Document:

EX-10.183

 Exhibit 10.183 
  

 
 MORTGAGE LOAN PURCHASE AGREEMENT 

This Mortgage Loan Purchase Agreement is dated and effective as of 9/25/12, by and between the “Seller” and the “Purchaser” identified on
the signature page hereto. 
 RECITALS 

The Seller desires to sell and transfer to the Purchaser from time to time, and the Purchaser desires to purchase from the Seller from time to time, certain
Mortgage Loans upon such terms as set forth herein. 
 In consideration of the promises and the mutual agreements and undertakings set forth herein, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 

THE GUIDE 
 Unless the context otherwise
requires, all capitalized terms used and not otherwise defined in the Agreement shall have the meanings assigned to such terms in the PennyMac Seller’s Guide, as amended and supplemented from time to time. For avoidance of doubt, the terms
“Agreement” and “Guide” as used herein shall also have the meanings assigned to such terms in the PennyMac Seller’s Guide. The parties expressly understand and agree that the Guide is incorporated into the Agreement by
reference and forms a critical and inseparable part thereof. Seller also expressly understands and agrees that Purchaser reserves the right to amend or supplement the Guide at any time and from time to time. Purchaser shall furnish Seller with any
such amendments or supplements, which shall become effective immediately upon notice thereof or on such later date as Purchaser may determine in its sole discretion, and the sale and purchase of each Mortgage Loan hereunder shall be subject to all
requirements of the Guide, as in effect on the related Funding Date. 
 ARTICLE II 

SALE OF THE MORTGAGE LOANS 
 Section 2.1
Agreement of Sale. On each Funding Date, the Seller does hereby agree to sell, convey, transfer and assign to the Purchaser all right, title and interest in and to the Mortgage Loans, all in accordance with the terms and conditions set
forth in the Agreement. 
 Section 2.2 Payment of the Purchase Price. On each Funding Date, the Purchaser shall pay to the Seller the
Purchase Price, by wire transfer in immediately available funds to the account designated by the Seller. Upon completion of the wire transfer to the Seller’s designated account, the Purchaser shall own the Mortgage Loans and the Servicing
Rights, free and clear of any lien or encumbrance whatsoever. 

  
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 Section 2.3 Entitlement to Payment on the Mortgage Loans. The Purchaser shall be entitled
to all collections and recoveries of principal and interest paid by a Mortgagor, received by Seller or otherwise applied to any Mortgagor’s account after the related Funding Date. 

Section 2.4 Delivery of Mortgage Loan Documents. The Seller shall deliver the Mortgage Loan Documents with respect to each Mortgage Loan to
the Purchaser or its designee on or before the Delivery Due Date, except as otherwise permitted to be delivered later in accordance with the requirements of the Guide. 

Section 2.5 Conditions to Funding. The Purchaser’s obligations hereunder with respect to any Mortgage Loan are subject to the
fulfillment of the following conditions precedent. In the event that any of the conditions set forth below are not satisfied, the Purchaser shall not have any obligation to purchase any such Mortgage Loan or to pay the Purchase Price as contemplated
hereunder. 
  

	 	(a)	Each of the representations and warranties made by the Seller hereunder shall be true and correct in all material respects as of the related Funding Date and no event shall have occurred which, with notice or the
passage of time, would constitute a default under the Agreement; 

  

	 	(b)	The Seller shall have delivered to the Purchaser a complete Mortgage File with respect to each Mortgage Loan that contains all of the Mortgage Loan Documents required to be delivered on or before the Delivery Due Date,
except as otherwise permitted to be delivered later in accordance with the requirements of the Guide; and 

  

	 	(c)	Each of the terms and conditions set forth herein which are required to be satisfied on or before the related Funding Date shall have been satisfied unless waived in writing by the party affected thereby.

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.1 Representations, Warranties and Covenants Respecting the Seller. As of the date of the Agreement and as of each Funding Date,
the Seller makes each of the “Representations, Warranties and Covenants Respecting the Seller” as are set forth in the Guide as it exists on the related date such representation, warranty and/or covenant was made. 

Section 3.2 Representations and Warranties Regarding Individual Mortgage Loans. With respect to each Mortgage Loan as of the related
Funding Date, the Seller makes each of the “Representations and Warranties Respecting the Individual Mortgage Loans” as are set forth in the Guide as it exists on the related date such representation and warranty was made. 

Section 3.3 Survival of Representations and Warranties; Applicability. The representations, warranties and covenants referenced in this
Article III shall survive the sale of the Mortgage Loans to the Purchaser and shall inure to the benefit of the Purchaser, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or Assignment of Mortgage or 

  
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 Purchaser’s examination or failure to examine any Mortgage File. Furthermore, the absence of the Seller
in either the chain of title or endorsements shall in no way limit the Purchaser’s recourse against the Seller as provided in the Agreement for a breach of one or more of the Seller’s representations and warranties made herein. 

For purposes of the Agreement, the term “to the best of the Seller’s knowledge” means that the Seller reasonably believes such representation
and warranty to be true, and has no knowledge or notice that such representation or warranty is inaccurate or incomplete, and, consistent with the standard of care exercised by prudent lending institutions, the Seller has conducted a reasonable
inquiry to assure the accuracy and completeness of the applicable representation and warranty. With respect to representations and warranties referenced in this Article III that are made to the best of the Seller’s knowledge, if it is
discovered by either the Seller or the Purchaser that the substance of such representation and warranty is inaccurate and /or incomplete, the Purchaser shall be entitled to all the remedies to which it would be entitled for a breach of
representation or warranty, including, without limitation, the repurchase requirements contained herein, notwithstanding the Seller’s lack of knowledge with respect to the inaccuracy and/or incompleteness of the representation or warranty at
the time it was made. 
 Section 3.4 Repurchase Obligations. 

As further provided below, Seller shall have a Repurchase Obligation with respect to any Mortgage Loan upon the occurrence of one or more of the following
breaches affecting such Mortgage Loan: 
  

	 	(a)	Upon the discovery by either the Seller or the Purchaser of a breach of any representation, warranty or covenant referenced in this Article III; 

 

	 	(b)	Where the Seller fails to deliver, or fails to cause to be delivered, one or more original Mortgage Loan Documents with respect to the Mortgage Loan as required and specified in the Guide within the maximum delivery
time permitted in the Guide for such original document, or, if no time is specified, within one hundred and twenty (120) days after the related Funding Date; 

 

	 	(c)	Where an Early Payment Default has occurred with respect to the Mortgage Loan; and 

  

	 	(d)	Upon the occurrence of any other event or circumstance giving rise to a Repurchase Obligation, as the same may be identified in the Guide as it exists on the related Funding Date of such Mortgage Loan.

 Upon receipt of notice from the Purchaser of a breach set forth in this Section 3.4 with respect to any Mortgage Loan, if such breach
is capable of being cured, the Seller shall have a period of thirty (30) days from the date of the notice in which to cure such breach. If the Seller fails to cure such breach within this time frame, the Seller shall repurchase the affected
Mortgage Loan by paying the Purchaser the related Repurchase Price immediately after the conclusion of the cure period. With respect to any breach set forth in this Section 3.4 that is not capable of being cured by the Seller, the Seller shall
repurchase the affected Mortgage Loan by paying the Repurchase Price within five (5) business days after the earlier of (x) the date of its receipt of the notice, and (y) the date of its determination that such breach is incapable of
being cured. 

  
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 Seller expressly understands and agrees that no Repurchase Obligation with respect to any Mortgage Loan shall
be affected in any way by: (i) the initiation or prosecution of a foreclosure proceeding, or the occurrence of a foreclosure sale, with respect to the Mortgage Loan (or the acceptance of a deed-in-lieu of foreclosure by Purchaser);
(ii) the transfer of title to the Mortgaged Property to the Purchaser or any third party; (iii) the modification of the Mortgage Loan by Purchaser, any subsequent investor or the servicer, (iv) the waiver of all or a portion of the
unpaid principal balance of the Mortgage Loan by Purchaser, any subsequent investor or the servicer; or (v) any other action or omission by Purchaser, any subsequent investor or the servicer, including, without limitation, normal and customary
servicing of the Mortgage Loan, including any loss mitigation efforts that affect or impair any rights or remedies against the Mortgagor under the terms of the Mortgage Loan or applicable law, it being expressly understood that any such action or
omission set forth in (i) through (v) above may have been required, reasonably necessary or desirable to mitigate any losses resulting from the breach giving rise to the Repurchase Obligation. 

At the time of repurchase, the Purchaser and the Seller shall arrange for the reassignment of the repurchased Mortgage Loan to the Seller and the delivery to
the Seller of any documents held by the Purchaser or its custodian relating to such Mortgage Loan. 
 Section 3.5 Additional Remedies for Early
Payoff. 
 Each Mortgage Loan purchased by Purchaser from the Seller shall be subject to Purchaser’s Early Payoff Policy, which requires that
in the event of an Early Payoff with respect to a Mortgage Loan, the Seller shall promptly reimburse the Purchaser any related servicing released premium as published or calculated internally by Purchaser or, to the extent a Mortgage Loan subject to
an Early Payoff has not been pooled or resold to investors, any premium paid in excess of par in respect of such Mortgage Loan. Purchaser may change its Early Payoff Policy at any time and from time to time. Purchaser shall notify Seller of any such
changes, which shall become effective immediately upon notice thereof or on such later date as Purchaser may determine in its sole discretion, and such changes shall apply to all Mortgage Loans purchased on or after such effective date. 

