Document:

Exhibit 10.4

 

 

EXECUTION VERSION 

	 

 

GS
MORTGAGE SECURITIES CORPORATION II,

PURCHASER

 

and

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P.,

SELLER

 

MORTGAGE
LOAN PURCHASE AGREEMENT

Dated as of July 1, 2015

 

Series 2015-GC32

	 

 

    	 

    	 

    

 

This
Mortgage Loan Purchase Agreement (“Agreement”), dated as of July 1, 2015, is between GS Mortgage Securities
Corporation II, a Delaware corporation, as purchaser (in such capacity, the “Purchaser”), and Cantor Commercial
Real Estate Lending, L.P., a Delaware limited partnership, as seller (the “Seller”).

 

Capitalized
terms used in this Agreement not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement,
dated as of July 1, 2015 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities Corporation
II, as depositor (in such capacity, the “Depositor”), Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special servicer
(the “Special Servicer”), Park Bridge Lender Services LLC, as operating advisor, Wells Fargo Bank, National
Association, as certificate administrator (in such capacity, the “Certificate Administrator”) and as trustee
(in such capacity, the “Trustee”), pursuant to which the Purchaser will transfer the Mortgage Loans (as defined
herein), together with certain other mortgage loans, to a trust fund and certificates representing ownership interests in the
Mortgage Loans, together with the other mortgage loans, will be issued by the trust fund (the “Trust Fund”).
In exchange for the Mortgage Loans and the other mortgage loans, the Trust Fund will issue to or at the direction of the Depositor
certificates to be known as GS Mortgage Securities Trust 2015-GC32, Commercial Mortgage Pass-Through Certificates, Series 2015-GC32
(collectively, the “Certificates”). For purposes of this Agreement, “Mortgage Loans” refers
to the mortgage loans listed on Exhibit A and “Mortgaged Properties” refers to the properties securing
such Mortgage Loans.

 

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

 

SECTION
1     Sale and Conveyance of Mortgages; Possession of Mortgage File. The Seller
does hereby sell, transfer, assign, set over and convey to the Purchaser, without recourse (except as otherwise specifically set
forth herein), all of its right, title and interest in and to the Mortgage Loans identified on Exhibit A to this Agreement
(the “Mortgage Loan Schedule”) including all interest and principal received on or with respect to the Mortgage
Loans after the Cut-Off Date, (excluding payments of principal, interest and other amounts due and payable on the Mortgage Loans
on or before the Cut-Off Date). Upon the sale of the Mortgage Loans, the ownership of each related Note, the Seller’s interest
in the related Mortgage represented by the Note and the other contents of the related Mortgage File will be vested in the Purchaser
and immediately thereafter the Trustee, and the ownership of records and documents with respect to each Mortgage Loan prepared
by or which come into the possession of the Seller shall immediately vest in the Purchaser and immediately thereafter the Trustee.
The Purchaser will sell certain of the Certificates (the “Public Certificates”) to the underwriters (the “Underwriters”)
specified in the Underwriting Agreement, dated as of July 16, 2015 (the “Underwriting Agreement”), between
the Purchaser and the Underwriters, and the Purchaser will sell certain of the Certificates (the “Private Certificates”)
to the initial purchasers (the “Initial Purchasers” and, collectively with the Underwriters, the “Dealers”)
specified in the Purchase Agreement, dated as of July 16, 2015 (the “Certificate Purchase Agreement”), between
the Purchaser and Initial Purchasers.

 

    	 

    	 

    

 

The
sale and conveyance of the Mortgage Loans is being conducted on an arms-length basis and upon commercially reasonable terms. As
consideration for the Mortgage Loans, the Purchaser shall pay, by wire transfer of immediately available funds, to the Seller
or at the Seller’s direction $139,627,676.73, plus accrued interest on the Mortgage Loans from and including July 1, 2015
to but excluding the Closing Date (but subject to certain post-settlement adjustment for expenses incurred by the Underwriters
and the Initial Purchasers on behalf of the Depositor and for which the Seller is specifically responsible).

 

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

 

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

 

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

 

The
transfer of each Mortgage Loan shall be reflected on the Purchaser’s balance sheets and other financial statements as the
purchase of such Mortgage Loan by the Purchaser from the Seller. The Purchaser intends to treat the transfer of each Mortgage
Loan from the Seller as a purchase for tax purposes. The Purchaser shall be responsible for maintaining, and shall maintain, a
set of records for each Mortgage Loan which shall be clearly marked to reflect the transfer of ownership of each Mortgage Loan
by the Seller to the Purchaser pursuant to this Agreement.

 

SECTION
3     Delivery of Mortgage Loan Documents; Additional Costs and Expenses. (a)  The
Purchaser hereby directs the Seller, and the Seller hereby agrees, such agreement effective upon the transfer of the Mortgage
Loans contemplated herein, to deliver to or deposit with (or cause to be delivered to or deposited with) the Custodian (on behalf
of the Trustee), with copies to be delivered to the Master Servicer and the Special Servicer, respectively, on the dates set forth
in Section 2.01 of the Pooling and Servicing Agreement, all documents, instruments and agreements required to be delivered
by the Purchaser, or contemplated to be delivered by the Seller (whether at the direction of the Purchaser or otherwise), to the
Custodian, the Master Servicer and the Special Servicer, as applicable, with

 

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respect to the Mortgage Loans under Section 2.01
of the Pooling and Servicing Agreement, and meeting all the requirements of such Section 2.01 of the Pooling and Servicing
Agreement; provided that the Seller shall not be required to deliver any draft documents, privileged or other communications,
credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations.

 

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

 

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

 

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

 

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

 

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

 

(a)          it shall cause Anderson McCoy & Orta, P.C. to record and file in the appropriate public recording office for real property
records or UCC financing statements, as appropriate (or, with respect to any assignments that the Custodian has agreed to record
or file pursuant to the Pooling and Servicing Agreement, deliver to the Custodian for such purpose and cause the Custodian to
record and file), each related assignment of Mortgage and assignment of assignment of leases, rents and profits and each related
UCC-3 financing statement referred to in the definition of Mortgage File from the Seller to the Trustee as and to the extent contemplated
under Section 2.01(c) of the Pooling and Servicing Agreement. All out of pocket costs and expenses relating to the recordation
or filing of such assignments, assignments of Mortgage and financing statements shall be paid by the Seller. If any such document
or instrument is lost or

 

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returned unrecorded or unfiled, as the case may be, because of a defect therein, then the Seller shall
prepare or cause the preparation of a substitute therefor or cure such defect or cause such defect to be cured, as the case may
be, and the Seller shall record or file, or cause AMO to record or file, such substitute or corrected document or instrument or,
with respect to any assignments that the Custodian has agreed to record or file pursuant to the Pooling and Servicing Agreement,
deliver such substitute or corrected document or instrument to the Custodian (or, if the Mortgage Loan is then no longer subject
to the Pooling and Servicing Agreement, the then holder of such Mortgage Loan);

 

(b)          as to each Mortgage Loan, if the Seller cannot deliver or cause to be delivered the documents and/or instruments referred to in
clauses (2), (3) and (6) (if recorded) and (15) of the definition of “Mortgage File” in the Pooling and Servicing
Agreement solely because of a delay caused by the public recording or filing office where such document or instrument has been
delivered for recordation or filing, as applicable, it shall forward to the Custodian a copy of the original certified by the
Seller to be a true and complete copy of the original thereof submitted for recording. The Seller shall cause each assignment
referred to in Section (5)(a) above that is recorded and the file copy of each UCC-3 assignment referred to in Section
(5)(a) above to reflect that it should be returned by the public recording or filing office to the Custodian or its agent
following recording (or, alternatively, to the Seller or its designee, in which case the Seller shall deliver or cause the delivery
of the recorded/filed original to the Custodian promptly following receipt); provided that, in those instances where the
public recording office retains the original assignment of Mortgage or assignment of Assignment of Leases, the Seller shall obtain
therefrom and deliver to the Custodian a certified copy of the recorded original. On a monthly basis, at the expense of the Seller,
the Custodian shall forward to the Master Servicer a copy of each of the aforementioned assignments following the Custodian’s
receipt thereof;

 

(c)          it shall take any action reasonably required by the Purchaser, the Certificate Administrator, the Trustee or the Master Servicer
in order to assist and facilitate the transfer of the servicing of the Mortgage Loans to the Master Servicer, including effectuating
the transfer of any letters of credit with respect to any Mortgage Loan to the Master Servicer on behalf of the Trustee for the
benefit of Certificateholders. Prior to the date that a letter of credit with respect to any Mortgage Loan is transferred to the
Master Servicer, the Seller will cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable,
in connection with effectuating a draw under such letter of credit as required under the terms of the related Loan Documents;

 

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

 

(e)          if (during the period of time that the Underwriters are required, under applicable law, to deliver a prospectus related to the
Public Certificates in connection with sales of the Public Certificates by an Underwriter or a dealer) the Seller has obtained
actual knowledge of undisclosed or corrected information related to an event that occurred prior to the Closing Date, which event
causes there to be an untrue statement of a material fact with respect to the

 

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Seller Information in the Prospectus Supplement
dated July 17, 2015 relating to the Public Certificates, the annexes and exhibits thereto and the DVD delivered therewith, or
the Offering Circular dated July 17, 2015 relating to the Private Certificates, the annexes and exhibits thereto and the DVD delivered
therewith (collectively, the “Offering Documents”), or causes there to be an omission to state therein a material
fact with respect to the Seller Information required to be stated therein or necessary to make the statements therein with respect
to the Seller Information, in the light of the circumstances under which they were made, not misleading, then the Seller shall
promptly notify the Dealers and the Depositor. If as a result of any such event the Dealers’ legal counsel determines that
it is necessary to amend or supplement the Offering Documents in order to correct the untrue statement, or to make the statements
therein, in the light of the circumstances when the Offering Documents are delivered to a purchaser, not misleading, or to make
the Offering Documents in compliance with applicable law, the Seller shall (to the extent that such amendment or supplement solely
relates to the Seller Information) at the expense of the Seller, do all things reasonably necessary to assist the Depositor to
prepare and furnish to the Dealers, such amendments or supplements to the Offering Documents as may be necessary so that the Seller
Information in the Offering Documents, as so amended or supplemented, will not contain an untrue statement, will not, in the light
of the circumstances when the Offering Documents are delivered to a purchaser, be misleading and will comply with applicable law.
(All terms under this clause (e) and not otherwise defined in this Agreement shall have the meanings set forth in the Indemnification
Agreement, dated as of July 16, 2015, among the Underwriters, the Initial Purchasers, the Seller and the Purchaser (the “Indemnification
Agreement” and, together with this Agreement, the “Operative Documents”)); and

 

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

 

SECTION
6     Representations and Warranties.

 

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

 

(i)           The Seller is a limited partnership, duly organized, validly existing and in good standing under the laws of the State of Delaware
with full power and authority to own its assets and conduct its business, is duly qualified as a foreign organization in good
standing in all jurisdictions to the extent such qualification is necessary to hold and sell the Mortgage Loans or otherwise comply
with its obligations under this Agreement except where the failure to be so qualified would not have a material adverse effect
on its ability to perform its obligations hereunder, and the Seller has taken all necessary action to authorize the execution
and delivery of, and performance under, the Operative

 

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Documents and has duly executed and delivered each Operative Document, and
has the power and authority to execute, deliver and perform under each Operative Document and all the transactions contemplated
hereby and thereby, including, but not limited to, the power and authority to sell, assign, transfer, set over and convey the
Mortgage Loans in accordance with this Agreement;

 

(ii)          Assuming the due authorization, execution and delivery of this Agreement by the Purchaser, this Agreement will constitute a legal,
valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforcement
may be limited by (A) bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement
of creditors’ rights generally, (B) general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law) and (C) public policy considerations underlying the securities laws, to the extent that such
public policy considerations limit the enforceability of the provisions of this Agreement that purport to provide indemnification
for securities laws liabilities;

 

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

 

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

 

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

 

(vi)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Seller of, or compliance by the Seller with, each Operative Document or the consummation of the transactions
contemplated hereby or thereby, other than those which have been obtained by the Seller;

 

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

 

(viii)       Except for the agreed-upon procedures report obtained from the accounting firm engaged to provide procedures involving a comparison
of information in loan files for the Mortgage Loans to information on a data tape relating to the Mortgage Loans (the “Accountant’s
Due Diligence Report”), the Seller has not obtained (and, through and including the Closing Date, will not obtain) any
“third party due diligence report” (as defined in Rule 15Ga-2 under the Exchange Act) in connection with the transactions
contemplated herein and in the Offering Documents and, except for the accountants with respect to the Accountants’ Due Diligence
Report, the Seller has not employed (and, through and including the Closing Date, will not employ) any third party to engage in
any activity that constitutes “due diligence services” within the meaning of Rule 17g-10 under the Exchange Act in
connection with the transactions contemplated herein and in the Offering Documents.  The Underwriters and Initial Purchasers
are third-party beneficiaries of the provisions set forth in this Section 6(a)(viii).

 

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

 

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

 

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

 

(iii)         The execution and delivery of this Agreement by the Purchaser and the performance of its obligations hereunder will not conflict
with any provision of any law or regulation to which the Purchaser is subject, or conflict with, result in a breach of, or constitute
a default under, any of the terms, conditions or provisions of any of the Purchaser’s organizational documents or any agreement
or instrument to which the Purchaser is a party or by which it is bound, or any order or decree applicable to the

 

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Purchaser, or
result in the creation or imposition of any lien on any of the Purchaser’s assets or property, in each case which would
materially and adversely affect the ability of the Purchaser to carry out the transactions contemplated by this Agreement;

 

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

 

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

 

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

 

(vii)        The Purchaser (A) prepared one or more reports on Form ABS-15G (each, a “Form 15G”) containing the findings and conclusions
of the Accountant’s Due Diligence Report and meeting the requirements of that Form 15G, Rule 15Ga-2, any other rules and
regulations of the Securities and Exchange Commission and the Exchange Act; (B) provided a copy of the final draft of each such
Form 15G to the Underwriters and the Initial Purchasers at least 6 Business Days before the first sale in the offering contemplated
by the Offering Documents; and (C) furnished each such Form 15G to the Securities and Exchange Commission on EDGAR at least 5
Business Days before the first sale in the offering contemplated by the Offering Documents as required by Rule 15Ga-2.

