepted accounting principles consistently applied as in effect from time to time.

 

“Governmental Authority”
shall mean any national or federal government, any state, regional, local or other political subdivision thereof with jurisdiction
and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining
to government.

 

“Ground Lease” shall mean
a ground lease containing the following terms and conditions: (a) a remaining term (exclusive of any unexercised extension options)
of thirty (30) years or more from the Purchase Date of the Purchased Loan; (b) the right of the lessee to mortgage and encumber
its interest in the leased property without the consent of the lessor or with such consent given; (c) the obligation of the lessor
to give the holder of any mortgage lien on such leased property written notice of any defaults on the part of the lessee and agreement
of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures,
and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease;
and (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold
estate demised pursuant to a ground lease.

 

“Guarantor” shall mean NorthStar
Real Estate Income II, Inc., a Maryland corporation.

 

“Guaranty” shall mean the
Limited Guaranty, dated as of the date hereof, from Guarantor in favor of Buyer.

 

“Hedging Transactions” shall
mean, with respect to any or all of the Purchased Loans, any short sale of U.S. Treasury Securities or mortgage-related securities,
futures contract (including Eurodollar futures) or options contract or any interest rate swap, cap or collar agreement or similar
arrangements providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations, either
generally or under specific contingencies, entered into by Seller with Buyer or an Affiliate of Buyer or one or more other counterparties
reasonably acceptable to Buyer.

 

“Income” shall mean, with
respect to any Purchased Loan at any time, the sum of (x) any principal thereof and all interest, dividends or other distributions
thereon and (y) all net sale proceeds received by Seller in connection with a sale of such Purchased Loan to a Person other than
Buyer.

 

“Indemnified Amounts” and
“Indemnified Parties” shall have the meaning specified in Section 27 of this Agreement.

 

“Independent Director” shall
mean a duly appointed manager or member of the board of directors (or managers) of the relevant entity who shall not have been,
at the time of such appointment or at any time while serving as a director or manager of the relevant entity and may not have been
at any time in the preceding five (5) years, (a) a direct or indirect legal or beneficial owner in such entity or any of its
Affiliates, (b) a creditor, supplier, employee, officer, director (other than in its capacity as Independent Director), family
member, manager or contractor of such entity or any of its Affiliates, or (c) a Person who controls (directly, indirectly

 

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or otherwise) such entity or any of its Affiliates
or any creditor, supplier, employee, officer, director, family member, manager or contractor of such Person or any of its Affiliates.

 

“Insurance Rating Requirements”
shall have the meaning specified in Exhibit VI.

 

“Irrevocable Direction Letter”
shall have the meaning specified in Section 5(b).

 

“Junior Interest” shall mean
a “B-note” in an “A/B” structure in a commercial real estate loan.

 

“LIBOR” shall mean, with
respect to each Pricing Rate Period, the rate (expressed as a percentage per annum) for deposits in U.S. dollars, for a one month
period, that appears on Reuters Screen LIBOR01 (or the successor thereto) as of 11:00 a.m., London time, on the related Pricing
Rate Determination Date. If such rate does not appear on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such Pricing
Rate Determination Date, Buyer shall request the principal London office of any four major reference banks in the London interbank
market selected by Buyer to provide such bank’s offered quotation (expressed as a percentage per annum) to prime banks in
the London interbank market for deposits in U.S. dollars for a one month period as of 11:00 a.m., London time, on such Pricing
Rate Determination Date for amounts of not less than the Repurchase Price of the applicable Transaction. If at least two such offered
quotations are so provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided,
Buyer shall request any three major banks in New York City selected by Buyer to provide such bank’s rate (expressed as a
percentage per annum) for loans in U.S. dollars to leading European banks for a one month period as of approximately 11:00 a.m.,
New York City time on the applicable Pricing Rate Determination Date for amounts of not less than the Repurchase Price of such
Transaction. If at least two such rates are so provided, LIBOR shall be the arithmetic mean of such rates. LIBOR shall be determined
by Buyer or its agent, which determination shall be conclusive absent manifest error.

 

“LIBO Rate” shall mean, with
respect to any Pricing Rate Period pertaining to a Transaction, a rate per annum determined for such Pricing Rate Period in accordance
with the following formula (rounded upward to the nearest 1/100th of 1%):

 

	LIBOR
	1 – Reserve Requirement

  

“Lien” shall mean any mortgage,
lien, encumbrance, charge or other security interest, whether arising under contract, by operation of law, judicial process or
otherwise.

 

“Liquidity Reserve Account”
shall mean a segregated interest bearing account, in the name of Seller for the benefit of Buyer, established at the Depository
and subject to the Account Control Agreement.

 

“LTV (Aggregate Loan UPB)”
shall mean, with respect to any Eligible Loan, the ratio, expressed as a percentage, the numerator of which shall equal the sum
of (x) the unpaid principal balance of such Purchased Loan plus (y) the unpaid principal balance of any subordinate or

 

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mezzanine debt secured directly or indirectly by the Mortgaged Property
and the denominator of which shall equal the value of the related Mortgaged Property as set forth in a Current Appraisal.

 

“LTV (Loan UPB)” shall mean,
with respect to any Purchased Loan, the ratio, expressed as a percentage, the numerator of which shall equal the unpaid principal
balance of the Purchased Loan and the denominator of which shall equal the value of the related Mortgaged Property as set forth
in a Current Appraisal.

 

“LTV (Purchase Price) shall mean,
with respect to any Purchased Loan, the ratio, expressed as a percentage, the numerator of which shall equal the outstanding Purchase
Price of the Purchased Loan and the denominator of which shall equal the value of the related Mortgaged Property as set forth in
a Current Appraisal.

 

“Manager” shall mean NS Real
Estate Investment Trust Advisor, LLC, a Delaware limited liability company.

 

“Material Adverse Effect”
shall mean a material adverse effect on (a) the business, condition (financial or otherwise) or results of operations (or prospects)
of Seller, Operating Partnership or Guarantor, (b) the ability of Seller, Operating Partnership or Guarantor to pay and perform
its obligations under any of the Transaction Documents, (c) the legality, validity or enforceability of any of the Transaction
Documents, (d) the rights and remedies of Buyer under any of the Transaction Documents, or (e) the perfection or priority of any
Lien granted under any Purchased Loan Document.

 

“Margin Amount” shall mean,
with respect to any Purchased Loan as of any date of determination, an amount equal to the product of the applicable Margin Percentage
and the outstanding Purchase Price of such Purchased Loan as of such date.

 

“Margin Deficit” shall have
the meaning specified in Section 4(a) hereof.

 

“Margin Percentage” shall
mean, with respect to any Purchased Loan as of any date of determination, the reciprocal of the applicable Purchase Price Percentage.

 

“Market Value” shall mean,
with respect to any Purchased Loan, the market value for such Purchased Loan, as determined by Buyer in its good faith business
judgment on each Business Day in accordance with this definition. On the Purchase Date for each Purchased Loan, Buyer shall determine
the market value of such Purchased Loan in its good faith business judgment. Thereafter, market value of such Purchased Loan may
be adjusted by Buyer only from credit events with respect to any asset, borrower (including obligors, participants and sponsors),
or market related to such Purchased Loan, but not from price, yield or spread movements. In such event, market value may change
based upon Buyer’s determination in its good faith business judgment and consistently applied to Buyer’s other master
repurchase facilities for comparable assets that there has been a material change in the credit characteristics of any asset, borrower
(including obligors, participants and sponsors), or related market, among other factors. The value (positive or negative) of any
Hedging Transactions assigned to Buyer or to which Seller and Buyer are parties in connection with any such Purchased Loan that
is a fixed rate loan shall be included in the determination of Market Value. The Market Value for any Purchased Loan may be deemed
by Buyer to be zero in the event any of the following occurs

 

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with respect to such Purchased Loan: (i) a material
breach of a representation or warranty set forth on Exhibit VI; (ii) Buyer’s good faith determination that the timely collectability
of such Purchased Loan is impaired; or (iii) the Repurchase Date with respect to such Purchased Loan occurs.

 

“Mortgage” shall mean a mortgage,
deed of trust, deed to secure debt or other instrument, creating a valid and enforceable first lien on or a first priority ownership
interest in an estate in fee simple in real property and the improvements thereon, securing a mortgage note or similar evidence
of indebtedness.

 

“Mortgage Note” shall mean
a note or other evidence of indebtedness of a Mortgagor secured by a Mortgage in connection with a Purchased Loan.

 

“Mortgaged Property” shall
mean the real property securing repayment of the debt evidenced by a Mortgage Note.

 

“Mortgagee” shall mean the
record holder of a Mortgage Note secured by a Mortgage.

 

“Mortgagor” shall mean the
obligor on a Mortgage Note and the grantor of the related Mortgage.

 

“Multiemployer Plan” shall
mean a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been, or were required to have
been, made by Seller or any ERISA Affiliate and which is covered by Title IV of ERISA.

 

“Non-Recourse Carve Out Guaranty”
shall mean the Non-Recourse Carve Out Guaranty, dated as of the date hereof, from Guarantor to Buyer.

 

“NRFC” shall mean NorthStar
Realty Finance Corp., a Delaware corporation.

 

“Office of Foreign Assets Control”
shall mean the U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

“Operating Partnership” shall
mean NorthStar Real Estate Income Operating Partnership II, LP

 

“Patriot Act” shall mean
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
as amended, modified or replaced from time to time.

 

“Permitted Encumbrances”
shall have the meaning specified in Exhibit VI.

 

“Permitted Purchased Loan Modification”
shall mean any modification or amendment of a Purchased Loan which is not a Significant Purchased Loan Modification.

 

“Person” shall mean an individual,
corporation, limited liability company, business trust, partnership, joint tenant or tenant-in-common, trust, unincorporated organization,
or other entity, or a federal, state or local government or any agency or political subdivision thereof.

 

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“Plan” shall mean an employee
benefit or other plan established or maintained by Seller or any ERISA Affiliate during the five year period ended prior to the
date of this Agreement or to which Seller or any ERISA Affiliate makes, is obligated to make or has, within the five year period
ended prior to the date of this Agreement, been required to make contributions and that is covered by Title IV of ERISA or Section
302 of ERISA or Section 412 of the Code, other than a Multiemployer Plan.

 

“Plan Party” shall have the
meaning specified in Section 22(a) of this Agreement.

 

“Price Differential” shall
mean, with respect to any Transaction as of any date, the aggregate amount obtained by daily application of the Pricing Rate for
such Transaction to the outstanding Purchase Price for such Transaction on a 360-day-per-year basis for the actual number of days
during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of
determination (reduced by any amount of such Price Differential previously paid by Seller to Buyer with respect to such Transaction).

 

“Pricing Matrix” shall mean
the matrix attached to the Fee Agreement which shall be used to determine the Purchase Price Percentage and the Applicable Spread
for each Purchased Loan. On the Purchase Date for each Purchased Loan, the Purchase Price Percentage for such Purchased Loan shall
equal the highest Purchase Price Percentage for which such Purchased Loan is eligible under the Pricing Matrix based upon its Debt
Yield (Loan UPB), Debt Yield (Purchase Price), LTV (Loan UPB) and LTV (Purchase Price); provided, that notwithstanding the
foregoing, Seller may request that the Purchase Price Percentage for any Purchased Loan equal a percentage which is lower than
the maximum based upon its Debt Yield (Loan UPB), Debt Yield (Purchase Price), LTV (Loan UPB) and LTV (Purchase Price). The Applicable
Spread for each Purchased Loan shall equal the number of basis points set forth under the column heading “Applicable Spread
(bps)” which corresponds to the applicable Purchase Price Percentage for such Purchased Loan as of such Purchase Date. It
is understood and agreed that no improvement in the Debt Yield (Loan UPB), Debt Yield (Purchase Price), LTV (Loan UPB) or LTV (Purchase
Price) after the applicable Purchase Date for a Purchased Loan shall result in any adjustment to the Applicable Spread for such
Purchased Loan.

 

“Pricing Rate” shall mean,
for any Pricing Rate Period, an annual rate equal to the LIBO Rate for such Pricing Rate Period plus the Applicable Spread for
such Transaction and shall be subject to adjustment and/or conversion as provided in Sections 3(g) and 3(h) of this Agreement.

 

“Pricing Rate Determination Date”
shall mean with respect to any Pricing Rate Period with respect to any Transaction, the second (2nd) Business Day preceding the
first day of such Pricing Rate Period.

 

“Pricing Rate Period” shall
mean, (a) in the case of the first Pricing Rate Period with respect to any Transaction, the period commencing on and including
the Purchase Date for such Transaction and ending on and excluding the following Remittance Date, and (b) in the case of any subsequent
Pricing Rate Period, the period commencing on and including such Remittance Date and ending on and excluding the following Remittance
Date; provided, however, that in no event shall any Pricing Rate Period end subsequent to the Repurchase Date.

 

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“Prime Rate” shall mean the
prime rate of U.S. commercial banks as published in The Wall Street Journal (or, if more than one such rate is published, the average
of such rates).

 

“Principal Payment” shall
mean, with respect to any Purchased Loan, any payment or prepayment of principal received by the Depository in respect thereof.

 

“Purchase Date” shall mean
any date on which a Purchased Loan is to be transferred by Seller to Buyer.

 

“Purchase Price Percentage”
shall mean, with respect to each Purchased Loan, the percentage determined on the related Purchase Date for such Purchased Loan
based upon the procedure set forth in the definition of “Pricing Matrix” and set forth in the related Confirmation.

 

“Purchase Price” shall mean,
with respect to any Purchased Loan, (x) as of any Purchase Date for such Purchased Loan an amount (expressed in dollars) equal
to the product obtained by multiplying (i) the lesser of (x) the Market Value of such Purchased Loan and (y) the par amount of
such Purchased Loan by (ii) the Purchase Price Percentage and (y) thereafter, such amount referred to in clause (x) reduced
by (a) any amount applied to reduce the Purchase Price pursuant to Section 3(f), 4(a), 4(b) or 5 of this Agreement.

 

“Purchased Loan File” shall
mean the documents specified as the “Purchased Loan File” in Section 7(b), together with any additional documents and
information required to be delivered to Buyer or its designee (including the Custodian) pursuant to this Agreement.

 

“Purchased Loan Documents”
shall mean, with respect to a Purchased Loan, the documents comprising the Purchased Loan File for such Purchased Loan.

 

“Purchased Loans” shall mean
(i) with respect to any Transaction, the Eligible Loan sold by Seller to Buyer in such Transaction and (ii) with respect to the
Transactions in general, all Eligible Loans sold by Seller to Buyer.

 

“Purchased Loan Schedule”
shall mean a schedule of Purchased Loans attached to each Trust Receipt and Custodial Delivery, which may but is not required to,
contain information substantially similar to the Collateral Tape.

 

“REMIC” shall mean a real
estate mortgage investment conduit, within the meaning of Section 860D(a) of the Code.

 

“Remittance Date” shall
mean the nineteenth (19th) calendar day of each month, or the next succeeding Business Day, if such calendar day shall not be a
Business Day, or such other day as is mutually agreed to by Seller and Buyer.

 

“Repurchase Date” shall mean,
with respect to each Purchased Loan, the earlier of: (x) the Facility Expiration Date, or (y) the maturity date of such Purchased
Loan (subject to extension, if applicable, in accordance with its Purchased Loan Documents).

 

“Repurchase Price” shall
mean, with respect to any Purchased Loan as of any date, the price at which such Purchased Loan is to be transferred from Buyer
to Seller upon termination of

 

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the related Transaction; such price will be determined
in each case as the sum of (a) the outstanding Purchase Price of such Purchased Loan, (b) the accrued but unpaid Price Differential
thereon with respect to such Purchased Loan as of such date, and (c) all other amounts due and payable as of such date by Seller
to Buyer under this Agreement or any Transaction Document with respect to such Purchased Loan (including, but not limited to, accrued
and unpaid fees, expenses and indemnity amounts).

 

“Required Liquidity Amount”
shall mean the amount set forth in the right hand column below determined based upon the aggregate outstanding Purchase Price from
time to time set forth in the left hand column below:

 

	Outstanding Purchase Prices

($MM)	 	Required Liquidity Amount

($MM)
	Up to 22.5	 	3.75
	22.5 to 35	 	6.25
	35 to 50	 	7.50
	50 to 65	 	9.25
	65 to 70	 	12.00
	70 to 85	 	13.50
	85 to 100	 	15.00

 

“Requirement of Law” shall
mean any law, treaty, rule, regulation, code, directive, policy, order or requirement or determination of an arbitrator or a court
or other Governmental Authority whether now or hereafter enacted or in effect.

 

“Reserve Requirement” shall
mean, with respect to any Pricing Rate Period, the aggregate (without duplication) of the rates (expressed as a decimal fraction)
of reserve requirements in effect during such Pricing Rate Period (including, without limitation, basic, supplemental, marginal
and emergency reserves under any regulations of the Board of Governors of the Federal Reserve System or other Governmental Authority
having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency funding (currently referred
to as “Eurocurrency Liabilities” in Regulation D of such Board of Governors) maintained by Buyer.

 

“Sanctioned Entity” shall
mean (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization
directly or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in
a country, that (in the case of the preceding clauses (a), (b), (c) and this clause (d))
is subject to a country sanctions program administered and enforced by the Office of Foreign Assets Control, or (e) a Person
named on the list of Specially Designated Nationals maintained by the Office of Foreign Assets Control.

 

“Seller” shall mean CB Loan
NT-II, LLC, a Delaware limited liability company.

 

“Servicer” shall mean Wells
Fargo Bank, National Association, or any other servicer approved by Buyer in its sole discretion.

 

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“Servicing Agreement” shall
mean the Servicing Agreement, dated as of the date hereof, by and among Seller, Buyer and Servicer, or any other servicing agreement
entered into by Seller, Buyer and any successor servicer approved by Buyer for the servicing of Purchased Loans.

 

“Servicing Account” shall
mean the segregated account established at the Servicer, in the name of Buyer, pursuant to the Servicing Agreement.

 

“Servicing Rights” shall
mean Seller’s right, title and interest in and to any and all of the following: (a) any and all rights to service the
related Purchased Loan; (b) any payments to or monies received by Seller or any other Person for servicing such Purchased
Loan; (c) any late fees, penalties or similar payments with respect to such Purchased Loan; (d) all agreements or documents
creating, defining or evidencing any such servicing rights to the extent they relate to such servicing rights and all rights of
such Seller or any other Person thereunder; (e) escrow payments or other similar payments with respect to such Purchased Loan
and any amounts actually collected by such Seller or any other Person with respect thereto; (f) the right, if any, to appoint
a special servicer or liquidator of such Purchased Loan; and (g) all accounts and other rights to payment related to the servicing
of such Purchased Loan.

 

“Servicing Records” shall
have the meaning specified in Section 29(b).

 

“Significant Purchased Loan Modification”
means any modification or amendment of a Purchased Loan which

 

(i)          reduces
the principal amount of the Purchased Loan in question other than (1) with respect to a dollar-for-dollar principal payment
or (2) reductions of principal to the extent of deferred, accrued or capitalized interest added to principal which additional
amount was not taken into account by Buyer in determining the related Purchase Price,

 

(ii)         increases
the principal amount of a Purchased Loan other than increases which are derived from accrual or capitalization of deferred interest
which is added to principal or protective advances,

 

(iii)        modifies
the amount or timing of any regularly scheduled payments of principal and non-contingent interest of the Purchased Loan in question,

 

(iv)        changes
the frequency of scheduled payments of principal and interest in respect of a Purchased Loan,

 

(v)         subordinates
the lien priority of the Purchased Loan in question or the payment priority of the Purchased Loan in question other than subordinations
required under the then existing terms and conditions of the Purchased Loan in question (provided, however, the foregoing shall
not preclude the execution and delivery of subordination, nondisturbance and attornment agreements with tenants, subordination
to tenant leases, easements, plats of subdivision and condominium declarations and similar instruments which in the commercially
reasonable judgment of Seller do not materially adversely affect the rights and interest of the holder of the Purchased Loan in
question),

 

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(vi)         releases
any collateral for the Purchased Loan in question other than releases required under the then existing Purchased Loan documents
or releases in connection with eminent domain or under threat of eminent domain,

 

(vii)        waives,
amends or modifies any cash management or reserve account requirements of the Purchased Loan other than changes required under
the then existing Purchased Loan documentation,

 

(viii)      waives
any due-on-sale or due-on-encumbrance provisions of the Purchased Loan in question other than waivers required to be given under
the then existing Purchased Loan documents, or

 

(ix)         waives,
amends or modifies the underlying insurance requirements of the Purchased Loan.

 

“Single-Purpose Entity” shall
mean a Person, other than an individual, which is formed or organized solely for the purpose of holding, directly and subject to
this Agreement, the Purchased Loans, does not engage in any business unrelated to the Purchased Loans and the financing thereof,
does not have any assets other than the Purchased Loans and the financing thereof, or any indebtedness other than as permitted
by this Agreement, has its own separate books and records and its own accounts, in each case which are separate and apart from
the books and records and accounts of any other Person, and holds itself out as being a Person, separate and apart from any other
Person.

 

“Solvent” shall mean with
respect to any Person at any time, having a state of affairs such that all of the following conditions are met at such time: (a) the
fair value of the assets and property of such Person is greater than the amount of such Person’s liabilities (including disputed,
contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32)
of the Bankruptcy Code, (b) the present fair salable value of the assets and property of such Person in an orderly liquidation
of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they
become absolute and matured, (c) such Person is able to realize upon its assets and property and pay its debts and other liabilities
(including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business, (d) such Person
does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as
such debts and liabilities mature, and (e) such Person is not engaged in a business or a transaction, and is not about to
engage in a business or a transaction, for which such Person’s assets and property would constitute unreasonably small capital.

 

“Standard Qualifications”
shall have the meaning specified in Exhibit VI.

 

“Subsidiary” shall mean,
with respect to any Person, any corporation, partnership, limited liability company or other entity (heretofore, now or hereafter
established) of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting
power to elect a majority of the board of directors or other Persons performing similar functions of such corporation, partnership,
limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly
owned or

 

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controlled by such Person or one or more Subsidiaries
of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which
are consolidated with those of such Person pursuant to GAAP.

 

“Survey” shall mean a certified
ALTA/ACSM (or applicable state standards for the state in which the Collateral is located) survey of a Mortgaged Property prepared
by a registered independent surveyor or engineer and in form and content satisfactory to Buyer
in its commercially reasonable discretion and the company issuing the Title Policy for such Mortgaged Property.

 

“Title Policy” shall have
the meaning specified in Exhibit VI.

 

“Trading with the Enemy Act”
shall mean The Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.),
as amended, modified or replaced from time to time.

 

“Transaction” shall have
the meaning set forth in Section 1 of this Agreement.

 

“Transaction Conditions Precedent”
shall have the meaning specified in Section 3(b) of this Agreement.

 

“Transaction Documents” shall
mean, collectively, this Agreement, any applicable Annexes to this Agreement, the Guaranty, the Non-Recourse Carve Out Guaranty,
the Custodial Agreement, the Blocked Account Agreement, the Account Control Agreement, the Servicing Agreement, all Confirmations
executed pursuant to this Agreement in connection with specific Transactions, any other documents or instruments relating to any
such documents executed by Seller, Operating Partnership or Guarantor, and any written modifications, extensions, renewals, restatements,
or replacements of any of the foregoing.

 

“Transaction Request” shall
mean a request to enter into a Transaction, in the form of Exhibit VIII attached hereto.

 

“Trust Receipt” shall mean
a trust receipt issued by Custodian to Buyer confirming the Custodian’s possession of certain Purchased Loan Files which
are the property of and held by Custodian for the benefit of Buyer (or any other holder of such
trust receipt) or a bailment arrangement with an Acceptable Attorney.

 

“UCC” shall have the meaning
specified in Section 6 of this Agreement.

 

“Zoning Regulations” shall
have the meaning specified in Exhibit VI.

 

3.         INITIATION;
CONFIRMATION; TERMINATION; FEES

 

(a)        Subject
to the terms and conditions set forth in this Agreement (including, without limitation, the “Transaction Conditions Precedent”
specified in Section 3(b) of this Agreement), an agreement to enter into a Transaction shall be made in writing at the initiation
of Seller as provided below; provided, however, that (i) the aggregate outstanding Purchase Price at any time for
all Transactions shall not exceed the Facility Amount, (ii) Buyer shall not have any obligation

 

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to enter into Transactions with Seller after the
occurrence and during the continuance of a Default or an Event of Default or after the Facility Availability Period and (iii) this
Agreement is not a commitment to enter into Transactions but rather sets forth the procedures to be used in connection with periodic
requests to enter into Transactions and Seller hereby acknowledges that Buyer is under no obligation to agree to enter into, or
to enter into, any Transaction pursuant to this Agreement. Seller may, from time to time, submit to Buyer a Transaction Request,
in the form of Exhibit VIII attached hereto, for Buyer’s review and approval in order to enter into a Transaction with respect
to any Eligible Loan that Seller proposes to be included as Collateral under this Agreement. Upon Buyer’s receipt of a complete
Due Diligence Package, Buyer shall have the right to request, in Buyer’s good faith business judgment, additional diligence
materials and deliveries with respect to the applicable Eligible Loan, to the extent necessary for Buyer’s
underwriting of such Eligible Loan. Upon Buyer’s receipt of the Transaction Request, Due Diligence Package and additional
diligence materials, Buyer shall use commercially reasonable efforts to within ten (10) Business Days and following receipt of
internal credit approval, either (i) notify Seller of the Purchase Price and the Market Value for the Eligible Loan or (ii) deny
Seller’s request for a Transaction. Buyer’s failure to respond to Seller within ten (10) Business Days shall be deemed
to be a denial of Seller’s request for a Transaction, unless Buyer and Seller have agreed otherwise in writing. Buyer shall
have the right to review all Eligible Loans proposed to be sold to Buyer in any Transaction and to conduct its own due diligence
investigation of such Eligible Loans as Buyer reasonably determines. Buyer shall be entitled to make a determination, in its sole
discretion, that it shall or shall not purchase any or all of the Eligible Loans proposed to be sold to Buyer by Seller. On the
Purchase Date for the Transaction which shall be on a date mutually agreed upon by Buyer and Seller following the approval of an
Eligible Loan by Buyer, the Purchased Loan shall be transferred to Buyer against the transfer of the Purchase Price to an account
of Seller. Notwithstanding anything to the contrary in this Agreement, Seller shall have the right to revoke its request for a
Transaction at any time up to the Business Day prior to the proposed Purchase Date for such Transaction which Purchase Date was
mutually agreed upon by Buyer and Seller.