Section 3.6 Indemnification of the Purchaser; Offset. In addition to the Repurchase Obligations set forth in Section 3.4, the Seller
shall defend and indemnify the Purchaser and hold it harmless against any losses, damages, penalties, fines, forfeitures, judgments and any related costs including, without limitation, reasonable and necessary legal fees, resulting from any claim,
demand, defense or liability based upon or arising out of (a) any act or omission on the part of the Seller in receiving, processing, funding or servicing any Mortgage Loan, (b) any breach by Seller of any of the terms of the Agreement, or
(c) any circumstance giving rise to a Repurchase Obligation as set forth in Section 3.4. Without limiting in any way the Repurchase Obligations of the Seller set forth in Section 3.4 and the indemnification obligations of the Seller
set forth in this Section 3.6, the Purchaser or its affiliates shall have the right to offset, from any amount owed or otherwise payable to the Seller or its affiliates hereunder or under any other agreement with the Seller or its affiliates,
any amount that the Seller or its affiliates owes or is otherwise required to pay to the Purchaser under the Agreement or under any other agreement with the Purchaser or its affiliates. In addition to the obligations of the Seller set forth in this
Article III, the Purchaser may pursue any and all remedies otherwise available at law or in equity, including, but not limited to, the right to seek damages. 

  
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 Section 3.7 Cause of Action. Any cause of action against the Seller relating to or arising
out of a breach of this Article III shall accrue upon Seller’s failure to satisfy its Repurchase Obligation, indemnity obligations or other obligations in the manner, and in accordance with the timeframes, required hereunder. 

ARTICLE IV 
 MISCELLANEOUS

 Section 4.1 No Solicitation. From and after the date hereof, the Seller shall use its best efforts to prevent the sale of the name of
any Mortgagor to any person or entity. From and after the date a Purchase Commitment is executed by both parties, the Seller agrees that it will not take any action or permit or cause any action to be taken by any of its agents or affiliates, or by
any independent contractors on its behalf, to personally, by telephone or mail, solicit the borrower or obligor under any Mortgage Loan for the purpose of refinancing a Mortgage Loan, without the prior written consent of the Purchaser.
Notwithstanding the foregoing, it is understood and agreed that promotions undertaken by the Seller or any affiliate which are directed to the general public at large, including, without limitation, mass mailing based on commercially acquired
mailing lists, newspaper, radio and television advertisements shall not constitute solicitation under this Section 4.1. 
 Section 4.2
Confidentiality. The Seller and the Purchaser hereby acknowledge and agree that the Agreement shall be kept confidential and its contents will not be divulged to any party without the other party’s consent except as may be necessary
or required in working with legal counsel, auditors, taxing authorities or other governmental agencies. 
 Section 4.3 Termination;
Suspension. 
  

	 	(a)	The Agreement may be terminated by any party at any time for any reason by providing written notice to the other party, such termination to be effective as of the date specified by the terminating party.

  

	 	(b)	In addition to the termination rights set forth in the preceding Subsection 4.3(a), the Purchaser may, in its sole and absolute discretion and in lieu of terminating the Agreement, suspend the Seller as an approved
seller at any time and for any reason. Such suspension shall be effective as of the date specified by the Purchaser and shall remain in effect until such time as the Purchaser determines to reactivate the Seller or either party terminates the
Agreement. The Purchaser shall have the right to determine what rights and privileges the Seller will have during the suspension and in no event shall the Purchaser be obligated to enter into a Purchase Commitment with the Seller during the
suspension period. 

  

	 	(c)	 With respect to any Mortgage Loan which is subject to a Purchase Commitment as of the date of the termination or suspension notice,

  
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except as provided in the Purchase Commitment or below, such termination or suspension shall not change or modify the obligations of the Purchaser and the Seller under the Purchase Commitment,
and the Purchaser and the Seller shall remain obligated to comply with the transaction subject to the terms and conditions of the Agreement and the related Purchase Commitment. Further, the termination of the Agreement shall not in any way affect
the parties’ rights, obligations, representations, warranties or indemnifications with respect to Mortgage Loans sold by the Seller to the Purchaser under the Agreement prior to the effective date of the termination or suspension, as
applicable, it being understood that all such rights, obligations, representations, warranties and indemnifications shall survive any such termination. 

  

	 	(d)	Notwithstanding anything to the contrary in this Section 4.3, the Purchaser may immediately terminate its obligations under a Purchase Commitment and return to the Seller any Mortgage Loans subject to a Purchase
Commitment if the Purchaser determines that (i) there has been a material adverse change with respect to the Seller or in general market conditions, (ii) the Seller will be unable to comply with any obligations, covenants, representations
or warranties under the Agreement with respect to the Purchase Commitment or (iii) any deception, fraud, concealment or material misrepresentation has occurred by the Seller, its officers, directors, employees, agents, subsidiaries, affiliates,
or by any independent contractors acting on behalf of the Seller, in connection any Mortgage Loan committed or previously sold to the Purchaser. 

Section 4.4 Intention of the Parties. Pursuant to this Agreement, Purchaser is purchasing, and the Seller is selling the Mortgage Loans and
not a debt instrument or any other security of the Seller. Accordingly, the Seller and Purchaser shall each treat the transaction for federal income tax purposes as a sale by the Seller, and a purchase by Purchaser, of the Mortgage Loans, including
the Servicing Rights. The Purchaser shall have the right to review the Mortgage Loans and the related Mortgage Loan Files to determine the characteristics of the Mortgage Loans which shall affect the federal income tax consequences of owning the
Mortgage Loans, including the Servicing Rights, and the Seller shall cooperate with all reasonable requests made by the Purchaser in the course of such review. 

Section 4.5 Execution of Agreement. The Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be
deemed to be an original, and all such counterparts shall constitute one and the same instrument. The Agreement shall be deemed binding when executed by both the Purchaser and the Seller. Telecopy signatures shall be deemed valid and binding to the
same extent as the original. 
 Section 4.6 Entire Agreement. The Agreement and any related Purchase Commitment constitute the entire
understanding between the parties hereto with respect to the sale and purchase of each Mortgage Loan hereunder and thereunder and supersede all prior or contemporaneous oral or written communications regarding same. The Seller and the Purchaser
understand and agree that no employee, agent or other representative of the Seller or the Purchaser has any authority to bind such party with regard to any statement, representation, warranty or other expression unless said statement,
representation, warranty or other expression is specifically included within the express terms of the Agreement. The Agreement shall not be modified, amended or in any way altered except by an instrument in writing signed by both parties. 

  
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 Section 4.7 Further Agreements. The Seller shall execute and deliver to the Purchaser and
the Purchaser shall execute and deliver to the Seller such reasonable and appropriate additional documents, instruments or agreements as may be necessary or appropriate to effectuate the purposes of the Agreement. 

Section 4.8 Successors and Assigns. The Agreement shall bind and inure to the benefit of and be enforceable by the Seller and the Purchaser
and the respective permitted successors and assigns of the Seller and the successors and assigns of the Purchaser. The Agreement shall not be assigned, pledged or hypothecated by the Seller without the consent of the Purchaser. This Agreement may be
assigned, pledged or hypothecated or otherwise transferred or encumbered by the Purchaser, in whole or part, without the consent of the Seller. If the Purchaser assigns some or all of its rights as the Purchaser hereunder relating to some or all of
the Mortgage Loans, the assignee of the Purchaser, upon notification to the Seller, will become the “Purchaser” hereunder with respect to such rights and Mortgage Loans assigned hereby. 

Section 4.9 Survival. All covenants, agreements, representations and warranties made herein shall survive the execution and delivery of the
Agreement and the Seller hereby waives the benefit of the applicable statutes of limitations with respect to any of the covenants, agreements, representations and warranties set forth herein. It shall not be a defense in any action by the Purchaser
against the Seller arising out of a breach of the Seller’s covenants, agreements, representations and warranties made herein that the Purchaser knew or should have known of the existence of the related breach of such covenants, agreements,
representations and warranties. 
 Section 4.10 Severability Clause. Any part, provision, representation or warranty of the Agreement
which is prohibited or which is held to be void or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any part, provision, representation or warranty of the
Agreement which is prohibited or unenforceable or is held to be void or unenforceable in any relevant jurisdiction shall be ineffective, as to such jurisdiction, to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction as to any Mortgage Loan shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law,
the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof. 
 Section 4.11
Costs. All costs and expenses incurred in connection with the transfer and delivery of the Mortgage Loans, including recording fees, fees for title policy endorsements and continuations and the Seller’s attorney’s fees, shall be
paid by the Seller. All other costs shall be borne by the party incurring such costs. 
 Section 4.12 Attorney’s Fees. If any claim,
legal action or any arbitration or other proceeding is brought for the enforcement of the Agreement or because of a dispute, breach, default or misrepresentation in connection with any of the provisions of the Agreement, the successful or prevailing
party shall be entitled to recover reasonable attorneys’ fees and other costs incurred in that claim, action or proceeding, in addition to any other relief to which such party may be entitled. 