 

(c)          The Seller further makes the representations and warranties as to the Mortgage Loans set forth in Exhibit B to this
Agreement as of the Cut-Off Date or such other date set forth in Exhibit B to this Agreement, which representations
and warranties are subject to the exceptions thereto set forth in Exhibit C to this Agreement.

 

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

 

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Servicer or the Purchaser receives a Repurchase Request, then such party is required to give prompt written
notice thereof to the Seller.

 

(e)          Pursuant to the Pooling and Servicing Agreement, the Special Servicer is required to determine whether any such Document Defect
or Breach with respect to any Mortgage Loan materially and adversely affects, or such Document Defect is deemed in accordance
with Section 2.03 of the Pooling and Servicing Agreement to materially and adversely affect, the value of the Mortgage Loan
or any related REO Property or the interests of the Certificateholders therein or causes any Mortgage Loan to fail to be a Qualified
Mortgage (any such Document Defect shall constitute a “Material Document Defect” and any such Breach shall
constitute a “Material Breach”). If such Document Defect or Breach has been determined to be a Material Document
Defect or Material Breach, then the Special Servicer will be required to give prompt written notice thereof to the Seller. Promptly
upon becoming aware of any such Material Document Defect or Material Breach (including through a written notice given by the Master
Servicer or the Special Servicer, as provided above if the Document Defect or Breach identified therein is a Material Document
Defect or Material Breach, as the case may be), the Seller shall, not later than 90 days from the earlier of the Seller’s
discovery or receipt of notice of, and receipt of a demand to take action with respect to, such Material Document Defect or Material
Breach, as the case may be (or, in the case of a Material Document Defect or Material Breach relating to a Mortgage Loan not being
a “qualified mortgage” within the meaning of the REMIC Provisions, not later than 90 days from any party discovering
such Material Document Defect or Material Breach), cure the same in all material respects (which cure shall include payment of
any losses and Additional Trust Fund Expenses associated therewith) or, if such Material Document Defect or Material Breach, as
the case may be, cannot be cured within such 90 day period, the Seller shall either (i) repurchase the affected Mortgage Loan
or any related REO Property (or the Trust Fund’s interest therein) at the applicable Purchase Price by wire transfer of
immediately available funds to the Collection Account or (ii) substitute a Qualified Substitute Mortgage Loan for such affected
Mortgage Loan (provided that in no event shall any such substitution occur later than the second anniversary of the Closing Date)
and pay the Master Servicer, for deposit into the Collection Account, any Substitution Shortfall Amount in connection therewith;
provided, however, that if (i) such Material Document Defect or Material Breach is capable of being cured but not
within such 90 day period, (ii) such Material Document Defect or Material Breach is not related to any Mortgage Loan’s not
being a “qualified mortgage” within the meaning of the REMIC Provisions and (iii) the Seller has commenced and is
diligently proceeding with the cure of such Material Document Defect or Material Breach within such 90 day period, then the Seller
shall have an additional 90 days to complete such cure, or, in the event of a failure to so cure, to complete such repurchase
of the related Mortgage Loan or substitute a Qualified Substitute Mortgage Loan as described above (it being understood and agreed
that, in connection with the Seller’s receiving such additional 90 day period, the Seller shall deliver an Officer’s
Certificate to the Trustee, the Special Servicer and the Certificate Administrator setting forth the reasons such Material Document
Defect or Material Breach is not capable of being cured within the initial 90 day period and what actions the Seller is pursuing
in connection with the cure thereof and stating that the Seller anticipates that such Material Document Defect or Material Breach
will be cured within such additional 90 day period); and provided, further, that, if any such Material Document
Defect is still not cured after the initial 90 day period and any such additional 90 day period solely due to the failure of the
Seller to have received the recorded document, then the Seller shall be entitled to continue to defer its cure,

 

    	-10-

    	 

    

 

repurchase or
substitution obligations in respect of such Document Defect so long as the Seller certifies to the Trustee, the Special Servicer
and the Certificate Administrator every 30 days thereafter that the Document Defect is still in effect solely because of its failure
to have received the recorded document and that the Seller is diligently pursuing the cure of such defect (specifying the actions
being taken), except that no such deferral of cure, repurchase or substitution may continue beyond the date that is 18 months
following the Closing Date. Any such repurchase or substitution of a Mortgage Loan shall be on a whole loan, servicing released
basis. The Seller shall have no obligation to monitor the Mortgage Loans regarding the existence of a Breach or a Document Defect,
but if the Seller discovers a Material Breach or Material Document Defect with respect to a Mortgage Loan, it will notify the
Purchaser. Monthly Payments due with respect to each Qualified Substitute Mortgage Loan (if any) after the related Due Date in
the month of substitution, and Monthly Payments due with respect to each Mortgage Loan being repurchased or replaced, and received
by the Master Servicer or the Special Servicer on behalf of the Trust, after the related Cut-off Date through, but not including,
the related date of repurchase or substitution, shall be part of the Trust Fund. Monthly Payments due with respect to each Qualified
Substitute Mortgage Loan (if any) on or prior to the related Due Date in the month of substitution, and Monthly Payments due with
respect to each Mortgage Loan being repurchased or replaced and received by the Master Servicer or the Special Servicer on behalf
of the Trust after the related date of repurchase or substitution, shall not be part of the Trust Fund and are to be remitted
by the Master Servicer to the Seller effecting the related repurchase or substitution promptly following receipt.

 

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

 

(f)           In connection with any repurchase or substitution of one or more Mortgage Loans pursuant to this Section 6, the Pooling
and Servicing Agreement shall provide that the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and
the Special Servicer shall each tender to the repurchasing entity, upon delivery to each of them of a receipt executed by the
repurchasing entity evidencing such repurchase or substitution, all portions of the Mortgage File (including, without limitation,
the Servicing File) and other documents and all escrows and reserve funds pertaining to such Mortgage Loan possessed by it, and
each document that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate
to the repurchasing entity or its designee in the same manner, but only if the respective documents have been previously assigned
or endorsed to the Trustee, and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant
to which such documents were previously assigned to the Trustee or as otherwise reasonably requested to

  

    	-11-

    	 

    

 

effect the retransfer
and reconveyance of the Mortgage Loan and the security therefor to the Seller or its designee; provided that such tender
by the Trustee and the Custodian shall be conditioned upon its receipt from the Master Servicer of a Request for Release and an
Officer’s Certificate to the effect that the requirements for repurchase or substitution have been satisfied.

 

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

 

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

 

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

 

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

 

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

 

    	-12-

    	 

    

  

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

 

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

 

Each
party hereto agrees and acknowledges that, as of the date of this Agreement, the “Central Index Key” number of the
Trust Fund is 0001644697.

 

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

 

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

 

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

 

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

 

    	-13-

    	 

    

 

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

 

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

 

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

 

(ii)          a certificate as of a recent date of the Secretary of State of the State of Delaware to the effect that the Seller is duly organized,
existing and in good standing in the State of Delaware;

 

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

 

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

 

(v)          a letter from counsel of the Seller substantially to the effect that (a) nothing has come to such counsel’s attention that
would lead such counsel to believe that the agreed upon sections of the Primary Free Writing Prospectus, the Prospectus Supplement,
the Preliminary Offering Circular or the Final Offering Circular (each as defined in the Indemnification Agreement), as of the
date thereof or as of the Closing Date (or, in the case of the Primary Free Writing Prospectus or the Preliminary Offering Circular,
solely as of the time of sale) contained or contain, as applicable, with respect to the Seller or the Mortgage Loans, any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements therein relating to the
Seller or the Mortgage Loans, in the light of the circumstances under which they were made, not misleading and (b) the Seller
Information (as defined in the Indemnification Agreement) in the Prospectus Supplement appears to be appropriately responsive
in all material respects to the applicable requirements of Regulation AB.

 

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

 

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

 

(f)           The Seller shall furnish the Purchaser, the Underwriters and the Initial Purchasers with such other certificates of its officers
or others and such other documents and

 

    	-14-

    	 

    

 

opinions to evidence fulfillment of the conditions set forth in this Agreement as the Purchaser
and its counsel may reasonably request.

 

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

 

SECTION
10   Expenses. The Seller will pay its pro rata share (the Seller’s pro rata portion to be
determined according to the percentage that the aggregate principal balance as of the Cut-Off Date of all the Mortgage Loans represents
as to the aggregate principal balance as of the Cut-Off Date of all the mortgage loans to be included in the Trust Fund) of all
costs and expenses of the Purchaser in connection with the transactions contemplated herein, including, but not limited to: (i) the
costs and expenses of the Purchaser in connection with the purchase of the Mortgage Loans; (ii) the costs and expenses of
reproducing and delivering the Pooling and Servicing Agreement and this Agreement and printing (or otherwise reproducing) and
delivering the Certificates; (iii) the reasonable and documented fees, costs and expenses of the Trustee, the Certificate
Administrator and their respective counsel; (iv) the fees and disbursements of a firm of certified public accountants selected
by the Purchaser and the Seller with respect to numerical information in respect of the Mortgage Loans and the Certificates included
in the Prospectus, Primary Free Writing Prospectus, the Prospectus Supplement, the Preliminary Offering Circular, the Final Offering
Circular and any related disclosure for the initial Form 8-K, including the cost of obtaining any “comfort letters”
with respect to such items; (v) the costs and expenses in connection with the qualification or exemption of the Certificates under
state securities or blue sky laws, including filing fees and reasonable fees and disbursements of counsel in connection therewith;
(vi) the costs and expenses in connection with any determination of the eligibility of the Certificates for investment by
institutional investors in any jurisdiction and the preparation of any legal investment survey, including reasonable fees and
disbursements of counsel in connection therewith; (vii) the costs and expenses in connection with printing (or otherwise reproducing)
and delivering the Registration Statement, Prospectus, Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering
Circular and Final Offering Circular and the reproducing and delivery of this Agreement and the furnishing to the Underwriters
of such copies of the Registration Statement, Prospectus, Primary Free Writing Prospectus, Prospectus Supplement, Preliminary
Offering Circular, Final Offering Circular and this Agreement as the Underwriters may reasonably request; (viii) the fees
of the rating agency or agencies requested to rate the Certificates; (ix) the reasonable fees and expenses of Cadwalader, Wickersham
& Taft LLP, as counsel to the Purchaser; and (x) the reasonable fees and expenses of Orrick, Herrington & Sutcliffe LLP,
as counsel to the Underwriters and the Initial Purchasers.

 

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

 

SECTION
11   Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall
be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way

 

    	-15-

    	 

    

 

affect
the validity or enforceability of the other provisions of this Agreement. Furthermore, the parties shall in good faith endeavor
to replace any provision held to be invalid or unenforceable with a valid and enforceable provision which most closely resembles,
and which has the same economic effect as, the provision held to be invalid or unenforceable.

 

SECTION
12   Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

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

 

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

 

SECTION
15   No Third-Party Beneficiaries. The parties do not intend the benefits of this Agreement to inure
to any third party except as expressly set forth in Section 6 and Section 16.

 

SECTION
16   Assignment. The Seller hereby acknowledges that the Purchaser has, concurrently with the execution
hereof, executed and delivered the Pooling and Servicing Agreement and that, in connection therewith, it has assigned its rights
hereunder to the Trustee for the benefit of the Certificateholders. The Seller hereby acknowledges its obligations pursuant to
Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement. This Agreement shall bind and inure to the benefit of
and be enforceable by the Seller, the Purchaser and their

 

    	-16-

    	 

    

 

permitted successors and assigns. Any Person into which the Seller may
be merged or consolidated, or any Person resulting from any merger, conversion or consolidation to which the Seller may become
a party, or any Person succeeding to all or substantially all of the business of the Seller, shall be the successor to the Seller
hereunder without any further act. The warranties and representations and the agreements made by the Seller herein shall survive
delivery of the Mortgage Loans to the Trustee until the termination of the Pooling and Servicing Agreement, but shall not be further
assigned by the Trustee to any Person.

 

SECTION
17   Notices. All communications hereunder shall be in writing and effective only upon receipt and
(i) if sent to the Purchaser, will be mailed, hand delivered, couriered or sent by facsimile transmission to it at 200 West Street,
New York, New York 10282, to the attention of Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies
to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318,
email: joe.osborne@gs.com, (ii) if sent to the Seller, will be mailed, hand delivered, couriered or sent by facsimile transmission
or electronic mail and confirmed to it at Cantor Commercial Real Estate Lending, L.P., 110 East 59th Street, New York, New York
10022, Attention: Anthony Orso, fax number: (212) 610-3623, with copies to General Counsel, and (iii) in the case of any of the
preceding parties, such other address as may hereafter be furnished to the other party in writing by such parties.