 

(b)        Upon
agreeing to enter into a Transaction hereunder, provided each of the Transaction Conditions Precedent shall have been satisfied
(or waived by Buyer), Buyer shall promptly deliver to Seller a written confirmation in the form of Exhibit I attached hereto of
each Transaction (a “Confirmation”). Such Confirmation shall describe the Purchased Loans, shall identify Buyer
and Seller, and shall set forth:

  

		(i)	the Purchase Date,

 

		(ii)	the Purchase Price Percentage and the Purchase Price for such Purchased Loan,

 

		(iii)	the Repurchase Date,

 

		(iv)	the Pricing Rate, and

 

		(v)	any additional terms or conditions not inconsistent with this Agreement.

 

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With respect to any Transaction, the Pricing
Rate shall be determined initially on the Pricing Rate Determination Date applicable to the first Pricing Rate Period for such
Transaction, and shall be reset on each subsequent Pricing Rate Determination Date for the next succeeding Pricing Rate Period
for such Transaction. Buyer or its agent shall determine in accordance with the terms of this Agreement the Pricing Rate on each
Pricing Rate Determination Date for the related Pricing Rate Period and notify Seller of such rate for such period on such subsequent
Pricing Rate Determination Date. For purposes of this Section 3(b), the “Transaction Conditions Precedent” shall be
deemed to have been satisfied with respect to any proposed Transaction if:

  

		(A)	no Default or Event of Default under this Agreement shall have occurred and be continuing as of the Purchase Date for such
proposed Transaction;

 

		(B)	the representations and warranties made by Seller in any of the Transaction Documents shall be true and correct in all material
respects as of the Purchase Date for such Transaction, before and after giving effect to such Transaction, as though made on such
Purchase Date (except to the extent such representations and warranties are made as of a particular date and except with respect
to the representations and warranties for each individual Purchased Loan set forth in Exhibit VI hereto which are made as of the
related Purchase Date only);

 

		(C)	Buyer shall have received from Seller all corporate and governmental approvals and closing documentation as Buyer may reasonably
request,

 

		(D)	Seller shall have paid all of Buyer’s out-of-pocket costs and expenses pursuant to Section 30(d) of this Agreement;

 

		(E)	Buyer shall have (A) determined, in accordance with the applicable provisions of Section 3(a) of this Agreement, that the Assets
proposed to be sold to Buyer by Seller in such Transaction are Eligible Loans and (B) obtained internal credit approval for the
inclusion of such Eligible Loan as a Purchased Loan in a Transaction;

 

		(F)	Buyer shall have determined that no Material Adverse Change has occurred and is continuing;

 

		(G)	as of the applicable Purchase Date, the Debt Yield Test is satisfied and the Concentration Limit is not breached or violated
(or, if as of the applicable Purchase Date, the Debt Yield Test is not satisfied or the Concentration Limit is breached or violated,
then after the proposed Transaction is consummated the Debt Yield Test is satisfied and the Concentration Limit is not breached
or violated); and

  

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		(H)	at least two of Messrs. David Hamamoto, Daniel Gilbert or Albert Tylis are in the employ of NRFC (unless Buyer in its sole
discretion accepts a replacement at the time two or more of such Persons are not in the employ of NRFC).

  

(c)        Each
Confirmation, together with this Agreement, shall be conclusive evidence of the terms of the Transaction(s) covered thereby unless
specific objection is made no less than three (3) Business Days after the date thereof. In the event of any conflict between the
terms of such Confirmation and the terms of this Agreement, the Confirmation shall prevail. An objection sent by Seller with respect
to any Confirmation must state specifically that the writing is an objection, must specify the provision(s) of such Confirmation
being objected to by Seller, must set forth such provision(s) in the manner that Seller believes such provisions should be stated,
and must be sent by Seller no more than five (5) Business Days after such Confirmation is received by Seller.

 

(d)        No
Transaction shall be terminable on demand by Buyer (other than upon the occurrence and during the continuance of an Event of Default).
Seller shall be entitled to terminate a Transaction on demand, in whole only, and repurchase the Purchased Loan subject to a Transaction
on any Business Day prior to the Repurchase Date (an “Early Repurchase Date”); provided, however,
that:

  

		(i)	Seller notifies Buyer in writing of its intent to terminate such Transaction and repurchase such Purchased Loan no later than
three (3) Business Days prior to such Early Repurchase Date (or such shorter period of time as Buyer may agree to); provided,
that Seller shall have the right to revoke such notice at any time up to the Business Day prior to such Early Repurchase Date,

 

		(ii)	on such Early Repurchase Date Seller pays to Buyer an amount equal to the sum of the Repurchase Price for such Transaction,
the amount, if any, payable by Seller in the event any Hedging Transaction related to such Purchased Loan is being terminated as
of such date and any other amounts payable under this Agreement (including, without limitation, Section 3(i) of this Agreement)
with respect to such Transaction against transfer to Seller or its agent of such Purchased Loan,

 

		(iii)	on such Early Repurchase Date, following the payment of the amounts set forth in subclause (ii) above, no Margin Deficit
exists, and

 

		(iv)	no Default exists or will exist as a result of such early repurchase.

 

Such notice shall set forth the Early Repurchase Date and shall
identify with particularity the Purchased Loans to be repurchased on such Early Repurchase Date.

 

(e)        On
the Repurchase Date, termination of the applicable Transaction will be effected by transfer to Seller or its agent of the applicable
Purchased Loan and any Income in respect thereof received by Buyer (and not previously credited or transferred to, or applied to
the obligations of, Seller pursuant to Section 5 of this Agreement) against the simultaneous transfer

 

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to an account of Buyer of the Repurchase Price,
the amount, if any, payable by Seller in the event any Hedging Transaction related to such Purchased Loan is being terminated as
of such date and any other amounts payable under this Agreement with respect to such Transaction.

 

(f)        On
any Remittance Date before the Repurchase Date, Seller shall have the right, from time to time, to transfer cash to Buyer for the
purpose of reducing the Purchase Price of, but not terminating, a Transaction and without the release of any Collateral and without
any prepayment fee or penalty.

 

(g)        If
prior to the first day of any Pricing Rate Period with respect to any Transaction, Buyer shall have determined in the exercise
of its reasonable business judgment (which determination shall be conclusive and binding upon Seller) that, (i) by reason of circumstances
affecting the relevant market, adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Pricing Rate
Period, or (ii) the LIBO Rate determined or to be determined for such Pricing Rate Period will not adequately and fairly reflect
the cost to Buyer (as determined and certified by Buyer) of making or maintaining Transactions during such Pricing Rate Period,
Buyer shall give telecopy or telephonic notice (with written notice to follow the next Business Day) thereof to Seller as soon
as practicable thereafter. If such notice is given and provided Buyer shall be making the same determination generally on all of
its similarly situated customers, the Pricing Rate with respect to such Transaction for such Pricing Rate Period, and for any subsequent
Pricing Rate Periods until such notice has been withdrawn by Buyer shall be a per annum rate equal to the Prime Rate plus 100 basis
points (1.00%) (the “Alternative Rate”).

 

(h)        Notwithstanding
any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application
thereof shall make it unlawful for Buyer to effect Transactions as contemplated by the Transaction Documents, (a) the commitment
of Buyer hereunder to enter into new Transactions shall forthwith be canceled, and (b) the Transactions then outstanding shall
be converted automatically to Alternative Rate Transactions on the last day of the then current Pricing Rate Period or within such
earlier period as may be required by law. If any such conversion of a Transaction occurs on a day which is not the last day of
the then current Pricing Rate Period with respect to such Transaction, Seller shall pay to Buyer such amounts, if any, as may be
required pursuant to Section 3(i) of this Agreement.

 

(i)        Upon
written demand by Buyer, Seller shall indemnify Buyer and hold Buyer harmless from any net actual, out-of-pocket loss or expense
(not to include any lost profit or opportunity) (including, without limitation, reasonable actual attorneys’ fees and disbursements)
which Buyer sustains or incurs as a consequence of (i) default by Seller in terminating any Transaction after Seller has given
a notice in accordance with Section 3(d) hereof of a termination of a Transaction, (ii) any payment of the Repurchase Price on
any day other than a Remittance Date or the Repurchase Date (including, without limitation, any such actual, out-of-pocket loss
or expense arising from the reemployment of funds obtained by Buyer to maintain Transactions hereunder or from customary and reasonable
fees payable to terminate the deposits from which such funds were obtained) or (iii) a default by Seller in selling Eligible Loans
after Seller has notified Buyer of a proposed Transaction and Buyer has agreed to purchase such Eligible Loans in accordance with
the provisions of this Agreement. A certificate as to such actual costs, losses, damages and expenses, setting forth the calculations
therefor shall be submitted promptly by Buyer to Seller.

 

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(j)        If
the adoption of or any change in any Requirement of Law or in the interpretation or application thereof by any Governmental Authority
or compliance by Buyer with any request or directive from any central bank or other Governmental Authority having jurisdiction
over Buyer made subsequent to the date hereof:

 

		(i)	shall subject Buyer to any tax of any kind whatsoever with respect to the Transaction Documents, any Purchased Loan or any
Transaction, or change the basis of taxation of payments to Buyer in respect thereof (except for income or similar taxes, backup
withholding, taxes imposed under FATCA and any changes in the rate of tax on Buyer’s overall net income); or

 

		(ii)	shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets
held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other
acquisition of funds by, any office of Buyer which is not otherwise included in the determination of the LIBO Rate hereunder;

 

and the result of any of the foregoing is to increase the cost to
Buyer, by an amount which Buyer deems, in the exercise of its reasonable business judgment, to be material, of entering into, continuing
or maintaining Transactions or to reduce in a material manner any amount receivable under the Transaction Documents in respect
thereof; then, in any such case and provided Buyer imposes such additional costs generally on all of its similarly situated customers,
Seller shall promptly pay Buyer any additional amounts necessary to compensate Buyer for such increased cost or reduced amount
receivable. If Buyer becomes entitled to claim any additional amounts pursuant to this Section 3(j), it shall notify Seller in
writing of the event by reason of which it has become so entitled. Such notification as to the calculation of any additional amounts
payable pursuant to this subsection shall be submitted by Buyer to Seller. This covenant shall survive the termination of this
Agreement and the repurchase by Seller of any or all of the Purchased Loans.

 

(k)        If
Buyer shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation
or application thereof or compliance by Buyer or any corporation controlling Buyer with any request or directive regarding capital
adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof has the effect
of reducing the rate of return on Buyer’s or such corporation’s capital as a consequence of its obligations hereunder
to a level below that which Buyer or such corporation could have achieved but for such adoption, change or compliance (taking into
consideration Buyer’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by Buyer,
in the exercise of its reasonable business judgment, to be material, then from time to time, after submission by Buyer to Seller
of a written request therefor, and provided Buyer imposes such additional costs generally on all of its similarly situated customers,
Seller shall pay to Buyer such additional amount or amounts as will compensate Buyer for such reduction. Such notification as to
the calculation of any additional amounts payable pursuant to this subsection shall be submitted by Buyer to Seller. This covenant
shall survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Loans.

 

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4.         MARGIN
MAINTENANCE

 

(a)        If,
at any time, the aggregate Market Value of the Purchased Loans shall be less than the sum of the Margin Amounts calculated individually
with respect to each Purchased Loan (a “Margin Deficit”), then Buyer may by notice to Seller in writing (including
therein a description of the Market Value calculation for each Purchased Loan) require Seller to cure such Margin Deficit by either:

  

		(i)	transferring to Buyer additional cash collateral in an amount (or an additional Eligible Loan with a Market Value) equal to
or greater than the sum of the products, calculated individually for each Purchased Loan, of (x) the difference between the Margin
Amount with respect to such Purchased Loan and the Market Value of such Purchased Loan multiplied by (y) the applicable Purchase
Price Percentage for such Purchased Loan,

 

		(ii)	reducing the outstanding Purchase Price of one or more Purchased Loans, as applicable, such that the aggregate Market Value
of the Purchased Loans is equal to the sum of the Margin Amounts of the Purchased Loans, or

 

		(iii)	doing an early repurchase on an Early Repurchase Date pursuant to Section 3(d) of this Agreement and paying the related Repurchase
Price in order to cure such Margin Deficit.

 

Any cash transferred to Buyer pursuant to clause
(ii) of this Section 4(a) of this Agreement with respect to any Purchased Loan shall be applied to reduce the Purchase Price for
each Purchased Loan on a dollar-for-dollar basis for which there was a Margin Deficit.

 

(b)        If,
at any time, Buyer notifies Seller in writing that the Debt Yield Test is not satisfied (including therein a calculation of the
Debt Yield (Purchase Price) for each Purchased Loan), then Buyer may, by notice to Seller in writing, require Seller to cure such
non-satisfaction of the Debt Yield Test by reducing the outstanding Purchase Price of the Purchased Loans in the necessary amount.
Any cash transferred to Buyer pursuant to this Section 4(b) shall be applied to reduce the Purchase Price of the Purchased Loans
as designated by Seller with respect to any non-satisfaction of the Debt Yield Test.

 

(c)        If
any notice is given by Buyer under Section 4(a) of this Agreement on any Business Day, Seller shall transfer cash (or additional
collateral) as provided in Section 4(a) by no later than the close of business on the Business Day following the Business Day on
which such notice is given. The failure of Buyer, on any one or more occasions, to exercise its rights under Section 4(a) of this
Agreement shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to
do so at a later date. Buyer and Seller agree that any failure or delay by Buyer to exercise its rights under Section 4(a) of this
Agreement shall not limit such party’s rights under this Agreement or otherwise existing by law or in any way create additional
rights for such party.

 

(d)        If
any notice is given by Buyer under Section 4(b) of this Agreement on any Business Day, Seller shall transfer cash as provided in
Section 4(b) by no later than the close of

 

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business on the second (2nd) Business
Day following the Business Day on which such notice is given, provided, however, that if the non-satisfaction of
the Debt Yield Test is caused through no action of Seller (e.g., the Debt Yield Test failure is triggered by a Principal Payment
on a Purchased Loan or a decrease in the net cash flow of the underlying Mortgaged Property), Seller shall have until the close
of business on the thirtieth (30th) day following the Business Day on which such notice is given (or if such thirtieth
day is not a Business Day, the next succeeding Business Day), or such other later date as Buyer may agree in its sole discretion,
to transfer cash as provided in Section 4(b) or transfer to Buyer another Eligible Loan, unless the Average Debt Yield is less
than 8.5% in which event this proviso shall not be of any force or effect. The failure of Buyer, on any one or more occasions,
to exercise its rights under 4(b) of this Agreement shall not change or alter the terms and conditions to which this Agreement
is subject or limit the right of Buyer to do so at a later date. Buyer and Seller agree that any failure or delay by Buyer to exercise
its rights under Section 4(b) of this Agreement shall not limit such party’s rights under this Agreement or otherwise existing
by law or in any way create additional rights for such party.

 

5.         INCOME
PAYMENTS AND PRINCIPAL PAYMENTS; LIQUIDITY RESERVE ACCOUNT

 

(a)        The
Servicing Account shall be established at the Servicer. The Cash Management Account shall be established at the Depository concurrently
with the execution and delivery of this Agreement by Seller and Buyer. Buyer shall have sole dominion and control over the Servicing
Account (subject to the terms of the Servicing Agreement) and the Cash Management Account subject to the terms of this Agreement.
All Income in respect of the Purchased Loans and any payments in respect of associated Hedging Transactions, as well as any interest
received from the reinvestment of such Income, shall be deposited directly into the Servicing Account, shall remain on deposit
therein in accordance with the Servicing Agreement until transferred from the Servicing Account to the Cash Management Account,
and upon such transfer, shall be remitted by the Depository in accordance with the applicable provisions of Sections 5(d), 5(e),
5(f) and 14(b)(iii) of this Agreement.

 

(b)        With
respect to each Purchased Loan, Seller shall deliver or cause to be delivered to each Mortgagor or issuer of a participation under
a Purchased Loan an irrevocable direction letter (the “Irrevocable Direction Letter”) (which shall not be changed
without the prior written approval of Buyer) in the form attached as Exhibit IX to this Agreement instructing the Mortgagor or
issuer of a participation to pay all amounts payable under the related Purchased Loan to the Servicing Account and shall provide
to Buyer proof of such delivery. If a Mortgagor or issuer of a participation forwards any Income with respect to a Purchased Loan
to Seller rather than directly to the Servicing Account, Seller shall (i) deliver an additional Irrevocable Direction Letter to
the Mortgagor or issuer of a participation and make other commercially reasonable efforts to cause such Mortgagor or issuer of
a participation to forward such amounts directly to the Servicing Account and (ii) deposit in the Servicing Account any such amounts
within one Business Day of Seller’s receipt thereof.

 

(c)        On
each Remittance Date, Seller shall pay to Buyer an amount equal to the Price Differential which has accrued during the related
Pricing Rate Period for each Transaction to the extent not previously paid to Buyer.

 

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(d)        So
long as no Event of Default shall have occurred and be continuing, all Income received by the Depository in respect of the Purchased
Loans and the associated Hedging Transactions (other than Principal Payments and net sale proceeds) and any deposits to reserve
accounts made pursuant to the terms of the Purchased Loan Documents during each Collection Period shall be remitted by the Depository,
pursuant to the withdrawal instructions of Seller, on the next Business Day to the account of Seller specified in Seller’s
withdrawal instructions.

 

(e)        So
long as no Event of Default shall have occurred and be continuing, (i) all partial Principal Payments in respect of each Purchased
Loan (whether scheduled or unscheduled) received by the Depository shall be paid, pursuant to the withdrawal instructions of Seller
that have been approved by Buyer after Buyer and Seller have reconciled the amount of any partial Principal Payment, to Buyer either
(x) with respect to any such partial Principal Payment equal to $500,000 or more, on the next Business Day or (y) with respect
to any such partial Principal Payment less than $500,000, on the next Remittance Date and, in each instance, applied toward the
reduction of the Purchase Price of such Purchased Loan to the extent necessary to cause the outstanding Purchase Price with respect
to such Purchased Loan to equal the product of the related Market Value and the applicable Purchase Price Percentage. So long as
no Event of Default shall have occurred and be continuing, any Principal Payment in respect of each Purchased Loan in full (whether
scheduled or unscheduled) received by the Depository shall be paid, pursuant to the withdrawal instructions of Seller that have
been approved by Buyer after Buyer and Seller have reconciled the amount of any such Principal Payment, to Buyer on the next Remittance
Date first in the amount necessary to reduce the Purchase Price of such Purchased Loan to zero and then to the extent necessary
to cause the Purchase Price with respect to each other Purchased Loan to equal the product of the related Market Value and the
applicable Purchase Price Percentage. Any Principal Payments received by the Depository and not paid to Buyer pursuant to the preceding
two sentences on each Remittance Date shall be remitted to Seller.

 

(f)        If
an Event of Default shall have occurred and be continuing, all Income received by the Depository in respect of the Purchased Loans
and the associated Hedging Transactions shall be applied, upon the direction and instruction of Buyer, by the Depository on the
Business Day next following the Business Day on which such funds are deposited in the Cash Management Account as follows:

  

		(i)	first, to the Depository and Custodian an amount equal to the depository and custodial fees due and payable;

 

		(ii)	second, to Buyer an amount equal to its out-of-pocket costs and expenses and any other amounts due and payable under
this Agreement;

 

		(iii)	third, to Buyer an amount equal to the Price Differential which has accrued and is outstanding in respect of all of
the Purchased Loans as of such Business Day (together with any additional amounts payable pursuant to the second sentence of Section
5(c) of this Agreement);

 

		(iv)	fourth, to make a payment to Buyer in reduction of the outstanding Purchase Price of the Purchased Loans, such payment
to be allocated

 

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amongst the Purchased Loans as determined
by Buyer in its sole discretion, until the outstanding Purchase Price for all of the Purchased Loans has been reduced to zero;

 

		(v)	fifth, to pay, the amount, if any, payable by Seller in the event any Hedging Transaction related to such Purchased
Loan is being terminated as of such date; and

 

		(vi)	sixth, the surplus, if any, to whoever may be lawfully entitled to receive such surplus.

  

(g)        On
or before the date of this Agreement, Seller shall establish the Liquidity Reserve Account at the Depository. The Liquidity Reserve
Account shall be subject to the Account Control Agreement. On the date of this Agreement, Seller shall deposit into the Liquidity
Reserve Account an amount in the form of unrestricted cash equal to the Required Liquidity Amount, if any. At all times, Seller
shall be obligated to maintain on deposit in the Liquidity Reserve Account an amount not less than the Required Liquidity Amount.
Upon the occurrence of an Event of Default, Buyer may, in its discretion, apply the funds on deposit in the Liquidity Reserve Account
to the aggregate outstanding Repurchase Price in accordance with Section 5(f).

 

(h)        Buyer
acknowledges that the partial Principal Payments it receives in accordance with this Article 5 may be in connection with partial
releases of collateral in accordance with the Purchased Loan Documents.

 

6.         SECURITY
INTEREST

 

Buyer and Seller intend that all Transactions
hereunder be sales to Buyer of the Purchased Loans and not loans from Buyer to Seller secured by the Purchased Loans. However,
in the event any such Transaction is deemed to be a loan, Seller hereby pledges all of its right, title, and interest in, to and
under and grants a first priority lien on, and security interest in, all of Seller’s right, title and interest in, to and
under the following property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located (collectively,
the “Collateral”) to Buyer to secure the payment and performance of all other amounts or obligations owing to
Buyer pursuant to this Agreement and the related documents described herein:

 

(a)        the
Purchased Loans, the Servicing Rights, Servicing Agreements, Servicing Records, insurance relating to the Purchased Loans, and
collection and escrow accounts relating to the Purchased Loans;

 

(b)        the
Hedging Transactions entered into pursuant to this Agreement;

 

(c)        the
Cash Management Account, the Liquidity Reserve Account and all financial assets (including, without limitation, all security entitlements
with respect to all financial assets) from time to time on deposit in the Cash Management Account and the Liquidity Reserve Account;

 

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(d)       
all “general intangibles”, “accounts” and “chattel paper” as defined in the UCC relating
to or constituting any and all of the foregoing; and

 

(e)        all
replacements, substitutions or distributions on or proceeds, payments, Income and profits of, and records (but excluding any financial
models or other proprietary information) and files relating to any and all of any of the foregoing.

 

Buyer’s security interest in the Collateral
shall terminate only upon termination of Seller’s obligations under this Agreement and the documents delivered in connection
herewith and therewith. Upon such termination, Buyer shall deliver to Seller such UCC termination statements and other release
documents as may be commercially reasonable and to return the Purchased Loans to Seller. For purposes of the grant of the security
interest pursuant to this Section 6, this Agreement shall be deemed to constitute a security agreement under the New York Uniform
Commercial Code (the “UCC”). Buyer shall have all of the rights and may exercise all of the remedies of a secured
creditor under the UCC and the other laws of the State of New York. In furtherance of the foregoing, (a) Buyer, at Seller’s
sole cost and expense, shall cause to be filed in such locations as may be reasonably necessary to perfect and maintain perfection
and priority of the security interest granted hereby, UCC financing statements and continuation statements (collectively, the “Filings”),
and shall forward copies of such Filings to Seller upon completion thereof, and (b) Seller shall from time to time take such further
actions as may be reasonably requested by Buyer to maintain and continue the perfection and priority of the security interest granted
hereby (including marking its records and files to evidence the interests granted to Buyer hereunder).

 

7.         PAYMENT,
TRANSFER AND CUSTODY

 

(a)        On
the Purchase Date for each Transaction, ownership of the Purchased Loans shall be transferred to Buyer or its designee (including
the Custodian) against the simultaneous transfer of the Purchase Price to an account of Seller specified in the Blocked Account
Agreement relating to such Transaction.

 

(b)        On
or before each Purchase Date, Seller shall deliver or cause to be delivered to Buyer or its designee the Custodial Delivery in
the form attached hereto as Exhibit III; provided, that notwithstanding the foregoing, upon request of Seller, Buyer in its sole
discretion may elect to permit Seller to make such delivery by not later than the third (3rd) Business Day after the
related Purchase Date, so long as Seller causes an Acceptable Attorney to deliver to Buyer and the Custodian an Attorney’s
Bailee Letter on or prior to such Purchase Date. In connection with each sale, transfer, conveyance and assignment of a Purchased
Loan, on or prior to the Purchase Date with respect to such Purchased Loan, Seller shall deliver or cause to be delivered and released
the following documents (collectively, the “Purchased Loan File”) pertaining to such Purchased Loan to the Custodian
on or prior to the Purchase Date with respect to such Purchased Loan (or, pursuant to the proviso in the immediately preceding
sentence, by not later than the third (3rd) Business Day after the related Purchase Date):

 

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With respect to each Purchased Loan that is a
whole mortgage loan, to the extent applicable:

  

		(i)	The original Mortgage Note (or senior Mortgage Note in an “A/B” structure) bearing all intervening endorsements.

 

		(ii)	An original or copy of any loan agreement and any guarantee executed in connection with the Mortgage Note.

 

		(iii)	An original or copy of the Mortgage with evidence of recordation, or submission for recordation, from the appropriate governmental
recording office of the jurisdiction where the Mortgaged Property is located.

 

		(iv)	Originals or copies of all assumption, modification, consolidation or extension agreements with evidence of recordation, or
submission for recordation, from the appropriate governmental recording office of the jurisdiction where the Mortgaged Property
is located.

 

		(v)	An original of the Assignment Documents in Blank.

 

		(vi)	Originals or copies of all intervening assignments of mortgage with evidence of recordation, or submission for recordation,
from the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located.

 

		(vii)	An original or copy of the attorney’s opinion of title and abstract of title or the original mortgagee title insurance
policy, or if the original mortgagee title insurance policy has not been issued, the irrevocable marked commitment to issue the
same (or irrevocable signed proforma policy).

 

		(viii)	An original or copy of any security agreement, chattel mortgage or equivalent document executed in connection with the Purchased
Loan.

 

		(ix)	An original or copy of the assignment of leases and rents, if any, with evidence of recordation, or submission for recordation,
from the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located.

 

		(x)	Originals or copies of all intervening assignments of assignment of leases and rents, if any, or copies thereof, with evidence
of recordation, or submission for recordation, from the appropriate governmental recording office of the jurisdiction where the
Mortgaged Property is located.

 

		(xi)	A copy of the UCC financing statements and all necessary UCC continuation statements with evidence of filing or submission
for filing thereon, and UCC assignments prepared by Seller in blank, which UCC assignments shall be in form and substance acceptable
for filing.

  

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		(xii)	An environmental indemnity agreement (if any).