  
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 Section 4.13 Notices. All demands, notices and communications required to be provided
hereunder shall be in writing and shall be deemed to have been duly given if mailed, by registered or certified mail, postage prepaid, and return receipt requested, or, if by other means, when received by the other party at the address set forth on
the signature page hereto or such other address as may hereafter be furnished to the other party by like notice. Any such demand, notice or communication hereunder shall be deemed to have been received on the date delivered to or received at the
premises of the addressee (as evidenced, in the case of registered or certified mail, by the date noted on the return receipt, or in the case of email, by the earlier of the date noted on a confirmation of delivery or the date noted on a return
receipt). 
 Section 4.14 Reproduction of Documents. The Agreement and all documents relating thereto, including, without limitation,
(a) consents, waivers and modifications which may hereafter be executed, (b) documents received by any party at the closing, and (c) financial statements, certificates and other information previously or hereafter furnished, may be
reproduced by any photographic, photo static, microfilm, micro-card, miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or
administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence. 
 Section 4.15 Conflicts between Transaction Documents. In the event of any conflict, inconsistency
or ambiguity between the terms and conditions of the MLPA and the Guide, the terms of the Guide shall control. In the event of any conflict, inconsistency or ambiguity between the terms of the MLPA, the Guide and a Purchase Commitment, the terms of
the Purchase Commitment shall control. In the event of any conflict, inconsistency or ambiguity between the terms and conditions of the MLPA, the Guide, the Purchase Commitment and the Funding Schedule, the terms of the Funding Schedule shall
control. 
 Section 4.16 Waiver. No waiver of any term or condition of the Agreement shall be effective unless made in writing and signed
by the party against whom enforcement of such waiver is sought, and no written waiver shall be deemed or construed to be a waiver of any future or subsequent breach of the term or condition so waived. No failure or delay by either party in
exercising any right, power or remedy with respect to any of its rights hereunder shall operate as a waiver thereof. 
 Section 4.17 General
Interpretive Principles. For purposes of the Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(a)	the terms defined in the Agreement have the meanings assigned to them in the Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender;

  

	 	(b)	accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles; 

  
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	 	(c)	references herein to “Articles,” “Sections,” and “Subsections” without reference to a document are to designated Articles, Sections and Subsections of the Agreement; 

 

	 	(d)	reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in which the reference appears; 

 

	 	(e)	the words “herein,” “hereof,” “hereunder” and other words of similar import refer to the Agreement as a whole and not to any particular provision; and 

 

	 	(f)	the term “include” or “including” shall mean without limitation by reason of enumeration. 

Section 4.18 Governing Law. The Agreement shall be governed by and interpreted in accordance with the laws of the State of California
applicable to agreements entered into and wholly performed within said jurisdiction. 
 (SIGNATURE PAGE FOLLOWS) 

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

			
	PennyMac Corp.,
	as the “Purchaser”
		
	By:	 	 /s/ Doug Jones

	Name:	 	
	Title:	 	
	
	Contact information for notices:
	
	6101 Condor Drive
	Moorpark, California 93021
	Attn: Client Monitoring clientmonitoring@pnmac.com
	
	as the “Seller”
		
	By:	 	 /s/ Scott Bridges

	Name:	 	
	Title:	 	VP, Consumer Direct Lending
	
	Contact information for notices:
	
	With a Copy to:
	
	Contact information for notices:

  
 10EX-10.190

 Exhibit 10.190 

FLOW COMMERCIAL MORTGAGE LOAN PURCHASE AGREEMENT 

This Purchase Agreement (the “Agreement”) is made and entered into as of December 1, 2015 by and between PennyMac
Loan Services, LLC (the “Seller”) and PennyMac Corp. (the “Purchaser”). 
 WHEREAS, the Seller
desires to sell, from time to time, to the Purchaser, and the Purchaser desires to purchase, from time to time, from the Seller, certain first-lien commercial mortgage loans (the “Mortgage Loans”) on a servicing released basis as
described herein, and which shall be delivered individually on various dates as provided herein (each, a “Closing Date”); 

WHEREAS, each Mortgage Loan is secured by a mortgage, deed of trust or other security instrument creating a first lien on a commercial
property; and 
 WHEREAS, the Purchaser and the Seller wish to prescribe the manner of the conveyance, transfer of servicing and control of
the Mortgage Loans. 
 NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Purchaser and the Seller agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Defined Terms. 

Whenever used in this Agreement, the following words and phrases shall have the following meaning specified in this Article: 

“Advances”: All recoverable Escrow Advances and Servicing Advances. 

“Anticipated Repayment Date”: With respect to any Mortgage Loan that is identified in Schedule 1 to the Purchase Price
and Terms Agreement as having a Revised Rate, the date upon which such Mortgage Loan commences accruing interest at such Revised Rate. 

“ARD Loan”: Any Mortgage Loan the terms of which provide that if, after an Anticipated Repayment Date, the related Borrower
has not prepaid such Mortgage Loan in full, any principal outstanding on that date will accrue interest at the Revised Rate rather than the Initial Rate. 

“Assignment”: An assignment of an individual Mortgage, notice of transfer or equivalent instrument in recordable form,
sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect of record the assignment of the Mortgage and the sale or transfer of the Mortgage Loan from the Seller to the Purchaser, in substantially the
form of Exhibit A. 
 “Assignment of Leases, Rents and Profits”: With respect to any Mortgaged Property, any
assignment of leases, rents and profits or similar agreement executed by the Mortgagor, assigning to the mortgagee all of the income, rents and profits derived from the ownership, 

 
operation, leasing or disposition of all or a portion of such Mortgaged Property, in the form which was duly executed, acknowledged and delivered, as amended, modified, renewed or extended
through the date hereof and from time to time hereafter. 
 “Business Day”: Any day other than (i) a Saturday or
Sunday, or (ii) a day on which banking or savings and loan institutions in the State of California are authorized or obligated by law or executed order to be closed. 

“Closing Date”: The date or dates on which the Purchaser from time to time shall purchase, and the Seller from time to time
shall sell, Mortgage Loans and the Servicing Rights related to such Mortgage Loans. The Closing Date shall be the date designated as such in the related Purchase Price and Terms Agreement. 

“Code”: The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or
final regulations of the United States Department of the Treasury promulgated pursuant thereto. 
 “Collateral”: With
respect to a Mortgage Loan, the Mortgaged Property and any other collateral security for the obligation of the Mortgagor to repay such Mortgage Loan. 

“Cut-off Date”: The date designated as such in the related Purchase Price and Terms Agreement. 

“Defect”: Defined in Section 2.04. 

“Endorsement”: Endorsement of a Mortgage Note, without recourse, by the Seller. 

“Escrow Advances”: Any amounts advanced by Seller, Purchaser or the third party servicer for either Seller or Purchaser for
the purpose of effecting the payment of taxes, assessments and any insurance premiums relating to a Mortgaged Property. 
 “Escrowed
Funds”: (i) Funds that are escrowed with Seller by a Mortgagor under the Mortgage Loan Documents on account of real estate taxes, insurance premiums, insurance proceeds, repairs, improvements, tenant security deposits, reserves or
other purpose relating to the Mortgage Loan, (ii) funds that are advanced by Seller into an escrow or other account established pursuant to a Mortgage Loan Document for any of the foregoing purposes, and (iii) funds that are held by Seller
in a suspense account or in any other account which funds have not been applied to the Mortgage Loan, including, without limitation, adequate protection payments and cash collateral held by Seller. 

“Hazard Insurance Policy”: Defined in Section 3.02(xv). 

“Initial Rate”: The stated Mortgage Rate with respect to an ARD Loan as of the Cut-off Date. 

“Liability Insurance Policy”: Defined in Section 3.02(xvi). 

“Loan Amount”: The principal balance of the Mortgage Loan on the Cut-off Date. 

 “Mortgage”: The mortgage, deed of trust or other instrument securing a Mortgage
Note, which creates an unsubordinated first lien on the fee simple estate in the real property securing the Mortgage Note. 

“Mortgage Loan”: An individual mortgage loan, including but not limited to the Mortgage Loan Documents and all documents
included in the Submitted Mortgage File, and any and all rights, benefits, proceeds and obligations arising therefrom or in connection therewith, and which is the subject of this Agreement. 

“Mortgage Loan Documents:” All instruments and documents executed in connection with a Mortgage Loan, including the Mortgage
Note and the Mortgage and any environmental indemnities and guaranties. 
 “Mortgage Loan Information”: The Mortgage Loan
information set forth on Schedule 1 to each Purchase Price and Terms Agreement with respect to each Mortgage Loan. 

“Mortgage Note”: The promissory note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage. 

“Mortgaged Property”: With respect to a Mortgage Loan, the underlying real property securing repayment of a Mortgage Note,
consisting of a fee simple estate. 
 “Mortgage Rate”: With respect to each Mortgage Loan, the annual rate at which
interest accrues on such Mortgage Loan (in the absence of a default), as set forth in the related Note from time to time. 

“Mortgagor”: The obligor on a Mortgage Note. 

“Person”: Any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock
company, trust, incorporated organization or government or any agency or political subdivision thereof. 
 “Purchase
Price”: Defined in Section 2.01(b). 
 “Purchase Premium”: The amount by which the Purchase Price for
a Mortgage Loan or pool of Mortgage Loans exceeds the Loan Amount of such Mortgage Loan as of the applicable Cut-off Date. A Purchase Premium will exist for any Mortgage Loan for which the Purchase Price Percentage exceeds one hundred percent
(100%). 
 “Purchase Price and Terms Agreement”: With respect to each Mortgage Loan, an agreement, in the form
attached hereto as Exhibit B, by and between the Seller and the Purchaser. 
 “Purchase Price Percentage”: As
defined in Section 2.01(d) hereof. 
 “REMIC Provisions”: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Section 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed regulations) and rulings
promulgated thereunder, as the foregoing may be in effect from time to time. 