 

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

 

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

 

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

 

    	-17-

    	 

    

 

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

 

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

 

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

 

*
* * * * *

    	-18-

    	 

    

  

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

	 	 	 
	 	GS MORTGAGE SECURITIES CORPORATION II
	 	 	 
	 	By:	 /s/ Leah Nivison
	 	 	Name:  Leah Nivison
	 	 	Title: Vice President
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	 /s/ Anthony Orso
	 	 	Name: Anthony Orso
	 	 	Title: CoCEO-CCRE

  

 

GS 2015-GC32 –
CCRE Mortgage Loan Purchase Agreement

    	 

    	 

    

 

EXHIBIT
A

MORTGAGE LOAN SCHEDULE

 

    	A-1

    	 

    

 

	GSMS
    2015-GC32	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control
    Number	 	Footnotes	 	Loan
    Number	 	Property
    Name	 	Address	 	City	 	State	 	Zip
    Code	 	 Cut-Off
    Date Balance ($) 	 	Mortgage
    Loan Rate (%)	 	Remaining
    Term To Maturity (Mos.)	 	Maturity
    Date	 	Remaining
    Amortization Term (Mos.)	 	Servicing
    Fee Rate (%)	 	Subservicing
    Fee Rate (%)
	15	 	 	 	 	 	ART
    Multi-State Portfolio II	 	 	 	 	 	 	 	 	 	20,549,000	 	4.86850%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.02000%
	15.01	 	 	 	 	 	Annhurst	 	535
    North Lewis Run Road	 	Clairton	 	Pennsylvania	 	15025	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	 	 	 	 	Applegate	 	4055
    North Everett Road	 	Muncie	 	Indiana	 	47304	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.03	 	 	 	 	 	Heron
    Pointe	 	2553
    State Road A1A	 	Atlantic
    Beach	 	Florida	 	32233	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.04	 	 	 	 	 	Meadowood	 	201
    Orchard Drive	 	Nicholasville	 	Kentucky	 	40356	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.05	 	 	 	 	 	Ridgewood	 	3206
    Abshire Lane	 	Louisville	 	Kentucky	 	40220	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.06	 	 	 	 	 	Heathmoore	 	11559
    Ford Place	 	Louisville	 	Kentucky	 	40241	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21	 	 	 	 	 	Rio
    Linda Shopping Center	 	420-440
    Elkhorn Boulevard	 	 Rio
    Linda	 	California	 	95673	 	12,825,000	 	4.78900%	 	60	 	7/6/2020	 	360	 	0.00500%	 	0.02000%
	24	 	 	 	 	 	Huntsville
    Portfolio	 	 	 	 	 	 	 	 	 	12,025,000	 	5.10450%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.02000%
	24.01	 	 	 	 	 	Paramount
    Place	 	1420
    Paramount Drive	 	Huntsville	 	Alabama	 	35806	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.02	 	 	 	 	 	Memorial
    Plaza 	 	1150
    Mineral Wells Avenue	 	Paris
    	 	Tennessee	 	38242	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.03	 	 	 	 	 	Creekside
    Corners	 	10300
    Bailey Cove Road Southeast	 	Huntsville	 	Alabama	 	35803	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.04	 	 	 	 	 	Greensboro
    Plaza	 	115
    Main Street	 	Greensboro	 	Alabama	 	36774	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.05	 	 	 	 	 	Exchange
    Place 	 	210
    Exchange Place Northwest	 	Huntsville
    	 	Alabama	 	35806	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27	 	 	 	 	 	Brook
    Run Shopping Center	 	5644
    Brook Road	 	Richmond	 	Virginia	 	23227	 	10,950,000	 	4.07580%	 	119	 	6/6/2025	 	0	 	0.00500%	 	0.02000%
	28	 	 	 	 	 	Southeast
    Plaza	 	4230
    Bee Ridge Road	 	Sarasota	 	Florida	 	34233	 	10,725,000	 	4.63200%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.02000%
	31	 	 	 	 	 	Holiday
    Inn Bolingbrook	 	205
    Remington Boulevard	 	Bolingbrook	 	Illinois	 	60440	 	9,575,000	 	5.23000%	 	60	 	7/6/2020	 	300	 	0.00500%	 	0.02000%
	32	 	 	 	 	 	Beaver
    Ruin Village I & II	 	 	 	 	 	 	 	 	 	9,400,000	 	4.72500%	 	120	 	7/6/2025	 	0	 	0.00500%	 	0.02000%
	32.01	 	 	 	 	 	Beaver
    Ruin Village I	 	4145-4155
    Lawrenceville Highway Northwest	 	Lilburn	 	Georgia	 	30047	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32.02	 	 	 	 	 	Beaver
    Ruin Village II	 	4145-4155
    Lawrenceville Highway Northwest	 	Lilburn	 	Georgia	 	30047	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	 	 	Maplewood
    Mixed Use	 	 	 	 	 	 	 	 	 	9,025,000	 	4.93500%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.02000%
	33.01	 	 	 	 	 	4654
    Maryland	 	4654-4660
    Maryland Avenue	 	Saint
    Louis	 	Missouri	 	63108	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.02	 	 	 	 	 	401
    North Euclid	 	401-411
    North Euclid Avenue and 4911 McPherson Avenue	 	Saint
    Louis	 	Missouri	 	63108	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.03	 	 	 	 	 	7370
    Manchester	 	7370-7376
    Manchester Road	 	Maplewood	 	Missouri	 	63143	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.04	 	 	 	 	 	7350
    Manchester	 	7350-7354
    Manchester Road	 	Maplewood	 	Missouri	 	63143	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.05	 	 	 	 	 	7344
    Manchester	 	7344-7348
    Manchester Road	 	Maplewood	 	Missouri	 	63143	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.06	 	 	 	 	 	4229
    Manchester	 	4229
    Manchester Avenue	 	Saint
    Louis	 	Missouri	 	63110	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	 	 	CSRA
    Food Lion Portfolio I	 	 	 	 	 	 	 	 	 	8,750,000	 	4.70900%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.02000%
	37.01	 	 	 	 	 	West
    Pointe Village Shopping Center	 	433
    North Carolina Highway 49 South	 	Asheboro	 	North
    Carolina	 	27205	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37.02	 	 	 	 	 	Kris
    Krossing Shopping Center	 	3320
    4th Avenue	 	Conway	 	South
    Carolina	 	29527	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37.03	 	 	 	 	 	College
    Lakes Plaza	 	929
    McArthur Road	 	Fayetteville	 	North
    Carolina	 	28311	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	 	 	Four
    Points Sheraton Columbus Airport	 	3030
    Plaza Properties Boulevard	 	Columbus	 	Ohio	 	43219	 	8,700,000	 	5.29500%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.02000%
	41	 	 	 	 	 	Midwest
    Retail Portfolio	 	 	 	 	 	 	 	 	 	7,510,000	 	5.02250%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.02000%
	41.01	 	 	 	 	 	Mattress
    Firm & Vitamin Shoppe - Cuyahoga Falls, OH	 	1190
    Main Street	 	Cuyahoga
    Falls	 	Ohio	 	44221	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41.02	 	 	 	 	 	Destination
    XL - Evergreen Park, IL	 	9152
    South Western Avenue	 	Evergreen
    Park	 	Illinois	 	60805	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41.03	 	 	 	 	 	Sleep
    Number & Noodles & Company - Tulsa, OK	 	9205
    East 71st Street	 	Tulsa	 	Oklahoma	 	74133	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	51	 	 	 	 	 	Delray
    Pointe	 	1110
    South Federal Highway	 	Delray
    Beach	 	Florida	 	33483	 	4,400,000	 	4.96250%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.02000%
	58	 	 	 	 	 	Moraga
    Plaza	 	29760-29764
    Rancho California Road	 	Temecula	 	California	 	92591	 	3,345,503	 	4.39450%	 	119	 	6/6/2025	 	359	 	0.00500%	 	0.02000%
	59	 	 	 	 	 	CVS
    Jersey Shore	 	1321
    Alleghany Street	 	Jersey
    Shore	 	Pennsylvania	 	17740	 	3,230,000	 	4.65200%	 	119	 	6/6/2025	 	360	 	0.00500%	 	0.02000%
	61	 	 	 	 	 	Shoppes
    of Old Peachtree	 	1160
    Old Peachtree Road	 	Duluth	 	Georgia	 	30097	 	3,025,000	 	4.77500%	 	120	 	7/6/2025	 	360	 	0.00250%	 	0.05000%

 

    	 

    	 

    

	GSMS
    2015-GC32	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control
    Number	 	Footnotes	 	Loan
    Number	 	Property
    Name	 	Mortgage
    Loan Seller	 	Crossed
    Group	 	ARD
    (Yes / No)	 	Final
    Maturity Date	 	Revised
    Rate	 	Companion
    Loan Flag	 	Companion
    Loan Cut-off Balance	 	Companion
    Loan Interest Rate	 	Companion
    Loan Remaining Term To Maturity / ARD (Mos.)	 	Companion
    Loan Maturity Date / ARD	 	Companion
    Loan Remaining Amortization Term (Mos.)
	15	 	 	 	 	 	ART
    Multi-State Portfolio II	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.01	 	 	 	 	 	Annhurst	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	 	 	 	 	Applegate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.03	 	 	 	 	 	Heron
    Pointe	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.04	 	 	 	 	 	Meadowood	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.05	 	 	 	 	 	Ridgewood	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15.06	 	 	 	 	 	Heathmoore	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21	 	 	 	 	 	Rio
    Linda Shopping Center	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24	 	 	 	 	 	Huntsville
    Portfolio	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.01	 	 	 	 	 	Paramount
    Place	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.02	 	 	 	 	 	Memorial
    Plaza 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.03	 	 	 	 	 	Creekside
    Corners	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.04	 	 	 	 	 	Greensboro
    Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24.05	 	 	 	 	 	Exchange
    Place 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27	 	 	 	 	 	Brook
    Run Shopping Center	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28	 	 	 	 	 	Southeast
    Plaza	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	31	 	 	 	 	 	Holiday
    Inn Bolingbrook	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32	 	 	 	 	 	Beaver
    Ruin Village I & II	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32.01	 	 	 	 	 	Beaver
    Ruin Village I	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32.02	 	 	 	 	 	Beaver
    Ruin Village II	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	 	 	Maplewood
    Mixed Use	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.01	 	 	 	 	 	4654
    Maryland	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.02	 	 	 	 	 	401
    North Euclid	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.03	 	 	 	 	 	7370
    Manchester	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.04	 	 	 	 	 	7350
    Manchester	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.05	 	 	 	 	 	7344
    Manchester	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.06	 	 	 	 	 	4229
    Manchester	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	 	 	CSRA
    Food Lion Portfolio I	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37.01	 	 	 	 	 	West
    Pointe Village Shopping Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37.02	 	 	 	 	 	Kris
    Krossing Shopping Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37.03	 	 	 	 	 	College
    Lakes Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	 	 	Four
    Points Sheraton Columbus Airport	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41	 	 	 	 	 	Midwest
    Retail Portfolio	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41.01	 	 	 	 	 	Mattress
    Firm & Vitamin Shoppe - Cuyahoga Falls, OH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41.02	 	 	 	 	 	Destination
    XL - Evergreen Park, IL	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41.03	 	 	 	 	 	Sleep
    Number & Noodles & Company - Tulsa, OK	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	51	 	 	 	 	 	Delray
    Pointe	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	58	 	 	 	 	 	Moraga
    Plaza	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	59	 	 	 	 	 	CVS
    Jersey Shore	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	61	 	 	 	 	 	Shoppes
    of Old Peachtree	 	CCRE	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

 

EXHIBIT
B

MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

 

    	B-1

    	 

    

MORTGAGE LOAN REPRESENTATIONS
AND WARRANTIES

 

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

 

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

 

Except as set forth in the immediately
preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related Mortgagor with
respect to any of the related Mortgage Notes, Mortgages or other Loan Documents, including, without limitation, any such valid
offset, defense, counterclaim or right based on intentional fraud by the Sponsor in connection with the origination of the Mortgage
Loan, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Loan
Documents.

 

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

 

(4)                
Mortgage Status; Waivers and Modifications. Since origination and except by written instruments set forth in the
related Mortgage File (a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, and related Loan Documents
have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially
interferes with the security intended to be provided by such Mortgage; (b) no related Mortgaged Property or any portion thereof
has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to
be provided by such Mortgage or

 

    	B-2

    	 

    

 

 

the use or operation of the remaining portion of such Mortgaged Property; and (c) neither
the related Mortgagor nor the related guarantor has been released from its material obligations under the Mortgage Loan.

 

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

 

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

 

    	B-3

    	 

    

  

knowledge, any other holder of the Mortgage Loan,
has done, by act or omission, anything that would materially impair the coverage under such Title Policy.

 

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

 

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

 

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

 

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

 

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

 

(11)           
Taxes and Assessments. All taxes, governmental assessments and other outstanding governmental charges (including,
without limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property
that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have become

 

    	B-4

    	 

    

  

delinquent
in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient
to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and
warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof shall
not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon
and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.

 

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

 

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

 

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

 

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

 

(16)            
Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by
a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss
form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting the requirements
of the related Loan Documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M.
Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from Standard
& Poor’s Ratings Services (collectively the “Insurance Rating Requirements”), in an amount (subject to a
customary deductible) not less than the lesser of (1) the original principal balance of the Mortgage Loan and (2) the full insurable
value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and
included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary
or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related
Mortgaged Property.

 

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

 

    	B-5

    	 

    

 

 

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

 

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

 

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

 

An architectural or engineering consultant
has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural
and seismic condition of such property, for the sole purpose of assessing the scenario expected limit (“SEL”) for the
Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year return period, an exposure
period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL would exceed 20% of the
amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained from an insurer
rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service,
Inc. or “A-” by Standard & Poor’s Ratings Services in an amount not less than 100% of the SEL.

 

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

 

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

 

(17)            
Access; Utilities; Separate Tax Lots. Each Mortgaged Property (a) is located on or adjacent to a public road
and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress
and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or
well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes
one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to
an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or
will be, made to

 

    	B-6

    	 

    

  

the applicable governing authority for creation of separate tax lots, in which case the Mortgage Loan requires
the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part
until the separate tax lots are created.

 

(18)            
No Encroachments. To the Sponsor’s knowledge based solely on surveys obtained in connection with origination
and the Mortgagee’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy
with escrow instructions or a “marked up” commitment) obtained in connection with the origination of each Mortgage
Loan, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged
Property at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged Property, except
encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance
or endorsements were obtained under the Title Policy. No improvements on adjoining parcels encroach onto the related Mortgaged
Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property
or for which insurance or endorsements were obtained under the Title Policy. No improvements encroach upon any easements except
for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property
or for which insurance or endorsements were obtained under the Title Policy.