 

		(xiii)	A disbursement letter from the Mortgagor to the original mortgagee (if any).

 

		(xiv)	Mortgagor’s certificate or title affidavit (if any).

 

		(xv)	A survey of the Mortgaged Property (if any) as accepted by the title company for issuance of the Title Policy.

 

		(xvi)	A copy of the Mortgagor’s opinion of counsel.

 

		(xvii)	An assignment of permits, contracts and agreements (if any).

 

With respect to each Purchased Loan which is
a senior interest in a whole mortgage loan:

 

		(i)	the original or a copy of all of the documents described above with respect to a Purchased Loan which is a whole mortgage loan;

 

		(ii)	if applicable, an original participation certificate bearing all intervening endorsements, endorsed “Pay to the order
of ______ without recourse” and signed in the name of the Last Endorsee by an authorized Person;

 

		(iii)	an original or copy of any participation agreement and an original or copy of any intercreditor agreement, co–lender
agreement and/or servicing agreement executed in connection with the Purchased Loan; and

 

		(iv)	the omnibus assignment of Purchased Loan sufficient to transfer to Buyer all of Seller’s rights, title and interest in
and to the Purchased Loan.

 

From time to time, Seller shall forward to the
Custodian additional original documents or additional documents evidencing any assumption, modification, consolidation or extension
of a Purchased Loan approved in accordance with the terms of this Agreement, and upon receipt of any such other documents, the
Custodian shall hold such other documents as Buyer shall request from time to time. With respect to any documents which have been
delivered or are being delivered to recording offices for recording and have not been returned to Seller in time to permit their
delivery hereunder at the time required, in lieu of delivering such original documents, Seller shall deliver to Buyer a true copy
thereof with an officer’s certificate certifying that such copy is a true, correct and complete copy of the original, which
has been transmitted for recordation. Seller shall deliver such original documents to the Custodian promptly when they are received.
With respect to all of the Purchased Loans delivered by Seller to Buyer or its designee (including the Custodian), Seller shall
execute an omnibus power of attorney substantially in the form of Exhibit V attached hereto irrevocably appointing Buyer its attorney-in-fact
with full power to (i) complete and record the Assignment of Mortgage, (ii) complete the endorsement of the Mortgage Note and (iii)
after the occurrence and during the continuance of an Event of Default, take such other steps as may be reasonably necessary or
desirable to enforce Buyer’s rights against such Purchased Loans and the related Purchased Loan Files and the Servicing Records.
Buyer shall deposit the Purchased Loan Files representing the Purchased Loans, or direct that the

 

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Purchased Loan Files be deposited directly, with
the Custodian. The Purchased Loan Files shall be maintained in accordance with the Custodial Agreement. Any Purchased Loan Files
not delivered to Buyer or its designee (including the Custodian) are and shall be held in trust by Seller or its designee for the
benefit of Buyer as the owner thereof. Seller or its designee shall maintain a copy of the Purchased Loan File and the originals
of the Purchased Loan File not delivered to Buyer or its designee. The possession of the Purchased Loan File by Seller or its designee
is at the will of Buyer for the sole purpose of servicing the related Purchased Loan, and such retention and possession by Seller
or its designee is in a custodial capacity only. Seller or its designee (including the Custodian) shall release its custody of
the Purchased Loan File only in accordance with written instructions from Buyer, unless such release is required as incidental
to the servicing of the Purchased Loans, is in connection with a repurchase of any Purchased Loan by Seller or as otherwise required
by law.

 

(c)        Unless
an Event of Default shall have occurred and be continuing, subject to Sections 11(f) and 29, all voting and corporate rights with
respect to the Purchased Loans shall be exercised in accordance with Seller’s written instructions; provided,
however, that no such instructions with respect to any vote or corporate right shall be exercised in a manner which is reasonably
likely to, in Buyer’s good faith business judgment, be inconsistent with or result in any violation of any provision of the
Transaction Documents or any Requirement of Law. Upon the occurrence and during the continuation of
an Event of Default, Buyer shall be entitled to exercise all voting and corporate rights with respect to the Purchased Loans without
regard to Seller’s instructions.

 

8.         SALE,
TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED LOANS

 

(a)        Title
to all Purchased Loans shall pass to Buyer on the applicable Purchase Date, and Buyer shall have free and unrestricted use of all
Purchased Loans, subject however, to the terms of this Agreement. Nothing in this Agreement or any other Transaction Document shall
preclude Buyer from engaging in repurchase transactions with the Purchased Loans or otherwise selling, transferring, pledging,
repledging, hypothecating, or rehypothecating the Purchased Loans, but no such transaction shall relieve Buyer of its obligations
to transfer the Purchased Loans to Seller pursuant to Section 3 of this Agreement or of Buyer’s obligation to credit or pay
Income to, or apply Income to the obligations of, Seller pursuant to Section 5 hereof.

 

(b)        Nothing
contained in this Agreement or any other Transaction Document shall obligate Buyer to segregate any Purchased Loans delivered to
Buyer by Seller. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, no Purchased Loan
shall remain in the custody of Seller or an Affiliate of Seller.

 

9.         [INTENTIONALLY
OMITTED]

 

10.       REPRESENTATIONS

 

(a)        Each
of Buyer and Seller represents and warrants to the other that (i) it is duly authorized to execute and deliver this Agreement,
to enter into Transactions contemplated hereunder and to perform its obligations hereunder and has taken all necessary action to
authorize such execution, delivery and performance, (ii) it will engage in such Transactions as

 

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principal (or, if agreed in writing, in the form
of an annex hereto or otherwise, in advance of any Transaction by the other party hereto, as agent for a disclosed principal),
(iii) the person signing this Agreement on its behalf is duly authorized to do so on its behalf (or on behalf of any such disclosed
principal), (iv) it has obtained all authorizations of any governmental body required in connection with this Agreement and the
Transactions hereunder and such authorizations are in full force and effect and (v) the execution, delivery and performance of
this Agreement and the Transactions hereunder will not violate any law, ordinance or rule applicable to it or its organizational
documents or any agreement by which it is bound or by which any of its assets are affected.

 

(b)        In
addition to the representations and warranties in subsection (a) above, Seller represents and warrants to Buyer that as of the
Purchase Date for the purchase of any Purchased Loans by Buyer from Seller and any Transaction thereunder and as of the date of
this Agreement and at all times while this Agreement and any Transaction thereunder is in full force and effect:

  

		(i)	Organization. Seller is duly formed, validly existing and in good standing under the laws and regulations of the state
of Seller’s formation and is duly licensed, qualified, and in good standing in every state where such licensing or qualification
is necessary for the transaction of Seller’s business. Seller has the power to own and hold the assets it purports to own
and hold, and to carry on its business as now being conducted and proposed to be conducted, and has the power to execute, deliver,
and perform its obligations under this Agreement and the other Transaction Documents.

 

		(ii)	Due Execution; Enforceability. The Transaction Documents have been or will be duly executed and delivered by Seller,
for good and valuable consideration. The Transaction Documents constitute the legal, valid and binding obligations of Seller, enforceable
against Seller in accordance with their respective terms subject to bankruptcy, insolvency, and other limitations on creditors’
rights generally and to equitable principles.

 

		(iii)	Non-Contravention. Neither the execution and delivery of the Transaction Documents, nor consummation by Seller of the
transactions contemplated by the Transaction Documents (or any of them), nor compliance by Seller with the terms, conditions and
provisions of the Transaction Documents (or any of them) will conflict with or result in a breach of any of the terms or provisions
of (i) the organizational documents of Seller, (ii) any contractual obligation to which Seller is now a party or the rights under
which have been assigned to Seller or the obligations under which have been assumed by Seller or to which the assets of Seller
are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of the
assets of Seller, other than pursuant to the Transaction Documents, (iii) any judgment or order, writ, injunction, decree or demand
of any court applicable to Seller, or (iv) any applicable Requirement of Law, in the case of clauses (ii)-(iv) above, to the extent
that such conflict or breach would have a Material Adverse

 

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Effect. Seller has all necessary licenses,
permits and other consents from Governmental Authorities necessary to acquire, own and sell the Purchased Loans and for the performance
of its obligations under the Transaction Documents.

 

		(iv)	Litigation; Requirements of Law. Except as disclosed in writing to Buyer, there is no action, suit, proceeding, investigation,
or arbitration pending or, to the best knowledge of Seller, threatened against Seller or any of its assets, nor is there any action,
suit, proceeding, investigation, or arbitration pending or, to the best knowledge of Seller, threatened against Seller which is
reasonably likely to have a Material Adverse Effect. Seller is in compliance in all material respects with all Requirements of
Law. Seller is not in default in any material respect with respect to any judgment, order, writ, injunction, decree, rule or regulation
of any arbitrator or Governmental Authority.

 

		(v)	No Broker. Seller has not dealt with any broker, investment banker, agent, or other Person (other than Buyer or an Affiliate
of Buyer) who may be entitled to any commission or compensation in connection with the sale of Purchased Loans pursuant to any
of the Transaction Documents.

 

		(vi)	Good Title to Purchased Loans. Immediately prior to the purchase of any Purchased Loans by Buyer from Seller, such Purchased
Loans are free and clear of any lien, encumbrance or impediment to transfer (including any “adverse claim” as defined
in Section 8-102(a)(1) of the UCC), and Seller is the record and beneficial owner of and has good and marketable title to and the
right to sell and transfer such Purchased Loans to Buyer and, upon transfer of such Purchased Loans to Buyer, Buyer shall be the
owner of such Purchased Loans free of any adverse claim, subject to the rights of Seller pursuant to the terms of this Agreement.
In the event the related Transaction is recharacterized as a secured financing of the Purchased Loans, the provisions of this Agreement
are effective to create in favor of Buyer a valid security interest in all rights, title and interest of Seller in, to and under
the Collateral and Buyer shall have a valid, perfected first priority security interest in the Purchased Loans.

 

		(vii)	No Default. No Default or Event of Default exists under or with respect to the Transaction Documents.

 

		(viii)	Representations and Warranties Regarding Purchased Loans; Delivery of Purchased Loan File. Seller represents and warrants
to Buyer that each Purchased Loan sold in a Transaction hereunder, as of each Purchase Date for a Transaction conforms to the applicable
representations and warranties set forth in Exhibit VI attached hereto in all material respects, except as disclosed to Buyer in
writing. With respect to each Purchased Loan, the Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
required to be delivered under this Agreement and

  

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the Custodial Agreement for such Purchased
Loan have been delivered to Buyer or the Custodian on its behalf (or shall be delivered in accordance with the time periods set
forth herein).

 

		(ix)	Adequate Capitalization; No Fraudulent Transfer. Seller has adequate capital for the normal obligations reasonably foreseeable
in a business of its size and character and in light of its contemplated business operations. Seller is generally able to pay,
and as of the date hereof is paying, its debts as they come due. Seller has not become, or is not presently, financially insolvent
nor will Seller be made insolvent by virtue of Seller’s execution of or performance under any of the Transaction Documents
within the meaning of the bankruptcy laws or the insolvency laws of any jurisdiction. Seller does not intend to, and does not believe
that it will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of
cash anticipated to be received by it and the timing of the amounts of cash anticipated to be payable on or in respect of its debt.
Seller has not entered into any Transaction Document or any Transaction pursuant thereto in contemplation of insolvency or with
intent to hinder, delay or defraud any creditor.

 

		(x)	Consents. No consent, approval or other action of, or filing by Seller with, any Governmental Authority or any other
Person is required to authorize, or is otherwise required in connection with, the execution, delivery and performance of any of
the Transaction Documents (other than consents, approvals and filings that have been obtained or made, as applicable).

 

		(xi)	Members. Seller does not have any members other than the Operating Partnership.

 

		(xii)	Organizational Documents. Seller has delivered to Buyer certified copies of its organizational documents, together with
all amendments thereto, if any.

 

		(xiii)	No Encumbrances. Except to the extent expressly set forth in this Agreement, there are (i) no outstanding rights, options,
warrants or agreements on the part of Seller for a purchase, sale or issuance, in connection with the Purchased Loans, (ii) no
agreements on the part of Seller to issue, sell or distribute the Purchased Loans, and (iii) no obligations on the part of Seller
(contingent or otherwise) to purchase, redeem or otherwise acquire any securities or any interest therein or to pay any dividend
or make any distribution in respect of the Purchased Loans.

 

		(xiv)	Federal Regulations. Seller is not (A) required to register as an “investment company,” or a company “controlled
by an investment company,” within the meaning of the Investment Company Act of 1940, as amended, or (B) a “holding
company,” or a “subsidiary company of a holding company,” or an “affiliate” of either a “holding
company” or a

  

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“subsidiary company of a holding
company,” as such terms are defined in the Public Utility Holding Company Act of 1935, as amended.

 

		(xv)	Taxes. Seller, Operating Partnership and Guarantor have filed or caused to be filed all tax returns which would be delinquent
if they had not been filed on or before the date hereof and have paid all taxes shown to be due and payable on or before the date
hereof on such returns or on any assessments made against it or any of its respective property and all other taxes, fees or other
charges imposed on it and any of its respective assets by any Governmental Authority except for any such taxes as are being appropriately
contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided
in accordance with GAAP; no tax liens have been filed against any of its or its respective assets and no claims are being asserted
with respect to any such taxes, fees or other charges.

 

		(xvi)	ERISA. Seller does not have any Plans or any ERISA Affiliates and makes no contributions to any Plans or any Multiemployer
Plans.

 

		(xvii)	Judgments/Bankruptcy. Except as disclosed in writing to Buyer, there are no judgments against Seller, Operating Partnership
or the Guarantor unsatisfied of record or docketed in any court located in the United States of America. No Act of Insolvency has
ever occurred with respect to Seller, Operating Partnership or Guarantor.

 

		(xviii)	Full and Accurate Disclosure. No information contained in the Transaction Documents, or any written statement furnished
by Seller, Operating Partnership or Guarantor pursuant to the terms of the Transaction Documents, contains any untrue statement
of a material fact or omits to state a material fact necessary to make the statements contained herein or therein not misleading
in light of the circumstances under which they were made.

 

		(xix)	Financial Information. All financial data concerning Seller, Operating Partnership and Guarantor that has been delivered
by or on behalf of Seller to Buyer is true, complete and correct in all material respects and, other than the financial models
and projections with respect to which GAAP is inapplicable, has been prepared in accordance with GAAP. To the actual knowledge
of Seller, all financial data concerning the Purchased Loans that has been delivered by or on behalf of Seller to Buyer is true,
complete and correct in all material respects. Since the delivery of such data, except as otherwise disclosed in writing to Buyer,
there has been no change in the financial position of Seller, Operating Partnership and Guarantor or in the operations of Seller,
Operating Partnership and Guarantor or, to the actual knowledge of Seller, the financial position of the Purchased Loans, which
change is reasonably likely to have in a Material Adverse Effect.

 

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		(xx)	Notice Address; Jurisdiction of Organization. On the date of this Agreement, Seller’s address for notices is located
at c/o NorthStar Realty Finance Corp., 399 Park Avenue, 18th Floor, New York, New York 10022. Seller’s jurisdiction
of organization is Delaware. The location where Seller keeps its books and records, including all computer tapes and records relating
to the Collateral, is its notice address.

 

		(xxi)	Sanctioned Entity. Neither Seller nor any Affiliate of Seller (a) is an “enemy” or an “ally of
the enemy” as defined in the Trading with the Enemy Act, (b) is in violation of any Anti-Terrorism Laws, (c) is
a blocked person described in Section 1 of Executive Order 13224 or to its knowledge engages in any dealings or transactions
or is otherwise associated with any such blocked person, (d) is in violation of any country or list based economic and trade
sanction administered and enforced by the Office of Foreign Assets Control, (e) is a Sanctioned Entity, (f) has more
than 10% of its assets located in Sanctioned Entities, or (g) derives more than 10% of its operating income from investments
in or transactions with Sanctioned Entities. The proceeds of any Transaction have not been and will not be used to fund any operations
in, finance any investments or activities in or make any payments to a Sanctioned Entity.

 

11.       NEGATIVE
COVENANTS OF SELLER

 

On and as of the date hereof and until this
Agreement is no longer in force with respect to any Transaction, Seller shall not without the prior written consent of Buyer:

 

(a)        take
any action which would directly or indirectly impair or adversely affect Buyer’s title to the Purchased Loans;

 

(b)        transfer,
assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of, or pledge or hypothecate, directly or indirectly,
any interest in the Purchased Loans (or any of them) to any Person other than Buyer, or engage in repurchase transactions or similar
transactions with respect to the Purchased Loans (or any of them) with any Person other than Buyer, unless and until such Purchased
Loans are repurchased by Seller in accordance with this Agreement;

 

(c)        create,
incur or permit to exist any lien, encumbrance or security interest in or on the Purchased Loans, except as described in Section
6 of this Agreement;

 

(d)        create,
incur or permit to exist any lien, encumbrance or security interest in or on any of the other Collateral subject to the security
interest granted by Seller pursuant to Section 6 of this Agreement;

 

(e)        modify
or terminate any of the organizational documents of Seller (except Buyer shall not unreasonably withhold or delay any request for
a consent to such modification to the organizational documents (excluding the special purpose entity provisions));

 

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(f)        
consent or assent to any amendment or supplement to, or termination of, any note, loan agreement, mortgage or guaranty
relating to the Purchased Loans or other material agreement or instrument relating to the Purchased Loans (other than
Permitted Purchased Loan Modifications), unless and until such Purchased Loans are repurchased by Seller in accordance with
this Agreement (except Buyer shall not unreasonably withhold or delay any request for a consent to a Significant Purchased
Loan Modification);

 

(g)        admit
any additional members in Seller, or permit the sole member of Seller to assign or transfer all or any portion of its membership
interest in Seller;

 

(h)        after
the occurrence and during the continuation of an Event of Default, make any distribution, payment on account of, or set apart assets
for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any Capital
Stock of Seller, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly,
whether in cash or property or in obligations of Seller (unless the same is necessary for Guarantor to maintain its status as a
real estate investment trust (REIT) under the Code).

 

12.       AFFIRMATIVE
COVENANTS OF SELLER

 

(a)        Seller
shall promptly notify Buyer of any material adverse change in its business operations and/or financial condition; provided,
however, that nothing in this Section 12 shall relieve Seller of its obligations under this Agreement.

 

(b)        Seller
shall provide Buyer with copies of such documents as Buyer may reasonably request evidencing the truthfulness of the representations
set forth in Section 10.

 

(c)        Seller
(1) shall defend the right, title and interest of Buyer in and to the Collateral against, and take such other action as is necessary
to remove, the Liens, security interests, claims and demands of all Persons (other than security interests by or through Buyer)
and (2) shall, at Buyer’s reasonable request, take all action necessary to ensure that Buyer will have a first priority security
interest in the Purchased Loans subject to any of the Transactions in the event such Transactions are recharacterized as secured
financings.

 

(d)        Seller
shall notify Buyer and the Depository of the occurrence of any Default or Event of Default with respect to Seller as soon as possible
but in no event later than the second (2nd) Business Day after obtaining actual knowledge of such event. Buyer acknowledges and
agrees that the representations and warranties with respect to each individual Purchased Loan set forth on Exhibit VI attached
hereto shall be made by Seller only on the related Purchase Date for such Purchased Loan. Notwithstanding the foregoing, Seller
shall disclose to Buyer any such representation and warranty with respect to each individual Purchased Loan set forth on Exhibit
VI attached hereto regarding which it has knowledge that such representation and warranty shall no longer be true and correct in
any material respect after the related Purchase Date or which could no longer be made on a subsequent date after such Purchase
Date (except to the extent such untrue representation and warranty was disclosed to Buyer as an exception to the representations
and warranties with respect to such Purchased Loan made on the related

 

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Purchase Date and was accepted by Buyer in connection
with the approval of such Purchased Loan for inclusion in a Transaction).

 

(e)        With
respect to each fixed rate Purchased Loan, Seller shall enter into Hedging Transactions pursuant to a hedging strategy acceptable
to Buyer in Buyer’s good faith business judgment and pledge such Hedging Transactions to Buyer as Collateral (including,
without limitation, to the extent such Hedging Transactions are entered into with a party other than Buyer, delivering a collateral
assignment of such Hedging Transactions in form and substance acceptable to Buyer). Seller acknowledges Buyer will mark to market
such Hedging Transactions from time to time in accordance with and subject to the terms of this Agreement.

 

(f)         Seller
shall promptly (and in any event not later than three (3) Business Days following receipt) deliver to Buyer (i) any written notice
of the occurrence of an event of default received by Seller pursuant to the Purchased Loan Documents and (ii) any other information
with respect to the Purchased Loans as may be reasonably requested by Buyer from time to time.

 

(g)        Seller
will permit Buyer or its designated representative to inspect Seller’s records with respect to the Collateral and the conduct
and operation of its business related thereto upon reasonable prior written notice from Buyer or its designated representative,
at such reasonable times and with reasonable frequency, and to make copies of extracts of any and all thereof, subject to the terms
of any confidentiality agreement between Buyer and Seller, and if no such confidentiality agreement then exists between Buyer and
Seller, Buyer and Seller shall act in accordance with customary market standards regarding confidentiality. Buyer shall act in
a commercially reasonable manner in requesting and conducting any inspection relating to the conduct and operation of Seller’s
business.

 

(h)        At
any time from time to time upon the reasonable request of Buyer, at the sole expense of Seller, Seller will promptly and duly execute
and deliver such further instruments and documents and take such further actions as Buyer may reasonably request for the purposes
of obtaining or preserving the full benefits of this Agreement including the first priority security interest granted hereunder
and of the rights and powers herein granted (including, among other things, filing such UCC financing statements as Buyer may reasonably
request). If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory
note, other instrument or chattel paper, such note, instrument or chattel paper shall be immediately delivered to Buyer, duly endorsed
in a manner reasonably satisfactory to Buyer, to be held as Collateral pursuant to this Agreement, and the documents delivered
in connection herewith.

 

(i)         Seller
shall provide Buyer with the following financial and reporting information:

  

		(i)	Within 45 days after the last day of each of the first three fiscal quarters in any fiscal year, Guarantor’s and Seller’s
unaudited consolidated balance sheets as of the end of such quarter, in each case certified as being true and correct by an officer’s
certificate;

 

		(ii)	Within 90 days after the last day of its fiscal year, Guarantor’s audited and Seller’s unaudited (or, if generated
by Seller, Seller’s audited)

 

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consolidated statements of income and
statements of changes in cash flow for such year and balance sheets as of the end of such year, in each case presented fairly in
accordance with GAAP, and accompanied, in the case of Guarantor, by an unqualified report of a nationally recognized independent
certified public accounting firm or any other accounting firm consented to by Buyer in its reasonable discretion;

 

		(iii)	Within 30 days after the last day of each calendar month, any and all property level financial information (including, without
limitation, operating and financial statements) with respect to the Purchased Loans that was received during the preceding calendar
month and is in the possession of Seller or an Affiliate, including, without limitation, rent rolls and income statements;

 

		(iv)	Within 45 days after the last day of each calendar quarter in any fiscal year, an officer’s certificate from Seller addressed
to Buyer certifying that, as of such calendar month, (x) Seller and Guarantor are in compliance in all material respects with all
of the terms and requirements of this Agreement, (y) Guarantor is in compliance with the financial covenants set forth in the Guaranty
(including therein detailed calculations demonstrating such compliance) and (z) no Event of Default exists; and

 

		(v)	With respect to the Purchased Loans and related Mortgaged Properties: (x) within 30 days after the last day of each calendar
month, Seller’s monthly operations report covering occupancy, collections, delinquencies, losses, recoveries, cash flows
and such other property level information as may reasonably be requested by Buyer and (y) within 30 days after the last day of
each calendar quarter in any fiscal year, an asset management report prepared by Seller or Guarantor.

 

Notwithstanding the foregoing, the requirement
to deliver financial statements will be satisfied at any such time as such financial statements are publicly posted on the official
web site of the Guarantor or appropriately filed with the United States Securities and Exchange Commission.

 

(j)         Seller
shall at all times comply in all material respects with all laws, ordinances, rules and regulations of any federal, state, municipal
or other public authority having jurisdiction over Seller or any of its assets and Seller shall do or cause to be done all things
reasonably necessary to preserve and maintain in full force and effect its legal existence, and all licenses material to its business.

 

(k)        Seller
shall at all times keep proper books of records and accounts in which full, true and correct entries shall be made of its transactions
in accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance
with GAAP.

 

(l)         Seller
shall observe, perform and satisfy all the terms, provisions and covenants required to be observed, performed or satisfied by it,
and shall pay when due all costs, fees and

 

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expenses required to be paid by it, under the
Transaction Documents. Seller shall pay and discharge all taxes, levies, liens and other charges on its assets and on the Collateral
that, in each case, in any manner would create any lien or charge upon the Collateral, except for any such taxes as are being appropriately
contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided,
in all material respects, in accordance with GAAP.

 

(m)       Seller
will maintain records with respect to the Collateral and the conduct and operation of its business with no less a degree of prudence
than if the Collateral were held by Seller for its own account and will furnish Buyer, upon reasonable request by Buyer or its
designated representative, with reasonable information reasonably obtainable by Seller with respect to the Collateral and the conduct
and operation of its business.

 

(n)        Seller
shall provide Buyer with reasonable access to operating statements, the occupancy status and other property level information,
with respect to the Mortgaged Properties, plus any such additional reports (in each case, to the extent in Seller’s possession)
as Buyer may reasonably request.

 

13.       SINGLE-PURPOSE
ENTITY

 

Seller hereby represents and warrants to Buyer,
and covenants with Buyer, that as of the date hereof and so long as any of the Transaction Documents shall remain in effect:

 

(a)        It
is and intends to remain solvent and it has paid and shall pay its debts and liabilities (including employment and overhead expenses)
from its own assets as the same shall become due; provided, that it is understood and agreed that nothing contained in this
Section 13 or elsewhere in this Agreement shall obligate the direct or indirect owners of Seller to make capital contributions
to Seller from time to time to enable Seller to meet its obligations under this Agreement.

 

(b)        It
has complied and will comply with the provisions of its organizational documents.

 

(c)        It
has done or caused to be done and will, to the extent under its control, do all things necessary to observe corporate formalities
and to preserve its existence.

 

(d)        It
has maintained and will maintain all of its books, records, financial statements and bank accounts separate from those of its Affiliates,
its members and any other Person, and it will file its own tax returns, if any, which are required by law (except to the extent
consolidation is required under GAAP or as a matter of law).