 “Revised Rate”: With respect to those Mortgage Loans identified on Schedule
1 to the Purchase Priece and Terms Agreement as having a revised rate, the increased interest rate after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated and as set forth in the
related Mortgage Loan. 
 “Servicing Advances”: All customary, reasonable and necessary out-of-pocket costs and expenses
incurred in the performance by Seller, Purchaser or a third party servicer for either Seller or Purchaser that do not constitute Escrow Advances incurred in the performance by Seller, Purchaser or a third party servicer for either Seller or
Purchaser of its servicing obligations, including but not limited to, the cost (including reasonable attorneys’ fees and disbursements), related to (i) the preservation, restoration and protection of the Mortgaged Property, (ii) any
enforcement or judicial proceedings, and (iii) the management and liquidation of the Mortgaged Property if the Mortgaged Property is acquired in satisfaction of the Mortgage (including default management and similar services, appraisal services
and real estate broker services). 
 “Servicing Rights”: Any and all of the following: (a) any and all rights to
service the Mortgage Loans; (b) any payments or other monies received for servicing the Mortgage Loans; (c) any late fees, penalties or similar payments with respect to the Mortgage Loans; (d) all agreements or documents creating,
defining or evidencing any such servicing rights to the extent they relate to such servicing rights and all rights thereunder; (e) Escrowed Funds or other similar payments with respect to the Mortgage Loans and any amounts actually collected
with respect thereto; (f) all accounts and other rights to payment related to any of the property described in this paragraph; and (g) any and all documents, files, records, servicing files, servicing documents, servicing records, data
tapes, computer records, or other information pertaining to the Mortgage Loans or pertaining to the past, present or prospective servicing of the Mortgage Loans. 

“Submitted Mortgage File”: The Mortgage Loan Documents and any other documents, instruments and agreements required by the
Purchaser and pertaining to a particular Mortgage Loan as specified on Schedule 2 to the applicable Purchase Price and Terms Agreement. 

ARTICLE II 
 SALE AND
CONVEYANCE OF MORTGAGE LOANS; 
 POSSESSION OF SUBMITTED MORTGAGE FILES; 

BOOKS AND RECORDS; 

DELIVERY OF MORTGAGE LOAN DOCUMENTS 

Section 2.01 Sale and Conveyance of Mortgage Loans; Delivery of Mortgage Loan Documents. 

 

	 	(a)	 Subject to the terms and conditions of this Agreement, the Seller agrees from time to time to sell, transfer, assign, set over and convey to the
Purchaser, without recourse (except as provided for herein), but subject to the terms of this Agreement, and the Purchaser agrees to purchase from time to time, for the Purchase Price, the Mortgage Loans identified in the related Purchase Price and

	 	
Terms Agreement, together with the related Submitted Mortgage Files, the Servicing Rights and all rights and obligations arising under the documents contained therein. 

 

	 	(b)	Seller shall provide to Purchaser access to the Submitted Mortgage Files and copies of all other information and materials in Seller’s or its agent’s possession or control relating to the Mortgage Loan
Purchaser is contemplating purchasing. Purchaser shall conduct such due diligence concerning such Mortgage Loan as Purchaser shall deem to be appropriate, including, without limitation, conducting credit checks on obligors of such Mortgage Loan and
reviewing title materials relating to the Mortgaged Property that secures such Mortgage Loan. Purchaser may elect to purchase any such Mortgage Loan, in Purchaser’s sole discretion. If Purchaser elects to purchase any such Mortgage Loan
pursuant to this Agreement, Purchaser will provide to Seller a Purchase Price and Terms Agreement relating to any such Mortgage Loan Purchaser has elected to purchase, completed and executed by Purchaser. Within two (2) Business Days following
its receipt of such Purchase Price and Terms Agreement, Seller will return to Purchaser such Purchase Price and Terms Agreement, executed by Seller. 

  

	 	(c)	The fact that the Purchaser has conducted or has failed to conduct any partial or complete examination of the Submitted Mortgage Files and other due diligence for the Mortgage Loans shall not affect the Purchaser’s
rights to demand repurchase or other relief as provided herein or affect the Seller’s obligations with respect thereto. 

  

	 	(d)	The Purchase Price for each Mortgage Loan shall be (a) the percentage (the “Purchase Price Percentage”) stated in the related Purchase Price and Terms Agreement, multiplied by the Loan Amount of
such Mortgage Loan as of the related Cut-off Date, plus (b) such amount, if any, of accrued interest on such Mortgage Loan as is described and agreed to in the applicable Purchase Price and Terms Agreement, but in no event will Purchaser be
obligated to pay for more than 60 days of accrued and unpaid interest on any Mortgage Loan, plus (c) all outstanding Advances with respect to such Mortgage Loan. The Purchase Price for a Mortgage Loan shall be paid to the Seller by wire
transfer of immediately available funds on the related Closing Date to the account of the Seller set forth in the related Purchase Price and Terms Agreement. 

  

	 	(e)	The Purchaser shall be entitled to (1) all payments of principal received in regard to the Mortgage Loan on and after the related Cut-off Date, and (2) all payments of interest and other payments on the
Mortgage Loan (including, without limitation, reimbursement of Advances) received on and after the related Cut-off Date. 

  

	 	(f)	The following shall be conditions precedent to the obligation of the Purchaser to pay the Purchase Price to the Seller: 

(1) The Seller shall deliver to the Purchaser the Submitted Mortgage File, as well as such other documentation requested by
the Purchaser; 

 (2) The Seller shall execute and deliver to the Purchaser an Endorsement without
recourse with respect to each of the Mortgage Notes; and 
 (3) The Seller shall execute, acknowledge and deliver to the
Purchaser an Assignment with respect to each of the Mortgages; 
 (4) The Seller shall prepare and deliver to the Purchaser
a UCC-3 assignment statement with respect to each of the UCC-1 financing statements (if any) previously filed with respect to the Mortgage Loans, naming the Purchaser as assignee of secured party; and 

(5) The Seller shall have notified each Mortgagor under each Mortgage Loan that all rights under such Mortgage Loan have been
transferred to the Purchaser, and that all future payments with respect to such Mortgage Loan are to be made directly to the Purchaser, and the address to which such payments are to be made at the Purchaser, pursuant to a written notice in form and
substance satisfactory to Purchaser (and Seller shall provide Purchaser with copies of each such written notice sent to each such Mortgagor, which written notice shall have been sent to each Mortgagor via both regular mail, and certified mail return
receipt requested). 
  

	 	(g)	If the Seller cannot deliver an original Mortgage with evidence of recording thereon, or an original Assignment with evidence of recording thereon by the applicable Closing Date, the Seller shall promptly deliver the
same to the Purchaser upon receipt thereof from the public recording official, except in cases where the original Mortgage or Assignment is retained permanently by the recording office, in which case the Seller shall deliver an original copy of such
Mortgage or Assignment, certified by the public recording office to be a true and complete copy of the recorded original thereof, as the case may be. 

  

	 	(h)	In the event that (i) the original recorded Mortgage was not delivered pursuant to Section 2.01(f) above, or (ii) any original recorded Assignment was not delivered pursuant to
Section 2.01(f) above, the Seller shall use best efforts to promptly secure the delivery of such originals and shall cause such originals to be delivered to the Purchaser promptly upon receipt thereof. Notwithstanding the foregoing, in
the event that the original Mortgage or original Assignment is not so delivered to the Purchaser within forty-five (45) days following the applicable Closing Date, the Seller shall, upon the request of the Purchaser, repurchase the Mortgage
Loan in the manner specified in Sections 3.03(d), (e) and (f). 

 Section 2.02 Possession of
Submitted Mortgage Files. 
 Upon each Closing Date, the ownership of each Mortgage Loan, including the Mortgage Loan Documents and the
contents of the related Submitted Mortgage File and all rights, benefits, payments, proceeds and obligations arising therefrom or in connection therewith, shall be vested in the Purchaser, and the ownership of all records and documents with respect
to the related Mortgage Loan prepared by or which come into the possession of the Seller shall immediately vest in the Purchaser. 

 Section 2.03 Examination of Submitted Mortgage Files. 

As provided in Section 2.01(b) above, the Seller shall make the related Submitted Mortgage File with respect to each Mortgage Loan
available for examination by the Purchaser via secure electronic transmission. Such examination of the Submitted Mortgage Files may be made by the Purchaser or its designee at any reasonable time before the related Closing Date. The fact that the
Purchaser or its designee has conducted or has failed to conduct any partial or complete examination of the Submitted Mortgage Files shall not impair in any way the Purchaser’s (or any of its successor’s) rights to demand repurchase,
substitution or other relief as provided in this Agreement, provided, however, that the Purchaser (or any of its successors) may not, following the related Closing Date, demand repurchase, substitution or other relief with respect to a Mortgage Loan
based on a breach of a representation or warranty set forth in Section 3.02 that is disclosed as to such Mortgage Loan in the applicable Purchase Price and Terms Agreement. 

Section 2.04 Defective Documents. 

If the Purchaser finds any document or documents constituting a part of a Submitted Mortgage File which was delivered or which was to be
delivered by the Seller to the Purchaser (including documents in the Submitted Mortgage File which were received by the Seller from its borrower) to be defective or missing in any material respect (a “Defect”), the Purchaser shall
so notify the Seller within sixty (60) days of discovery by the Purchaser of the Defect. If the Seller finds a Defect, the Seller shall promptly so notify the Purchaser. The Seller shall have a period of forty (40) days following receipt
of written demand for correction or cure from the Purchaser within which to correct or cure any such Defect after the Seller is notified of same. If the Defect is capable of cure, but is not reasonably expected to be cured within such forty
(40) day period, the Seller may, by written notice to the Purchaser, request additional time within which to effect correction or cure. The Purchaser shall have no obligation to grant any such extension of time for correction or cure. If the
Purchaser does grant such an extension of time, the Seller shall have such additional time for correction or cure as is expressly granted in writing by the Purchaser. The Seller hereby covenants and agrees that, if the Defect is not corrected or
cured within the applicable cure period described above, the Seller will, upon the expiration of such cure period, repurchase the related Mortgage Loan in the manner set forth in Section 3.03. Discovery by the Purchaser or the Seller of
the possible existence of fraud in connection with a Mortgage Loan shall not constitute a Defect, but shall be governed by the provisions of Sections 3.02(iv) and 3.03. 