 

(19)            
No Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation feature, any other contingent
interest feature or a negative amortization feature or an equity participation by Sponsor.

 

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

 

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

 

(22)            
Authorized to do Business. To the extent required under applicable law, as of the Cut-off Date or as of the date
that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold (as
applicable) the Mortgage Note in the jurisdiction in

 

    	B-7

    	 

    

 

which each related Mortgaged Property is located, or the failure to be so
authorized does not materially and adversely affect the enforceability of such Mortgage Loan by the Trust.

 

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

 

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

 

(25)            
Licenses and Permits. Each Mortgagor covenants in the Loan Documents that it shall keep all material licenses, permits
and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and
to the Sponsor’s knowledge based upon any of a letter from any government authorities or other affirmative investigation
of local law compliance consistent with the investigation conducted by the Sponsor for similar commercial and multifamily mortgage
loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect.
The Mortgage Loan requires the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged
Property is located.

 

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

 

(27)            
Mortgage Releases. The terms of the related Mortgage or related Loan Documents do not provide for release of any
material portion of the Mortgaged Property from the lien of the

 

    	B-8

    	 

    

  

Mortgage except (a) a partial release, accompanied by principal
repayment, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan
amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon
payment in full of such Mortgage Loan, (c) upon a Defeasance defined in (32) below, (d) releases of out-parcels that
are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value
of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of the Mortgage
Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as
required pursuant to an order of condemnation or taking by a State or any political subdivision or authority thereof. With respect
to any partial release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would
not constitute a “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations
Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage”
within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer can, in accordance with
the related Loan Documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax
counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x), for
all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged
Property after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (or related Whole Loan)outstanding
after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the
REMIC Provisions.

 

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

 

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

 

(28)          
Financial Reporting and Rent Rolls. The Mortgage Loan documents for each Mortgage Loan require the Mortgagor to provide
the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and
quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the
in-place base rent and annual financial statements, which annual financial statements with respect to each Mortgage Loan with more
than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together
with the related combined statements of operations, members’ capital and cash flows, including a combining balance sheet
and statement of income for the Mortgaged Properties on a combined basis.

 

(29)          
Acts of Terrorism Exclusion. With respect to each Mortgage Loan over $20 million, the related special-form all-risk
insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically
exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program
Reauthorization Act of 2007 as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively referred
to as “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.
With respect to each other Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued
by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, to the
Sponsor’s knowledge, do not, as of the Cut-off

 

    	B-9

    	 

    

 

Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage,
or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each Mortgage Loan, the
related Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined
in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in
effect, then provided that terrorism insurance is commercially available, the Mortgagor under each Mortgage Loan is required
to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount
on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required
to purchase the maximum amount of terrorism insurance available with funds equal to the Terrorism Cap Amount. The “Terrorism
Cap Amount” is the specified percentage (which is at least equal to 200%) of the amount of the insurance premium that is
payable at such time in respect of the property and business interruption/rental loss insurance required under the related Loan
Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental
loss insurance).

 

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

 

(31)            
Single-Purpose Entity. Each Mortgage Loan requires the Mortgagor to be a Single-Purpose Entity for at least as long
as the Mortgage Loan is outstanding. Both the Loan Documents and the organizational documents of the Mortgagor with respect to
each Mortgage Loan with a Cut-off Date Principal Balance in excess of $5 million provide that the Mortgagor is a Single-Purpose
Entity, and each Mortgage Loan with a Cut-off Date Principal Balance of $20 million or more has a counsel’s opinion regarding
non-consolidation of the Mortgagor. For this purpose, a “Single-Purpose Entity” shall mean an entity, other than an
individual, whose organizational documents

 

    	B-10

    	 

    

  

(or if the Mortgage Loan has a Cut-off Date Principal Balance equal to $5 million or
less, its organizational documents or the related Loan Documents) provide substantially to the effect that it was formed or organized
solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit
it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further
provide, or which entity represented in the related Loan Documents, substantially to the effect that it does not have any assets
other than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than
as permitted by the related Mortgage(s) or the other related Loan Documents, that it has its own books and records and accounts
separate and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized and
cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other
person or entity.

 

(32)            
Defeasance. With respect to any Mortgage Loan that, pursuant to the Loan Documents, can be defeased (a “Defeasance”),
(i) the Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions
specified in the Loan Documents; (ii) the Mortgage Loan cannot be defeased within two years after the Closing Date; (iii) the
Mortgagor is permitted to pledge only United States “government securities” within the meaning of Treasury Regulations
Section 1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled
payments under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after
the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), and if the Mortgage
Loan permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be
sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to
the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal
balance of the Mortgage Loan; (iv) the Mortgagor is required to provide a certification from an independent certified public
accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above,
(v) if the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan
secured by defeasance collateral is required to be assumed (or the Mortgagee may require such assumption) by a Single-Purpose Entity;
(vi) the Mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such
collateral prior to any other claim or interest; and (vii) the Mortgagor is required to pay all rating agency fees associated
with defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses
associated with defeasance, including, but not limited to, accountant’s fees and opinions of counsel.

 

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

 

(34)            
Ground Leases. For purposes of this Annex E-1, a “Ground Lease” shall mean a lease creating a leasehold
estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the
land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may,
in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor
as fee owner and does not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement
or other benefit.

 

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

 

(a)   
The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form
that is acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from
the ground

 

    	B-11

    	 

    

 

lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of
the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the
security provided by the related Mortgage. No material change in the terms of the Ground Lease had occurred since the origination
of the Mortgage Loan, except as reflected in any written instruments which are included in the related Mortgage File;

 

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

 

(c)    
The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances,
may be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than 20 years beyond the
stated maturity of the related Mortgage Loan, or 10 years past the stated maturity if such Mortgage Loan fully amortizes by the
stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes);

 

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

 

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

 

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

 

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

 

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

 

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

 

(j)      
Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage
(taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s
interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total
loss or taking as addressed in subpart (k)) will be applied either to the repair or to restoration of all or part of the related
Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Loan Documents)
the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses,
or to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest;

 

    	B-12

    	 

    

  

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

 

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

 

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

 

(36)           
Origination and Underwriting. The origination practices of the Sponsor (or the related originator if the Sponsor
was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal and as of the date of its
origination, such Mortgage Loan (or the related Whole Loan, as applicable) and the origination thereof complied in all material
respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage
Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal,
state or local law otherwise covered in this Annex E-1.

 

(37)           
No Material Default; Payment Record. No Mortgage Loan has been more than 30 days delinquent, without giving
effect to any grace or cure period, in making required debt service payments since origination, and as of the date hereof, no Mortgage
Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing
Date. To the Sponsor’s knowledge, there is (a) no material default, breach, violation or event of acceleration existing
under the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage
of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or
event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially
and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, provided,
however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that
specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Sponsor in
this Annex E-1 (including, but not limited to, the prior sentence). No person other than the holder of such Mortgage Loan
may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Mortgage Loan documents.

 

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

 

(39)           
Organization of Mortgagor. With respect to each Mortgage Loan, in reliance on certified copies of the organizational
documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage Loan or the related Whole
Loan, as applicable), the Mortgagor is an entity organized under the laws of a state of the United States of America, the District
of Columbia or the Commonwealth of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted
with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage Loan.

 

(40)            
Environmental Conditions. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II
site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”)
meeting ASTM requirements were conducted by a reputable environmental consultant in connection with such Mortgage Loan within

 

    	B-13

    	 

    

 

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

 

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

 

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

 

(43)            
Cross-Collateralization. Except with respect to a Mortgage Loan that is part of a Whole Loan no Mortgage Loan is
cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool, except as set forth on
Annex E-2.

 

(44)            
Advance of Funds by the Sponsor. After origination, no advance of funds has been made by the Sponsor to the related
Mortgagor other than in accordance with the Loan Documents, and, to the Sponsor’s knowledge, no funds have been received
from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other
than as contemplated by the Loan Documents, such as, by way of example and not in limitation of the

 

    	B-14

    	 

    

  

foregoing, amounts paid by
the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Loan Documents). Neither
the Sponsor nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan,
other than contributions made on or prior to the date hereof.

 

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

 

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

 

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

 

    	B-15

    	 

    

 

 

Exhibit
B-30-1

List of Mortgage Loans with Current Mezzanine Debt

 

 

None.

 

    	B-30-1-1

    	 

    

  

Exhibit
B-30-2

List of Mortgage Loans with Permitted Mezzanine Debt

 

None.

 

    	B-30-2-1

    	 

    

 

Exhibit
B-30-3

List of Cross-Collateralized and Cross-Defaulted Mortgage Loans

 

None.

 

    	B-30-3-1

    	 

    

 

EXHIBIT
C

EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

  

	Representation

                                         Number on Annex E-1

        
	 	Mortgage
                                         Loan Name

                                         and Number as

                                         Identified on Annex A

        
	 	Description
                                         of Exception

        

	 	 	 	 	 
	(16) Insurance	 	Delray
        Pointe (No. 51)

         

        Moraga
        Plaza (No. 58)

         

        Shoppes
        of Old Peachtree (No. 61)

         
	 	The Loan Documents
    provide that insurance proceeds may be disbursed to the Mortgagor where the proceeds are less than $250,000, which is more
    than 5% of the outstanding principal amount of the related Mortgage Loan.
	(16) Insurance	 	CVS
        Jersey Shore (No. 59)
	 	The Loan Documents
    provide that insurance proceeds may be disbursed to the Mortgagor where the proceeds are less than $200,000, which is more
    than 5% of the outstanding principal amount of the related Mortgage Loan.
	 	 	 	 	 
	(25) Licenses and
    Permits	 	Maplewood Mixed Use
    (No. 33)	 	As of the date of
    origination of the Mortgage Loan, a final certificate of occupancy had not been issued for the fourth and ninth largest tenants
    at the 4654 Maryland Avenue property, occupying approximately 5.87% and 1.62%, respectively, of the net rentable area at such
    Mortgaged Property due to interior renovations at the time of origination of the Mortgage Loan. The Loan Documents require
    issuance of a final certificate of occupancy within 60 days of closing of the Mortgage Loan.
	 	 	 	 	 
	(27) Mortgage Releases	 	Beaver Ruin Village
    I & II (No. 32)	 	The Loan Documents
    permit the release of the Beaver Ruin Village I property from the lien of the security instrument upon payment of a release
    price equal to 100% of the allocated loan amount and satisfaction of the requirements under the REMIC Provisions.
	 	 	 	 	 
	(39) Organization
    of Mortgagor	 	Brook
        Run Shopping Center (No. 27)

         

        Beaver
        Ruin Village I & II (No. 32) 

         

        
	 	The Mortgagors under
    each of the related Mortgage Loans are affiliates of each other.

  

    	C-1

    	 

    

  

EXHIBIT
D

FORM OF OFFICER’S CERTIFICATE

 

[                              ]
(“Seller”) hereby certifies as follows:

 

1.         
   All of the representations and warranties (except as set forth on Exhibit C) of the Seller under the
Mortgage Loan Purchase Agreement, dated as of July 1, 2015 (the “Agreement”), between GS Mortgage
Securities Corporation II and Seller, are true and correct in all material respects on and as of the date hereof (or as of
such other date as of which such representation is made under the terms of Exhibit B to the Agreement) with the same
force and effect as if made on and as of the date hereof (or as of such other date as of which such representation is made
under the terms of Exhibit B to the Agreement).

 

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

 

3.           
 Neither the Prospectus, dated February 9, 2015 (the “Base Prospectus”), as supplemented by the
Prospectus Supplement, dated July 17, 2015 (the “Prospectus Supplement” and, together with the Base
Prospectus, the “Prospectus”), relating to the offering of the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ,
Class C, Class D and Class X-D Certificates, nor the Offering Circular, dated July 17, 2015 (the “Offering
Circular”), relating to the offering of the Class E, Class F, Class G, Class H and Class R
Certificates, in the case of the Prospectus, as of the date of the Prospectus Supplement or as of the date hereof, or the
Offering Circular, as of the date thereof or as of the date hereof, included or includes any untrue statement of a material
fact relating to the Seller, the Mortgage Loans, the related Mortgaged Properties and the related Mortgagors and their
respective affiliates, or omitted or omits to state therein a material fact relating to the Seller, the Mortgage Loans, the
related Mortgaged Properties and the related Mortgagors and their respective affiliates required to be stated therein or
necessary in order to make the statements therein relating to the Seller, the Mortgage Loans, the related Mortgaged
Properties and the related Mortgagors and their respective affiliates, in the light of the circumstances under which they
were made, not misleading.

 

    	D-1

    	 

    

 

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

 

[SIGNATURE
APPEARS ON THE FOLLOWING PAGE]

 

    	D-2

    	 

    

 

Certified
this __ day of July, 2015.

 

	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	D-3Exhibit 10.5

 

 

EXECUTION
VERSION

	 

 

GS
MORTGAGE SECURITIES CORPORATION II,

PURCHASER

 

and

 

MC-FIVE
MILE COMMERCIAL MORTGAGE FINANCE LLC,

SELLER

 

MORTGAGE
LOAN PURCHASE AGREEMENT

Dated as of July 1, 2015

 

Series 2015-GC32

	 

 

    	 

    	 

    

 

This
Mortgage Loan Purchase Agreement (“Agreement”), dated as of July 1, 2015, is between GS Mortgage Securities
Corporation II, a Delaware corporation, as purchaser (in such capacity, the “Purchaser”), and MC-Five Mile
Commercial Mortgage Finance LLC, a Delaware limited liability company, as seller (the “Seller”).