 

(e)        It
has been, is and will be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any
other entity (including any Affiliate), shall correct any known misunderstanding regarding its status as a separate entity, shall
conduct business in its own name, shall not identify itself or any of its Affiliates as a division or part of the other, shall
maintain and utilize separate stationery, invoices and checks, and allocate fairly and reasonably any overhead for shared office
space and for services performed by an employee of an Affiliate.

 

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(f)         It
has not owned and will not own any property or any other assets other than Purchased Loans, cash and its interest under any associated
Hedging Transactions.

 

(g)        It
has not engaged and will not engage in any business other than the acquisition, origination, ownership, financing and disposition
of Purchased Loans in accordance with the applicable provisions of the Transaction Documents.

 

(h)        It
has not entered into, and will not enter into, any contract or agreement with any of its Affiliates, except upon terms and conditions
that are substantially similar to those that would be available on an arm’s-length basis with Persons other than such Affiliate.

 

(i)         It
has not incurred and will not incur any indebtedness or obligation, secured or unsecured, direct or indirect, absolute or contingent
(including guaranteeing any obligation), other than (A) obligations under the Transaction Documents and (B) unsecured trade payables,
in an aggregate amount not to exceed $500,000 at any one time outstanding, incurred in the ordinary course of acquiring, owning,
financing and disposing of Purchased Loans; provided, however, that any such trade payables incurred by Seller shall
be paid within 60 days of the date incurred.

 

(j)         It
has not made and will not make any loans or advances to any other Person, except as permitted under this Agreement, and shall not
acquire obligations or securities of any member or any Affiliate of any member or any other Person.

 

(k)        It
will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in
light of its contemplated business operations; provided, that it is understood and agreed that nothing contained in this
Section 13 or elsewhere in this Agreement shall obligate the direct or indirect owners of Seller to make capital contributions
to Seller from time to time to enable Seller to meet its obligations under this Agreement.

 

(l)         It
shall not seek its dissolution, liquidation or winding up, in whole or in part, or suffer any Change of Control or consolidation
or merger with respect to Seller.

 

(m)       It
will not commingle its funds and other assets with those of any of its Affiliates or any other Person.

 

(n)        It
has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or
identify its individual assets from those of any of its Affiliates or any other Person.

 

(o)        It
has not held and will not hold itself out to be responsible for the debts or obligations of any other Person.

 

(p)       
Seller shall not take any of the following actions without the affirmative vote of the Independent Director: (i) permit its members
to dissolve or liquidate Seller, in whole or in part; (ii) consolidate or merge with or into any other entity or convey or transfer
all or substantially all of its properties and assets to any entity; or (iii) institute any proceeding to be adjudicated as bankrupt
or insolvent, or consent to the institution of bankruptcy or insolvency

 

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proceedings against it, or file a petition or
answer or consent seeking reorganization or relief under the Bankruptcy Code, or effect any similar procedure under any similar
law, or consent to the filing of any such petition or to the appointment of a receiver, rehabilitator, conservator, liquidator,
assignee, trustee or sequestrator (or other similar official) of Seller or of any substantial part of its property, or ordering
the winding up or liquidation of its affairs, or make an assignment for the benefit of creditors, or admit in writing its inability
to pay its debts generally as they become due, or take any action in furtherance of any of the foregoing.

 

(q)        It
has no liabilities, contingent or otherwise, other than those normal and incidental to the acquisition, origination, ownership,
financing and disposition of Purchased Loans.

 

(r)         It
has conducted and shall conduct its business consistent with the requirements of being a Single-Purpose Entity.

 

(s)         It
shall not maintain any employees.

 

(t)         It
shall at all times maintain at least one Independent Director. For so long as Seller’s obligations under this Agreement and
the other Transaction Documents are outstanding, Seller shall not take any of the actions contemplated by Section 13(p) above
(including when applicable without the affirmative vote of such Independent Director).

 

14.       EVENTS
OF DEFAULT; REMEDIES

 

(a)        After
the occurrence and during the continuance of an Event of Default, Seller hereby appoints Buyer as attorney-in-fact of Seller for
the purpose of carrying out the provisions of this Agreement and taking any action and executing or endorsing any instruments that
Buyer may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and
coupled with an interest. With respect to each Transaction, each of the following clauses (i) through (xviii) shall be an
Event of Default under this Agreement:

 

		(i)	Seller fails to repurchase the Purchased Loans upon the applicable Repurchase Date;

 

		(ii)	Seller fails to comply in all material respects with Section 4 hereof;

 

		(iii)	an Act of Insolvency occurs with respect to Seller, Operating Partnership, Guarantor or Manager;

 

		(iv)	Seller, Operating Partnership or Guarantor makes a public disclosure or otherwise admits in writing that it is not Solvent
or is not able or not willing to perform any of its obligations hereunder or under any other agreement to which it is a party;

 

		(v)	either (A) the Transaction Documents shall for any reason not cause, or shall cease to cause, Buyer to be the owner free of
any adverse claim of any of the Purchased Loans, or (B) if a Transaction is recharacterized as a

 

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secured financing, the Transaction Documents
with respect to any Transaction shall for any reason cease to create a valid first priority security interest in favor of Buyer
in any of the Purchased Loans (in each case, other than due to the act or omission of Buyer);

 

		(vi)	if an event occurs which would constitute (a) an “event of default” under any Hedging Transaction or (b) a
“termination event” or an “additional termination event” under any Hedging Transaction (and, in the case
of this clause (b), Seller has failed to meet its obligation to pay the Early Termination Amount, if any, pursuant to the terms
of such Hedging Transaction);

 

		(vii)	failure of Buyer to receive within one (1) Business Day after any Remittance Date the accreted value of the Price Differential
(less any amount of such Price Differential previously paid by Seller to Buyer);

 

		(viii)	failure of Seller to make any other payment owing to Buyer which has become due, whether by acceleration or otherwise under
the terms of this Agreement which failure is not remedied within the applicable period (in the case of a failure pursuant to Section
4) or three (3) Business Days (in the case of any other such failure);

 

		(ix)	any governmental, regulatory, or self-regulatory authority shall have removed, suspended or terminated the material rights,
privileges, or operations of Seller, Operating Partnership, Guarantor or Manager;

 

		(x)	a Change of Control shall have occurred;

 

		(xi)	any representation made by Seller, Operating Partnership or Guarantor in any Transaction Document shall have been incorrect
or untrue in any material respect when made or repeated or deemed to have been made or repeated (other than the representations
and warranties set forth in Section 10(b)(viii) of this Agreement made by Seller, which shall not be considered an Event of Default
if incorrect or untrue in any material respect and which incorrect or untrue representation shall be solely used by Buyer as a
basis to adjust the Market Value of the applicable Purchased Loan and to make determinations pursuant to Section 4(a) of this Agreement;
provided further Seller shall not have made any such representation with actual knowledge that it was materially incorrect or untrue
at the time made) and such representation breach continues unremedied for ten (10) Business Days after the earlier of receipt of
notice thereof from Buyer or the discovery of such failure by the applicable Person;

 

		(xii)	Guarantor shall fail to observe any of the financial covenants set forth in the Guaranty or shall have defaulted or failed
to perform under the Guaranty in any material respect;

  

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		(xiii)	a final non-appealable judgment by any competent court in the United States of America having jurisdiction over Seller for
the payment of money in an amount greater than $100,000 (in the case of Seller) or $5,000,000 (in the case of the Operating Partnership
or Guarantor) shall have been rendered against Seller, Operating Partnership or Guarantor, unless execution of such judgment is
stayed by the posting of cash or a bond or other collateral acceptable to Buyer in the amount of the judgment or otherwise is discharged
(or provision is made for such discharge);

 

		(xiv)	Seller, Operating Partnership or Guarantor shall have defaulted or failed to perform under any note, indenture, loan agreement,
guaranty, swap agreement or any other contract, agreement or transaction to which it is a party, which default (A) involves
the failure to pay a monetary obligation in excess of $100,000 (in the case of Seller) or $5,000,000 (in the case of Operating
Partnership or Guarantor), or (B) permits the acceleration of the maturity of obligations in excess of $100,000 (in the case
of Seller) or $5,000,000 (in the case of Operating Partnership or Guarantor) by any other party to or beneficiary of such note,
indenture, loan agreement, guaranty, swap agreement or other contract agreement or transaction; provided, however,
that any such default, failure to perform or breach shall not constitute an Event of Default if Seller, Operating Partnership or
Guarantor cures such default, failure to perform or breach, as the case may be, within the grace notice and/or cure period, if
any, provided under the applicable agreement;

 

		(xv)	Seller shall fail to maintain on deposit in the Liquidity Reserve Account at least the Required Liquidity Amount;

 

		(xvi)	Manager resigns or is removed, terminated or otherwise no longer serves or is unable to serve as the asset manager and investment
advisor of Guarantor pursuant to that certain Asset Management Agreement or Manager is in material breach of its duties or obligations
under the Asset Management Agreement beyond any applicable notice and cure period and such Manager is not replaced with a successor
manager reasonably acceptable to Buyer pursuant to an Asset Management Agreement acceptable to Buyer in its reasonable discretion
within 60 days;

 

		(xvii)	any condition or circumstance shall exist which causes, constitutes or could reasonably be expected to cause or constitute
a Material Adverse Effect; or

 

		(xviii)	if Seller or Guarantor shall breach or fail to perform any of the terms, agreements, conditions, covenants or obligations applicable
to such Person under this Agreement, any other Transaction Document or any Purchased Loan Document to which such Person is a party,
other than as specifically otherwise referred to in this definition of “Event of Default”, and such breach or failure
to perform is not remedied within twenty (20) Business

 

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Days after written notice thereof to
Seller from the applicable party or its successors or assigns (each of (i) through (xviii), an “Event of Default”).

 

(b)        If
an Event of Default shall occur and be continuing, the following rights and remedies shall be available to Buyer:

  

		(i)	At the option of Buyer, exercised by written notice to Seller (which option shall be deemed to have been exercised, even if
no notice is given, immediately upon the occurrence of an Act of Insolvency), the Repurchase Date for each Transaction hereunder
shall, if it has not already occurred, be deemed immediately to occur (the date on which such option is exercised or deemed to
have been exercised being referred to hereinafter as the “Accelerated Repurchase Date”).

 

		(ii)	If Buyer exercises or is deemed to have exercised the option referred to in Section 14(b)(i) of this Agreement:

 

		(A)	Seller’s obligations hereunder to repurchase all Purchased Loans shall become immediately due and payable on and as of
the Accelerated Repurchase Date; and

 

		(B)	to the extent permitted by applicable law, the Repurchase Price with respect to each Transaction (determined as of the Accelerated
Repurchase Date) shall be increased by the aggregate amount obtained by daily application of, on a 360 day per year basis for the
actual number of days during the period from and including the Accelerated Repurchase Date to but excluding the date of payment
of the Repurchase Price (as so increased), (x) the Pricing Rate for such Transaction multiplied by (y) the outstanding Purchase
Price for such Transaction (decreased by (I) any amounts actually remitted to Buyer by the Depository or Seller from time to time
pursuant to Sections 4 or 5 of this Agreement and applied to such Repurchase Price, and (II) any amounts applied to the Repurchase
Price pursuant to Section 14(b)(iii) of this Agreement); and

 

		(C)	the Custodian shall, upon the request of Buyer, deliver to Buyer all instruments, certificates and other documents then held
by the Custodian relating to the Purchased Loans.

 

		(iii)	Upon the occurrence of an Event of Default with respect to Seller, Buyer may, upon giving prior notice to Seller, (A) immediately
sell, at a public or private sale in a commercially reasonable manner and at such price or prices as Buyer may reasonably deem
satisfactory any or all of the Purchased Loans or (B) in its sole discretion elect, in lieu of selling all or a portion of such
Purchased Loans, to give Seller credit for such Purchased Loans in an amount equal to the market value of such Purchased Loans
as determined by Buyer in its sole discretion against the aggregate unpaid

 

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Repurchase Price for such Purchased
Loans and any other amounts owing by Seller under the Transaction Documents. The proceeds of any disposition of Purchased Loans
effected pursuant to this Section 14(b)(iii) shall be applied, (v) first, to the actual, out-of-pocket costs and expenses
reasonably incurred by Buyer in connection with Seller’s default; (w) second, the amount, if any, payable by
Seller in the event any Hedging Transactions related to such Purchased Loans are being terminated; (x) third, to the
Repurchase Price; (y) fourth, to any other outstanding obligation of Seller to Buyer or its Affiliates pursuant to
this Agreement; and (z) fifth, to pay the surplus, if any, to whoever may be lawfully entitled to receive such surplus.

 

		(iv)	The parties recognize that it may not be possible to purchase or sell all of the Purchased Loans on a particular Business Day,
or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Loans may not be liquid.
In view of the nature of the Purchased Loans, the parties agree that liquidation of a Transaction or the Purchased Loans does not
require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially
reasonable manner. Accordingly, Buyer may elect, in its sole discretion, the time and manner of liquidating any Purchased Loans,
and nothing contained herein shall (A) obligate Buyer to liquidate any Purchased Loans on the occurrence and during the continuance
of an Event of Default or to liquidate all of the Purchased Loans in the same manner or on the same Business Day or (B) constitute
a waiver of any right or remedy of Buyer.

 

		(v)	Seller shall be liable to Buyer for (A) the amount of all actual out-of-pocket expenses, including reasonable legal fees and
expenses, actually incurred by Buyer in connection with or as a consequence of an Event of Default with respect to Seller, (B)
all actual costs incurred in connection with the termination of Hedging Transactions, and (C) any other actual loss, damage, cost
or expense directly arising or resulting from the occurrence of an Event of Default with respect to Seller.

 

		(vi)	Buyer shall have, in addition to its rights and remedies under the Transaction Documents, all of the rights and remedies provided
by applicable federal, state, foreign, and local laws (including, without limitation, if the Transactions are recharacterized as
secured financings, the rights and remedies of a secured party under the UCC of the State of New York, to the extent that the UCC
is applicable, and the right to offset any mutual debt and claim), in equity, and under any other agreement between Buyer and Seller.
Without limiting the generality of the foregoing, Buyer shall be entitled to set off the proceeds of the liquidation of the Purchased
Loans against all of Seller’s obligations to Buyer pursuant to this Agreement, whether or not such obligations are then due,
without prejudice to Buyer’s right to recover any deficiency.

  

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		(vii)	Subject to the notice and grace periods set forth herein, Buyer may exercise any or all of the remedies available to Buyer
immediately upon the occurrence of an Event of Default (other than with respect to Buyer) and at any time during the continuance
thereof. All rights and remedies arising under the Transaction Documents, as amended from time to time, are cumulative and not
exclusive of any other rights or remedies which Buyer may have.

 

		(viii)	Buyer may enforce its rights and remedies hereunder without prior judicial process or hearing, and Seller hereby expressly
waives any defenses Seller might otherwise have to require Buyer to enforce its rights by judicial process. Seller also waives
any defense Seller might otherwise have arising from the use of nonjudicial process, disposition of any or all of the Purchased
Loans, or from any other election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the
trade, are responsive to commercial necessity and are the result of a bargain at arm’s length.

 

		(ix)	Upon the designation of any Accelerated Repurchase Date, Buyer may, without prior notice to Seller, set off any sum or obligation
(whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency,
place of payment or booking office of the sum or obligation) owed by Seller to Buyer or any Affiliate of Buyer against any sum
or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective
of the currency, place of payment or booking office of the sum or obligation) owed by Buyer or any Affiliate of Buyer to Seller.
Buyer will give written notice to the other party of any set off effected under this Section 14(b)(ix). If a sum or obligation
is unascertained, Buyer may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant
party accounting to the other when the obligation is ascertained. Nothing in this Section 14(b)(ix) shall be effective to create
a charge or other security interest. This Section 14(b)(ix) shall be without prejudice and in addition to any right of set-off,
combination of accounts, lien or other rights to which any party is at any time otherwise entitled (whether by operation of law,
contract or otherwise).

  

15.       SINGLE
AGREEMENT

 

Buyer and Seller acknowledge that, and have
entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions
hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly,
each of Buyer and Seller agrees (i) to perform all of its obligations in respect of each Transaction hereunder, and that a default
in the performance of any such obligations shall constitute a default
by it in respect of all Transactions hereunder, (ii) that each of them shall be entitled to set off claims and apply property held
by them in respect of

 

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 any Transaction against obligations owing to them in respect of any other Transactions hereunder and (iii)
that payments, deliveries and other transfers made by either of them in respect of any Transaction shall be deemed to have been
made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations
to make any such payments, deliveries and other transfers may be applied against each other and netted.

 

16.       RECORDING
OF COMMUNICATIONS

 

EACH OF BUYER AND SELLER SHALL HAVE THE RIGHT
(BUT NOT THE OBLIGATION) FROM TIME TO TIME TO MAKE OR CAUSE TO BE MADE TAPE RECORDINGS OF COMMUNICATIONS BETWEEN ITS EMPLOYEES,
IF ANY, AND THOSE OF THE OTHER PARTY WITH RESPECT TO TRANSACTIONS; PROVIDED, HOWEVER, THAT SUCH RIGHT TO RECORD COMMUNICATIONS
SHALL BE LIMITED TO COMMUNICATIONS OF EMPLOYEES TAKING PLACE ON THE TRADING FLOOR OF THE APPLICABLE PARTY. EACH OF BUYER AND SELLER
HEREBY CONSENTS TO THE ADMISSIBILITY OF SUCH TAPE RECORDINGS IN ANY COURT, ARBITRATION, OR OTHER PROCEEDINGS, IF AND TO THE EXTENT
CONSISTENT WITH APPLICABLE LAW AND THE RULES OF COURT AND EVIDENCE.

 

17.       NOTICES
AND OTHER COMMUNICATIONS

 

Unless otherwise provided in this Agreement,
all notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective
for all purposes if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered
United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States Postal Service,
with proof of attempted delivery, or (d) by telecopier (with answerback acknowledged) or email provided that such telecopied notice
or notice sent by email must also be delivered by one of the means set forth in (a), (b) or (c) above, to the address specified
in Annex I hereto or at such other address and person as shall be designated from time to time by any party hereto, as the case
may be, in a written notice to the other parties hereto in the manner provided for in this Section. A notice shall be deemed
to have been given: (a) in the case of hand delivery, at the time of delivery, (b) in the case of registered or certified mail,
when delivered or the first attempted delivery on a Business Day, (c) in the case of expedited prepaid delivery upon the first
attempted delivery on a Business Day, or (d) in the case of telecopier or email, upon receipt of answerback confirmation or upon
transmission, respectively, provided that such telecopied notice or notice sent by email was also delivered as required in this
Section. A party receiving a notice which does not comply with the technical requirements for notice under this Section
may elect to waive any deficiencies and treat the notice as having been properly given.

 

18.       ENTIRE
AGREEMENT; SEVERABILITY

 

This Agreement shall supersede any existing
agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement
herein shall be treated as separate and independent from any other provision or agreement herein and

 

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shall be enforceable notwithstanding the unenforceability
of any such other provision or agreement.

 

19.       NON-ASSIGNABILITY

 

(a)        The
rights and obligations of Seller under the Transaction Documents and under any Transaction shall not be assigned by Seller without
the prior written consent of Buyer.

 

(b)        Buyer
shall be entitled to assign its rights and obligations under the Transaction Documents and/or under any Transaction to any other
Person or issue one or more participation interests with respect to any or all of the Transactions and, in connection therewith,
may bifurcate or allocate (i.e. senior/subordinate) amounts due to Buyer; provided, however, with respect to participations,
Seller shall not be obligated to deal directly with any party other than Buyer or to pay or reimburse Buyer for any costs that
would not have been incurred by Buyer had no participation interests in such Transactions been issued; provided, further,
that without limiting Buyer’s right to assign or participate the Transactions, in the event of any such assignment or participation,
Buyer shall remain as the agent for all assignees or participants and Seller shall not be obligated to interact with any party
other than Buyer regarding this Agreement and the Transaction Documents. Notwithstanding anything to the contrary in this Agreement,
so long as no Event of Default shall have occurred and be continuing, Buyer shall not assign or participate the Transactions to
any Person specified in Annex II.

 

(c)          Subject
to the foregoing, the Transaction Documents and any Transactions shall be binding upon and shall inure to the benefit of the parties
and their respective successors and assigns. Nothing in the Transaction Documents, express or implied, shall give to any Person,
other than the parties to the Transaction Documents and their respective successors, any benefit or any legal or equitable right,
power, remedy or claim under the Transaction Documents.

 

20.       GOVERNING
LAW

 

This Agreement shall be governed by the laws
of the State of New York without giving effect to the conflict of law principles thereof.

 

21.       NO
WAIVERS, ETC.

 

No express or implied waiver of any Event of
Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by any
party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision
of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such shall be in writing
and duly executed by both of the parties hereto. Without limitation on any of the foregoing, the failure to give a notice pursuant
to Section 4(a) or 4(b) hereof will not constitute a waiver of any right to do so at a later date.

 

22.       USE
OF EMPLOYEE PLAN ASSETS

 

(a)        If
assets of an employee benefit plan subject to any provision of the Employee Retirement Income Security Act of 1974 (“ERISA”)
are intended to be used by either party hereto (the “Plan Party”) in a Transaction, the Plan Party shall so
notify the other party prior to

 

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the Transaction. The Plan Party shall represent
in writing to the other party that the Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt
therefrom, and the other party may proceed in reliance thereon but shall not be required so to proceed.

 

(b)        Subject
to the last sentence of subparagraph (a) of this Section, any such Transaction shall proceed only if Seller furnishes or has furnished
to Buyer its most recent available unaudited statement of its financial condition.

 

(c)        By
entering into a Transaction pursuant to this Section, Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s
latest such financial statements, there has been no material adverse change in Seller’s financial condition which Seller
has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition
as they are issued, so long as it is a Seller in any outstanding Transaction involving a Plan Party.

 

23.       INTENT

 

(a)        The
parties recognize and agree that: (i) each Transaction is a “repurchase agreement” as that term is defined in Section
101 of the Bankruptcy Code and a “securities contract” as that term is defined in Section 741 of the Bankruptcy Code
and (ii) the grant of a security interest set forth in Sections 6 and 29(b) hereof to secure the rights of Buyer hereunder also
constitutes a “repurchase agreement” as contemplated by Section 101(47)(A)(v) of the Bankruptcy Code and a “securities
contract” as contemplated by Section 741(7)(A)(xi) of the Bankruptcy Code. It is further understood that this Agreement constitutes
a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code, as amended, with respect to the
Transaction so constituting a “repurchase agreement” or “securities contract”. Each party hereto hereby
further agrees that it shall not challenge the characterization of this Agreement as a “repurchase agreement”, “securities
contract” and/or “master netting agreement” within the meaning of the Bankruptcy Code except insofar as the type
of asset subject to the Transactions or, in the case of a “repurchase agreement”, the term of the Transactions, would
render such definition inapplicable.

 

(b)        It
is understood that either party’s right to accelerate or terminate this Agreement or to liquidate assets delivered to it
in connection with the Transactions hereunder or to exercise any other remedies pursuant to Section 14 or 29 hereof is a contractual
right to accelerate, terminate or liquidate this Agreement or the Transactions as described in Sections 555 and 559 of the Bankruptcy
Code. It is further understood and agreed that either party’s right to cause the termination, liquidation, or acceleration
of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with, this
Agreement or the Transactions hereunder is a contractual right to cause the termination, liquidation, or acceleration of, or to
offset net termination values, payment amounts or other transfer obligations arising under or in connection with, this Agreement
as described in Section 561 of the Bankruptcy Code.

 

(c)        The
parties agree and acknowledge that if a party hereto is an “insured depository institution,” as such term is defined
in the Federal Deposit Insurance Act, as amended (“FDIA”), then the Transactions hereunder is a “qualified
financial contract,” as that term is defined in

 

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FDIA and any rules, orders or policy statements
thereunder (except insofar as the type of assets subject to the Transactions would render such definition inapplicable).

 

(d)        It
is understood that this Agreement constitutes a “netting contract” as defined in and subject to Title IV of the Federal
Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation
under the Transactions hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual
payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not
a “financial institution” as that term is defined in FDICIA).

 

(e)        In
light of the intent set forth above in this Section 23, Seller agrees that, from time to time upon the written request of Buyer,
Seller will execute and deliver any supplements, modifications, addendums or other documents as may be necessary or desirable,
in Buyer’s good faith discretion, in order to cause this Agreement and the Transactions contemplated hereby to qualify for,
comply with the provisions of, or otherwise satisfy, maintain or preserve the criteria for safe harbor treatment under the Bankruptcy
Code for “repurchase agreements”, “securities contracts” and “master netting agreements”; provided,
however, that Buyer’s failure to request, or Buyer’s or Seller’s failure to execute, such supplements, modifications,
addendums or other documents does not in any way alter or otherwise change the intention of the parties hereto that this Agreement
and the Transactions hereunder constitute “repurchase agreements”, “securities contracts” and/or a “master
netting agreement” as such terms are defined in the Bankruptcy Code.

 

24.       DISCLOSURE
RELATING TO CERTAIN FEDERAL PROTECTIONS

 

The parties acknowledge that they have been
advised that:

 

(a)        in
the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission
(“SEC”) under Section 15 of the Securities Exchange Act of 1934 (“1934 Act”), the Securities
Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 (“SIPA”)
do not protect the other party with respect to any Transaction hereunder;

 

(b)        in
the case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered
with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction
hereunder; and

 

(c)        in
the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant
to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the
National Credit Union Share Insurance Fund, as applicable.

 

25.       CONSENT
TO JURISDICTION; WAIVER OF JURY TRIAL

 

(a)        Each
party irrevocably and unconditionally (i) submits to the exclusive jurisdiction of any United States Federal or New York State
court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding

 

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brought to enforce its obligations under this
Agreement or relating in any way to this Agreement or any Transaction under this Agreement and (ii) waives, to the fullest extent
it may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding in any such court
and any right of jurisdiction on account of its place of residence or domicile.

 

(b)        To
the extent that either party has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or
proceeding, from jurisdiction of any court or from set off or any legal process (whether service or notice, attachment prior to
judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of its
property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought
to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement.

 

(c)         The
parties hereby irrevocably waive, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance
of such action or proceeding and irrevocably consent to the service of any summons and complaint and any other process by the mailing
of copies of such process to them at their respective address specified herein. The parties hereby agree that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Section 25 shall affect the right of Buyer or Seller to serve legal process in any
other manner permitted by law or affect the right of Buyer or Seller to bring any action or proceeding against the other party
or its property in the courts of other jurisdictions.

 

(d)        EACH
OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF
OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER.