Section 2.05 Payments Received by Seller Following the Closing Date. 

Without limiting Sections 2.02 or 2.04 above, should the Seller receive any monthly payments of principal and interest or
payments of any other sums in connection with or owing with respect to any of the Mortgage Loans following the applicable Closing Date, Seller shall promptly (and in any event within two (2) Business Days) remit all such payments and sums to
Purchaser. 
 Section 2.06 Assignment of Non-Seller Originated Loans. 

On the applicable Closing Date, Seller shall also be deemed to have assigned, conveyed and transferred to Purchaser all of Seller’s
right, title and interest in all purchase agreements 

 
under which Seller acquired any non-Seller originated Mortgage Loan sold on such Closing Date. If requested by Purchaser, Seller shall execute and deliver to Purchaser such additional assignments
of the loan purchase agreements with respect to the non-Seller originated Mortgage Loans as Purchaser shall reasonably request. 

Section 2.07 Refinance of Mortgage Loans. 

Seller shall not, without the prior written consent of Purchaser, refinance any Mortgage Loan prior to the date that is sixty (60) days
prior to the maturity date of such Mortgage Loan. In connection with the refinance of any such Mortgage Loan, Seller shall give to Purchaser a right to participate in or purchase such Mortgage Loan on terms that are reasonably acceptable to both
Seller and Purchaser (it being understood that Purchaser is not, hereby, committing to any such participation or purchase of any such refinanced Mortgage Loan). 

Section 2.08 Substitution of Trustees. 

Seller shall cooperate fully with Purchaser, and take all actions reasonably requested by Purchaser, in causing and effectuating the
substitution of new trustees designated by Purchaser for the existing trustees under any or all of the Mortgages, as required by Purchaser in its sole discretion; which actions shall include, without limitation, completing and obtaining the
necessary information and signatures on substitution of trustee forms acceptable to Purchaser, and to otherwise cooperate fully in the transfer of the trustee position under each Mortgage designated by Purchaser to the new trustee designated by
Purchaser. 
 Section 2.09 Repayment of Purchase Premium. 

Seller agrees that as to any Mortgage Loan that is repaid in full within one year of the Closing Date, Seller shall repay to Purchaser the
Purchase Premium paid by Purchaser with respect to each such Mortgage Loan. 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SELLER; 

REPURCHASE; REVIEW OF MORTGAGE LOANS 

Section 3.01 Representations and Warranties of the Seller. 

The Seller represents, warrants and covenants to the Purchaser that as of each Closing Date: 

 

	 	(i)	Due Organization. The Seller is, and as of the date of the origination of each Mortgage Loan that Seller originated was, an entity duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization, and has all licenses necessary to carry on its business now being conducted and is licensed, qualified and in good standing under the laws of each state where a Mortgaged Property is located or is otherwise exempt under
applicable law from such qualification or is otherwise not required under applicable law to effect such qualification; no demand for such qualification has been made upon the Seller by any state having jurisdiction and in any event the Seller is or
will be in compliance with the laws of any such state to the extent necessary to insure the enforceability of each Mortgage Loan; 

	 	(ii)	Due Authority, Execution and Enforceability. The Seller had the full power and authority and legal right to originate the Mortgage Loans that it originated. The Seller has the full power and authority to hold
each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver and perform, and to enter into and consummate, all transactions contemplated by this Agreement. The Seller has duly authorized the execution, delivery and performance of this
Agreement, and has duly executed and delivered this Agreement, the Assignments and the Endorsements. This Agreement (assuming due authorization, execution and delivery of this Agreement by the Purchaser), the Assignments and the Endorsements
constitute legal, valid and binding obligations of the Seller, enforceable against the Seller in accordance with their respective terms, subject to applicable bankruptcy, reorganization, receivership, conservatorship, insolvency, moratorium and
other laws relating to or affecting creditors’ rights generally or the rights of creditors of banks and to the general principles of equity (whether such enforceability is considered in a proceeding in equity or at law); 

 

	 	(iii)	No Conflict. None of the execution and delivery of this Agreement, the origination of the Mortgage Loans by the Seller, the sale of the Mortgage Loans, the consummation of the transactions contemplated hereby, or
the fulfillment of or compliance with the terms and conditions of this Agreement, will conflict with or result in a breach of any of the terms, conditions or provisions of the Seller’s charter or bylaws or any legal restriction or any agreement
or instrument to which the Seller is now a party or by which it is bound, or constitute a default or result in an acceleration under any of the foregoing, or result in the violation of any law, rule, regulation, order, judgment or decree to which
the Seller or its property is subject; 

  

	 	(iv)	Ability to Perform. The Seller does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement; 

 

	 	(v)	No Material Default. The Seller is not in material default under any agreement, contract, instrument or indenture of any nature whatsoever to which the Seller is a party or by which it is bound, which default
would have a material effect on the ability of the Seller to perform under this Agreement, nor to the best of Seller’s knowledge, has any event occurred which with notice would constitute a default under any such agreement, contract, instrument
or indenture and have a material adverse effect on the ability of the Seller to perform its obligations under this Agreement; 

  

	 	(vi)	 No Consent Required. 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 

	 	
this Agreement, the delivery of the Submitted Mortgage Files to the Purchaser, the sale of the Mortgage Loans to the Purchaser or the consummation of the transactions contemplated by this
Agreement or, if required, such approval has been obtained prior to the Closing Date; 

  

	 	(vii)	Origination/Collection Practices. The origination and collection practices used by the Seller with respect to each Mortgage Note and Mortgage Loan have been in all respects legal, proper and prudent in the
mortgage origination and servicing business; 

  

	 	(viii)	Genuineness of Documents. All documents prepared by the Seller or the Mortgagor and submitted to the Purchaser are genuine, and the Seller certifies that any and all copies of documents concerning Mortgage Loans
purchased by the Purchaser are accurate and complete copies of those documents within the Seller’s files; 

  

	 	(ix)	Fidelity Bond and Errors and Omissions Insurance. The Seller maintains a fidelity bond and errors and omissions insurance coverage each in an amount of at least one million dollars ($1,000,000), and has provided
the Purchaser with evidence thereof; 

  

	 	(x)	Enforcement Actions. The Seller is not subject to any enforcement action relating to commercial real estate lending issued by a federal or state regulatory agency. Except as disclosed by the Seller to the
Purchaser, the Seller is not subject to any enforcement actions not relating to commercial real estate lending issued by a federal or state regulatory agency. 

Section 3.02 Representations and Warranties as to Individual Mortgage Loans. 

With respect to each Mortgage Loan, the Seller hereby makes the representations and warranties set forth on Exhibit C to the Purchaser
as of the related Closing Date. 
 Section 3.03 Repurchase. 

 

	 	(a)	It is understood and agreed that the representations and warranties set forth in Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to the Purchaser and shall inure to the benefit of the Purchaser,
notwithstanding any restrictive or qualified endorsement on any Mortgage Note or Assignment or the examination of any Submitted Mortgage File by the Purchaser or its agents. 

 

	 	(b)	Upon discovery by the Purchaser of a failure or breach of any of the foregoing representations and warranties set forth in Sections 3.01 or 3.02 as to or that affect any Mortgage Loan, the Purchaser may
give written notice of such failure or breach to the Seller. Unless permitted a greater period of time to cure as set forth in Section 2.04 and except as to a breach of Section 3.02(iv), for which there shall be no cure
period, the Seller shall have a period of thirty (30) days from the earlier of discovery by Seller or receipt of written notice from the Purchaser to the Seller of any such failure or breach of representation or warranty within which to correct
or cure such failure or breach of representation or warranty at the Seller’s sole expense. 

	 	(c)	The Seller hereby covenants and agrees that if any such failure or breach of representation or warranty is not corrected or cured within the applicable cure period, the Seller will, within five (5) days after
demand to do so by the Purchaser, repurchase the affected Mortgage Loan in the manner specified in Sections 3.03(d), (e) and (f). 

  

	 	(d)	The repurchase price will be equal to the sum of: 

  

	 	(i)	the original purchase price of the affected Mortgage Loan less any amounts received by Purchaser with respect to such Mortgage Loan on or prior to the date of repurchase; plus 

 

	 	(ii)	all accrued interest on such Mortgage Loan from the date to which interest was last paid through and including the date of repurchase; plus 

 

	 	(iii)	all other amounts payable under the Mortgage Loan Documents for such Mortgage Loan through the time of repurchase; plus 

  

	 	(iv)	Purchaser’s reasonable and customary out-of-pocket expenses incurred by Purchaser in transferring such Mortgage Loan back to Seller (as reasonably approved by Seller); plus 

 

	 	(v)	all unreimbursed Advances made by Purchaser or any servicer of the related Mortgage Loan for the Purchaser, other than Seller. 

  

	 	(e)	Any repurchase shall be accomplished by delivery to the Purchaser, in immediately available funds, of the amount of the repurchase price. 

 

	 	(f)	Upon delivery to the Purchaser of the repurchase price, the Purchaser shall take each of the actions described in Section 2.01(e) to assign the Mortgage Loan Documents back to the Seller without recourse,
representation or warranty. 

 Section 3.04 Non-Solicitation. 