 

Capitalized
terms used in this Agreement not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement,
dated as of July 1, 2015 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities Corporation
II, as depositor (in such capacity, the “Depositor”), Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special servicer
(the “Special Servicer”), Park Bridge Lender Services LLC, as operating advisor, Wells Fargo Bank, National
Association, as certificate administrator (in such capacity, the “Certificate Administrator”) and as trustee
(in such capacity, the “Trustee”), pursuant to which the Purchaser will transfer the Mortgage Loans (as defined
herein), together with certain other mortgage loans, to a trust fund and certificates representing ownership interests in the
Mortgage Loans, together with the other mortgage loans, will be issued by the trust fund (the “Trust Fund”).
In exchange for the Mortgage Loans and the other mortgage loans, the Trust Fund will issue to or at the direction of the Depositor
certificates to be known as GS Mortgage Securities Trust 2015-GC32, Commercial Mortgage Pass-Through Certificates, Series 2015-GC32
(collectively, the “Certificates”). For purposes of this Agreement, “Mortgage Loans” refers
to the mortgage loans listed on Exhibit A and “Mortgaged Properties” refers to the properties securing
such Mortgage Loans.

 

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

 

SECTION
1     Sale and Conveyance of Mortgages; Possession of Mortgage File. The Seller does hereby
sell, transfer, assign, set over and convey to the Purchaser, without recourse (except as otherwise specifically set forth herein),
all of its right, title and interest in and to the Mortgage Loans identified on Exhibit A to this Agreement (the “Mortgage
Loan Schedule”) including all interest and principal received on or with respect to the Mortgage Loans after the Cut-Off
Date, notwithstanding anything herein to the contrary (excluding payments of principal, interest and other amounts due and payable
on the Mortgage Loans on or before the Cut-Off Date and excluding any Loan Seller Defeasance Rights and Obligations with respect
to the Mortgage Loans). Upon the sale of the Mortgage Loans, the ownership of each related Note, the Seller’s interest in
the related Mortgage represented by the Note and the other contents of the related Mortgage File will be vested in the Purchaser
and immediately thereafter the Trustee, and the ownership of records and documents with respect to each Mortgage Loan prepared
by or which come into the possession of the Seller shall immediately vest in the Purchaser and immediately thereafter the Trustee.
The Purchaser will sell certain of the Certificates (the “Public Certificates”) to the underwriters (the “Underwriters”)
specified in the Underwriting Agreement, dated as of July 16, 2015 (the “Underwriting Agreement”), between
the Purchaser and the Underwriters, and the Purchaser will sell certain of the Certificates (the “Private Certificates”)
to the initial purchasers (the “Initial Purchasers” and, collectively with the Underwriters, the “Dealers”)
specified in the Purchase Agreement, dated as of July 16, 2015 (the “Certificate Purchase Agreement”), between
the Purchaser and Initial Purchasers.

 

    	 

    	 

    

 

The
sale and conveyance of the Mortgage Loans is being conducted on an arms-length basis and upon commercially reasonable terms. As
consideration for the Mortgage Loans, the Purchaser shall pay, by wire transfer of immediately available funds, to the Seller
or at the Seller’s direction $68,493,136.47, plus accrued interest on the Mortgage Loans from and including July 1, 2015
to but excluding the Closing Date (but subject to certain post-settlement adjustment for expenses incurred by the Underwriters
and the Initial Purchasers on behalf of the Depositor and for which the Seller is specifically responsible).

 

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

 

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

 

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

 

The
transfer of each Mortgage Loan shall be reflected on the Purchaser’s balance sheets and other financial statements as the
purchase of such Mortgage Loan by the Purchaser from the Seller. The Purchaser intends to treat the transfer of each Mortgage
Loan from the Seller as a purchase for tax purposes. The Purchaser shall be responsible for maintaining, and shall maintain, a
set of records for each Mortgage Loan which shall be clearly marked to reflect the transfer of ownership of each Mortgage Loan
by the Seller to the Purchaser pursuant to this Agreement.

 

SECTION
3     Delivery of Mortgage Loan Documents; Additional Costs and Expenses. (a) The Purchaser
hereby directs the Seller, and the Seller hereby agrees, such agreement effective upon the transfer of the Mortgage Loans contemplated
herein, to deliver to or deposit with (or cause to be delivered to or deposited with) the Custodian (on behalf of the Trustee),
with copies to be delivered to the Master Servicer and the Special Servicer, respectively, on the dates set forth in Section 2.01
of the Pooling and Servicing Agreement, all documents, instruments and agreements required to be delivered by the Purchaser, or
contemplated to be delivered by the Seller (whether at the direction of the Purchaser or otherwise), to the Custodian, the Master
Servicer and the Special Servicer, as applicable, with

 

    	-2-

    	 

    

 

respect
to the Mortgage Loans under Section 2.01 of the Pooling and Servicing Agreement, and meeting all the requirements of such Section
2.01 of the Pooling and Servicing Agreement; provided that the Seller shall not be required to deliver any draft documents,
privileged or other communications, credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications
or evaluations.

 

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

 

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

 

    	-3-

    	 

    

 

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

 

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

 

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

 

(a)          it
shall cause Anderson McCoy & Orta, P.C. to record and file in the appropriate public recording office for real property records
or UCC financing statements, as appropriate (or, with respect to any assignments that the Custodian has agreed to record or file
pursuant to the Pooling and Servicing Agreement, deliver to the Custodian for such purpose and cause the Custodian to record and
file), each related assignment of Mortgage and assignment of assignment of leases, rents and profits and each related UCC-3 financing
statement referred to in the definition of Mortgage File from the Seller to the Trustee as and to the extent contemplated under
Section 2.01(c) of the Pooling and Servicing Agreement. All out of pocket costs and expenses relating to the recordation or filing
of such assignments, assignments of Mortgage and financing statements shall be paid by the Seller. If any such document or instrument
is lost or

 

    	-4-

    	 

    

 

returned
unrecorded or unfiled, as the case may be, because of a defect therein, then the Seller shall prepare or cause the preparation
of a substitute therefor or cure such defect or cause such defect to be cured, as the case may be, and the Seller shall record
or file, or cause AMO to record or file, such substitute or corrected document or instrument or, with respect to any assignments
that the Custodian has agreed to record or file pursuant to the Pooling and Servicing Agreement, deliver such substitute or corrected
document or instrument to the Custodian (or, if the Mortgage Loan is then no longer subject to the Pooling and Servicing Agreement,
the then holder of such Mortgage Loan);

 

(b)          as
to each Mortgage Loan, if the Seller cannot deliver or cause to be delivered the documents and/or instruments referred to in clauses
(2), (3) and (6) (if recorded) and (15) of the definition of “Mortgage File” in the Pooling and Servicing Agreement
solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered
for recordation or filing, as applicable, it shall forward to the Custodian a copy of the original certified by the Seller to
be a true and complete copy of the original thereof submitted for recording. The Seller shall cause each assignment referred to
in Section (5)(a) above that is recorded and the file copy of each UCC-3 assignment referred to in Section (5)(a)
above to reflect that it should be returned by the public recording or filing office to the Custodian or its agent following recording
(or, alternatively, to the Seller or its designee, in which case the Seller shall deliver or cause the delivery of the recorded/filed
original to the Custodian promptly following receipt); provided that, in those instances where the public recording office
retains the original assignment of Mortgage or assignment of Assignment of Leases, the Seller shall obtain therefrom and deliver
to the Custodian a certified copy of the recorded original. On a monthly basis, at the expense of the Seller, the Custodian shall
forward to the Master Servicer a copy of each of the aforementioned assignments following the Custodian’s receipt thereof;

 

(c)          it
shall take any action reasonably required by the Purchaser, the Certificate Administrator, the Trustee or the Master Servicer
in order to assist and facilitate the transfer of the servicing of the Mortgage Loans to the Master Servicer, including effectuating
the transfer of any letters of credit with respect to any Mortgage Loan to the Master Servicer on behalf of the Trustee for the
benefit of Certificateholders. Prior to the date that a letter of credit with respect to any Mortgage Loan is transferred to the
Master Servicer, the Seller will cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable,
in connection with effectuating a draw under such letter of credit as required under the terms of the related Loan Documents;

 

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

 

(e)          if
(during the period of time that the Underwriters are required, under applicable law, to deliver a prospectus related to the Public
Certificates in connection with sales of the Public Certificates by an Underwriter or a dealer) the Seller has obtained actual
knowledge of undisclosed or corrected information related to an event that occurred prior to the Closing Date, which event causes
there to be an untrue statement of a material fact with respect to the

 

    	-5-

    	 

    

 

Seller
Information in the Prospectus Supplement dated July 17, 2015 relating to the Public Certificates, the annexes and exhibits thereto
and the DVD delivered therewith, or the Offering Circular dated July 17, 2015 relating to the Private Certificates, the annexes
and exhibits thereto and the DVD delivered therewith (collectively, the “Offering Documents”), or causes there
to be an omission to state therein a material fact with respect to the Seller Information required to be stated therein or necessary
to make the statements therein with respect to the Seller Information, in the light of the circumstances under which they were
made, not misleading, then the Seller shall promptly notify the Dealers and the Depositor. If as a result of any such event the
Dealers’ legal counsel determines that it is necessary to amend or supplement the Offering Documents in order to correct
the untrue statement, or to make the statements therein, in the light of the circumstances when the Offering Documents are delivered
to a purchaser, not misleading, or to make the Offering Documents in compliance with applicable law, the Seller shall (to the
extent that such amendment or supplement solely relates to the Seller Information) at the expense of the Seller, do all things
reasonably necessary to assist the Depositor to prepare and furnish to the Dealers, such amendments or supplements to the Offering
Documents as may be necessary so that the Seller Information in the Offering Documents, as so amended or supplemented, will not
contain an untrue statement, will not, in the light of the circumstances when the Offering Documents are delivered to a purchaser,
be misleading and will comply with applicable law. (All terms under this clause (e) and not otherwise defined in this Agreement
shall have the meanings set forth in the Indemnification Agreement, dated as of July 16, 2015, among the Underwriters, the Initial
Purchasers, the Seller and the Purchaser (the “Indemnification Agreement” and, together with this Agreement,
the “Operative Documents”)); and

 

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

 

SECTION
6     Representations and Warranties.

 

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

 

(i)          The
Seller is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware
with full power and authority to own its assets and conduct its business, is duly qualified as a foreign organization in good
standing in all jurisdictions to the extent such qualification is necessary to hold and sell the Mortgage Loans or otherwise comply
with its obligations under this Agreement except where the failure to be so qualified would not have a material adverse effect
on its ability to perform its obligations hereunder, and the Seller has taken all necessary action to authorize the execution
and delivery of, and performance

 

    	-6-

    	 

    

 

under,
the Operative Documents and has duly executed and delivered each Operative Document, and has the power and authority to execute,
deliver and perform under each Operative Document and all the transactions contemplated hereby and thereby, including, but not
limited to, the power and authority to sell, assign, transfer, set over and convey the Mortgage Loans in accordance with this
Agreement;

 

(ii)        Assuming
the due authorization, execution and delivery of this Agreement by the Purchaser, this Agreement will constitute a legal, valid
and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforcement
may be limited by (A) bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement
of creditors’ rights generally, (B) general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law) and (C) public policy considerations underlying the securities laws, to the extent that such
public policy considerations limit the enforceability of the provisions of this Agreement that purport to provide indemnification
for securities laws liabilities;

 

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

 

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

 

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

 

(vi)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Seller of, or compliance by the Seller with, each Operative Document or the consummation of the transactions
contemplated hereby or thereby, other than those which have been obtained by the Seller;

 

    	-7-

    	 

    

 

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

 

(viii)      Except
for the agreed-upon procedures report obtained from the accounting firm engaged to provide procedures involving a comparison of
information in loan files for the Mortgage Loans to information on a data tape relating to the Mortgage Loans (the “Accountant’s
Due Diligence Report”), the Seller has not obtained (and, through and including the Closing Date, will not obtain) any
“third party due diligence report” (as defined in Rule 15Ga-2 under the Exchange Act) in connection with the transactions
contemplated herein and in the Offering Documents and, except for the accountants with respect to the Accountants’ Due Diligence
Report, the Seller has not employed (and, through and including the Closing Date, will not employ) any third party to engage in
any activity that constitutes “due diligence services” within the meaning of Rule 17g-10 under the Exchange Act in
connection with the transactions contemplated herein and in the Offering Documents. The Underwriters and Initial Purchasers are
third-party beneficiaries of the provisions set forth in this Section 6(a)(viii).

 

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

 

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

 

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

 

(iii)        The
execution and delivery of this Agreement by the Purchaser and the performance of its obligations hereunder will not conflict with
any provision of any law or regulation to which the Purchaser is subject, or conflict with, result in a breach of, or constitute
a default under, any of the terms, conditions or provisions of any of the Purchaser’s organizational documents or any agreement
or instrument to which the Purchaser is a party or by which it is bound, or any order or decree applicable to the

 

    	-8-

    	 

    

 

Purchaser,
or result in the creation or imposition of any lien on any of the Purchaser’s assets or property, in each case which would
materially and adversely affect the ability of the Purchaser to carry out the transactions contemplated by this Agreement;

 

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

 

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

 

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

 

(vii)        The
Purchaser (A) prepared one or more reports on Form ABS-15G (each, a “Form 15G”) containing the findings and conclusions
of the Accountant’s Due Diligence Report and meeting the requirements of that Form 15G, Rule 15Ga-2, any other rules and
regulations of the Securities and Exchange Commission and the Exchange Act; (B) provided a copy of the final draft of each such
Form 15G to the Underwriters and the Initial Purchasers at least 6 Business Days before the first sale in the offering contemplated
by the Offering Documents; and (C) furnished each such Form 15G to the Securities and Exchange Commission on EDGAR at least 5
Business Days before the first sale in the offering contemplated by the Offering Documents as required by Rule 15Ga-2.

 

(c)          The
Seller further makes the representations and warranties as to the Mortgage Loans set forth in Exhibit B to this Agreement
as of the Cut-Off Date or such other date set forth in Exhibit B to this Agreement, which representations and warranties
are subject to the exceptions thereto set forth in Exhibit C to this Agreement.