 

26.       NO
RELIANCE

 

Each of Buyer and Seller hereby acknowledges,
represents and warrants to the other that, in connection with the negotiation of, the entering into, and the performance under,
the Transaction Documents and each Transaction thereunder:

 

(a)        It
is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether
written or oral) of the other party to the Transaction Documents, other than the representations expressly set forth in the Transaction
Documents;

 

(b)        It
has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent that it
has deemed necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability
of any Transaction) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon
any view expressed by the other party;

 

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(c)        It
is a sophisticated and informed Person that has a full understanding of all the terms, conditions and risks (economic and otherwise)
of the Transaction Documents and each Transaction thereunder and is capable of assuming and willing to assume (financially and
otherwise) those risks;

 

(d)        It
is entering into the Transaction Documents and each Transaction thereunder for the purposes of managing its borrowings or investments
or hedging its underlying assets or liabilities and not for purposes of speculation; and

 

(e)        It
is not acting as a fiduciary or financial, investment or commodity trading advisor for the other party and has not given the other
party (directly or indirectly through any other Person) any assurance, guaranty or representation whatsoever as to the merits (either
legal, regulatory, tax, business, investment, financial accounting or otherwise) of the Transaction Documents or any Transaction
thereunder.

 

27.       INDEMNITY

 

Seller hereby agrees to indemnify Buyer and
each of its officers, directors, employees and agents (“Indemnified Parties”) from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, taxes (including stamp, excise, sales or other taxes which
may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions
contemplated by this Agreement and the documents delivered in connection herewith, other than income or similar taxes of Buyer,
backup withholding or taxes imposed under FATCA), fees, costs or expenses (including reasonable attorneys fees and disbursements)
(all of the foregoing, collectively “Indemnified Amounts”) which may at any time (including, without limitation,
such time as this Agreement shall no longer be in effect and the Transactions shall have been repaid in full) be imposed on or
asserted against any Indemnified Party in any way whatsoever arising out of or in connection with, or relating to, this Agreement
or any Transactions thereunder or any action taken or omitted to be taken by any Indemnified Party under or in connection with
any of the foregoing; provided, that Seller shall not be liable for Indemnified Amounts resulting from the gross negligence
or willful misconduct of any Indemnified Party. Without limiting the generality of the foregoing, Seller agrees to hold Buyer harmless
from and indemnify Buyer against all Indemnified Amounts with respect to all Purchased Loans relating to or arising out of any
violation or alleged violation of any Environmental Law, rule or regulation or any consumer credit laws, including without limitation
ERISA, the Truth in Lending Act and/or the Real Estate Settlement Procedures Act, that, in each case, results from anything other
than Buyer’s gross negligence or willful misconduct. In any suit, proceeding or action brought by Buyer in connection with
any Purchased Loan for any sum owing thereunder, or to enforce any provisions of any Purchased Loan, Seller will save, indemnify
and hold Buyer harmless from and against all actual out-of-pocket expense (including reasonable attorneys’ fees), actual
out-of-pocket loss or damage suffered by reason of any defense, set-off, counterclaim, recoupment or reduction or liability whatsoever
of the account debtor or obligor thereunder, arising out of a breach by Seller of any obligation thereunder or arising out of any
other agreement, indebtedness or liability at any time owing to or in favor of such account debtor or obligor or its successors
from Seller. Seller also agrees to reimburse Buyer as and when billed by Buyer for all Buyer’s actual costs and out-of-pocket
expenses incurred in connection with Buyer’s due diligence reviews with respect to the

 

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Purchased Loans (including, without limitation,
those incurred pursuant to Section 28 hereof) and the enforcement or the preservation of Buyer’s rights under this Agreement
or any Transaction contemplated hereby, including without limitation the reasonable fees and disbursements of its counsel; provided,
that notwithstanding the foregoing, Seller’s obligation to reimburse Buyer for legal fees incurred by Buyer in connection
with each individual Eligible Loan which Seller proposes pursuant to Section 3(a) of this Agreement that Buyer approve for inclusion
in a proposed Transaction shall not exceed $7,500 without the prior approval of Seller. Seller hereby acknowledges that, the obligation
of Seller under this Agreement is a recourse obligation of Seller.

 

28.       DUE
DILIGENCE

 

Seller acknowledges that, at reasonable times
and upon reasonable notice to Seller, Buyer has the right to perform continuing due diligence reviews with respect to the Purchased
Loans, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise,
and Seller agrees that upon reasonable prior written notice to Seller, Buyer or its authorized representatives will be permitted
during normal business hours to examine, inspect, and make copies and extracts of, the Purchased Loan Files, Servicing Records
and any and all documents, records, agreements, instruments or information relating to such Purchased Loans in the possession or
under the control of Seller, any other servicer or subservicer of Seller and/or the Custodian. Seller also shall make available
to Buyer a knowledgeable financial or accounting officer for the purpose of answering financial or accounting questions respecting
the Purchased Loan Files and the Purchased Loans. Without limiting the generality of the foregoing, Seller acknowledges that Buyer
may enter into Transactions with Seller based solely upon the information provided by Seller to Buyer and the representations,
warranties and covenants contained herein, and that Buyer, at its option, has the right at any time to conduct a partial or complete
due diligence review on some or all of the Purchased Loans. Buyer may underwrite such Purchased Loans itself or engage a third
party underwriter to perform such underwriting. Seller agrees to reasonably cooperate with Buyer and any third party underwriter
reasonably acceptable to Seller in connection with such underwriting, including, but not limited to, providing Buyer and any third
party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Purchased
Loans in the possession, or under the control, of Seller. Seller further agrees that Seller shall reimburse Buyer for any and all
actual costs and expenses reasonably incurred by Buyer in connection with Buyer’s activities pursuant to this Section 28.

 

29.       SERVICING

 

(a)        Seller
and Buyer agree that all Servicing Rights with respect to the Purchased Loans are being transferred hereunder to Buyer on the applicable
Purchase Date and such Servicing Rights shall be transferred by Buyer to Seller upon Seller’s payment of the Repurchase Price
for such applicable Purchased Loan. Notwithstanding the purchase and sale of the Purchased Loans and Servicing Rights hereby, Servicer
shall be granted a revocable license to exercise the Servicing Rights with respect to the Purchased Loans for the benefit of Buyer
and, if Buyer shall exercise its rights to pledge or hypothecate a Purchased Loan prior to the Repurchase Date pursuant to Section 8,
Buyer’s assigns (which license shall be deemed automatically revoked upon the occurrence and during the continuance of an
Event of Default); provided,

 

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however, that the obligations of Servicer
to service the Purchased Loans shall cease, at Seller’s option, upon the payment by Seller to Buyer of the Repurchase Price
therefor. Seller shall cause Servicer to service the Purchased Loans pursuant to the Servicing Agreement and in accordance with
Accepted Servicing Practices approved by Buyer in the exercise of its reasonable business judgment and maintained by other prudent
mortgage lenders with respect to senior interests in mortgage loans similar to the Purchased Loans. Seller shall obtain the written
consent of Buyer prior to appointing any third party servicer for a Purchased Loan (other than Wells Fargo Bank, National Association).

 

(b)        Seller
agrees that Buyer is the owner of all servicing records, files, documents, records, data bases, computer tapes, copies of computer
tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any
other records relating to or evidencing the servicing of Purchased Loans (collectively, the “Servicing Records”)
so long as the Purchased Loans are subject to this Agreement. Seller grants Buyer a security interest in all servicing fees and
rights relating to the Purchased Loans and all Servicing Records to secure the obligation of the Servicer to service in conformity
with this Section and any other obligation of Seller to Buyer. Seller covenants to safeguard such Servicing Records which are in
Seller’s possession and to deliver them promptly to Buyer or its designee (including the Custodian) at Buyer’s request.

 

(c)        Upon
the occurrence and during the continuance of an Event of Default, Buyer may, in its sole discretion, (i) sell its right to the
Purchased Loans on a servicing released basis or (ii) terminate any Servicer of the Purchased Loans with or without cause, in each
case without payment of any termination fee.

 

(d)        Seller
shall not employ sub-servicers to service the Purchased Loans without the prior written approval of Buyer in its sole discretion;
provided, this Section 29(d) shall not apply to an Affiliate of Seller, Operating Partnership and Guarantor.

 

(e)        The
payment of servicing fees under the Servicing Agreement shall be solely the obligation of Seller.

 

30.       MISCELLANEOUS

 

(a)        All
rights, remedies and powers of Buyer hereunder and in connection herewith are irrevocable and cumulative, and not alternative or
exclusive, and shall be in addition to all other rights, remedies and powers of Buyer whether under law, equity or agreement. In
addition to the rights and remedies granted to it in this Agreement, to the extent this Agreement is determined to create a security
interest, Buyer shall have all rights and remedies of a secured party under the UCC.

 

(b)        The
Transaction Documents may be executed in counterparts, each of which so executed shall be deemed to be an original, but all of
such counterparts shall together constitute but one and the same instrument.

 

(c)        The
headings in the Transaction Documents are for convenience of reference only and shall not affect the interpretation or construction
of the Transaction Documents.

 

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(d)        Without
limiting the rights and remedies of Buyer under the Transaction Documents, Seller shall pay Buyer’s reasonable actual out-of-pocket
costs and expenses, including reasonable fees and expenses of accountants, attorneys and advisors, incurred in connection with
the preparation, negotiation, execution and consummation of, and any amendment, supplement or modification to, the Transaction
Documents and the Transactions thereunder. Seller agrees to pay Buyer promptly all costs and expenses (including reasonable expenses
for legal services of every kind) of any subsequent enforcement of any of the provisions hereof, or of the performance by Buyer
of any obligations of Seller in respect of the Purchased Loans, or any actual or attempted sale, or any exchange, enforcement,
collection, compromise or settlement in respect of any of the Collateral and for the custody, care or preservation of the Collateral
(including insurance costs) and defending or asserting rights and claims of Buyer in respect thereof, by litigation or otherwise.
In addition, Seller agrees to pay Buyer promptly all reasonable costs and expenses (including reasonable expenses for legal services)
incurred in connection with the maintenance of the Cash Management Account and the Liquidity Reserve Account and registering the
Collateral in the name of Buyer or its nominee. All such expenses shall be recourse obligations of Seller to Buyer under this Agreement.

 

(e)        Each
provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

 

(f)         This
Agreement contains a final and complete integration of all prior expressions by the parties with respect to the subject matter
hereof and thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding
all prior oral or written understandings.

 

(g)        The
parties understand that this Agreement is a legally binding agreement that may affect such party’s rights. Each party represents
to the other that it has received legal advice from counsel of its choice regarding the meaning and legal significance of this
Agreement and that it is satisfied with its legal counsel and the advice received from it.

 

(h)        Should
any provision of this Agreement require judicial interpretation, it is agreed that a court interpreting or construing the same
shall not apply a presumption that the terms hereof shall be more strictly construed against any Person by reason of the rule of
construction that a document is to be construed more strictly against the Person who itself or through its agent prepared the same,
it being agreed that all parties have participated in the preparation of this Agreement.

 

(i)         The
parties recognize that each Transaction is a “securities contract” as that term is defined in Section 741 of Title
11 of the United States Code, as amended.

 

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IN WITNESS WHEREOF, the parties have executed
this Agreement as of the day first written above.

 

	 	BUYER:	 
	 	 	 
	 	CITIBANK, N.A.	 
	 	 	 	 
	 	By: 	/s/ Richard B. Schlenger	 
	 	Name: Richard B. Schlenger	 
	 	Title: Authorized Signatory	 

  

[SIGNATURES CONTINUE ON NEXT PAGE]

 

Signature Page to Master Repurchase Agreement

 

    	 

    	Table of Contents

    

 

	 	 	   SELLER:
	 	 	 
	 	 	CB LOAN NT-II, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 
	 	 	 	By: 	NorthStar Real Estate Income Operating
	 	 	 	 	Partnership II, LP, a Delaware limited
	 	 	 	 	partnership, its sole equity member
	 	 	 	 	 
	 	 	 	 	By: 	NorthStar Real Estate Income II, Inc.,
	 	 	 	 	 	a Maryland corporation, its general partner
	 	 	 	 	 	 
	 	 	 	 	 	By: 	/s/ Ronald J. Lieberman	 
	 	 	 	 	 	Name: Ronald J. Lieberman
	 	 	 	 	 	Title: Executive Vice President, General
	 	 	 	 	 	 Counsel and Secretary

 

Signature Page to Master Repurchase Agreement

 

    	 

    	Table of Contents

    

  

ANNEXES AND EXHIBITS

 

	ANNEX I	Names and Addresses for Communications between Parties
	ANNEX II	Sponsor Competitors
	EXHIBIT I	Form of Confirmation
	EXHIBIT II	Authorized Representatives of Seller
	EXHIBIT III	Form of Custodial Delivery
	EXHIBIT IV	Eligible Loan Due Diligence Checklist
	EXHIBIT V	Form of Power of Attorney
	EXHIBIT VI	Representations and Warranties Regarding Each Individual Purchased Loan
	EXHIBIT VII	Collateral Tape
	EXHIBIT VIII	Form of Transaction Request
	EXHIBIT IX	Form of Irrevocable Direction LetterExhibit 10.2

 

LIMITED GUARANTY

 

THIS LIMITED GUARANTY
(as amended, modified, waived, supplemented, extended, restated or replaced from time to time, this “Guaranty”)
is made as of the 15th day of October, 2013, by NORTHSTAR REAL ESTATE INCOME II, INC., a Maryland corporation
(together with its successors and permitted assigns and any other Person that becomes a guarantor under this Guaranty, “Guarantor”),
for the benefit of CITIBANK, N.A., a national banking association, as buyer under the Repurchase Agreement (in such capacity,
together with its successors and assigns, “Buyer”).

 

RECITALS:

 

WHEREAS, under and
subject to the terms of the Master Repurchase Agreement, dated as of October 15, 2013 (as amended, modified, restated, replaced,
waived, substituted, supplemented or extended from time to time, the “Repurchase Agreement”), by and between
CB LOAN NT-II, LLC, a Delaware limited liability company, as seller (together with its successors and permitted assigns, “Seller”),
and Buyer, as buyer, Seller may sell and Buyer may purchase Purchased Loans with a simultaneous agreement by such Seller to repurchase
such Purchased Loans;

 

WHEREAS, Seller
is a direct wholly-owned Subsidiary of NorthStar Real Estate Income Operating Partnership II, LP, a Delaware limited partnership
(“Operating Partnership”);

 

WHEREAS, Guarantor
is the sole general partner of the Operating Partnership;

 

WHEREAS, Guarantor
will benefit directly or indirectly from the transactions contemplated under the Repurchase Agreement; and

 

WHEREAS, Buyer is
unwilling to enter into the Transaction Documents or the transactions contemplated thereby without the benefit of this Guaranty.

 

NOW, THEREFORE,
based upon the foregoing Recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Guarantor, intending to be legally bound, hereby agrees as follows:

 

Article
1

DEFINITIONS

 

Section
1.01Definitions.

 

(a)      Unless
otherwise defined above or in this Article 1, capitalized terms used but not defined herein shall have the meanings ascribed
to such terms in the Repurchase Agreement or in the UCC (defined in the Repurchase Agreement).

 

(b)      As
used in this Guaranty and the schedules, exhibits, annexes or other attachments hereto, unless the context requires a different
meaning, the following terms shall have the following meanings:

 

    	 	 	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

“Capital Lease”:
As applied to any Person, any lease of any property (whether real, personal or mixed) by that Person or entity as lessee that,
in conformity with GAAP, is accounted for as a capital lease on the balance sheet of that Person or entity.

 

“Code”:
The Internal Revenue Code of 1986 and the regulations promulgated and rulings issued thereunder, in each case as amended, modified
or replaced from time to time.

 

“Commonly Controlled
Entity”: An entity, whether or not incorporated, which is under common control with Seller or Guarantor within the meaning
of Section 4001(b)(1) of ERISA or is part of a group which includes Seller or Guarantor and which is treated as a single employer
under Section 414(b) or 414(c) of the Code or, solely for purposes of Section 412 of the Code to the extent required
by such section, Section 414(m) or 414(o) of the Code.

 

“Consolidated
Subsidiaries”: As of any date and any Person, any and all Subsidiaries or other entities that are consolidated with such
Person in accordance with GAAP.

 

“Contractual Obligation”:
With respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, deed
to secure debt, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or
any of its property or assets are bound or are subject.

 

“Default Rate”
shall have the meaning specified in Section 2.01 of this Guaranty.

 

“Derivatives Contract”:
Any rate swap transaction, basis swap, credit derivative transaction, forward rate transaction, commodity swap, commodity option,
forward commodity contract, equity or equity index swap or option, bond or bond price or bond index swap or option or forward bond
or forward bond price or forward bond index transaction, interest rate option, forward foreign exchange transaction, cap transaction,
floor transaction, collar transaction, currency swap transaction, cross–currency rate swap transaction, currency option,
spot contract, or any other similar transaction or any combination of any of the foregoing (including any options to enter into
any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, including any obligations
or liabilities thereunder.

 

“EBITDA”:
With respect to any Person and for any Test Period, an amount equal to the sum of (a) MFFO, (b) stock-based compensation
expenses, (c) non-cash reserves and (d) Fixed Charges.

 

“Equity Interests”:
With respect to any Person, (a) any share, interest, participation and other equivalent (however denominated) of capital stock
of (or other ownership, equity or profit interests in) such Person, (b) any warrant, option or other right for the purchase
or other acquisition from such Person of any of the foregoing, (c) any security convertible into or exchangeable for any of
the foregoing, and (d) any other ownership or profit interest in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or
otherwise existing on any date.

 

    	 	2	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

“Fixed Charges”:
With respect to any Person at any time, the amount of interest paid in cash with respect to Indebtedness as shown on such Person’s
consolidated statement of cash flow in accordance with GAAP.

 

“Foreign Corrupt
Practices Act”: Title 15 of the United States Code (15 U.S.C. §§ 78dd-1, et seq.),
as amended, modified or replaced from time to time.

 

“Funds from Operations”
or “FFO”: With respect to any Person at any time, Net Income (or loss) of such Person (prior to any impact from
minority interests or joint venture net income and before deduction of any dividends on preferred stock of such Person), minus
(i) gains or losses from sales of depreciable properties, (ii) the cumulative effect of changes in accounting principles,
and (iii) real estate-related depreciation and amortization.

 

“GAAP”:
With respect to the financial statements or other financial information of any Person, generally accepted accounting principles
in the United States which are in effect from time to time.

 

“Governing Documents”:
With respect to any Person, its articles or certificate of incorporation or formation, by-laws, partnership, limited liability
company, memorandum and articles of association, operating or trust agreement and/or other organizational, charter or governing
documents.

 

“Guarantor Claims”:
Defined in Section 6.25(a).

 

“Guarantor Indebtedness”:
Any and all Indebtedness of Seller, Guarantor or any other Person specified under the Transaction Documents to Buyer, the Indemnified
Parties and any other Person specified under the Transaction Documents in connection with the Transaction Documents, including,
but not limited to, the aggregate Repurchase Price outstanding, the aggregate Price Differential outstanding, all other Repurchase
Obligations outstanding, and amounts that would be owed by Seller, Guarantor or any other Person to Buyer or any Indemnified Parties
but for the fact that they are unenforceable or not allowable, including due to any Act of Insolvency of Seller, in each case of
such Guarantor Indebtedness, howsoever created, arising, incurred, acquired or evidenced, whether existing now or arising hereafter,
as such Guarantor Indebtedness may be amended, modified, extended, renewed or replaced from time to time.

 

“Guarantor Liabilities”:
Defined in Section 2.01.

 

“Guarantor Obligations”:
Defined in Section 2.01.

 

“Guaranty Limit”:
The amount equal to 100% of the aggregate outstanding Repurchase Price for all Purchased Loans, provided, that upon, and from and
after, Guarantor having raised $50,000,000 of equity capital, the “Guaranty Limit” shall mean the sum of (a) twenty
five percent (25%) of the aggregate outstanding Repurchase Price for Purchased Loans with a Debt Yield (Purchase Price), calculated
as of the applicable Purchase Date for such Purchased Loans, equal to or greater than 10% and (b) one hundred percent (100%) of
the aggregate outstanding Repurchase Price for Purchased Loans with a Debt Yield (Purchase Price), calculated as of the applicable
Purchase Date for such Purchased Loans, less than 10%.

 

    	 	3	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

“Indebtedness”:
For any Person: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and
sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise,
to repurchase such property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price
of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred,
in the ordinary course of business so long as such trade accounts payable are payable within ninety (90) days of the date the respective
goods are delivered or the respective services are rendered; (c) indebtedness of others secured by a Lien on the property of such
Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations of such Person in
respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of
such person; (e) Capital Leases of such Person; and (f) indebtedness of others guaranteed by such Person.

 

“Insolvency Laws”:
The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, suspension of payments and similar debtor relief laws from time to time in effect affecting the rights
of creditors generally.

 

“Insolvency Proceeding”:
Any case, action or proceeding before any court or other Governmental Authority relating to any Act of Insolvency.

 

“Intangible Assets”:
With respect to Guarantor on any date, assets that are considered to be intangible assets under GAAP, including customer lists,
goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges,
unamortized debt discount and capitalized research and development costs.

 

“Internal Control
Event”: Fraud that involves management or other employees who have a significant role in the internal controls of Seller
or Guarantor over financial reporting.

 

“Investment”:
With respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, whether by
means of (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension
of credit to, capital contribution to, guaranty or credit enhancement of Indebtedness of, or purchase or other acquisition of any
Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase
or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute the business
or a division or operating unit of another Person. Any binding commitment or option (when exercised) to make an Investment in any
other Person shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with
any covenant contained in the Purchased Loan Documents, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment.

 

“Investment Company
Act”: The Investment Company Act of 1940, as amended, restated or modified from time to time, including all rules and
regulations promulgated thereunder.

 

    	 	4	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

“Modified Funds
from Operations” or “MFFO”: With respect to any Person at any time, FFO calculated without giving
effect to the following: (a) acquisition fees and expenses; (b) straight-line rent and amortization of above or below
intangible lease assets and liabilities; (c) amortization of discounts, premiums and fees on debt investments; (d) non-recurring
impairment of real estate-related investments; (e) realized gains (or losses) from the early extinguishment of debt; (f) realized
gains (or losses) on the extinguishment or sales of hedges, foreign exchange, securities and other derivative holdings, except
where the trading of such instruments is a fundamental attribute to such Person’s business; (g) unrealized gains (or
losses) for fair value adjustments on real estate securities, including commercial mortgage-backed securities and other securities,
interest rate swaps and other derivatives not deemed hedges and foreign exchange holdings; (h) unrealized gains (losses) from
the consolidation from, or deconsolidation to, equity accounting; (i) adjustments related to contingent purchase price obligations;
and (j) adjustments for consolidated and unconsolidated partnerships and joint ventures. For the avoidance of doubt, the calculation
of “MFFO” as provided herein should be consistent with the calculation of MFFO disclosed in any financial statements
of the Guarantor.

 

“Multiemployer
Plan”: A Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Income”:
With respect to any Person for any period, the net income of such Person for such period as determined in accordance with GAAP.

 

“PBGC”:
The Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA or any successor thereto.

 

“Permitted Liens”:
Any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding has been commenced: (a) Liens
for state, municipal, local or other local taxes not yet due and payable or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person
in accordance with GAAP, (b) Liens imposed by Requirement of Law, such as materialmen’s, mechanics’, carriers’,
workmen’s, repairmen’s and similar Liens, arising in the ordinary course of business securing obligations that are
not overdue for more than thirty (30) days, and (c) Liens granted pursuant to or by the Transaction Documents.

 

“Plan”:
An employee pension benefit plan as defined in Section 3(2) of ERISA that is subject to Section 412 of the Code or Section 303
of ERISA in respect of which any Seller, Servicer, Guarantor or any Commonly Controlled Entity sponsors, contributes to or is obligated
to contribute to, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be, an “employer”
as defined in Section 3(5) of ERISA.

 

“Rating Agencies”:
Each of Fitch, Inc., Moody’s, S&P and any other nationally recognized statistical rating agency.

 

“REIT”:
A Person qualifying for treatment as a “real estate investment trust” under the Code.

 

    	 	5	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

“Reportable Event”:
Any event set forth in Section 4043(c) of ERISA, other than an event as to which the notice period is waived under PBGC Reg.
§ 4043.

 

“Repurchase Obligations”:
All obligations of Seller to pay the Repurchase Price on the Repurchase Date and all other obligations and liabilities of Seller
and Guarantor to Buyer arising under or in connection with the Transaction Documents, whether now existing or hereafter arising,
and all interest and fees that accrue in connection with the Transaction Documents after the commencement by or against Seller
or Guarantor of any Insolvency Proceeding naming such Person as the debtor in such proceeding, regardless of whether such interest
and fees are allowed claims in such proceeding (in each case, whether due or accrued).

 

“Required Capital
Amount”: An amount equal to or greater than the lesser of (i) the sum of (a) 80% of the most recently reported Total
Equity as of the date of the Repurchase Agreement plus (b) 80% of the net cash proceeds received by Guarantor in connection
with any issuance of Equity Interests in Guarantor that occurs after the date hereof and (ii) $250,000,000.

 

“Responsible Officer”:
With respect to any Person, the chief executive officer, the chief financial officer, the chief accounting officer, the presidents/co-presidents,
the general counsel, the treasurer or the chief operating officer of such Person or such other officer designated as an authorized
signatory in such Person’s Governing Documents.

 

“Sanctioned Entity”:
(a) A country or a government of a country, (b) an agency of the government of a country, (c) an organization directly
or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in a country,
that (in the case of the preceding clauses (a), (b), (c) and this clause (d)) is subject
to a country sanctions program administered and enforced by the Office of Foreign Assets Control, or (e) a Person named on
the list of Specially Designated Nationals maintained by the Office of Foreign Assets Control.

 

“Single Employer
Plan”: Any Plan that is not a Multiemployer Plan.

 

“Solvent”:
With respect to any Person at any time, having a state of affairs such that all of the following conditions are met at such time:
(a) the fair value of the assets and property of such Person is greater than the amount of such Person’s liabilities
(including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes
of Section 101(32) of the Bankruptcy Code, (b) the present fair salable value of the assets and property of such Person
in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such
Person on its debts as they become absolute and matured, (c) such Person is able to realize upon its assets and property and
pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal
course of business, (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond
such Person’s ability to pay as such debts and liabilities mature, and (e) such Person is not engaged in a business
or a transaction, and is not about to engage in a business or a transaction, for which such Person’s assets and property
would constitute unreasonably small capital.