The Purchaser agrees that it shall not solicit any Mortgagors (in writing or otherwise) to refinance any of the Mortgage Loans or for any
other loan products, or for any financial services; provided, however, that (1) mass advertising or mailings (such as placing advertisements on television, on radio, in magazines or in newspapers or including messages in billing statements)
that is not exclusively directed towards the Mortgagors, or (2) a solicitation for business from the Purchaser, its parent or affiliated companies to a Mortgagor that does not derive from a full or partial list of the Mortgagors shall not
constitute “solicitation” and shall not violate this covenant. 

 ARTICLE IV 

THE SELLER 

Section 4.01 Indemnification; Third Party Claims. 

Without limiting Section 3.03 hereof, but subject to the limitations set forth below, the Seller agrees to indemnify and hold
harmless the Purchaser against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, fees and expenses that the Purchaser may incur or sustain in any way related to any acts or
omissions by Seller occurring with respect to any of the Mortgage Loans prior to the related Closing Date, including without limitation any lender liability claims and other claims based on the alleged wrongful actions of Seller (collectively,
“Claims”). The Seller shall immediately assume the defense of any such Claim and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or the Purchaser in respect of such Claim. Nothing contained herein shall prohibit the Purchaser, at Seller’s expense, from retaining its own counsel to assist in such proceedings or to observe such proceedings. 

Section 4.02 Merger or Consolidation of the Seller. 

The Seller will keep in full effect its existence, rights and franchises as a corporation under the laws of the state of its incorporation,
and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage
Loans and to perform its duties under this Agreement. 
 Any person into which the Seller may be merged or consolidated, or any corporation
resulting from any merger, conversion or consolidation (including, without limitation, by means of the sale of all or substantially all of the Seller’s assets to such Person) to which the Seller shall be a party, or any Person succeeding to the
business of the Seller, shall be obligated to perform Seller’s obligations under this Agreement, anything herein to the contrary notwithstanding. 

ARTICLE V 

MISCELLANEOUS PROVISIONS 

Section 5.01 Governing Law. 

This Agreement shall be governed by and construed in accordance with the laws of the State of California. 

Section 5.02 Notices. 

Any notices or other communications permitted or required hereunder shall be in writing and shall be deemed conclusively to have been given if
personally delivered, sent by courier with delivery against signature therefor, mailed by registered mail, postage prepaid, and return receipt requested or transmitted by telecopier and confirmed by a similar writing mailed or sent by

 
courier as provided above, to (i) in the case of the Seller, PennyMac Loan Services, LLC, 36 Discovery, Suite 220, Irvine, CA 92618, Attention: Steve Skolnik or such other address as may
hereafter be furnished to the Seller in writing by the Purchaser, and (ii) in the case of the Purchaser, PennyMac Corp., 6101 Condor Drive, Moorpark, CA 93021, Attention: Andrew Chang, or such other address as may hereafter be furnished to the
Purchaser in writing by the Seller. 
 Section 5.03 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, the
invalidity of any such covenant, agreement, provision or term of this Agreement shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

Section 5.04 Exhibits. 

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

Section 5.05 General Interpretive Principles. 

For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 

 

	 	(i)	the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender;

  

	 	(ii)	accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles; 

 

	 	(iii)	references herein to “Articles”, “Sections”, “Subsections”, “Paragraphs”, and other subdivisions without reference to a document are to designated Articles, Sections, Subsections,
Paragraphs and other subdivisions of this Agreement, unless the context shall otherwise require; 

  

	 	(iv)	a reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and
other subdivisions; 

  

	 	(v)	the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision; and 

 

	 	(vi)	the term “include” or “including” shall mean without limitation by reason of enumeration. 

 Section 5.06 Waivers and Amendments, Non-contractual Remedies; Preservation of
Remedies. 
 This Agreement may be amended, superseded, canceled, renewed or extended and the terms hereof may be waived, only by a
written instrument signed by authorized representatives of the parties or, in the case of a waiver, by an authorized representative of the party waiving compliance. No such written instrument shall be effective unless it expressly recites that it is
intended to amend, supersede, cancel, renew or extend this Agreement or to waive compliance with one or more of the terms hereof, as the case may be. No delay on the part of any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege, or any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any
other such right, power or privilege. Except as otherwise provided for herein, the rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any party may otherwise have at law or in equity. 

Section 5.07 Captions. 

All section titles or captions contained in this Agreement or in any Schedule or Exhibit annexed hereto or referred to herein are for
convenience only, shall not be deemed a part of this Agreement and shall not affect the meaning or interpretation of this Agreement. 

Section 5.08 Counterparts. 

This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute one and the same instrument. 
 Section 5.09 Entire Agreement.

 This Agreement (including the Schedules and Exhibits annexed hereto or referred to herein) between the parties hereto contain the entire
agreement between the parties with respect to the transactions contemplated hereby and supersede all prior agreements, written or oral, with respect thereto. 

Section 5.10 Further Assurances. 

Each party hereto shall take such additional action as may be reasonably necessary to effectuate this Agreement and the transactions
contemplated hereby. The Seller will promptly and duly execute and deliver to the Purchaser such documents and assurances and take such further action as the Purchaser may from time to time reasonably request in order to carry out more effectively
the intent and purpose of this Agreement and to establish and protect the rights and remedies created or intended to be created in favor of the Purchaser. 

Section 5.11 Jurisdiction; Venue. 

The parties hereby agree that any controversy arising under or in relation to this Agreement shall be shall be tried and litigated only in the
state and federal courts located in the Counties of Los Angeles or Orange, State of California. The parties hereby irrevocably consent to jurisdiction, and venue of such courts for any such litigation and waive any other venue to which they might be
entitled. 

 Section 5.12 Mutual Drafters; Interpretation. 

This Agreement is the product of negotiation between the Purchaser and the Seller. Accordingly, this Agreement shall be construed without
regard to any presumption or rule requiring that it be construed against the party causing this Agreement or any part hereof to be drafted. Whenever the context requires, all words used in the singular will be construed to have been used in the
plural, and vice versa, and each gender will include any other gender. 
 Section 5.13 Attorneys’ Fees. 

In the event any party to this Agreement shall be required to commence any proceeding against any other party pursuant to this Agreement, the
party prevailing in such action or proceeding shall be entitled to recover from the other party, or parties, the prevailing party’s reasonable attorneys’ fees and costs including, without limitation, all witness fees and associated
expenses, including matters on appeal, whether or not the proceeding or action proceeds to judgment. Except as may be otherwise provided herein, each of the parties to this Agreement will bear their own attorneys’ fees incurred in the
negotiation and preparation of this Agreement. 
 [signature page follows] 

 IN WITNESS WHEREOF, the Seller and the Purchaser have caused their names to be signed hereto by
their respective officers thereunto duly authorized as of December 15, 2015. 
 “Seller:” 

 

			
	PENNYMAC LOAN SERVICES, LLC
		
	By:	 	 /s/ Vandad Fartaj

		 	Vandad Fartaj
		 	Chief Capital Markets Officer
	
	 “Purchaser:”

	
	PENNYMAC CORP.
		
	By:	 	 /s/ Steven F. Skolnik

		 	Steven F. Skolnik
		 	Chief Commercial Lending Officer

 List of Exhibits and Schedules: 
  

			
		
	Exhibit A	  	Form of Assignment
		
	Exhibit B	  	Form of Purchase Price and Terms Agreement
		
	Exhibit C	  	Representations and Warranties

 EXHIBIT A 

FORM OF ASSIGNMENT 
 WHEN RECORDED
MAIL TO: 
 PennyMac Corp. 
 6101 Condor Drive 

Moorpark, CA 93021 
 Attention: 

Loan no.: 
 Escrow no.: 

 
  

CORPORATION ASSIGNMENT OF DEED OF TRUST 

FOR VALUE RECEIVED, the undersigned hereby grants, assigns and transfers to
                                         

all beneficial interest under that certain Deed of Trust dated
                     , executed by
                                        
Trustors, to
                                         ,
Trustee as per Deed of Trust and recorded on                      as Instrument No.
             in book              , page              , of Official
Records in the County Recorder’s office              County, describing land therein as: 

“AS DESCRIBED ON SAID RECORDED DEED OF TRUST REFERRED TO HEREIN” 

TOGETHER with the note or notes therein described or referred to, the money due and to become due thereon with interest, and all rights accrued or to
accrue under said Deed of Trust. 
  

					
	  

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
  

ACKNOWLEDGMENT 
  

			
	STATE OF CALIFORNIA	  	)
		  	)
	COUNTY OF                 	  	)

 On                     ,
before me,                     , a Notary Public, personally appeared
                     who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed
the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 

 

			
	WITNESS my hand and official seal.
		
	Signature	 	  

 EXHIBIT B 

FORM OF PURCHASE PRICE AND TERMS AGREEMENT 

THIS PURCHASE PRICE AND TERMS AGREEMENT, dated as of              ,
20     (this “Purchase Price and Terms Agreement”), is hereby executed by and between PennyMac Loan Services, LLC, as seller and interim servicer (the “Seller”), and PennyMac Corp., as purchaser (the
“Purchaser”) under this Purchase Price and Terms Agreement and the Flow Commercial Mortgage Loan Purchase Agreement, dated as of December 1, 2015 (the “MLPA”), all the provisions of which are incorporated
herein and shall be a part of this Purchase Price and Terms Agreement as if set forth herein in full (this Purchase Price and Terms Agreement together with the MLPA so incorporated, the “Agreement”). 