 

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

 

    	-9-

    	 

    

 

Servicer
or the Purchaser receives a Repurchase Request, then such party is required to give prompt written notice thereof to the Seller.

 

(e)          Pursuant
to the Pooling and Servicing Agreement, the Special Servicer is required to determine whether any such Document Defect or Breach
with respect to any Mortgage Loan materially and adversely affects, or such Document Defect is deemed in accordance with Section
2.03 of the Pooling and Servicing Agreement to materially and adversely affect, the value of the Mortgage Loan or any related
REO Property or the interests of the Certificateholders therein or causes any Mortgage Loan to fail to be a Qualified Mortgage
(any such Document Defect shall constitute a “Material Document Defect” and any such Breach shall constitute
a “Material Breach”). If such Document Defect or Breach has been determined to be a Material Document Defect
or Material Breach, then the Special Servicer will be required to give prompt written notice thereof to the Seller. Promptly upon
becoming aware of any such Material Document Defect or Material Breach (including through a written notice given by the Master
Servicer or the Special Servicer, as provided above if the Document Defect or Breach identified therein is a Material Document
Defect or Material Breach, as the case may be), the Seller shall, not later than 90 days from the earlier of the Seller’s
discovery or receipt of notice of, and receipt of a demand to take action with respect to, such Material Document Defect or Material
Breach, as the case may be (or, in the case of a Material Document Defect or Material Breach relating to a Mortgage Loan not being
a “qualified mortgage” within the meaning of the REMIC Provisions, not later than 90 days from any party discovering
such Material Document Defect or Material Breach), cure the same in all material respects (which cure shall include payment of
any losses and Additional Trust Fund Expenses associated therewith) or, if such Material Document Defect or Material Breach, as
the case may be, cannot be cured within such 90 day period, the Seller shall either (i) repurchase the affected Mortgage Loan
or any related REO Property (or the Trust Fund’s interest therein) at the applicable Purchase Price by wire transfer of
immediately available funds to the Collection Account or (ii) substitute a Qualified Substitute Mortgage Loan for such affected
Mortgage Loan (provided that in no event shall any such substitution occur later than the second anniversary of the Closing Date)
and pay the Master Servicer, for deposit into the Collection Account, any Substitution Shortfall Amount in connection therewith;
provided, however, that if (i) such Material Document Defect or Material Breach is capable of being cured but not
within such 90 day period, (ii) such Material Document Defect or Material Breach is not related to any Mortgage Loan’s not
being a “qualified mortgage” within the meaning of the REMIC Provisions and (iii) the Seller has commenced and is
diligently proceeding with the cure of such Material Document Defect or Material Breach within such 90 day period, then the Seller
shall have an additional 90 days to complete such cure, or, in the event of a failure to so cure, to complete such repurchase
of the related Mortgage Loan or substitute a Qualified Substitute Mortgage Loan as described above (it being understood and agreed
that, in connection with the Seller’s receiving such additional 90 day period, the Seller shall deliver an Officer’s
Certificate to the Trustee, the Special Servicer and the Certificate Administrator setting forth the reasons such Material Document
Defect or Material Breach is not capable of being cured within the initial 90 day period and what actions the Seller is pursuing
in connection with the cure thereof and stating that the Seller anticipates that such Material Document Defect or Material Breach
will be cured within such additional 90 day period); and provided, further, that, if any such Material Document
Defect is still not cured after the initial 90 day period and any such additional 90 day period solely due to the failure of the
Seller to have received the recorded document, then the Seller shall be entitled to continue to defer its cure,

 

    	-10-

    	 

    

 

repurchase
or substitution obligations in respect of such Document Defect so long as the Seller certifies to the Trustee, the Special Servicer
and the Certificate Administrator every 30 days thereafter that the Document Defect is still in effect solely because of its failure
to have received the recorded document and that the Seller is diligently pursuing the cure of such defect (specifying the actions
being taken), except that no such deferral of cure, repurchase or substitution may continue beyond the date that is 18 months
following the Closing Date. Any such repurchase or substitution of a Mortgage Loan shall be on a whole loan, servicing released
basis. The Seller shall have no obligation to monitor the Mortgage Loans regarding the existence of a Breach or a Document Defect,
but if the Seller discovers a Material Breach or Material Document Defect with respect to a Mortgage Loan, it will notify the
Purchaser. Monthly Payments due with respect to each Qualified Substitute Mortgage Loan (if any) after the related Due Date in
the month of substitution, and Monthly Payments due with respect to each Mortgage Loan being repurchased or replaced, and received
by the Master Servicer or the Special Servicer on behalf of the Trust, after the related Cut-off Date through, but not including,
the related date of repurchase or substitution, shall be part of the Trust Fund. Monthly Payments due with respect to each Qualified
Substitute Mortgage Loan (if any) on or prior to the related Due Date in the month of substitution, and Monthly Payments due with
respect to each Mortgage Loan being repurchased or replaced and received by the Master Servicer or the Special Servicer on behalf
of the Trust after the related date of repurchase or substitution, shall not be part of the Trust Fund and are to be remitted
by the Master Servicer to the Seller effecting the related repurchase or substitution promptly following receipt.

 

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

 

(f)          In
connection with any repurchase or substitution of one or more Mortgage Loans pursuant to this Section 6, the Pooling and
Servicing Agreement shall provide that the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the
Special Servicer shall each tender to the repurchasing entity, upon delivery to each of them of a receipt executed by the repurchasing
entity evidencing such repurchase or substitution, all portions of the Mortgage File (including, without limitation, the Servicing
File) and other documents and all escrows and reserve funds pertaining to such Mortgage Loan possessed by it, and each document
that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the repurchasing
entity or its designee in the same manner, but only if the respective documents have been previously assigned or endorsed to the
Trustee, and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant to which such
documents were previously assigned to the Trustee or as otherwise reasonably requested to

 

    	-11-

    	 

    

 

effect
the retransfer and reconveyance of the Mortgage Loan and the security therefor to the Seller or its designee; provided
that such tender by the Trustee and the Custodian shall be conditioned upon its receipt from the Master Servicer of a Request
for Release and an Officer’s Certificate to the effect that the requirements for repurchase or substitution have been satisfied.

 

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

 

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

 

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

 

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

 

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

 

    	-12-

    	 

    

 

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

 

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

 

Each
party hereto agrees and acknowledges that, as of the date of this Agreement, the “Central Index Key” number of the
Trust Fund is 0001644697.

 

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

 

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

 

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

 

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

 

    	-13-

    	 

    

 

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

 

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

 

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

 

(ii)          a
certificate as of a recent date of the Secretary of State of the State of Delaware to the effect that the Seller is duly organized,
existing and in good standing in the State of Delaware;

 

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

 

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

 

(v)          a
letter from counsel of the Seller substantially to the effect that (a) nothing has come to such counsel’s attention that
would lead such counsel to believe that the agreed upon sections of the Primary Free Writing Prospectus, the Prospectus Supplement,
the Preliminary Offering Circular or the Final Offering Circular (each as defined in the Indemnification Agreement), as of the
date thereof or as of the Closing Date (or, in the case of the Primary Free Writing Prospectus or the Preliminary Offering Circular,
solely as of the time of sale) contained or contain, as applicable, with respect to the Seller or the Mortgage Loans, any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements therein relating to the
Seller or the Mortgage Loans, in the light of the circumstances under which they were made, not misleading and (b) the Seller
Information (as defined in the Indemnification Agreement) in the Prospectus Supplement appears to be appropriately responsive
in all material respects to the applicable requirements of Regulation AB.

 

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

 

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

 

(f)           The
Seller shall furnish the Purchaser, the Underwriters and the Initial Purchasers with such other certificates of its officers or
others and such other documents and

 

    	-14-

    	 

    

 

opinions
to evidence fulfillment of the conditions set forth in this Agreement as the Purchaser and its counsel may reasonably request.

 

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

 

SECTION
10     Expenses. The Seller will pay its pro rata share (the Seller’s pro rata portion
to be determined according to the percentage that the aggregate principal balance as of the Cut-Off Date of all the Mortgage Loans
represents as to the aggregate principal balance as of the Cut-Off Date of all the mortgage loans to be included in the Trust
Fund) of all costs and expenses of the Purchaser in connection with the transactions contemplated herein, including, but not limited
to: (i) the costs and expenses of the Purchaser in connection with the purchase of the Mortgage Loans; (ii) the costs and expenses
of reproducing and delivering the Pooling and Servicing Agreement and this Agreement and printing (or otherwise reproducing) and
delivering the Certificates; (iii) the reasonable and documented fees, costs and expenses of the Trustee, the Certificate Administrator
and their respective counsel; (iv) the fees and disbursements of a firm of certified public accountants selected by the Purchaser
and the Seller with respect to numerical information in respect of the Mortgage Loans and the Certificates included in the Prospectus,
Primary Free Writing Prospectus, the Prospectus Supplement, the Preliminary Offering Circular, the Final Offering Circular and
any related disclosure for the initial Form 8-K, including the cost of obtaining any “comfort letters” with respect
to such items; (v) the costs and expenses in connection with the qualification or exemption of the Certificates under state securities
or blue sky laws, including filing fees and reasonable fees and disbursements of counsel in connection therewith; (vi) the costs
and expenses in connection with any determination of the eligibility of the Certificates for investment by institutional investors
in any jurisdiction and the preparation of any legal investment survey, including reasonable fees and disbursements of counsel
in connection therewith; (vii) the costs and expenses in connection with printing (or otherwise reproducing) and delivering the
Registration Statement, Prospectus, Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular and
Final Offering Circular and the reproducing and delivery of this Agreement and the furnishing to the Underwriters of such copies
of the Registration Statement, Prospectus, Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular,
Final Offering Circular and this Agreement as the Underwriters may reasonably request; (viii) the fees of the rating agency or
agencies requested to rate the Certificates; (ix) the reasonable fees and expenses of Cadwalader, Wickersham & Taft LLP, as
counsel to the Purchaser; and (x) the reasonable fees and expenses of Orrick, Herrington & Sutcliffe LLP, as counsel to the
Underwriters and the Initial Purchasers.

 

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

 

SECTION
11     Severability of Provisions. If any one or more of the covenants, agreements, provisions
or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way

 

    	-15-

    	 

    

 

affect
the validity or enforceability of the other provisions of this Agreement. Furthermore, the parties shall in good faith endeavor
to replace any provision held to be invalid or unenforceable with a valid and enforceable provision which most closely resembles,
and which has the same economic effect as, the provision held to be invalid or unenforceable.

 

SECTION
12     Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF
THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

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

 

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

 

SECTION
15     No Third-Party Beneficiaries. The parties do not intend the benefits of this Agreement
to inure to any third party except as expressly set forth in Section 6 and Section 16.

 

SECTION
16     Assignment. The Seller hereby acknowledges that the Purchaser has, concurrently with
the execution hereof, executed and delivered the Pooling and Servicing Agreement and that, in connection therewith, it has assigned
its rights hereunder to the Trustee for the benefit of the Certificateholders. The Seller hereby acknowledges its obligations
pursuant to Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement. This Agreement shall bind and inure to the benefit
of and be enforceable by the Seller, the Purchaser and their

 

    	-16-

    	 

    

 

permitted
successors and assigns. Any Person into which the Seller may be merged or consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Seller may become a party, or any Person succeeding to all or substantially all of the
business of the Seller, shall be the successor to the Seller hereunder without any further act. The warranties and representations
and the agreements made by the Seller herein shall survive delivery of the Mortgage Loans to the Trustee until the termination
of the Pooling and Servicing Agreement, but shall not be further assigned by the Trustee to any Person.

 

SECTION
17     Notices. All communications hereunder shall be in writing and effective only upon
receipt and (i) if sent to the Purchaser, will be mailed, hand delivered, couriered or sent by facsimile transmission to it at
200 West Street, New York, New York 10282, to the attention of Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com,
with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318,
email: joe.osborne@gs.com, (ii) if sent to the Seller, will be mailed, hand delivered, couriered or sent by facsimile transmission
or electronic mail and confirmed to it at MC-Five Mile Commercial Mortgage Finance LLC, 1330 Avenue of the Americas, New York,
New York 10019, Attention: Matthew Philip, Managing Director, fax number (212) 315-9857, and (iii) in the case of any of the preceding
parties, such other address as may hereafter be furnished to the other party in writing by such parties.