 

“Subsidiary”:
With respect to any Person, any corporation, partnership, limited liability company or other entity (heretofore, now or hereafter
established) of which at least a majority of

 

    	 	6	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

the securities or other ownership interests having by the terms thereof ordinary voting
power to elect a majority of the board of directors or other Persons performing similar functions of such corporation, partnership,
limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly
owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of
such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP.

 

“Tangible Net
Worth”: As of a particular date, the difference between (i) Total Equity and (ii) Intangible Assets.

 

“Test Period”:
The time period from the first day of each calendar quarter, through and including the last day of such calendar quarter.

 

“Total Equity”:
The total equity as reported on Guarantor’s balance sheet in accordance with GAAP.

 

“Total Indebtedness”:
With respect to any Person and its Consolidated Subsidiaries and any date, all amounts of Indebtedness of such Person plus the
proportionate share of all Indebtedness not reflected on such Person’s consolidated balance sheet of all non-consolidated
Affiliates of such Person, on or as of such date.

 

“Underlying Obligor”:
Individually and collectively, as the context may require, the Mortgagor and other obligor or obligors under a Purchased Loan,
including (i) any Person that has not signed the related Mortgage Note but owns an interest in the related Mortgaged Property,
which interest has been encumbered to secure such Purchased Loan, and (ii) any other Person who has assumed or guaranteed
the obligations of such Mortgagor under the Purchased Loan Documents relating to a Purchased Loan.

  

Section
1.02  Interpretive Provisions. Headings are for convenience only and do not affect interpretation. The
following rules of this Section 1.02 apply unless the context requires otherwise. The singular includes the plural
and conversely. A gender includes all genders. Where a word or phrase is defined, its other grammatical forms have a corresponding
meaning. A reference to an Article, Section, Subsection, Paragraph, Subparagraph, Clause, Annex, Schedule, Appendix, Attachment,
Rider or Exhibit is, unless otherwise specified, a reference to an Article, Section, Subsection, Paragraph, Subparagraph or Clause
of, or Annex, Schedule, Appendix, Attachment, Rider or Exhibit to, this Guaranty, all of which are hereby incorporated herein by
this reference and made a part hereof. A reference to a party to this Guaranty or another agreement or document includes the party’s
permitted successors, substitutes or assigns. In the event there is more than one Seller or Guarantor, the act or omission by,
or occurrence with respect to, any one Seller or Guarantor, as the case may be, shall be sufficient to result in the triggering
of the applicable provision of the Transaction Documents. A reference to an agreement or document is to the agreement or document
as amended, modified, novated, supplemented or replaced in accordance with the terms thereof, except to the extent prohibited by
any Transaction Document. A reference to legislation or to a provision of legislation includes a modification, codification, replacement,
amendment or re-enactment of it, a legislative provision substituted for it and a rule, regulation or statutory instrument issued
under it. A

 

    	 	7	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

reference to writing includes a facsimile or electronic transmission and any means of reproducing words in a tangible
and permanently visible form. A reference to conduct includes an omission, statement or undertaking, whether or not in writing.
A Default or Event of Default exists until it has been cured or waived in writing by Buyer. The words “hereof,” “herein,”
“hereunder” and similar words refer to this Guaranty as a whole and not to any particular provision of this Guaranty,
unless the context clearly requires or the language provides otherwise. The word “including” is not limiting and means
“including without limitation.” The word “any” is not limiting and means “any and all” unless
the context clearly requires or the language provides otherwise. In the computation of periods of time from a specified date to
a later specified date, the word “from” means “from and including,” the words “to” and “until”
each mean “to but excluding,” and the word “through” means “to and including.” The words “will”
and “shall” have the same meaning and effect. A reference to day or days without further qualification means calendar
days. A reference to any time means New York time. This Guaranty may use several different limitations, tests or measurements to
regulate the same or similar matters. All such limitations, tests and measurements are cumulative and shall each be performed in
accordance with their respective terms. Unless the context otherwise clearly requires, all accounting terms not expressly defined
herein shall be construed in accordance with GAAP, and all accounting determinations, financial computations and financial statements
required hereunder shall be made, in accordance with GAAP, without duplication of amounts, and on a consolidated basis with all
Subsidiaries. All terms used in Articles 8 and 9 of the UCC, and used but not specifically defined herein, are used herein
as defined in such Articles 8 and 9. A reference to “fiscal year” and “fiscal quarter” means the fiscal
periods of the applicable Person referenced therein. A reference to a document includes an agreement (as so defined) in writing
or a certificate, notice, instrument or document, or any information recorded in computer disk form. Whenever a Person is required
to provide any document to Buyer under the Transaction Documents, the relevant document shall be provided in writing including
in the form of a PDF attachment to electronic mail or printed form unless Buyer requests otherwise. At the request of Buyer, the
document shall be provided in electronic format or both printed and electronic format. The Transaction Documents are the result
of negotiations between Seller, Guarantor and Buyer, have been reviewed by counsel to Buyer and counsel to Seller and Guarantor,
and are the product of both parties. No rule of construction shall apply to disadvantage one party on the ground that such party
proposed or was involved in the preparation of any particular provision of the Transaction Documents or the Transaction Documents
themselves. Except where otherwise expressly stated, Buyer may give or withhold, or give conditionally, approvals and consents,
and may form opinions and make determinations, in its sole and absolute discretion, subject in all cases to the implied covenant
of good faith and fair dealing. Reference in any Transaction Document to Buyer’s discretion shall mean, unless otherwise
expressly stated herein or therein, Buyer’s sole and absolute discretion (exercised in good faith), and the exercise of such
discretion shall be final and conclusive. In addition, whenever Buyer has a decision or right of determination, opinion or request,
exercises any right given to it to agree, disagree, accept, consent, grant waivers, take action or no action or to approve or disapprove
(or any similar language or terms), or any arrangement or term is to be satisfactory or acceptable to or approved by Buyer (or
any similar language or terms), the decision of Buyer with respect thereto unless otherwise expressly stated herein or therein
shall be in the sole and absolute discretion of Buyer (exercised in good faith), and such decision shall be final and conclusive.

 

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Article
2

GUARANTY OF PAYMENT AND PERFORMANCE

 

Section 2.01  Guaranty.
Guarantor hereby absolutely, primarily, unconditionally and irrevocably guarantees to Buyer, as primary obligor, as guarantor of
payment and performance and not as surety or guarantor of collection and as and for its own debt, until the final and indefeasible
payment in full thereof, subject to the terms of this Section 2.01, (i) the payment, when due, by maturity, mandatory prepayment,
acceleration or otherwise, of the Guarantor Indebtedness and any amounts due under Article 5 of this Guaranty, and (ii)
the full and timely performance of, and compliance with, each and every duty, agreement, undertaking, indemnity, obligation and
liability of Seller under the Transaction Documents strictly in accordance with the terms thereof (collectively, the “Guarantor
Obligations” and, together with the Guarantor Indebtedness, the “Guarantor Liabilities”), in each
case, however created, arising, incurred, acquired or evidenced, whether primary, secondary, direct, indirect, absolute, contingent,
joint, several or joint and several, and whether now or hereafter existing or due or to become due, as the foregoing are amended,
modified, extended, renewed or replaced from time to time. All payments by Guarantor under this Guaranty shall be in immediately
available lawful money of the United States of America and without deduction, defense, set-off or counterclaim. Any amounts not
paid when due shall accrue interest at the Pricing Rate applicable during the continuance of an Event of Default (such rate, the
“Default Rate”). Notwithstanding any provision to the contrary contained herein or in any of the other Transaction
Documents, the obligations of Guarantor hereunder shall be limited to an aggregate amount equal to the largest amount that would
not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provisions
of any Requirement of Law of any state. Notwithstanding anything to the contrary contained herein, the Guarantor shall not be liable
for any Guarantor Indebtedness in excess of the Guaranty Limit; provided, that such limitation shall not apply to the payment
of any amounts that arise under Article 5 of this Guaranty or to any payment required pursuant to the Non-Recourse Carve
Out Guaranty, which amounts under Article 5 and the Non-Recourse Carve-Out Guaranty, if applicable, are in addition to but
without duplication of the amounts payable under this Guaranty.

 

Section
2.02  Release of Collateral, Parties Liable, etc. Guarantor agrees that, except as otherwise
provided in the Repurchase Agreement, (a) any or all of the Purchased Loans and other collateral, security and property now or
hereafter held for the Guaranty or the Guarantor Liabilities may be released, waived, exchanged, terminated, modified, sold, assigned,
hypothecated, participated, pledged, compromised, surrendered or otherwise transferred or disposed of from time to time, (b) except
as expressly set forth in the Transaction Documents, Buyer shall have no obligation to protect, perfect, secure, enforce, release,
exchange or insure any Purchased Loans or any collateral, security, property, Liens, interests or encumbrances now or hereafter
held for the Guaranty or the Guarantor Liabilities or the properties subject thereto, (c) the time, place, manner or terms of
payment of the Guarantor Liabilities may be changed or extended, in whole or in part, to a time certain or otherwise, and may
be renewed, increased, altered or accelerated, in whole or in part, (d) Buyer may take any action in the exercise of any right,
power, remedy or privilege under the Transaction Documents or Requirement of Law or waive or refrain from exercising any of the
foregoing, (e) any of the provisions of the Repurchase Agreement and the other Transaction Documents and the Guarantor Liabilities
may

 

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be modified,
amended, waived, supplemented, replaced or restated from time to time, (f) any party liable for the payment of the Repurchase Obligations
or the Guarantor Liabilities, including, without limitation, other guarantors, may be granted indulgences, released or substituted,
(g) any deposit balance for the credit of Seller or any other party liable for the payment of the Guarantor Liabilities, including,
without limitation, other guarantors, or liable upon any security therefor, may be released, in whole or in part, at, before and/or
after the stated, extended or accelerated maturity of the Guarantor Liabilities and (h) Buyer may apply any sums by whomever paid
or however realized to any amounts owing by any Guarantor, Seller or any other Person for the Repurchase Obligations or the Guarantor
Liabilities in such manner as Buyer may determine in its discretion, subject to the terms of the Transaction Documents, all of
the foregoing in clauses (a) through (h) without notice to or further assent by Guarantor, who shall remain bound
thereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, indulgence,
release or other act.

 

Section
2.03  Waiver of Rights. Guarantor expressly waives: (a) notice of acceptance of this Guaranty by Buyer
and of all extensions of credit, loans or advances to or purchases from Seller by Buyer; (b) diligence, presentment and demand
for payment of any of the Guarantor Liabilities; (c) protest and notice of dishonor or of default to Guarantor or to any other
party with respect to the Guarantor Liabilities or with respect to any collateral, security or property therefor; (d) notice of
Buyer obtaining, amending, substituting for, releasing, waiving, modifying, extending, replacing or restating all or any portion
of the Guarantor Liabilities, the Repurchase Agreement, any other Transaction Document, other guarantees or any Lien now or hereafter
securing the Guarantor Liabilities or the Guaranty, or Buyer subordinating, compromising, discharging, terminating or releasing
such Liens; (e) notice of the execution and delivery by Seller, Buyer or any other Person of any other loan, purchase, credit or
security agreement or document or of Seller’s or such other Person’s execution and delivery of any promissory notes
or other documents arising under or in connection with the Transaction Documents or in connection with any purchase of Seller’s
or such other Person’s property or assets; (f) except as otherwise required pursuant to the Repurchase Agreement, notice
of the occurrence of any breach by Seller or any other Person or of any Event of Default; (g) except as otherwise required pursuant
to the Repurchase Agreement, notice of Buyer’s transfer, disposition, assignment, sale, pledge or participation of the Guarantor
Liabilities, the Purchased Loans, the Transaction Documents, the Purchased Loan Documents, or any collateral, security or property
for the Guaranty or the Guarantor Liabilities or any portion of the foregoing; (h) except as otherwise required pursuant to the
Repurchase Agreement, notice of the sale or foreclosure (or posting or advertising for sale or foreclosure) of all or any portion
of any Purchased Loans or any collateral, security or property for the Guaranty or the Guarantor Liabilities; (i) notice of the
protest, proof of non-payment or default by Seller or any other Person; (j) except as otherwise required pursuant to the Repurchase
Agreement, any other action at any time taken or omitted by Buyer, and, generally, all demands and notices of every kind in connection
with this Guaranty, the Transaction Documents, the Guarantor Liabilities, the Purchased Loans, any collateral, security or property
for the Guaranty or the Guarantor Liabilities, the Purchased Loan Documents, any documents or agreements evidencing, securing or
relating to any of the Guaranty or the Guarantor Liabilities and the obligations hereby guaranteed; (k) all other notices to which
Guarantor might otherwise be entitled; (l) demand for payment under this Guaranty; (m) any right to assert against Buyer, as a
defense, counterclaim, set-off or cross-claim, any defense (legal or equitable), disability, set-off, counterclaim or claim of
any kind or nature whatsoever that any Guarantor or Seller may

 

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now or hereafter have against Buyer (other than payment in full
of the Guarantor Liabilities), Seller or any other Person, but such waiver shall not prevent Guarantor from asserting against Buyer
in a separate action, any claim, action, cause of action or demand that Guarantor might have, whether or not arising out of this
Guaranty; (n) to the fullest extent permitted by Requirement of Law, the right (if any) to revoke this Guaranty as to any future
Guarantor Liabilities; and (o) any right at any time to insist upon, plead or in any manner whatsoever claim or take the benefit
or advantage of any appraisal, valuation, stay, extension, marshalling of assets or redemption laws, or exemption, whether now
or at any time hereafter in force, which may delay, prevent or otherwise effect the performance by Guarantor of the Guarantor Liabilities
or the enforcement by Buyer of the Guarantor Liabilities or this Guaranty. It shall not be necessary for Buyer (and Guarantor hereby
waives any rights which Guarantor may have to require Buyer), in order to enforce the obligations of Guarantor hereunder, to (i)
institute suit, enforce its rights or exhaust its remedies against Seller, others liable on the Guarantor Liabilities, the Underlying
Obligors or any other Person, (ii) enforce Buyer’s rights or exhaust its remedies under or with respect to the Purchased
Loan Documents and the collateral and property secured thereby, the Purchased Loans or any collateral, security or property which
shall ever have been given to secure the Transaction Documents or the Guarantor Liabilities, (iii) enforce Buyer’s rights
against any other guarantors of the Guarantor Liabilities, (iv) join Seller or others liable on the Guarantor Liabilities or any
other Person in any action seeking to enforce this Guaranty, (v) mitigate damages, take any other action to reduce, collect or
enforce the Guarantor Liabilities or to pursue or refrain from pursuing any right or remedy which might benefit Guarantor or (vi)
resort to any other means of obtaining payment of the Guarantor Liabilities.

 

Section
2.04  Validity of Guaranty. The validity of this Guaranty, the obligations of Guarantor hereunder and
Buyer’s rights and remedies for the enforcement of the foregoing shall in no way be terminated, abated, reduced, released,
modified, changed, compromised, discharged, diminished, affected, limited or impaired in any manner whatsoever by the happening
from time to time of any occurrence, condition, circumstance, event, action or omission of any kind whatsoever, including, without
limitation, any of the following (and Guarantor hereby waives any common law, equitable, statutory, constitutional, regulatory
or other rights (including rights to notice), defenses (legal and equitable), set-off, counterclaims and claims which Guarantor
might have now or hereafter as a result of or in connection with any of the following): (a) Buyer’s assertion or non-assertion
or election of any of the rights or remedies available to Buyer pursuant to the provisions of the Transaction Documents, the Purchased
Loan Documents or pursuant to any Requirement of Law and the impairment or elimination of Guarantor’s rights of subrogation,
reimbursement, contribution or indemnity against Seller or any other Person; (b) the waiver by Buyer of, or the failure of Buyer
to enforce, or the lack of diligence by Buyer in connection with, the enforcement of any of its rights or remedies under the Transaction
Documents, the Purchased Loan Documents, the Purchased Loans or any collateral, security or property for the Guaranty or the Guarantor
Liabilities; (c) the granting by Buyer of (or failure by Buyer to grant) any indulgence, forbearance, adjustment, compromise, consent,
approval, waiver or extension of time; (d) the exercise by Buyer of or failure to exercise any so-called self-help remedies; (e)
any occurrence, condition, circumstance event, action or omission that might in any manner or to any extent vary, alter, increase,
extend or continue the risk to Guarantor or might otherwise operate as a discharge or release of Guarantor under Requirement of
Law; (f) any full or partial release or discharge of or accord and satisfaction with respect to liability for the Guarantor Liabilities,
or any part thereof, of Seller, Guarantor or any other

 

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Person now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guarantor Liabilities, or any part
thereof; (g) the impairment, modification, change, release, discharge, limitation of the liability or insolvency of Seller, Guarantor,
any Underlying Obligor or any Person liable for or obligated on the Guarantor Liabilities, or any of their estates in bankruptcy
resulting from or pursuant to the bankruptcy or insolvency of any of the foregoing or the application of the Insolvency Laws or
of or any decision of any court of the United States or any state thereof or of any foreign jurisdiction or Seller or Guarantor
ceasing to be liable for all or any portion of the Guarantor Liabilities other than in accordance with the Transaction Documents;
(h) any present or future Requirement of Law or order of any Governmental Authority (de jure or de facto)
purporting to reduce, amend or otherwise affect the Guarantor Liabilities or to vary any terms of payment, satisfaction or discharge
thereof; (i) the waiver, compromise, settlement, release, extension, amendment, change, modification, substitution, replacement,
reduction, increase, alteration, rearrangement, renewal or termination of the terms of the Guarantor Liabilities, the Transaction
Documents, the Purchased Loans, any collateral, security or property for the Guaranty or the Guarantor Liabilities, the Purchased
Loan Documents, any or all of the obligations, covenants or agreements of Seller, the Underlying Obligors or any other Person under
the Transaction Documents or Purchased Loan Documents (except by satisfaction in full of all Guarantor Liabilities) or of any Guarantor
under this Guaranty and/or any failure of Buyer to notify any Guarantor of any of the foregoing; (j) the extension of the time
for satisfaction, discharge or payment of the Guarantor Liabilities or any part thereof owing or payable by Seller or any other
Person under the Transaction Documents or of the time for performance of any other obligations, covenants or agreements under or
arising out of this Guaranty or the extension or renewal of any thereof; (k) any existing or future offset, counterclaim, claim
or defense (other than payment in full of the Guarantor Liabilities) of Seller or any other Person against Buyer or against payment
of the Guarantor Liabilities, whether such offset, claim or defense arises in connection with the Guarantor Liabilities (or the
transactions creating same) or otherwise; (l) the taking or acceptance or refusal to take or accept or the existence of any other
guaranty of or collateral, security or property for the Guarantor Liabilities in favor of Buyer, any other Indemnified Parties
or any other Person specified in the Transaction Documents or the enforcement or attempted enforcement of such other guaranty,
collateral, security or property; (m) any sale, lease, sublease or transfer of or Lien on all or a portion of the assets or property
of Seller or Guarantor, or any changes in the shareholders, partners or members of Seller or Guarantor, or any reorganization,
consolidation or merger of Seller or Guarantor; (n) the invalidity, illegality, insufficiency or unenforceability of all or any
part of the Guarantor Liabilities, the Transaction Documents, the Purchased Loans, any collateral, security or property for the
Transaction Documents or the Guarantor Liabilities, the Purchased Loan Documents or any document or agreement executed in connection
with the foregoing, for any reason whatsoever, including, without limitation, the fact that (1) the Guarantor Liabilities, or any
part thereof, exceeds the amount permitted by Requirement of Law or violates usury laws or exceeds the Repurchase Obligations,
(2) the act of creating the Guarantor Liabilities, the Purchased Loans, the Transaction Documents, any collateral, security or
property for the Guaranty or the Guarantor Liabilities or any part of the foregoing is ultra vires, (3) the officers
or representatives executing the Purchased Loan Documents or Transaction Documents or otherwise creating the Guarantor Liabilities,
the Purchased Loans or any collateral, security or property for the Guaranty or the Guarantor Liabilities acted in excess of their
authority, (4) Seller, any

 

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Underlying Obligor or any other Person has valid defenses, claims or offsets (whether at law, in equity
or by agreement) which render the Guarantor Liabilities wholly or partially uncollectible, (5) the creation, performance or repayment
of the Guarantor Liabilities, the Purchased Loans or any collateral, security or property for the Guaranty or the Guarantor Liabilities
(or the execution, delivery and performance of any Transaction Document, Purchased Loan Document or document or instrument representing
part of the Guarantor Liabilities, the Purchase Loans any collateral, security or property for the Guaranty or the Guarantor Liabilities
or executed in connection with the Guarantor Liabilities, the Purchased Loans or any collateral, security or property for the Guaranty
or the Guarantor Liabilities, or given to secure the repayment of the Guarantor Liabilities or the other Purchased Loans) is illegal,
uncollectible or unenforceable or (6) any Purchased Loan Document, any Transaction Document or any other document, agreement or
instrument has been forged or otherwise is irregular or not genuine or authentic; (o) any release, waiver, termination, sale, pledge,
participation, transfer, surrender, exchange, subordination, deterioration, waste, loss, diminution or impairment (including, without
limitation, negligent, willful, unreasonable or unjustifiable impairment) of the Purchased Loans or any collateral, security or
property at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranty or the Guarantor
Liabilities; (p) the failure of Buyer or any other Person to exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of the Purchased Loans or any other collateral, security or
property for the Guaranty or the Guarantor Liabilities, including, but not limited to, any neglect, delay, omission, failure or
refusal of Buyer (1) to take or prosecute any action for the collection of any of the Guarantor Liabilities, any Purchased Loan
or any collateral, security or property for the Guaranty or the Guarantor Liabilities, (2) to foreclose, or initiate any action
to foreclose, or, once commenced, prosecute to completion any action to foreclose, upon any Purchased Loan or any security, collateral
or property for the Guaranty or Guarantor Liabilities or (3) to take or prosecute any action in connection with any instrument
or agreement evidencing or securing all or any part of the Guarantor Liabilities; (q) the existence, value, or condition of the
Purchased Loans or any collateral, security, property or Lien securing the Transaction Documents or the Guarantor Liabilities,
or the fact that the Purchased Loans or any collateral, security, property or Lien contemplated or intended to be given, created
or granted as security for the repayment of the Guaranty or the Guarantor Liabilities, or any part thereof, shall not be properly
perfected or created, or shall prove to be unenforceable, invalid, insufficient, illegal or subordinate to any other Lien or Buyer’s
actions or omissions in respect to any of the foregoing; (r) any payment by Seller or any other Person to Buyer is held to constitute
a preference under Insolvency Laws, or for any reason Buyer is required to refund such payment or pay such amount to such Seller
or other Person; (s) any act which may accelerate the operation of any statute of limitations applicable to the Guarantor Liabilities
or (t) any event or action that would, in the absence of this Section 2.04, result in the full or partial, legal or equitable,
release, discharge, defense of guaranty or surety or relief of Guarantor from the performance or observance of any obligation,
covenant or agreement contained in this Guaranty or any other agreement, in each case, whether or not such event or action increases
the likelihood that Guarantor will be required to pay the Guarantor Liabilities pursuant to the terms hereof or thereof and whether
or not such event or action prejudices Guarantor, it being the unambiguous and unequivocal intention of Guarantor that Guarantor
shall be obligated to pay the Guarantor Liabilities when due, notwithstanding any occurrence, condition, circumstance, event, action
or omission whatsoever, whether contemplated or

 

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uncontemplated, and whether or not otherwise or particularly or expressly described
herein, which obligation shall be deemed satisfied only upon the full and final indefeasible payment and satisfaction of the Guarantor
Liabilities.

 

Section
2.05   Primary Liability of the Guarantor. Without limiting the foregoing provisions, Guarantor agrees
that this Guaranty may be enforced by Buyer without the necessity at any time of resorting to or exhausting any other security
or collateral and without the necessity at any time of having recourse to any of the Transaction Documents, the Purchased Loans
or any collateral, security or property now or hereafter securing the Transaction Documents or the Guarantor Liabilities or otherwise,
and Guarantor hereby waives the right to require Buyer to proceed against Seller, any Underlying Obligor or any other Person or
to require Buyer to pursue any other remedy or enforce any other right. Guarantor further agrees that Guarantor shall have no right
of subrogation, reimbursement or indemnity whatsoever against any Person, or any right of recourse to the Purchased Loans or any
collateral, security or property for the Guaranty or the Guarantor Liabilities, so long as any such Guarantor Liabilities remain
outstanding. Guarantor further agrees that nothing contained herein shall prevent Buyer from suing on the Repurchase Agreement
or any of the other Transaction Documents or foreclosing (whether by judicial or non-judicial foreclosing or enforcement) its security
interest in or Lien on any Purchased Loan or any collateral, security or property now or hereafter securing the Transaction Documents
or the Guarantor Liabilities or from exercising any other rights or remedies available to it under Requirement of Law, the Repurchase
Agreement or any of the other Transaction Documents or any other instrument of security if none of Seller or Guarantor timely perform
the obligations of Seller or other Persons thereunder, and the exercise of any of the aforesaid rights and the completion of any
foreclosure proceedings shall not constitute a discharge of Guarantor’s obligations hereunder; it being the purpose and intent
of Guarantor that Guarantor’s obligations hereunder shall be absolute, independent and unconditional under any and all circumstances.
Guarantor agrees that any release by Buyer of Seller or Guarantor or with respect to the Purchased Loans or any other collateral,
security or property now or hereafter securing the Transaction Documents shall not release Guarantor or affect the Guarantor Liabilities.
Guarantor further agrees that Buyer is under no obligation to marshal any property or assets of Seller or Guarantor in favor of
Guarantor or against or in payment of the Guarantor Liabilities. Buyer may, at its sole option, determine which of such remedies
or rights it may pursue without affecting any of such rights and remedies under this Guaranty. If, in the exercise of any of its
rights and remedies, Buyer shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against
any obligor for Guarantor Obligations, whether because of any Requirement of Law pertaining to “election of remedies”
or otherwise, Guarantor hereby consents to such action by Buyer and waives any claim based upon such action, even if such action
by Buyer shall result in a full or partial loss of any rights of subrogation which Guarantor might otherwise have had but for such
action by Buyer. Any election of remedies which results in the denial or impairment of the right of Buyer to seek a deficiency
judgment against any obligor for Guarantor Obligations shall not impair Guarantor’s obligation to pay the full amount of
the Guarantor Obligations. Guarantor recognizes, acknowledges and agrees that Guarantor may be required to pay the Guarantor Liabilities
in full without assistance or support of any other party, and Guarantor has not been induced to enter into this Guaranty on the
basis of a contemplation, belief, understanding or agreement that other parties will be liable to pay or perform the Guarantor
Liabilities, or that Buyer will look to other parties to pay or perform the Guarantor Liabilities. Guarantor recognizes, acknowledges
and agrees that it is not entering into

 

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this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability,
collectability or value of the Purchased Loans or any of the collateral, security or property for the Guaranty or the Guarantor
Liabilities. Guarantor acknowledges and agrees that Buyer shall not be liable for any occurrence, condition, circumstance, event,
action or omission waived by Guarantor or permitted under the terms of this Guaranty.