PRELIMINARY STATEMENT 
 The Purchaser has agreed
to purchase from the Seller and the Seller has agreed to sell to the Purchaser, on a servicing released basis and without recourse, a Mortgage Loan, as described in, and having a Loan Amount as described in, the Schedule attached hereto as
Schedule 1. 
 In consideration of the premises and the mutual agreements hereinafter set forth, and intending to be legally bound, the Purchaser and
the Seller agree hereby as follows: 
  

	1.	MLPA; Designation. 

 The Seller and the Purchaser acknowledge that the MLPA prescribes certain
obligations of the Seller and the Purchaser with respect to the Mortgage Loan. The Seller and the Purchaser each agree to observe and perform such prescribed duties, responsibilities and obligations, and acknowledge that the MLPA is and shall be a
part of this Agreement to the same extent as if set forth herein in full. 
  

	2.	Defined Terms. 

 In addition to the definitions set forth in Article I of the MLPA, the following words
and phrases, unless the context otherwise requires, shall have the meanings specified in this Article in regard to the Mortgage Loans being sold pursuant to this Purchase Price and Terms Agreement. 

 

	
	Mortgage Loan:
                                        

	
	Cut-off Date:              , 20     .
	
	Closing Date:              , 20     .
	
	Purchase Price Percentage:      %
	
	Loan Amount: $        
	
	Purchase Price (Purchase Price Percentage x Loan Amount): $        
	
	Accrued Interest: $        

  

	3.	Conveyance of Mortgage Loan; Possession of Submitted Mortgage Files. 

 The Seller, simultaneously with
the execution and delivery of this Purchase Price and Terms Agreement, does hereby agree, as provided in the MLPA, to absolutely sell, transfer and assign, without recourse, except as set forth in the MLPA, to the Purchaser the ownership interest
comprising all of the right, title and interest of the Seller in and to the Mortgage Loan identified on Schedule 1 hereto on a servicing released basis and all principal, interest and other proceeds of any kind received with respect to such
Mortgage Loan, including but not limited to proceeds derived from the conversion, voluntary or involuntary, of any of such assets into cash or other liquidated property. 

	4.	Wire Instructions. 

 A. Distributions that may be made to Purchaser by wire transfer
pursuant to the MLPA shall be made in accordance with the following wire instructions: 
  

	
	Bank:                     
	ABA Number:                     
	Account Name:                     
	Account Number:                     
	Reference:                     
	Attn:                     

 or in accordance with such other instructions as may hereafter be furnished to the Seller in writing by the Purchaser,
provided that such instructions have been received by the Seller prior to the date the distribution in question is made. 
 B. The Purchase
Price for the Mortgage Loans will be wire transferred by Purchaser to the Seller in accordance with the following wire transfer instructions: 
  

	
	Bank:                     
	ABA Number:                     
	Account Name:                     
	Account Number:                     
	Reference:                     
	Attn:                     

 or in accordance with such other instructions as may hereafter be furnished to the Purchaser in writing by the Seller,
provided that such instructions have been received by the Purchaser prior to the related Closing Date. 
  

	5.	Counterparts. 

 This Purchase Price and Terms Agreement may be executed simultaneously in
any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. 
  

	6.	Governing Law. 

 This Purchase Price and Terms Agreement shall be governed by and
construed in accordance with the laws of the State of California and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 

 

	7.	Amendment. 

 This Purchase Price and Terms Agreement may be amended from time to time by the Seller and
the Purchaser by written agreement signed by the Seller and the Purchaser. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Seller and the Purchaser have caused their names to be signed to this Purchase Price and
Terms Agreement by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	SELLER:
	
	PENNYMAC LOAN SERVICES, LLC
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	PURCHASER:
	
	PENNYMAC CORP.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 SCHEDULE 1 

TO THE PURCHASE PRICE AND TERMS AGREEMENT 

MORTGAGE LOAN INFORMATION 

 SCHEDULE 2 

TO THE PURCHASE PRICE AND TERMS AGREEMENT 

CONTENTS OF SUBMITTED MORTGAGE LOAN FILE 

 SCHEDULE 3 

TO THE PURCHASE PRICE AND TERMS AGREEMENT 

EXCEPTIONS 
 TITLE
EXCEPTIONS 

 EXHIBIT C 

REPRESENTATIONS AND WARRANTIES 
  

	 	1.	Whole Loan; Ownership of Mortgage Loans. Except with respect to a Mortgage Loan that is part of a loan combination identified as such on Schedule 3 to the applicable Purchase Price and Terms Agreement,
each Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan. At the time of the sale, transfer and assignment to Purchaser, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to the Seller),
participation or pledge, and the Seller had good title to, and was the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such Mortgage
Loan other than any servicing rights appointment or similar agreement. Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to Purchaser 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. 

  

	 	2.	Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases, Rents and Profits (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 Mortgage 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 Mortgage 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 sentences, 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 Mortgage Loan Documents, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Seller in
connection with the origination of the Mortgage Loan, that would deny the mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Mortgage Loan Documents. 

	 	3.	Mortgage Provisions. The Mortgage 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, non-judicial 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 Submitted Mortgage File or as otherwise provided in the related Mortgage Loan documents
(a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, and related Mortgage Loan Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect; (b) no
related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining
portion of such Mortgaged Property; and (c) neither the related Mortgagor nor the related guarantor has been released from its material obligations under the Mortgage Loan. With respect to each Mortgage Loan, except as contained in a written
document included in the Submitted Mortgage File, there have been no modifications, amendments or waivers, that could be reasonably expected to have a material adverse effect on such Mortgage Loan. 

 

	 	5.	Lien; Valid Assignment. Subject to the Standard Qualifications, each Assignment and assignment of Assignment of Leases, Rents and Profits to the Purchaser constitutes a legal, valid and binding assignment to the
Purchaser. Each related Mortgage and Assignment of Leases, Rents and Profits 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
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 title exceptions to paragraph (6) set forth on Schedule
3 to the applicable Purchase Price and Terms Agreement (each such title exception, a “Title Exception”)), except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and
excepting Permitted Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-off Date, to the Seller’s knowledge, is free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other
recorded encumbrances which are prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below), and, to the Seller’s
knowledge and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or
equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below). Notwithstanding anything herein to the contrary, no representation is
made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code (“UCC”) 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 not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record;
(c) the exceptions (general and specific) and exclusions set forth in 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 is cross-collateralized and cross-defaulted with another Mortgage Loan (each a “Crossed Mortgage Loan”), the lien
of the Mortgage for another Mortgage Loan that is cross-collateralized and cross-defaulted with such Crossed Mortgage Loan, provided that none of which items (a) through (f), 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 clause (f) of the preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage. Such Title
Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by the Seller thereunder and no claims have been paid thereunder. Neither the
Seller, nor to the Seller’s knowledge, any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. 

 

	 	7.	Junior Liens. It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate mortgages or junior liens, except for any Crossed Mortgage Loan, there are, as of origination,
and to the Seller’s knowledge, as of the Cut-off Date, no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and
assessments, mechanics and materialmen’s liens (which are the subject of the representation in paragraph (5) above), and equipment and other personal property financing). Except as set forth on Schedule 3 to the applicable Purchase
Price and Terms Agreement, the Seller has no knowledge of any mezzanine debt secured directly by interests in the related Mortgagor. 

	 	8.	Assignment of Leases, Rents and Profits. There exists as part of the related Submitted Mortgage File an Assignment of Leases, Rents and Profits (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, Rents and Profits 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, Rents and Profits, subject to applicable law, provides that, upon an event of default
under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee. 

 

	 	9.	UCC Filings. If the related Mortgaged Property is operated as a hospitality property, the Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, have been
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. Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within twelve
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 twelve months prior to the Cut-off Date. To the Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the
Closing Date, each related Mortgaged Property was free and clear of any material damage (other than (i) any damage or deficiency that is estimated to cost less than $50,000 to repair, (ii) any deferred maintenance for which escrows were
established at origination and (iii) any damage fully covered by insurance) 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, that could be a lien on
the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have become delinquent in respect of each related Mortgaged Property have been paid, or an escrow of funds has
been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and warranty, real estate taxes and governmental assessments and other outstanding
governmental charges and installments thereof shall not be considered delinquent until the 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 Seller’s knowledge as of the Cut-off Date, there is no proceeding pending, and, to the Seller’s knowledge as of the date of origination and as of
the Cut-off Date, there is no proceeding threatened, for the total or partial condemnation of such Mortgaged Property that would have a material adverse effect on the value, use or operation of the Mortgaged Property. 

 

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

 

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

  

	 	15.	No Holdbacks. The Loan Amount as of the Cut-off Date of the Mortgage Loan set forth on Exhibit A to the Applicable Purchase Price and Terms Agreement 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 Seller to merit such holdback). 

	 	16.	Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance policy providing coverage for loss in accordance with coverage found under a
“special cause of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting the requirements of the related Mortgage Loan Documents and having a claims-paying or financial strength rating
of any one of the following: (i) at least “A-:VIII” from A.M. Best Company, (ii) at least “A3” (or the equivalent) from Moody’s Investors Service, Inc. or (iii) at least “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 borrower 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 Mortgage Loan Documents, by business
interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months). 

If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal
Register by the Federal Emergency Management Agency as having special flood hazards, 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 Mortgage 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 the Seller for loans originated for securitization, 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 either the scenario expected limit (“SEL”) or the probable maximum loss (“PML”) for the Mortgaged Property in the event of
an earthquake. In such instance, the SEL or PML, 

 
as applicable, 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 or PML, as applicable,
would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by 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 or PML, as applicable. 