 

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

 

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

 

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

 

    	-17-

    	 

    

 

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

 

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

 

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

 

*
* * * * *

 

    	-18-

    	 

    

 

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

	 	 	 	 
	 	GS MORTGAGE SECURITIES CORPORATION II
	 	 	 
	 	By:	/s/
    Leah Nivison 
	 	 	Name: Leah Nivison
	 	 	Title: Vice President
	 	 	 
	 	MC-FIVE MILE COMMERCIAL MORTGAGE FINANCE LLC	 
	 	 	 	 
	 	By:	/s/ Erin
    O’ Callaghan
	 	 	Name: Erin
    O’ Callaghan
	 	 	Title: Managing Director

 

 

GS 2015-GC32 –
MC-Five Mile Mortgage Loan Purchase Agreement

    	 

    	 

    
 

EXHIBIT
A

 

MORTGAGE LOAN SCHEDULE

 

    	A-1

    	 

    

	GSMS
    2015-GC32	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control
    Number	 	Footnotes	 	Loan
    Number	 	Property
    Name	 	Address	 	City	 	State	 	Zip
    Code	 	 Cut-Off
    Date Balance ($) 	 	Mortgage
    Loan Rate (%)	 	Remaining
    Term To Maturity (Mos.)	 	Maturity
    Date	 	Remaining
    Amortization Term (Mos.)	 	Servicing
    Fee Rate (%)	 	Subservicing
    Fee Rate (%)
	18	 	 	 	MC0027F07	 	Skyline
    Property Portfolio	 	 	 	 	 	 	 	 	 	15,150,000	 	4.83500%	 	120	 	7/6/2025	 	324	 	0.00500%	 	0.00000%
	18.01	 	 	 	MC0027F07
    - MC0029B64	 	Heartland
    Village Shopping Center	 	8411
    Windfall Lane	 	Camby	 	Indiana	 	46113	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.02	 	 	 	MC0027F07
    - MC0029B15	 	Park
    52	 	8364-8478
    Brookville Road	 	Indianapolis	 	Indiana	 	46239	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.03	 	 	 	MC0027F07
    - MC0029B07	 	Andrade
    Business Park	 	10702-10816
    Deandra Drive and 10656-10668 Andrade Drive	 	Zionsville	 	Indiana	 	46077	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.04	 	 	 	MC0027F07
    - MC0029B23	 	Fairview
    Corners	 	520
    North State Road 135	 	Greenwood	 	Indiana	 	46142	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.05	 	 	 	MC0027F07
    - MC0029B31	 	Elmwood
    Tech	 	5555-5575
    Elmwood Avenue	 	Indianapolis	 	Indiana	 	46203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.06	 	 	 	MC0027F07
    - MC0029B56	 	White
    River Landing	 	205
    North State Road 135	 	Greenwood	 	Indiana	 	46142	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.07	 	 	 	MC0027F07
    - MC0029B80	 	Holiday
    Center	 	3992
    25th Street	 	Columbus	 	Indiana	 	47203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.08	 	 	 	MC0027F07
    - MC0029B98	 	Whiteland
    Retail Center	 	989
    North US Highway 31	 	Whiteland	 	Indiana	 	46184	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.09	 	 	 	MC0027F07
    - MC0029B49	 	Franklin
    Shoppes	 	1701-1713
    North Morton Street	 	Franklin	 	Indiana	 	46131	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22	 	 	 	MC00257F7	 	Chicago
    Multifamily Portfolio	 	 	 	 	 	 	 	 	 	12,551,970	 	5.30000%	 	119	 	6/6/2025	 	359	 	0.00500%	 	0.00000%
	22.01	 	 	 	MC00257F7
    - MC00268B3	 	5334-5362
    West Madison Street	 	5334-5362
    West Madison Street	 	Chicago	 	Illinois	 	60644	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.02	 	 	 	MC00257F7
    - MC0026880	 	5300
    South Martin Luther King Junior Drive	 	5300
    South King Drive	 	Chicago	 	Illinois	 	60615	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.03	 	 	 	MC00257F7
    - MC0026864	 	1115-27
    East 81st Street	 	1115-27
    East 81st Street	 	Chicago	 	Illinois	 	60619	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.04	 	 	 	MC00257F7
    - MC0026856	 	5248
    South Martin Luther King Junior Drive	 	5248
    South King Drive	 	Chicago	 	Illinois	 	60615	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.05	 	 	 	MC00257F7
    - MC0026807	 	4900-4910
    West Jackson Boulevard	 	4900-4910
    West Jackson Boulevard	 	Chicago	 	Illinois	 	60644	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.06	 	 	 	MC00257F7
    - MC0026849	 	130-136
    North Leamington Avenue	 	130-136
    North Leamington Avenue	 	Chicago	 	Illinois	 	60644	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.07	 	 	 	MC00257F7
    - MC0026898	 	8211-8213,
    8214, and 8223 South Exchange Avenue	 	8211-8214
    and 8223 South Exchange Avenue	 	Chicago	 	Illinois	 	60617	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.08	 	 	 	MC00257F7
    - MC0026823	 	8231-8239
    South Ingleside	 	8231-8239
    South Ingleside Avenue	 	Chicago	 	Illinois	 	60619	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.09	 	 	 	MC00257F7
    - MC00268A5	 	3101
    W. Lexington Street	 	3101
    West Lexington Street	 	Chicago	 	Illinois	 	60612	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.10	 	 	 	MC00257F7
    - MC0026831	 	8200
    South Exchange Avenue	 	8200
    South Exchange Avenue	 	Chicago	 	Illinois	 	60617	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30	 	 	 	MC00248C6	 	Birney
    Portfolio - Galleria Oaks	 	5151
    Richmond Avenue	 	Houston	 	Texas	 	77056	 	10,000,000	 	4.57000%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	34	 	 	 	MC0026E59	 	520
    West Avenue	 	520
    West Avenue	 	Norwalk	 	Connecticut	 	06850	 	9,000,000	 	4.82000%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	35	 	 	 	MC00296F0	 	Conlon
    MHC Portfolio 3	 	 	 	 	 	 	 	 	 	9,000,000	 	4.51500%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	35.01	 	 	 	MC00296F0
    - MC0029892	 	All
    Star	 	2217
    Michael Drive	 	Raleigh	 	North
    Carolina	 	27603	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.02	 	 	 	MC00296F0
    - MC00298A9	 	Orion
    Oaks	 	5004
    Crowders Trail	 	Gastonia	 	North
    Carolina	 	28052	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.03	 	 	 	MC00296F0
    - MC00298B7	 	Oakland
    Glen	 	2516
    Heidelberg Drive	 	Concord	 	North
    Carolina	 	28025	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.04	 	 	 	MC00296F0
    - MC00298C5	 	Princeton
    Village	 	8873
    Princeton Glendale Road	 	Hamilton	 	Ohio	 	45011	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	53	 	 	 	MC0027FB3	 	Binford
    Shoppes 	 	5868
    East 71st Street	 	Indianapolis	 	Indiana	 	46220	 	4,100,000	 	4.54000%	 	120	 	7/6/2025	 	360	 	0.00250%	 	0.06000%
	60	 	 	 	MC0028BA7	 	Lakewood
    Galleria	 	5115
    Candlewood Street	 	Lakewood	 	California	 	90712	 	3,100,000	 	4.68500%	 	120	 	7/6/2025	 	352	 	0.00500%	 	0.00000%
	63	 	 	 	MC0026E26	 	Lakewood
    Village	 	65651
    East 255 Road	 	Grove	 	Oklahoma	 	74344	 	2,545,641	 	4.88000%	 	119	 	6/6/2025	 	299	 	0.00500%	 	0.00000%

 

    	 

    	 

    

	GSMS
    2015-GC32	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control
    Number	 	Footnotes	 	Loan
    Number	 	Property
    Name	 	Mortgage
    Loan Seller	 	Crossed
    Group	 	ARD
    (Yes / No)	 	Final
    Maturity Date	 	Revised
    Rate	 	Companion
    Loan Flag	 	Companion
    Loan Cut-off Balance	 	Companion
    Loan Interest Rate	 	Companion
    Loan Remaining Term To Maturity / ARD (Mos.)	 	Companion
    Loan Maturity Date / ARD	 	Companion
    Loan Remaining Amortization Term (Mos.)
	18	 	 	 	MC0027F07	 	Skyline
    Property Portfolio	 	MC-FiveMile	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.01	 	 	 	MC0027F07
    - MC0029B64	 	Heartland
    Village Shopping Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.02	 	 	 	MC0027F07
    - MC0029B15	 	Park
    52	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.03	 	 	 	MC0027F07
    - MC0029B07	 	Andrade
    Business Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.04	 	 	 	MC0027F07
    - MC0029B23	 	Fairview
    Corners	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.05	 	 	 	MC0027F07
    - MC0029B31	 	Elmwood
    Tech	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.06	 	 	 	MC0027F07
    - MC0029B56	 	White
    River Landing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.07	 	 	 	MC0027F07
    - MC0029B80	 	Holiday
    Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.08	 	 	 	MC0027F07
    - MC0029B98	 	Whiteland
    Retail Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.09	 	 	 	MC0027F07
    - MC0029B49	 	Franklin
    Shoppes	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22	 	 	 	MC00257F7	 	Chicago
    Multifamily Portfolio	 	MC-FiveMile	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.01	 	 	 	MC00257F7
    - MC00268B3	 	5334-5362
    West Madison Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.02	 	 	 	MC00257F7
    - MC0026880	 	5300
    South Martin Luther King Junior Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.03	 	 	 	MC00257F7
    - MC0026864	 	1115-27
    East 81st Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.04	 	 	 	MC00257F7
    - MC0026856	 	5248
    South Martin Luther King Junior Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.05	 	 	 	MC00257F7
    - MC0026807	 	4900-4910
    West Jackson Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.06	 	 	 	MC00257F7
    - MC0026849	 	130-136
    North Leamington Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.07	 	 	 	MC00257F7
    - MC0026898	 	8211-8213,
    8214, and 8223 South Exchange Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.08	 	 	 	MC00257F7
    - MC0026823	 	8231-8239
    South Ingleside	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.09	 	 	 	MC00257F7
    - MC00268A5	 	3101
    W. Lexington Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22.10	 	 	 	MC00257F7
    - MC0026831	 	8200
    South Exchange Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30	 	 	 	MC00248C6	 	Birney
    Portfolio - Galleria Oaks	 	MC-FiveMile	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	34	 	 	 	MC0026E59	 	520
    West Avenue	 	MC-FiveMile	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35	 	 	 	MC00296F0	 	Conlon
    MHC Portfolio 3	 	MC-FiveMile	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.01	 	 	 	MC00296F0
    - MC0029892	 	All
    Star	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.02	 	 	 	MC00296F0
    - MC00298A9	 	Orion
    Oaks	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.03	 	 	 	MC00296F0
    - MC00298B7	 	Oakland
    Glen	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35.04	 	 	 	MC00296F0
    - MC00298C5	 	Princeton
    Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	53	 	 	 	MC0027FB3	 	Binford
    Shoppes 	 	MC-FiveMile	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	60	 	 	 	MC0028BA7	 	Lakewood
    Galleria	 	MC-FiveMile	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	63	 	 	 	MC0026E26	 	Lakewood
    Village	 	MC-FiveMile	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

 EXHIBIT
B

 

MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

 

    	B-1

    	 

    

MORTGAGE LOAN REPRESENTATIONS
AND WARRANTIES

 

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

 

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

 

Except as set forth in the immediately
preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related Mortgagor with
respect to any of the related Mortgage Notes, Mortgages or other Loan Documents, including, without limitation, any such valid
offset, defense, counterclaim or right based on intentional fraud by the Sponsor in connection with the origination of the Mortgage
Loan, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Loan
Documents.

 

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

 

(4)                
Mortgage Status; Waivers and Modifications. Since origination and except by written instruments set forth in the
related Mortgage File (a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, and related Loan Documents
have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially
interferes with the security intended to be provided by such Mortgage; (b) no related Mortgaged Property or any portion thereof
has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to
be provided by such Mortgage or

 

    	B-2

    	 

    

 

 

the use or operation of the remaining portion of such Mortgaged Property; and (c) neither
the related Mortgagor nor the related guarantor has been released from its material obligations under the Mortgage Loan.

 

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

 

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

 

    	B-3

    	 

    

  

knowledge, any other holder of the Mortgage Loan,
has done, by act or omission, anything that would materially impair the coverage under such Title Policy.

 

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

 

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

 

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

 

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

 

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

 

(11)           
Taxes and Assessments. All taxes, governmental assessments and other outstanding governmental charges (including,
without limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property
that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have become

 

    	B-4

    	 

    

  

delinquent
in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient
to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and
warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof shall
not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon
and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.

 

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

 

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

 

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

 

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

 

(16)            
Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by
a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss
form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting the requirements
of the related Loan Documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M.
Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from Standard
& Poor’s Ratings Services (collectively the “Insurance Rating Requirements”), in an amount (subject to a
customary deductible) not less than the lesser of (1) the original principal balance of the Mortgage Loan and (2) the full insurable
value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and
included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary
or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related
Mortgaged Property.

 

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

 

    	B-5

    	 

    

 

 

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

 

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

 

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

 

An architectural or engineering consultant
has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural
and seismic condition of such property, for the sole purpose of assessing the scenario expected limit (“SEL”) for the
Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year return period, an exposure
period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL would exceed 20% of the
amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained from an insurer
rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service,
Inc. or “A-” by Standard & Poor’s Ratings Services in an amount not less than 100% of the SEL.

 

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

 

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

 

(17)            
Access; Utilities; Separate Tax Lots. Each Mortgaged Property (a) is located on or adjacent to a public road
and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress
and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or
well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes
one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to
an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or
will be, made to

 

    	B-6

    	 

    

  

the applicable governing authority for creation of separate tax lots, in which case the Mortgage Loan requires
the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part
until the separate tax lots are created.

 

(18)            
No Encroachments. To the Sponsor’s knowledge based solely on surveys obtained in connection with origination
and the Mortgagee’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy
with escrow instructions or a “marked up” commitment) obtained in connection with the origination of each Mortgage
Loan, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged
Property at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged Property, except
encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance
or endorsements were obtained under the Title Policy. No improvements on adjoining parcels encroach onto the related Mortgaged
Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property
or for which insurance or endorsements were obtained under the Title Policy. No improvements encroach upon any easements except
for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property
or for which insurance or endorsements were obtained under the Title Policy.

 

(19)            
No Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation feature, any other contingent
interest feature or a negative amortization feature or an equity participation by Sponsor.

 

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

 

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

 

(22)            
Authorized to do Business. To the extent required under applicable law, as of the Cut-off Date or as of the date
that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold (as
applicable) the Mortgage Note in the jurisdiction in

 

    	B-7

    	 

    

 

which each related Mortgaged Property is located, or the failure to be so
authorized does not materially and adversely affect the enforceability of such Mortgage Loan by the Trust.

 

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

 

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

 

(25)            
Licenses and Permits. Each Mortgagor covenants in the Loan Documents that it shall keep all material licenses, permits
and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and
to the Sponsor’s knowledge based upon any of a letter from any government authorities or other affirmative investigation
of local law compliance consistent with the investigation conducted by the Sponsor for similar commercial and multifamily mortgage
loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect.
The Mortgage Loan requires the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged
Property is located.