 

Section 2.06  Remedies.
Guarantor agrees that in the event Guarantor fails to pay its obligations hereunder when due and payable under this Guaranty, Buyer
shall be entitled to (a) any and all remedies available to it under this Guaranty, the other Transaction Documents and/or Requirement
of Law, including, without limitation, all rights of set-off, subject to the terms set forth herein, (b) the benefit of all Liens
heretofore, now and at any time or times hereafter granted by such Guarantor to Buyer, if any, to secure such Guarantor’s
obligations hereunder and (c) interest on the Guarantor Liabilities at the Default Rate.

 

Section
2.07  Term of Guaranty. This Guaranty shall continue in full force and effect until the
Guarantor Liabilities are fully and indefeasibly paid, performed and discharged and the Transaction Documents are terminated.
This Guaranty covers the Guarantor Liabilities whether presently outstanding or arising subsequent to the date hereof, including
all amounts advanced by Buyer in stages or installments. Notwithstanding the foregoing, this Guaranty shall remain in full force
and effect and continue to be effective, or be reinstated, as the case may be, and any payment of the Guarantor Liabilities hereunder
shall be reinstated, revived and restored if at any time this Guaranty, the obligations of Guarantor under this Guaranty, payment
and/or performance of all or any portion of the Guarantee Liabilities or any transfer by Guarantor to Buyer or any Indemnified
Party in payment of all or any portion of the Guarantor Liabilities is rescinded, reduced in amount or is otherwise restored or
returned by Buyer or any Indemnified Party (or Buyer or any Indemnified Party elects to do so on the advice of counsel) due to
any of the foregoing being void or voidable under any Insolvency Law, including but not limited to, provisions of the Bankruptcy
Code related to preferences, fraudulent conveyances, other voidable or recoverable payments of money or transfers of property
or otherwise, or upon or in connection with an Act of Insolvency or Insolvency Proceeding with respect to, or the insolvency of,
Seller, any co-Guarantor or any other Person obligated on or for the Guarantor Liabilities, or upon or as a result of the appointment
of a receiver, intervenor or conservator of, or trustee or similar officer for, or the assignment for the benefit of creditors
by, Seller, any co-Guarantor or such other Person or any substantial part of such Seller’s, any co-Guarantor’s or
such other Person’s property or assets, or otherwise, all as though such payments, transfer, performance or otherwise had
not been made or occurred; provided, however, (i) if all or any portion of any payment, performance, transfer
or otherwise is rescinded, reduced, restored or returned, the Guarantor Liabilities shall be reinstated and deemed reduced only
by such amount paid and not so rescinded, reduced, restored or returned and (ii) all reasonable costs and expenses (including,
without limitation, any reasonable legal fees and disbursements) incurred by Buyer or any Indemnified Parties in connection with
any of the foregoing shall be deemed to be included as a part of the Guarantor Liabilities.

 

Section 2.08  Survival.
The provisions of this Article 2 shall survive the termination of the Transaction Documents and the full and indefeasible
payment, performance and discharge of the Guarantor Liabilities.

 

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Article
3

REPRESENTATIONS AND WARRANTIES

 

From the date hereof until
the Guarantor Liabilities are fully and indefeasibly paid, performed and discharged and the Transaction Documents are terminated,
Guarantor hereby represents, warrants and, as applicable, covenants, to Buyer as follows:

 

Section 3.01  Guarantor.
Guarantor has been duly organized and validly exists in good standing as a corporation, limited liability company or limited partnership,
as applicable, under the laws of the jurisdiction of its incorporation, organization or formation. Guarantor (a) has all requisite
power, authority, legal right, licenses and franchises, (b) is duly qualified to do business in all jurisdictions necessary and
(c) has been duly authorized by all necessary action to (i) own, lease and operate its properties and assets, (ii) conduct its
business as presently conducted and (iii) execute, deliver and perform its obligations under the Transaction Documents to which
it is a party, except with respect to licenses, franchises and qualification to do business in clauses (a) or (b) to the extent
failure to obtain any such license, franchise or qualification would not have made a Material Adverse Effect. Guarantor’s
exact legal name is set forth in the preamble and signature pages of this Guaranty. The fiscal year of Guarantor is the calendar
year.

 

Section
3.02  Transaction Documents. This Guaranty has been duly executed and delivered by Guarantor and constitutes
the legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its terms, except as such
enforceability may be limited by Insolvency Laws and general principles of equity. The execution, delivery and performance by Guarantor
of each Transaction Document to which it is a party do not and will not (a) conflict with, result in a breach of, or constitute
(with or without notice or lapse of time or both) a default under, any (i) Governing Document or material Indebtedness, Guarantee
Obligation or Contractual Obligation applicable to Guarantor or any of its properties or assets, (ii) Requirement of Law in any
material respect, or (iii) approval, consent, judgment, decree, order or demand of any Governmental Authority, or (b) result in
the creation of any material Lien (other than Permitted Liens) on any of the properties or assets of Guarantor. All approvals,
authorizations, consents, orders, filings, notices or other actions of any Person or Governmental Authority required for the execution,
delivery and performance by Guarantor of the Transaction Documents to which it is a party have been obtained, effected, waived
or given and are in full force and effect. Unless notice is given to Buyer from time to time, there is no material litigation,
proceeding or investigation pending or, to the knowledge of Guarantor, threatened, against Guarantor before any Governmental Authority
(a) asserting the invalidity of any Transaction Document, (b) seeking to prevent the consummation of the Transaction Documents,
any of the transactions contemplated by the Transaction Documents or any Transaction, or (c) seeking any determination or ruling
that could reasonably be expected to have a Material Adverse Effect.

 

Section 3.03  Solvency.
Guarantor is not and has never been the subject of an Insolvency Proceeding. Guarantor is Solvent, and this Guaranty and the transactions
contemplated under the terms of the Transaction Documents do not and will not render Guarantor not Solvent. Guarantor is not entering
into any of the Transaction Documents to which it is a party with the intent to hinder, delay or defraud any creditor of Guarantor.

 

    	 	16	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

Guarantor has received or will receive reasonably equivalent value for the Guarantor Liabilities, and the Guarantor Liabilities
(a) will not render Guarantor not Solvent, (b) will not leave Guarantor with an unreasonably small amount of capital to conduct
its business and (c) will not cause Guarantor to have incurred debts (or to have intended to have incurred debts) beyond its ability
to pay such debts as they mature. Guarantor has adequate capital for the normal obligations reasonably foreseeable in a business
of its size and character and in light of its contemplated business operations. Guarantor is generally able to pay, and as of the
date hereof is paying, its debts as they come due.

 

Section 3.04  Taxes.
Guarantor has filed all required federal income tax returns and all other material tax returns, domestic and foreign, required
to be filed by them and have paid all material taxes (including mortgage recording taxes), assessments, fees, and other governmental
charges payable by them, or with respect to any of their properties or assets, which have become due and payable, except taxes
that are being contested in good faith by appropriate proceedings diligently conducted and for which appropriate reserves have
been established in accordance with GAAP. Guarantor has paid, or has provided adequate reserves for the payment of, all such taxes
for all prior fiscal years and for the current fiscal year to date. There is no material action, suit, proceeding, investigation,
audit or claim relating to any such taxes now pending, or, to the knowledge of Guarantor, threatened, by any Governmental Authority
which is not being contested in good faith as provided above. Guarantor has not entered into any agreement or waiver or been requested
to enter into any agreement or waiver extending any statute of limitations relating to the payment or collection of taxes, or is
aware of any circumstances that would cause the taxable years or other taxable periods of Guarantor not to be subject to the normally
applicable statute of limitations. No tax Liens (other than Permitted Liens) have been filed against any property or assets of
Guarantor. Guarantor does not intend to treat any Transaction as being a “reportable transaction” as defined in Treasury
Regulation Section 1.6011-4. If Guarantor determines to take any action inconsistent with such intention, it will promptly notify
Buyer, in which case Buyer may treat each Transaction as subject to Treasury Regulation Section 301.6112–1 and will maintain
the lists and other records required thereunder.

 

Section
3.05  Financial Condition. The unaudited financial statements of Guarantor and its Consolidated Subsidiaries
of the fiscal quarter most recently ended, copies of which have been delivered to Buyer or filed with the Securities and Exchange
Commission and certified by a Responsible Officer of Guarantor, are complete and correct and present fairly the consolidated financial
condition of Guarantor and its Consolidated Subsidiaries as of such date. Commencing with the fiscal year ending December 31, 2013,
the audited consolidated balance sheet of Guarantor and its Consolidated Subsidiaries as at the fiscal year most recently ended
for which such audited balance sheet is available, and the related audited consolidated statements of operations, stockholders’
equity and cash flows for the fiscal year then ended, setting forth in each case in comparative form the figures for the previous
year, reported on without a “going concern” or like qualification arising out of the audit conducted by Guarantor’s
independent certified public accountants, copies of which have been delivered to Buyer, are complete and correct and present fairly
in all material respects the consolidated financial condition of Guarantor and its Consolidated Subsidiaries as of such date and
the consolidated results of its operations and consolidated cash flows for the fiscal year then ended. All such financial statements,
including related schedules and notes, were prepared in accordance with GAAP except as disclosed therein. Except for Hedging Transactions
entered into in connection with

 

    	 	17	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

Section 12(e) of the Repurchase Agreement, Guarantor does not have any material contingent
liability or liability for taxes or any long term lease or unusual forward or long term commitment, including any Derivatives Contract,
which is not reflected in the foregoing statements or notes. Since the date of the financial statements and other information most
recently delivered to Buyer or filed with the Securities and Exchange Commission, Guarantor has not sold, transferred or otherwise
disposed of any material part of its property or assets (except pursuant to the Transaction Documents) or acquired any property
or assets (including Equity Interests of any other Person) that are material in relation to the consolidated financial condition
of Guarantor.

 

Section
3.06  True and Complete Disclosure. The information, reports, certificates, documents, financial statements,
operating statements, forecasts, books, records, files, exhibits and schedules furnished by or on behalf of any Guarantor to Buyer
in connection with the Transaction Documents and the Transactions, when taken as a whole, do not contain any untrue statement of
material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances
under which they were made, not misleading. All written information furnished after the date hereof by or on behalf of any Guarantor
to Buyer in connection with the Transaction Documents and the Transactions will be true, correct and complete in all material respects,
or in the case of projections will be based on reasonable estimates prepared and presented in good faith, on the date as of which
such information is stated or certified.

 

Section
3.07  Compliance with Laws. Guarantor has complied in all material respects with all Requirement of
Law. Neither Guarantor nor any Affiliate of Guarantor (a) is an “enemy” or an “ally of the enemy” as defined
in the Trading with the Enemy Act, (b) is in violation of any Anti-Terrorism Laws, (c) is a blocked person described in Section
1 of Executive Order 13224 or to its knowledge engages in any dealings or transactions or is otherwise associated with any such
blocked person, (d) is in violation of any country or list based economic and trade sanction administered and enforced by the Office
of Foreign Assets Control, (e) is a Sanctioned Entity, (f) has more than 10% of its assets located in Sanctioned Entities or (g)
derives more than 10% of its operating income from investments in or transactions with Sanctioned Entities. The proceeds of any
Transaction have not been and will not be used to fund any operations in, finance any investments or activities in or make any
payments to a Sanctioned Entity. Neither Guarantor nor Seller (a) is, or is controlled by, an “investment company”
as defined in the Investment Company Act, or is required to register as an “investment company” under the Investment
Company Act, (b) is a “broker” or “dealer” as defined in, or could be subject to a liquidation proceeding
under, the Securities Investor Protection Act of 1970 or (c) is subject to regulation by any Governmental Authority limiting its
ability to incur the Repurchase Obligations or Guarantor Liabilities, as applicable. Guarantor and all Affiliates of Guarantor
are in compliance with the Foreign Corrupt Practices Act and any foreign counterpart thereto. Guarantor has not made, offered,
promised or authorized a payment of money or anything else of value (a) in order to assist in obtaining or retaining business for
or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political
office, (b) to any foreign official, foreign political party, party official or candidate for foreign political office, or (c)
with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to Guarantor, any
other Repurchase Party or any other Person, in violation of the Foreign Corrupt Practices Act.

 

    	 	18	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

Section
3.08  Compliance with ERISA. With respect to Guarantor or any Commonly Controlled Entity, during the
immediately preceding five (5) year period, (a) neither a Reportable Event nor an “accumulated funding deficiency”
nor “an unpaid minimum required contribution” as defined in the Code or ERISA has occurred, (b) each Plan has complied
in all material respects with the applicable provisions of the Code and ERISA, (c) no termination of a Single Employer Plan has
occurred resulting in any liability that has remained underfunded, and (d) no Lien in favor of the PBGC or a Plan has arisen. The
present value of all accumulated benefit obligations under each Single Employer Plan (based on the assumptions used for the purposes
of Financial Accounting Statement Bulletin 87) relating to Guarantor or any Commonly Controlled Entity did not, as of the last
annual valuation date prior to the date hereof, exceed the value of the assets of such Plan allocable to such accumulated benefit
obligations. Neither Guarantor, nor any Affiliate of Guarantor is currently subject to any liability for a complete or partial
withdrawal from a Multiemployer Plan. Guarantor does not provide any medical or health benefits to former employees other than
as required by the Consolidated Omnibus Budget Reconciliation Act, as amended, or similar state or local law at no cost to the
employer. None of the assets of Guarantor are deemed to be plan assets within the meaning of 29 C.F.R. 2510.3-101 as modified by
Section 3(42) of ERISA.

 

Section 3.09  No
Default. No Default or Event of Default exists. No Internal Control Event has occurred.

 

Section 3.10  No
Broker. Neither Guarantor nor Seller has dealt with any broker, investment banker, agent or other Person, except for Buyer
or an Affiliate of Buyer, who may be entitled to any commission or compensation in connection with any transaction under the Transaction
Documents.

 

Section
3.11  Financial Covenants. Guarantor and Seller are in compliance with the financial covenants set forth
in the Transaction Documents applicable to each.

 

Section
3.12  Knowledge of Guarantor. Guarantor further represents and warrants to Buyer that it
has read and understands the terms of the Transaction Documents and is familiar with and has independent knowledge of, and has
reviewed the books and records regarding, Seller’s and any other Guarantor’s financial condition and affairs, the
value of the Purchased Loans and the circumstances bearing on the risk of nonpayment or nonperformance of the Guarantor Liabilities
and represents and agrees that it will keep so informed while this Guaranty is in force; provided, however,
Guarantor acknowledges and agrees that it is not relying on such financial condition or collateral as an inducement to enter into
this Guaranty. Guarantor agrees that Buyer shall have no obligation to investigate the financial condition or affairs of Seller
or Guarantor for the benefit of Guarantor or to advise Guarantor of any matter relating to or arising under the Repurchase Agreement
or any of the other Transaction Documents or any fact respecting, or any change in, the financial condition or affairs of Seller
that might come to the knowledge of Buyer at any time, whether or not Buyer or any Guarantor knows or believes or has reason to
know or believe that any such fact or change is unknown to Guarantor or might (or does) materially increase the risk of Guarantor
as guarantor or might (or would) affect the willingness of Guarantor to continue as guarantor with respect to the Guarantor Liabilities.

 

    	 	19	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

Section
3.13  Compliance with Transaction Documents. Guarantor (i) has delivered to Buyer all financial statements,
certifications and other information and documents required to be delivered by Guarantor under the Repurchase Agreement and any
other Transaction Document and such other financial information as Buyer may from time to time reasonably require and that such
financial statements and other information shall be true and correct in all material respects and fairly represent in all material
respects the financial condition of such Guarantor and its Subsidiaries on the date of delivery, (ii) has not sold, assigned, transferred
or otherwise conveyed, in a single transaction or in a series of transactions, any material asset or portion of a material asset
which would (A) result in a Material Adverse Effect or (B) violate the Transaction Documents, (iii) has caused Seller to comply
with each and every agreement, obligation, duty and covenant under the Transaction Documents and, to the extent Seller does not
fulfill its agreements, obligations, duties and covenants under the Transaction Documents, Guarantor shall fulfill the same and
(iv) has performed each and every agreement, obligation, duty and covenant under any Transaction Document that Seller covenants
to cause Guarantor to do or not to do.

 

Article
4

COVENANTS

 

From the date hereof until
the Guarantor Liabilities are fully and indefeasibly paid, performed and discharged and the Transaction Documents are terminated,
Guarantor shall perform and observe the following covenants, which shall (a) be given independent effect (so that if a particular
action or condition is prohibited by any covenant, the fact that it would be permitted by an exception to or be otherwise within
the limitations of another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken
or condition exists), and (b) also apply to all Subsidiaries of Guarantor:

 

Section
4.01  Existence; Governing Documents; Conduct of Business. Guarantor shall (a) preserve and maintain
its legal existence, (b) qualify and remain qualified in good standing in each jurisdiction where the failure to be so qualified
would have a Material Adverse Effect, (c) comply with its Governing Documents and (d) not modify or amend, in a manner which would
have a Material Adverse Effect, or terminate its Governing Documents without Buyer’s prior written consent (such consent
not to be unreasonably withheld). Guarantor shall (a) continue to engage in the same general lines of business as presently conducted
by it and (b) maintain and preserve all of its material rights, privileges, licenses and franchises necessary for the operation
of its business.

 

Section
4.02  Compliance with Laws, Contractual Obligations and Transaction Documents. Guarantor shall comply
in all material respects with all Requirement of Law, including those relating to the reporting and payment of taxes owed by it,
and all of its Indebtedness, Contractual Obligations, Guarantee Obligations and Investments. No part of the proceeds of any Transaction
shall be used for any purpose that violates Regulation T, U or X of the Board of Governors of the Federal Reserve System.

 

Section
4.03  Structural Changes. Guarantor shall not enter into any merger or consolidation, or liquidate,
wind up or dissolve, or sell all or substantially all of its assets or

 

    	 	20	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

properties, without Buyer’s prior written consent,
except that so long as no Event of Default exists or would result therefrom, Guarantor may merge into or consolidate with another
Person so long as (a) such merger or consolidation would not result in a Change of Control, (b) the continuing or surviving Person
is the Guarantor and, (c) immediately following the merger or consolidation, the majority of the members of the board of directors
(or the applicable equivalent) of the continuing or surviving Person are the same as the majority of the members of the board of
directors (or applicable equivalent) of the Guarantor immediately prior to such merger or consolidation. Guarantor shall not sell,
assign, transfer or otherwise convey, in a single transaction or in a series of transactions, any material asset or portion of
a material asset which would (a) result in a Material Adverse Effect, (b) result in a Change of Control of Seller or (c) violate
the Transaction Documents. Guarantor shall ensure that neither the Equity Interests of Seller nor any property or assets of Seller
shall be pledged to any Person other than Buyer. Without Buyer’s prior written consent, Guarantor shall not enter into any
transaction or series of transactions, whether or not in the ordinary course of business, with an Affiliate, officer, director,
shareholder, member or partner of Guarantor unless such transaction is on market and arm’s-length terms and conditions.

 

Section
4.04  Actions of Guarantor Relating to Distributions, Indebtedness, Guarantee Obligations, Contractual Obligations
and Liens. Guarantor shall not declare or make any payment on account of, or set apart assets for, a sinking or similar
fund for the purchase, redemption, defeasance, retirement or other acquisition of any Equity Interest of Guarantor or any Affiliate
of Guarantor, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly,
whether in cash or property or in obligations of Guarantor or any Affiliate of Guarantor; provided, that Guarantor may declare
and pay any dividends or make distributions in accordance with its Governing Documents or make a payment on account of, or set
apart assets for, a sinking or similar fund for the purchase, redemption, defeasance, retirement or other acquisition of any Equity
Interest of Guarantor or any Affiliate of Guarantor, to the extent permitted by its Governing Documents, so long as no Event of
Default exists or would exist as a result thereof or to the extent required by Requirement of Law to maintain its REIT status.
Guarantor shall not (a) contract, create, incur, assume, grant or permit to exist any Lien on or with respect to the Purchased
Loans or any other collateral pledged under the Transaction Documents of any kind, except for Permitted Liens, or (b) except as
provided in the preceding clause (a), grant, allow or enter into any agreement or arrangement with any Person that prohibits
or restricts or purports to prohibit or restrict the granting of any Lien on any of the foregoing.

 

Section
4.05  Delivery of Income. To the extent Guarantor or any Affiliate of Guarantor receives any Income
directly, Guarantor or such Affiliate of Guarantor shall deposit such amounts into the Cash Management Account within one (1) Business
Day of receipt thereof. If any Income is received by Guarantor or any Affiliate of Guarantor, Guarantor shall hold such Income
in trust for Buyer, segregated from other funds of Guarantor, until delivered to the Cash Management Account in accordance with
the terms hereof and of the Transaction Documents. Neither Guarantor nor any Affiliate of Guarantor shall deposit or cause to be
deposited to the Cash Management Account cash or cash proceeds other than Income or other payments required to be deposited therein
under the Transaction Documents.

 

    	 	21	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

Section
4.06  Delivery of Financial Statements and Other Information. Guarantor shall deliver or cause to be
delivered the following to Buyer, as soon as available and in any event within the time periods specified:

 

(a)      within
forty-five (45) days after the end of each fiscal quarter of Guarantor, (i) the unaudited balance sheets of Guarantor and its Consolidated
Subsidiaries as at the end of such period and (ii) the related unaudited statements of operations, stockholders’ equity and
cash flows for such period and the portion of the fiscal year through the end of such period, setting forth in each case the information
required to be in a 10-Q, all certified as being true and correct by an officer’s certificate;

 

(b)      within
ninety (90) days after the end of each fiscal year of Guarantor, (i) the audited balance sheets of Guarantor as at the end of such
fiscal year, (ii) the related statements of operations, stockholders’ equity and cash flows for such year, setting forth
in each case in comparative form the figures for the previous year, (iii) an opinion thereon of an independent certified public
accountant of recognized national standing consented to by Buyer in its reasonable discretion, which opinion shall not be qualified
as to scope of audit or going concern and shall state that said financial statements fairly present the financial condition and
results of operations of Guarantor as at the end of and for such fiscal year in accordance with GAAP, (iv) while Guarantor is a
public company, any certification from such accountants required to be publicly filed or, from and after the time Guarantor is
no longer a public company, a certification from such accountants that, in making the examination necessary therefor, no information
was obtained of any Default or Event of Default except as specified therein and (v) projections of Guarantor of the operating budget
and cash flow budget of Guarantor for the following fiscal year;

 

(c)      any
management letter submitted to Seller or Guarantor by independent certified public accountants in connection with each annual or
interim audit of the books and records of Seller or Guarantor made by such accountants relating to internal controls;

 

(d)      all
material reports, notices and other documents that Guarantor makes to or files with any Governmental Authority, promptly after
the delivery or filing thereof; and

 

(e)      such
other information regarding the financial condition, operations or business of Seller, Guarantor or any Consolidated Subsidiaries
of Guarantor as Buyer may reasonably request.

 

Notwithstanding the foregoing,
the requirement to deliver financial statements will be satisfied at any such time as such financial statements are publicly posted
on the official web site of the Guarantor or appropriately filed with the United States Securities and Exchange Commission.

 

Section
4.07  Delivery of Notices. Guarantor shall promptly notify Buyer of the occurrence of any of the following
of which Guarantor has knowledge (in each case to the extent Seller has not already provided notice of same to Buyer), together
with a certificate of a Responsible Officer of Guarantor setting forth details of such occurrence and any action Guarantor has
taken or proposes to take with respect thereto:

 

    	 	22	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

(a)      with
respect to Guarantor, any material violation of Requirement of Law, a material decline in the value of Guarantor’s assets
or properties, an Internal Control Event or any other event or circumstance that could reasonably be expected to have a Material
Adverse Effect;

 

(b)      the
existence of any Default or Event of Default;

 

(c)      in
the event of a margin call (however defined or described in the applicable underlying Indebtedness documents) or other similar
event occurs pursuant to which a lender or buyer requires any of Guarantor or any Affiliate of Seller or any Guarantor pursuant
to another facility to post additional cash or assets in connection with any Indebtedness and the amount of any such margin call
or other similar request made or outstanding on such day or the five (5) Business Day period in which such day occurs is equal
to or greater than $2,000,000, Guarantor shall promptly (and in no event later than two (2) Business Days after any such margin
call or request) provide Buyer notice of any such margin call(s) or request(s) which details (i) the amount of such margin call(s),
(ii) the time period for such margin call(s) to be satisfied, (iii) whether cash or other assets were used to satisfy the margin
call(s), (iv) the name of the counterparty and (v) any other information reasonably requested by Buyer with respect thereto;

 

(d)      the
establishment of a rating by any Rating Agency applicable to Guarantor or any Affiliate of Guarantor and any downgrade in or withdrawal
of such rating once established; and

 

(e)      the
commencement of, settlement of or material judgment in any litigation, action, suit, arbitration, investigation or other legal
or arbitral proceedings before any Governmental Authority that (i) affects Guarantor, (ii) questions or challenges the validity
or enforceability of this Guaranty or (iii) individually or in the aggregate, if adversely determined, could reasonably be expected
to have a Material Adverse Effect.

 

Section
4.08  Acknowledgement. Guarantor acknowledges and agrees with the statements set forth in Section
23 of the Repurchase Agreement and agrees not to take any action or position which is inconsistent with such statements. Guarantor
further acknowledges the disclosures set forth in Section 24 of the Repurchase Agreement.

 

Section
4.09  Compliance with Transaction Documents; Due Diligence. Guarantor shall cause Seller to comply with
each and every agreement, obligation, duty and covenant under the Transaction Documents. Guarantor shall keep informed of Seller’s
financial condition, the performance of the Purchased Loans, the financial condition of Guarantor and all circumstances which bear
on the risk nonpayment or nonperformance of the Guarantor Liabilities.

 

Section
4.10  Financial Covenants.

 

a)  At all times, Guarantor shall have Tangible
Net Worth equal to the Required Capital Amount.

 

b) Guarantor shall not permit the ratio
of its Total Indebtedness to its Total Equity to be greater than 3.00 to 1.00. For the avoidance of doubt, any calculation of Total
Indebtedness will include any and all recourse and non-recourse debt of Guarantor and any Consolidated Subsidiary of Guarantor.

 

    	 	23	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

c) Guarantor shall not permit the ratio
of (i) the sum of EBITDA for Guarantor and its Consolidated Subsidiaries to (ii) Fixed Charges for Guarantor and its Consolidated
Subsidiaries to be less than 1.40 to 1.00.

 

Article
5

EXPENSES

 

Section 5.01  Expenses. Guarantor
shall promptly on demand pay to, or as directed by, Buyer all third-party out-of-pocket costs and expenses (including reasonable
legal, accounting and advisory fees and expenses) incurred by Buyer in connection with (a) the development, evaluation, preparation,
negotiation, execution, consummation, delivery and administration of, and any amendment, supplement or modification to, or extension,
renewal or waiver of, this Guaranty and the other Transaction Documents and the (b) the enforcement of and the exercise of remedies
with respect to the Transaction Documents or this Guaranty or the payment or performance of the Repurchase Obligations or any Guarantor
Liabilities, and such expenses shall be included in the Guarantor Liabilities. This Section 5.01 shall survive the termination
of the Transaction Documents and the full and indefeasible payment, performance and discharge of the Guarantor Liabilities.

 

Article
6

MISCELLANEOUS PROVISIONS

 

Section 6.01  Governing
Law. This Guaranty and any claim, controversy or dispute arising under or related to or in connection with this Guaranty,
the relationship of the parties and/or the interpretation and enforcement of the rights and duties of the parties will 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.

 

Section
6.02  Submission to Jurisdiction; Service of Process. Guarantor irrevocably and unconditionally submits,
for itself and its property, to the exclusive jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan
and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to the Transaction Documents, or for recognition or enforcement of any judgment,
and Guarantor irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such state court or, to the fullest extent permitted by Requirement of Law, in such federal court. Guarantor agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by Requirement of Law. Nothing in this Guaranty or the other Transaction Documents
shall affect any right that Buyer or any Indemnified Party may otherwise have to bring any action or proceeding arising out of
or relating to the Transaction Documents against Guarantor or its properties in the courts of any jurisdiction. Guarantor irrevocably
and unconditionally waives, to the fullest extent permitted by Requirement of Law, any objection that it may now or hereafter have
to the laying of venue of any action or proceeding arising out of or relating to the Transaction Documents in any court referred
to above, and the defense of an inconvenient forum

 

    	 	24	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

to the maintenance of such action or proceeding in any such court. Guarantor
irrevocably consents to service of process in the manner provided for notices in Section 6.11. Nothing in this Guaranty
will affect the right of any party hereto to serve process in any other manner permitted by Requirement of Law.

 

Section
6.03  IMPORTANT WAIVERS.

 

(a)     GUARANTOR
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO ASSERT A COUNTERCLAIM, OTHER THAN A COMPULSORY COUNTERCLAIM,
IN ANY ACTION OR PROCEEDING BROUGHT AGAINST IT BY BUYER OR ANY INDEMNIFIED PARTY.

 

(b)     TO
THE EXTENT PERMITTED BY REQUIREMENT OF LAW, GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO HAVE
A JURY PARTICIPATE IN RESOLVING ANY DISPUTE BETWEEN IT AND BUYER OR ANY INDEMNIFIED PARTY, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, ARISING OUT OF, CONNECTED WITH OR RELATED TO THE TRANSACTION DOCUMENTS, THE PURCHASED LOANS, THE TRANSACTIONS, ANY DEALINGS
OR COURSE OF CONDUCT BETWEEN IT AND BUYER OR ANY INDEMNIFIED PARTY, OR ANY STATEMENTS (WRITTEN OR ORAL) OR OTHER ACTIONS OF EITHER
PARTY OR ANY INDEMNIFIED PARTY. GUARANTOR WILL NOT SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
CANNOT BE OR HAS NOT BEEN WAIVED. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

 

(c)     TO
THE EXTENT PERMITTED BY REQUIREMENTS OF LAW, GUARANTOR AND BUYER EACH HEREBY WAIVES ANY RIGHT TO CLAIM OR RECOVER IN ANY LITIGATION
WHATSOEVER INVOLVING ANY INDEMNIFIED PARTY, ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF
ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES, WHETHER SUCH WAIVED DAMAGES ARE BASED
ON STATUTE, CONTRACT, TORT, COMMON LAW OR ANY OTHER LEGAL THEORY, WHETHER THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN AND REGARDLESS
OF THE FORM OF THE CLAIM OF ACTION. NO PARTY TO ANY OF THE TRANSACTION DOCUMENTS NOR ANY INDEMNIFIED PARTY SHALL BE LIABLE FOR
ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS,
ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH ANY TRANSACTION DOCUMENT OR THE TRANSACTIONS.

 

(d)     GUARANTOR
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF BUYER OR AN INDEMNIFIED PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
BUYER OR AN INDEMNIFIED PARTY WOULD NOT SEEK TO ENFORCE ANY OF THE WAIVERS IN THIS SECTION 6.03 IN THE EVENT OF LITIGATION
OR OTHER CIRCUMSTANCES. THE SCOPE OF SUCH

 

    	 	25	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

WAIVERS IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED
IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTION DOCUMENTS, REGARDLESS OF THEIR LEGAL THEORY.

 

(e)     GUARANTOR
ACKNOWLEDGES THAT THE WAIVERS IN THIS SECTION 6.03 ARE A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT
BUYER HAS ALREADY RELIED ON SUCH WAIVERS IN ENTERING INTO THE TRANSACTION DOCUMENTS, AND THAT BUYER WILL CONTINUE TO RELY ON SUCH
WAIVERS IN ITS RELATED FUTURE DEALINGS UNDER THE TRANSACTION DOCUMENTS. GUARANTOR FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED
SUCH WAIVERS WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHT TO A JURY TRIAL AND OTHER RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL.

 

(f)     THE
WAIVERS IN THIS SECTION 6.03 ARE IRREVOCABLE, MEANING THAT THEY MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND SHALL
APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO ANY OF THE TRANSACTION DOCUMENTS. IN THE EVENT OF LITIGATION,
THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(g)     THE
PROVISIONS OF THIS SECTION 6.03 SHALL SURVIVE TERMINATION OF THE TRANSACTION DOCUMENTS AND THE FULL AND INDEFEASIBLE PAYMENT,
PERFORMANCE AND DISCHARGE OF THE GUARANTOR LIABILITIES.

 

Section 6.04  Integration.
The Transaction Documents supersede and integrate all previous negotiations, contracts, agreements and understandings (whether
written or oral) between the Persons party thereto relating to a sale and repurchase of Purchased Loans, Guarantor’s guaranty
of the Guarantor Liabilities and the other matters addressed by the Transaction Documents, and contain the entire final agreement
of the Persons party thereto relating to the subject matter thereof.

 

Section
6.05  Survival and Benefit of Guarantor’s Agreements. This Guaranty shall be binding on and shall
inure to the benefit of Buyer, Guarantor and their successors and permitted assigns. All of Guarantor’s indemnities in this
Guaranty, and all other provisions in this Guaranty that, by their terms, expressly survive termination of the Transaction Documents,
shall survive the termination of the Transaction Documents and the full and indefeasible payment, performance and discharge of
the Guarantor Liabilities and the Repurchase Obligations, and shall apply to and benefit all Indemnified Parties, Buyer and its
successors and assigns. No other Person shall be entitled to any benefit, right, power, remedy or claim under this Guaranty.

 

Section
6.06  Cumulative Rights. All rights of Buyer hereunder or otherwise arising under the Transaction Documents
or any documents executed in connection with or as security for the Guarantor Liabilities or under Requirement of Law are separate
and cumulative and may

 

    	 	26	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

be pursued separately, successively or concurrently, or not pursued, without affecting, limiting or impairing
any other right of Buyer and without limiting, affecting or impairing the liability of Guarantor.

 

Section 6.07  Usury.
Notwithstanding any other provision contained herein to the contrary, no provision of this Guaranty shall require or permit the
collection from Guarantor of interest in excess of the maximum rate or amount that Guarantor may be required or permitted to pay
pursuant to any Requirement of Law. In the event any such interest is collected, it shall be applied in reduction of Guarantor’s
obligations hereunder, and the remainder of such excess collected shall be returned to Guarantor once such obligations have been
fully satisfied.

 

Section 6.08  Assignments.

 

(a)     Guarantor
shall not sell, assign, delegate or transfer any of its rights, Guarantor Liabilities or any other duties or obligations under
this Guaranty or the other Transaction Documents without the prior written consent of Buyer (which may be granted or withheld in
its discretion), and any attempt by Guarantor to do so without such consent shall be null and void.

 

(b)     Buyer
may at any time sell, assign, delegate or transfer any of its rights and/or obligations under this Guaranty and/or the Guarantor
Liabilities subject to the terms and conditions of Section 19 of the Repurchase Agreement.

 

(c)     Guarantor
shall cooperate with Buyer in connection with any such sale and assignment of participations or assignments and shall enter into
such restatements of, and amendments, supplements and other modifications to, this Guaranty to give effect to any such sale or
assignment; provided, that none of the foregoing shall change any economic or other material term of this Guaranty in a
manner adverse to Guarantor without the consent of Guarantor in its commercially reasonable discretion.

 

Section
6.09  Confidentiality. All information regarding the terms set forth in any of the Transaction Documents
shall be kept confidential and shall not be disclosed by Guarantor to any Person except (a) to the Affiliates of Guarantor or its
or their respective directors, officers, employees, agents, advisors, attorneys and other representatives who are informed of the
confidential nature of such information and instructed to keep it confidential, (b) to the extent requested by any regulatory authority
or required by Requirement of Law, (c) to the extent required to be included in the financial statements of Guarantor or an Affiliate
thereof, (d) to the extent required to exercise any rights or remedies under the Transaction Documents, the Purchased Loans, the
Purchased Loan Documents or Mortgaged Properties, (e) to the extent required to consummate and administer a Transaction, (f) to
the extent required in connection with any litigation between the parties in connection with any Transaction Document or (g) to
any actual or prospective participant, assignee, pledge transferee or any counterparty to any Hedge Transaction which agrees to
comply with this Section 6.09; provided, that no such disclosure made with respect to any Transaction Document shall
include a copy of such Transaction Document to the extent a summary would suffice, and any such disclosure shall redact all pricing
and other economic terms set forth therein to the extent such disclosure can be satisfied by a redacted copy of such Transaction
Document. Notwithstanding anything to the contrary contained herein or in any Transaction Document, Guarantor and any Affiliate
of

 

    	 	27	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

Guarantor shall be entitled to disclose any and all terms of any Transaction Document (including the public filing thereof)
if the Guarantor, in its sole discretion, deems it necessary or appropriate under the rules or regulations of the Securities and
Exchange Commission and/or the New York Stock Exchange.

 

Section
6.11  No Implied Waivers; Amendments. No failure on the part of Buyer to exercise, or delay in exercising,
any right or remedy under the Transaction Documents shall operate as a waiver thereof; nor shall any single or partial exercise
of any right or remedy thereunder preclude any further exercise thereof or the exercise of any other right. The rights and remedies
in the Transaction Documents are cumulative and not exclusive of any rights and remedies provided by Requirement of Law. Application
of the Default Rate after an Event of Default shall not be deemed to constitute a waiver of any Event of Default or Buyer’s
rights and remedies with respect thereto, or a consent to any extension of time for the payment or performance of any obligation
with respect to which the Default Rate is applied. Except as otherwise expressly provided in the Transaction Documents, no amendment,
waiver or other modification of any provision of this Guaranty shall be effective without the signed agreement of Guarantor and
Buyer. Any waiver or consent under the Transaction Documents shall be effective only if it is in writing and only in the specific
instance and for the specific purpose for which given.

 

Section
6.12  Notices and Other Communications. Unless otherwise provided in this Guaranty, all notices, consents,
approvals, requests and other communications required or permitted to be given to a party hereunder shall be in writing and sent
prepaid by hand delivery, by certified or registered mail, by expedited commercial or postal delivery service, or by facsimile
or email, if also sent by one of the foregoing to the address for such party set forth below or such other address as such party
shall specify from time to time in a notice to the other party. Any of the foregoing communications shall be effective when delivered
on a Business Day (or if not a Business Day, on the next Business Day thereafter). A party receiving a notice that does not comply
with the technical requirements of this Section 6.12 may elect to waive any deficiencies and treat the notice as having
been properly given.

 

If to Guarantor:

 

NorthStar Real Estate Income II, Inc.

399 Park Avenue, 18th Floor

New York, New York 10022

Attention:                    General Counsel

Email:                          rlieberman@nrfc.com

Facsimile No.:             (212) 547-2704

Confirmation No.:       (212) 547-2604

 

with a copy to:

 

Allen & Overy LLP

1221 Avenue of the Americas

New York, New York 10020

Attention:                    Robert J. Grados, Esq.

 

    	 	28	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

Email:                         Robert.grados@allenovery.com

Facsimile No.:            (212) 610-6399

 

If to Buyer:

 

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention:                    Richard Schlenger

Email:                         Richard.schlenger@citi.com

Tel:                              (212) 816-7806

Fax:                             (212) 816-8307

 

with a copy to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, New York 10019

Attention:                    Brian Krisberg, Esq.

Email                          bkrisberg@sidley.com

Tel:                              (212) 839-8735

Fax:                             (212) 839-5599

 

Section
6.13  Counterparts; Electronic Transmission. This Guaranty may be executed in counterparts, each of
which shall be deemed to be an original, but all of which shall together constitute but one and the same instrument. Guarantor
agrees that this Guaranty, any documents to be delivered pursuant to this Guaranty, any other Transaction Document and any notices
hereunder may be transmitted between them by email and/or facsimile. Guarantor intends that faxed signatures and electronically
imaged signatures such as PDF files shall constitute original signatures and are binding on Guarantor.

 

Section
6.14  No Personal Liability. No administrator, incorporator, Affiliate, owner, member, partner, stockholder,
officer, director, employee, agent or attorney of Guarantor, Buyer or any Indemnified Party, as such, shall be subject to any recourse
or personal liability under or with respect to any obligation of Buyer or Guarantor under the Transaction Documents, whether by
the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly
agreed that the obligations of Buyer and Guarantor under the Transaction Documents are solely their respective corporate, limited
liability company or partnership obligations, as applicable, and that any such recourse or personal liability is hereby expressly
waived. This Section 6.14 shall survive the termination of the Transaction Documents and the full and indefeasible payment,
performance and discharge of the Guarantor Liabilities.

 

Section
6.15  Buyer’s Waiver of Set-off. Buyer, solely in its capacity as Buyer under the Transaction
Documents, hereby waives any right of set-off it may have or to which it may be or become entitled under the Transaction Documents
or, solely to the extent related to the Transaction Documents, Requirement of Law, against Guarantor.

 

    	 	29	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

Section
6.16  Guarantor’s Waiver of Set-off. Guarantor hereby waives any right of set-off it may have
or to which it may be or become entitled under the Transaction Documents, Requirement of Law or otherwise against Buyer, any Affiliate
of Buyer, any Indemnified Party or their respective assets or properties.

 

Section
6.17  Periodic Due Diligence Review. Buyer may perform continuing due diligence reviews with respect
to Guarantor and any Affiliates of Guarantor, including ordering new third-party reports, for purposes of, among other things,
verifying compliance with the representations, warranties, covenants, agreements, duties, obligations and specifications made under
the Transaction Documents or otherwise. Upon reasonable prior notice to Guarantor, unless a Default or Event of Default exists,
in which case no notice is required, Buyer or its representatives may during normal business hours inspect any properties and examine,
inspect and make copies of the books and records of Guarantor and any Affiliates of Guarantor, the Purchased Loan Documents and
the Servicing Records. Guarantor shall make available to Buyer one or more knowledgeable financial or accounting officers and representatives
of the independent certified public accountants of Seller and Guarantor for the purpose of answering questions of Buyer concerning
any of the foregoing. Guarantor shall pay all costs and expenses (including legal fees and expenses) incurred by Buyer in connection
with Buyer’s activities pursuant to this Section 6.17, subject to the terms and conditions set forth in Section
27 of the Repurchase Agreement.

 

Section
6.18  Time of the Essence. Time is of the essence with respect to all obligations, duties, covenants,
agreements, notices or actions or inactions of Guarantor under the Transaction Documents.

 

Section 6.19  Severability.
Each provision of this Guaranty shall be valid, binding and enforceable to the fullest extent permitted by Requirement of Law.
In case any provision in or obligation, duty, covenant or agreement under this Guaranty or the other Transaction Documents shall
be invalid, illegal or unenforceable in any jurisdiction (either in its entirety or as applied to any Person, fact, circumstance,
action or inaction), the validity, legality and enforceability of the remaining provisions, obligations, duties, covenants and
agreements, or of such provision, obligation, duty, covenant or agreement in any other jurisdiction or as applied to any Person,
fact, circumstance, action or inaction, shall not in any way be affected or impaired thereby.

 

Section
6.20  Headings; Exhibits. The headings herein are for purposes of references only and shall not otherwise
affect the meaning or interpretation of any provision hereof. The schedules, exhibits and annexes (if any) attached hereto and
referred to herein shall constitute a part of this Guaranty and are incorporated into this Guaranty for all purposes.

 

Section 6.21  Recitals.
The recital and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein.

 

Section
6.22  Additional Liability of Guarantor. If Guarantor is or becomes liable for any Indebtedness owing
by Seller to Buyer by endorsement or otherwise than under this Guaranty, such liability shall not be in any manner impaired or
reduced hereby but shall have all

 

    	 	30	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

and the same force and effect it would have had if this Guaranty had not existed and such Guarantor’s
liability hereunder shall not be in any manner impaired or reduced thereby.

 

Section
6.23  Bankruptcy Code Waiver. In the event that Seller becomes a debtor in any proceeding under the
Bankruptcy Code, Guarantor shall not be deemed to be a “creditor” (as defined in Section 101 of the Bankruptcy Code)
of Seller, by reason of the existence of this Guaranty, and in connection herewith, Guarantor hereby waives any such right as a
“creditor” under the Bankruptcy Code. This waiver is given to induce Buyer to enter into the transactions contemplated
by the Transaction Documents. After the Guarantor Liabilities are fully and indefeasibly paid, performed and discharged, there
shall be no obligations or liabilities under this Guaranty outstanding and the Transaction Documents are terminated, this waiver
shall be deemed to be terminated.

 

Section
6.24  Action by Affiliates. No encumbrance, assignment, leasing, subletting, sale or other transfer
by Seller or any Affiliate of the foregoing of any of Seller’s or any Affiliate of the foregoing’s assets or property
shall operate to extinguish or diminish the liability of Guarantor under this Guaranty.

 

Section 6.25  Subordination.

 

(a)      As
used in this Guaranty, the term “Guarantor Claims” shall mean all debts, liabilities and other Indebtedness
of Seller or any other Repurchase Party to Guarantor, whether such debts, liabilities and other Indebtedness now exist or are hereafter
incurred or arise, or whether the obligations of such Seller or Guarantor thereon be direct, contingent, primary, secondary, joint,
several, joint and several, or otherwise, and irrespective of whether such debts, liabilities or other Indebtedness be evidenced
by note, contract, open account or otherwise, and irrespective of the Person or Persons in whose favor such debts, liabilities
or other Indebtedness may, at their inception, have been, or may hereafter be created, or the manner in which they have been or
may hereafter be acquired by Guarantor. Guarantor Claims shall include, without limitation, all rights and claims of Guarantor
against Seller (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of
the Guarantor Liabilities. All Guarantor Claims are and shall be subordinate to the Guarantor Liabilities.

 

(b)      In
the event of any Insolvency Proceedings involving Guarantor as debtor, Buyer shall have the right to prove its claim in any such
proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian distributions
and any payments which would otherwise be payable upon Guarantor Claims to the extent of any sums owed by Guarantor hereunder.
Guarantor hereby assigns such distributions and payments to Buyer. Should Buyer receive, for application upon the Guarantor Liabilities,
any such distribution or payment which is otherwise payable to Guarantor, and which, as between Seller on the one hand and Guarantor
on the other, shall constitute a credit upon Guarantor Claims, then upon payment to Buyer in full of the Repurchase Obligations,
Guarantor shall become subrogated to the rights of Buyer to the extent that such payments to Buyer on Guarantor Claims have contributed
toward the liquidation of the Repurchase Obligations, and such subrogation shall be with respect to that proportion of the Repurchase
Obligations which would have been unpaid if Buyer had not received distributions or payments upon Guarantor Claims.

 

    	 	31	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

(c)      In
the event that, notwithstanding anything to the contrary in this Guaranty, Guarantor should receive any funds, payment, claim or
distribution which is prohibited by this Guaranty, Guarantor agrees to hold in trust for Buyer an amount equal to the amount of
all funds, payments, claims or distributions so received, and agrees that it shall have absolutely no dominion over the amount
of such funds, payments, claims or distributions so received except to pay them promptly to Buyer, and Guarantor covenants promptly
to pay the same to Buyer.

 

(d)      Guarantor
agrees that any claims, charges or Liens against Seller or Guarantor and/or Seller’s or Guarantor’s assets and property
with respect to Guarantor Claims shall be and remain inferior and subordinate to any claims, charges or Liens of Buyer against
Seller or Guarantor and/or Seller’s or Guarantor’s assets and property, regardless of whether such claims, charges
or Liens in favor of Guarantor or Buyer presently exist or are hereafter created or attach. Without Buyer’s prior written
consent (which may be granted or withheld in its discretion), Guarantor shall not (i) exercise or enforce any creditor’s
right it may have against Seller, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings
(judicial or otherwise, including, without limitation, the commencement of, or joinder in, any Insolvency Proceeding) to enforce
any claims, charges, Liens, mortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances against
Seller or the assets or property of Seller held by Guarantor.

 

Section
6.26  Commercial Transaction. To induce Buyer to accept this Guaranty and enter into the transactions
evidenced by and secured by the Transaction Documents, Guarantor agrees that said transactions are commercial and not consumer
transactions.

 

Section 6.27  Taxes.

 

(a)      All
payments made by Guarantor to Buyer or any other Indemnified Party under the Transaction Documents shall be made free and clear
of and without deduction or withholding for or on account of any present or future taxes, levies, imposts, deductions, charges
or withholdings, and all liabilities (including penalties, interest and additions to tax) with respect thereto imposed by any Governmental
Authority therewith or thereon, excluding income taxes, branch profits taxes, franchise taxes or any other tax imposed on net income
by the United States, a state or a foreign jurisdiction under the laws of which Buyer or such other Indemnified Party is organized
or of its applicable lending office, or a state or foreign jurisdiction with respect to which Buyer or such other Indemnified Party
has a present or former connection, or any political subdivision thereof (collectively, “Taxes”), all of which
shall be paid by Guarantor for its own account not later than the date when due. If any taxes are required to be deducted or withheld
from any amounts payable to Buyer and/or any other Indemnified Party, then Guarantor shall (a) make such deduction or withholding,
(b) pay the amount so deducted or withheld to the appropriate Governmental Authority not later than the date when due; and
(c) pay to Buyer or other Indemnified Party such additional amounts (the “Additional Amount”) as may be
necessary so that every net payment made under this Guaranty after deduction or withholding for or on account of any Taxes (including
any Taxes on such increase and any penalties) is not less than the amount that would have been paid absent such deduction or withholding.
The foregoing obligation to pay Additional Amounts, however, will not apply with respect to (i) net income or franchise taxes
imposed on Buyer and/or any other Indemnified Party, with respect to payments required to be made by Guarantor under the Transaction
Documents, by a taxing jurisdiction in

 

    	 	32	Limited Guaranty
(Citibank and Northstar)

    	 

    

 

which Buyer and/or any other Indemnified Party is organized, conducts business or is paying
taxes (as the case may be). Promptly after Guarantor pays any taxes referred to in this Section 6.27, Guarantor will
send Buyer appropriate evidence of such payment.

 

(b)      In
addition, Guarantor agrees to pay to the relevant Governmental Authority in accordance with applicable law any current or future
stamp or documentary taxes or any other excise or property taxes, charges or similar levies (including, without limitation, mortgage
recording taxes, transfer taxes and similar fees) imposed by the United States or any taxing authority thereof or therein that
arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Guaranty
(“Other Taxes”).

 

(c)      Guarantor
agrees to indemnify Buyer for the full amount of Taxes (including additional amounts with respect thereto) and Other Taxes, and
the full amount of Taxes of any kind imposed by any jurisdiction on amounts payable under this Section 6.27(c), and
any liability (including penalties, interest and expenses arising thereon or with respect thereto) arising therefrom or with respect
thereto, provided, that Buyer shall have provided Guarantor with evidence, reasonably satisfactory to Guarantor, of payment
of Taxes or Other Taxes, as the case may be.

 

(d)      Without
prejudice to the survival or any other agreement of Guarantor hereunder, the agreements and obligations of Guarantor contained
in this Section 6.27 shall survive the termination of this Guaranty. Nothing contained in this Section 6.27
shall require Buyer to make available any of their tax returns or other information that it deems to be confidential or proprietary.

 

Section
6.28  Patriot Act Notice. Buyer hereby notifies Guarantor that Buyer is required by the Patriot Act
to obtain, verify and record information that identifies Guarantor.

 

Section
6.29  Successive Actions. A separate right of action hereunder shall arise each time Buyer acquires
knowledge of any matter indemnified or guaranteed by Guarantor under this Guaranty. Separate and successive actions may be brought
hereunder to enforce any of the provisions hereof at any time and from time to time. No action hereunder shall preclude any subsequent
action, and Guarantor hereby waives and covenants not to assert any defense in the nature of splitting causes of action or merger
of judgments.

 

[Remainder of This Page Intentionally Left Blank]

 

    	 	33	Limited
                                                                                                                                                                                                                                                                                                                                                                                 Guaranty
(Citibank
                                                                                                                                                                                                                                                                                                                                                                                 and
                                                                                                                                                                                                                                                                                                                                                                                 Northstar)

    	 

    

 

IN WITNESS WHEREOF,
Guarantor has caused this Guaranty to be duly executed as of the date first written above.

 

	GUARANTOR:	NORTHSTAR REAL ESTATE INCOME II, INC.,
	 	a Maryland corporation
	 	 	 
	 	By:	/s/ Ronald J. Lieberman
	 	Name:	Ronald J. Lieberman
	 	Title:	Executive Vice President, General Counsel & Secretary

 

    	 	 	Limited Guaranty
(Citibank and Northstar)

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