 

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

 

(27)            
Mortgage Releases. The terms of the related Mortgage or related Loan Documents do not provide for release of any
material portion of the Mortgaged Property from the lien of the

 

    	B-8

    	 

    

  

Mortgage except (a) a partial release, accompanied by principal
repayment, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan
amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon
payment in full of such Mortgage Loan, (c) upon a Defeasance defined in (32) below, (d) releases of out-parcels that
are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value
of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of the Mortgage
Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as
required pursuant to an order of condemnation or taking by a State or any political subdivision or authority thereof. With respect
to any partial release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would
not constitute a “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations
Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage”
within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer can, in accordance with
the related Loan Documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax
counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x), for
all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged
Property after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (or related Whole Loan)outstanding
after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the
REMIC Provisions.

 

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

 

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

 

(28)          
Financial Reporting and Rent Rolls. The Mortgage Loan documents for each Mortgage Loan require the Mortgagor to provide
the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and
quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the
in-place base rent and annual financial statements, which annual financial statements with respect to each Mortgage Loan with more
than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together
with the related combined statements of operations, members’ capital and cash flows, including a combining balance sheet
and statement of income for the Mortgaged Properties on a combined basis.

 

(29)          
Acts of Terrorism Exclusion. With respect to each Mortgage Loan over $20 million, the related special-form all-risk
insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically
exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program
Reauthorization Act of 2007 as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively referred
to as “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.
With respect to each other Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued
by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, to the
Sponsor’s knowledge, do not, as of the Cut-off

 

    	B-9

    	 

    

 

Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage,
or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each Mortgage Loan, the
related Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined
in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in
effect, then provided that terrorism insurance is commercially available, the Mortgagor under each Mortgage Loan is required
to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount
on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required
to purchase the maximum amount of terrorism insurance available with funds equal to the Terrorism Cap Amount. The “Terrorism
Cap Amount” is the specified percentage (which is at least equal to 200%) of the amount of the insurance premium that is
payable at such time in respect of the property and business interruption/rental loss insurance required under the related Loan
Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental
loss insurance).

 

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

 

(31)            
Single-Purpose Entity. Each Mortgage Loan requires the Mortgagor to be a Single-Purpose Entity for at least as long
as the Mortgage Loan is outstanding. Both the Loan Documents and the organizational documents of the Mortgagor with respect to
each Mortgage Loan with a Cut-off Date Principal Balance in excess of $5 million provide that the Mortgagor is a Single-Purpose
Entity, and each Mortgage Loan with a Cut-off Date Principal Balance of $20 million or more has a counsel’s opinion regarding
non-consolidation of the Mortgagor. For this purpose, a “Single-Purpose Entity” shall mean an entity, other than an
individual, whose organizational documents

 

    	B-10

    	 

    

  

(or if the Mortgage Loan has a Cut-off Date Principal Balance equal to $5 million or
less, its organizational documents or the related Loan Documents) provide substantially to the effect that it was formed or organized
solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit
it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further
provide, or which entity represented in the related Loan Documents, substantially to the effect that it does not have any assets
other than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than
as permitted by the related Mortgage(s) or the other related Loan Documents, that it has its own books and records and accounts
separate and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized and
cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other
person or entity.

 

(32)            
Defeasance. With respect to any Mortgage Loan that, pursuant to the Loan Documents, can be defeased (a “Defeasance”),
(i) the Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions
specified in the Loan Documents; (ii) the Mortgage Loan cannot be defeased within two years after the Closing Date; (iii) the
Mortgagor is permitted to pledge only United States “government securities” within the meaning of Treasury Regulations
Section 1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled
payments under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after
the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), and if the Mortgage
Loan permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be
sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to
the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal
balance of the Mortgage Loan; (iv) the Mortgagor is required to provide a certification from an independent certified public
accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above,
(v) if the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan
secured by defeasance collateral is required to be assumed (or the Mortgagee may require such assumption) by a Single-Purpose Entity;
(vi) the Mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such
collateral prior to any other claim or interest; and (vii) the Mortgagor is required to pay all rating agency fees associated
with defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses
associated with defeasance, including, but not limited to, accountant’s fees and opinions of counsel.

 

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

 

(34)            
Ground Leases. For purposes of this Annex E-1, a “Ground Lease” shall mean a lease creating a leasehold
estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the
land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may,
in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor
as fee owner and does not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement
or other benefit.

 

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

 

(a)   
The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form
that is acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from
the ground

 

    	B-11

    	 

    

 

lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of
the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the
security provided by the related Mortgage. No material change in the terms of the Ground Lease had occurred since the origination
of the Mortgage Loan, except as reflected in any written instruments which are included in the related Mortgage File;

 

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

 

(c)    
The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances,
may be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than 20 years beyond the
stated maturity of the related Mortgage Loan, or 10 years past the stated maturity if such Mortgage Loan fully amortizes by the
stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes);

 

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

 

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

 

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

 

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

 

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

 

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

 

(j)      
Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage
(taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s
interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total
loss or taking as addressed in subpart (k)) will be applied either to the repair or to restoration of all or part of the related
Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Loan Documents)
the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses,
or to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest;

 

    	B-12

    	 

    

  

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

 

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

 

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

 

(36)           
Origination and Underwriting. The origination practices of the Sponsor (or the related originator if the Sponsor
was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal and as of the date of its
origination, such Mortgage Loan (or the related Whole Loan, as applicable) and the origination thereof complied in all material
respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage
Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal,
state or local law otherwise covered in this Annex E-1.

 

(37)           
No Material Default; Payment Record. No Mortgage Loan has been more than 30 days delinquent, without giving
effect to any grace or cure period, in making required debt service payments since origination, and as of the date hereof, no Mortgage
Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing
Date. To the Sponsor’s knowledge, there is (a) no material default, breach, violation or event of acceleration existing
under the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage
of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or
event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially
and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, provided,
however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that
specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Sponsor in
this Annex E-1 (including, but not limited to, the prior sentence). No person other than the holder of such Mortgage Loan
may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Mortgage Loan documents.

 

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

 

(39)           
Organization of Mortgagor. With respect to each Mortgage Loan, in reliance on certified copies of the organizational
documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage Loan or the related Whole
Loan, as applicable), the Mortgagor is an entity organized under the laws of a state of the United States of America, the District
of Columbia or the Commonwealth of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted
with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage Loan.

 

(40)            
Environmental Conditions. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II
site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”)
meeting ASTM requirements were conducted by a reputable environmental consultant in connection with such Mortgage Loan within

 

    	B-13

    	 

    

 

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

 

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

 

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

 

(43)            
Cross-Collateralization. Except with respect to a Mortgage Loan that is part of a Whole Loan no Mortgage Loan is
cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool, except as set forth on
Annex E-2.

 

(44)            
Advance of Funds by the Sponsor. After origination, no advance of funds has been made by the Sponsor to the related
Mortgagor other than in accordance with the Loan Documents, and, to the Sponsor’s knowledge, no funds have been received
from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other
than as contemplated by the Loan Documents, such as, by way of example and not in limitation of the

 

    	B-14

    	 

    

  

foregoing, amounts paid by
the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Loan Documents). Neither
the Sponsor nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan,
other than contributions made on or prior to the date hereof.

 

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

 

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

 

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

 

    	B-15

    	 

    

 

 

 

Exhibit
B-30-1

 

List
of Mortgage Loans with Current Mezzanine Debt

 

None.

 

    	B-30-1-1

    	 

    

 

Exhibit
B-30-2

 

List of Mortgage Loans with Permitted Mezzanine Debt

 

None.

 

    	B-30-2-1

    	 

    

 

Exhibit
B-30-3

 

List of Cross-Collateralized and Cross-Defaulted Mortgage Loans

 

None.

 

    	B-30-3-1

    	 

    

 

EXHIBIT
C

 

EXCEPTIONS
TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

	 	 	 	 	 
	Representation

Number on Annex E-1	 	Mortgage Loan Name

and Number as

Identified on Annex A	 	Description
    of Exception
	 	 	 	 	 
	(5)
    Lien; Valid Assignment	 	Skyline Property
    Portfolio (No. 18)	 	A prior owner in
    the chain of title has a right of first refusal against the Fairview Corners Mortgaged Property.  Title coverage
    was obtained and the borrower covenanted in the Mortgage Loan Documents to use commercially reasonable efforts to obtain a
    subordination agreement post-closing.  The Mortgage Loan Documents contain a recourse carveout related to any loss.
	 	 	 	 	 
	(5)
    Lien; Valid Assignment	 	Binford Shoppes
    (No. 53)	 	The shadow anchor
    has a right of first refusal with respect to the Mortgaged Property.  The shadow anchor has executed a waiver agreement
    pursuant to which it agreed that its right of first refusal does not apply to a foreclosure, deed-in-lieu of foreclosure,
    or the sale by the lender (or a lender affiliate) after a foreclosure or a deed-in-lieu of foreclosure. 
	 	 	 	 	 
	(16)
    Insurance	 	Birney Portfolio
    – Galleria Oaks (No. 30)	 	In the event of
    a loss, insurance proceeds relating to the improvements and building on the Mortgaged Property are distributed directly to
    the lender in accordance with related Mortgage Loan Documents. However, any distribution of insurance proceeds with respect
    to the common elements for the condominium must go to the condominium association.  In the event proceeds are sufficient
    to restore the Mortgaged Property, the condominium association effects the restoration.  If proceeds are insufficient
    to restore the Mortgaged Property, and if damage is not more than two-thirds of all general common elements, the damage shall
    be promptly restored through a special assessment against all unit owners for the deficiency, payable within 30 days.  However,
    if the damage is more than two-thirds of all general common elements, then the condominium regime is terminated and the property
    sold with proceeds distributed pro rata, unless 100% of the unit owners and their related mortgagees agree to restore
    within 100 days.
	 	 	 	 	 
	(16)
    Insurance	 	Conlon MHC Portfolio
    3 (No. 35)	 	The Princeton Village
    MHC Mortgaged Property is located in a flood zone, but insurance could not be obtained under the National Flood Insurance
    Program due to lack of permanent structures on the Mortgaged Property.  The Mortgage Loan Documents provide a nonrecourse
    carveout for losses due to flood.
	 	 	 	 	 
	(24)
    Local Law Compliance	 	Chicago Multifamily
    Portfolio (No. 22)	 	The 8200 S. Exchange
    Avenue, 8231-8239 South Ingleside, 1115-27 East 81st Street and 8211—8213, 8214 and 8223 South Exchange Avenue Mortgaged
    Properties are legal non-conforming as to use.  The applicable rebuild provision provides that if the non-conforming
    building or structure is partially damaged or totally destroyed, it may be repaired or rebuilt if a building permit is obtained
    within 18 months’ of the date of the damage, provided that the resulting building is not more out of compliance than
    the building being replaced.  A non-recourse carveout was added to the Loan Documents relating to the inability
    to rebuild to include the same amount of rentable square feet and number (and size) of dwelling units as existed prior to
    the casualty.
	 	 	 	 	 
	(24)
    Local Law Compliance	 	Chicago Multifamily
    Portfolio (No. 22)	 	Certain of the
    Mortgaged Properties contain existing building code violations, which have been resolved, but are awaiting inspection and
    approval by the applicable agency.  A non-recourse carveout was added to the Loan Documents relating to any losses
    sustained due to building code violations.
	 	 	 	 	 
	(28)
    Financial Reporting and Rent Rolls	 	Skyline Property
    Portfolio (No. 18)	 	Each individual
    borrower is required to provide the required financial information, but not on a combined basis.

 

    	C-1

    	 

    
 

EXHIBIT
D

 

FORM OF OFFICER’S CERTIFICATE

 

[                               ]
(“Seller”) hereby certifies as follows:

 

		1.	All
                                         of the representations and warranties (except as set forth on Exhibit C) of the Seller
                                         under the Mortgage Loan Purchase Agreement, dated as of July 1, 2015 (the “Agreement”),
                                         between GS Mortgage Securities Corporation II and Seller, are true and correct in all
                                         material respects on and as of the date hereof (or as of such other date as of which
                                         such representation is made under the terms of Exhibit B to the Agreement) with the same
                                         force and effect as if made on and as of the date hereof (or as of such other date as
                                         of which such representation is made under the terms of Exhibit B to the Agreement).

 

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

 

		3.	Neither
                                         the Prospectus, dated February 9, 2015 (the “Base Prospectus”), as
                                         supplemented by the Prospectus Supplement, dated July 17, 2015 (the “Prospectus
                                         Supplement” and, together with the Base Prospectus, the “Prospectus”),
                                         relating to the offering of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
                                         Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D and Class X-D Certificates,
                                         nor the Offering Circular, dated July 17, 2015 (the “Offering Circular”),
                                         relating to the offering of the Class E, Class F, Class G, Class H and Class R Certificates,
                                         in the case of the Prospectus, as of the date of the Prospectus Supplement or as of the
                                         date hereof, or the Offering Circular, as of the date thereof or as of the date hereof,
                                         included or includes any untrue statement of a material fact relating to the Seller,
                                         the Mortgage Loans, the related Mortgaged Properties and the related Mortgagors and their
                                         respective affiliates, or omitted or omits to state therein a material fact relating
                                         to the Seller, the Mortgage Loans, the related Mortgaged Properties and the related Mortgagors
                                         and their respective affiliates required to be stated therein or necessary in order to
                                         make the statements therein relating to the Seller, the Mortgage Loans, the related Mortgaged
                                         Properties and the related Mortgagors and their respective affiliates, in the light of
                                         the circumstances under which they were made, not misleading.

 

    	D-1

    	 

    

 

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

 

[SIGNATURE
APPEARS ON THE FOLLOWING PAGE]

 

    	D-2

    	 

    

 

Certified
this __ day of July, 2015.

	 	 	 	 
	 	MC-FIVE MILE MORTGAGE FINANCE LLC
	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

    	D-3

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