The Mortgage 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 Loan Combination, if applicable), the lender (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 (or Loan Combination, if applicable) together with any accrued
interest thereon. 
 All premiums on all insurance policies referred to in this section required to be paid as of the Cutoff Date have been
paid, and such insurance policies name the lender 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 (or, in the case of a Mortgage Loan that is a Non-Serviced Mortgage Loan, the applicable Other 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 lender to maintain such insurance at the Mortgagor’s 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 lender of termination or cancellation arising because of nonpayment of a premium and at least 30 days’ prior notice to the lender 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 Seller. 

 

	 	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 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 Seller’s knowledge based solely on surveys obtained in connection with origination and the lender’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 obtained with respect to 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 (except that an ARD Loan may provide
for the accrual of the portion of interest in excess of the rate in effect prior to the Anticipated Repayment Date) or an equity participation by Seller. 

  

	 	20.	 REMIC. The Mortgage Loan is a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but determined without regard
to the rule in the U.S. Department of Treasury Regulations (the “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 was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (or Loan Combination, as
applicable) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (or Loan Combination, as applicable) 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 Section 1.860G-2(a)(1)(ii) of the Treasury Regulations). 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
Section 1.860G-1(b)(2) of the Treasury Regulations. 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
transact and do business in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the enforceability of such Mortgage Loan by the Purchaser.

  

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

  

	 	24.	Local Law Compliance. To the Seller’s knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement
to the related Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar commercial, multifamily or, if applicable, manufactured housing community mortgage loans
intended for securitization, 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 and as of the Cut-off Date, there are no material
violations of applicable zoning ordinances, building codes and land laws (collectively “Zoning Regulations”) other than those which (i) constitute a legal non-conforming use or structure, as to which as the Mortgaged Property
may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to a casualty or the inability to restore or repair to the full extent necessary to maintain the use or structure immediately prior to
the casualty would not materially and adversely affect the use or operation of the Mortgaged Property, (ii) are insured by the Title Policy or other insurance policy, (iii) are insured by law and ordinance insurance coverage in amounts
customarily required by the Seller for loans originated for securitization that provides coverage for additional costs to rebuild and/or repair the property to current Zoning Regulations or (iv) would not have a material adverse effect on the
Mortgage Loan. The terms of the Mortgage 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 Mortgage 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 Seller’s knowledge based upon a letter from any government authorities or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller
for similar commercial, multifamily or, if applicable, manufactured housing community 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 Mortgage Loan Documents for each Mortgage Loan provide that (a) the related Mortgagor and at least one individual or entity shall be fully liable for actual losses, liabilities,
costs and damages arising from certain acts of the related Mortgagor and/or its principals specified in the related Mortgage Loan Documents, which acts generally include the following: (i) acts of fraud or intentional material
misrepresentation, (ii) misapplication or misappropriation of rents, insurance proceeds or condemnation awards, (iii) intentional material physical waste of the Mortgaged Property, and (iv) any breach of the environmental covenants
contained in the related Mortgage Loan Documents, and (b) the Mortgage Loan shall become full recourse to the related Mortgagor and at least one individual or entity, if the related Mortgagor files a voluntary petition under federal or state
bankruptcy or insolvency law. 

  

	 	27.	Mortgage Releases. The terms of the related Mortgage or related Mortgage Loan Documents do not provide for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a
partial release, accompanied by principal repayment, or partial Defeasance (as defined in paragraph (32)), 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 (as defined in paragraph (32)), (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 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. 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 Section 1.8600-2(b)(2) of the Treasury Regulations and
(ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Code Section 860G(a)(3)(A); or (y) the mortgagee or servicer can, in accordance with the related Mortgage 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), 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 Loan Combination, as applicable) 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. 

 In the case of any Mortgage Loan, in the event of a taking of any portion of a Mortgaged Property
by a State or any political subdivision or authority thereof, whether by legal proceeding or by agreement, the Mortgagor can be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the
REMIC Provisions and, to such extent, condemnation proceeds 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 Loan Combination, as applicable). 
 No Mortgage Loan that is secured by more than one Mortgaged Property or that is a Crossed Mortgage
Loan permits the release of cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to a partial condemnation, other than in compliance with the loan-to-value ratio and other requirements of the REMIC
Provisions. 
  

	 	28.	Financial Reporting and Rent Rolls. Each Mortgage requires 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 and 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-form 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 Seller’s knowledge, do not, as of the Cutoff 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 Mortgage 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 except to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable terms, or as otherwise indicated on Schedule 3 to
the applicable Purchase Price and Terms Agreement; 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 on terrorism insurance coverage more than two times the amount of the insurance premium that is payable in respect of the property and business
interruption/rental loss insurance required under the related Mortgage Loan Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance) at such time, and if
the cost of terrorism insurance exceeds such amount, the Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal to such amount. 

 

	 	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 Mortgage Loan Documents (which provide for transfers without the consent of the lender which are customarily acceptable to the Seller 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 Mortgage 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 Mortgage 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 Mortgage Loan Documents or a Person satisfying specific criteria identified in the related Mortgage 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) herein or the exceptions
thereto set forth on Schedule 3 to the applicable Purchase Price and Terms Agreement, or (vii) by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan as set forth on Schedule 3 to the
applicable Purchase Price and Terms Agreement, or future permitted mezzanine debt in each case as set forth on Schedule 3 to the applicable Purchase Price and Terms 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 or any subordinate debt that existed at origination and is permitted under the related Mortgage Loan Documents, (ii) purchase
money security interests, (iii) any Crossed Mortgage Loan as set forth on Schedule 3 to the applicable Purchase Price and Terms Agreement, or (iv) Permitted Encumbrances. The Mortgage or other Mortgage 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 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 Mortgage Loan Documents and the organizational
documents of the Mortgagor with respect to each Mortgage Loan with a Cut-off Date Loan Amount in excess of $5 million provide that the Mortgagor is a Single-Purpose Entity, and each Mortgage Loan with a Cut-off Date Loan Amount 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 (or if the Mortgage Loan has
a Cut-off Date Loan Amount equal to $5 million or less, its organizational documents or the related Mortgage 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 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 Mortgage 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 Mortgage 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 Crossed 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 Mortgage Loan Documents, can be defeased (a “Defeasance”),
(i) the Mortgage Loan Documents provide for Defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions specified in the Mortgage 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 Section 1.860G-2(a)(8)(ii) of the Treasury Regulations, the revenues from which will, in the case of a
full Defeasance, be sufficient to make all scheduled payments under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after the first date on which payment may be made without payment of a
yield maintenance charge or prepayment penalty) or, if the Mortgage Loan is an ARD Loan, the entire principal balance outstanding on the Anticipated Repayment Date, 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 clause (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 expenses associated with Defeasance, including, but not limited to, accountant’s fees and opinions of counsel. 

 

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

  

	 	34.	Ground Leases. For purposes of the Agreement, 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, or with respect to air rights leases, the air, 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 Seller, its successors and assigns, Seller represents and warrants that: 

 

	 	a.	The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel
or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that
would materially adversely affect the security provided by the related Mortgage; 

  

	 	b.	The lessor under such Ground Lease has agreed in a writing included in the related Submitted 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 lender, and no such consent has been granted by the Seller since the origination of the Mortgage Loan except as reflected in any written instruments which are included in the
related Submitted Mortgage File; 

  

	 	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 unreasonable 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, 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 the lessor; 

 

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

  

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

  

	 	h.	A lender 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 lender’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 the Seller in connection with loans originated for securitization; 

 

	 	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 clause (k) below) 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 Mortgage
Loan Documents) the lender 

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

  

	 	k.	In the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of
the condemnation award allocable to 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 lender cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into a new lease with lender upon termination of the Ground Lease for any reason, including
rejection of the Ground Lease in a bankruptcy proceeding. 

  

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

  

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

 

	 	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 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 Seller’s knowledge, there is (a) no material default, breach, violation or
event of acceleration existing under the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a
material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a) or clause (b), materially and adversely affects the value of the Mortgage Loan or the
value, use or operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an
exception scheduled to any other representation and warranty made by the Seller in this Exhibit C. 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 Seller’s knowledge as of the Cut-off Date, 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, 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 Crossed Mortgage Loan, no Mortgage Loan has a
Mortgagor that is an Affiliate of another Mortgagor. (An “Affiliate” for purposes of this paragraph (39) means, a Mortgagor that is under direct or indirect common ownership and control with another Mortgagor.)

  

	 	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 conducted by a reputable environmental consultant in connection with such Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was
prepared), and such ESA either (i) did not identify the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, hereinafter “Environmental Condition”) at the related
Mortgaged Property or the need for further investigation with respect to any Environmental Condition that was identified, 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 lender; (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, and 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 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 Condition 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) a secured creditor environmental policy or a pollution legal liability insurance policy that covers liability for the Environmental Condition was obtained from an
insurer rated no less than A-(or the equivalent) by Moody’s, S&P and/or Fitch; (E) a party not related to the Mortgagor was identified as the responsible party for such Environmental Condition 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 Seller’s
knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged Property. 

	 	41.	Appraisal. The Servicing 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 either a Member of the Appraisal Institute (“MAI”) and/or has been licensed and certified to prepare appraisals in the state where the Mortgaged Property is located. 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
and has certified that such appraiser had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and its compensation is not affected by the approval or disapproval of the Mortgage
Loan. 

  

	 	42.	Mortgage Loan Information. The Mortgage Loan Information pertaining to each Mortgage Loan which is set forth on Schedule 1 to the applicable Purchase Price and Terms Agreement is true and correct in all
material respects as of the Cut-off Date and contains all information required by the Agreement to be contained therein. 

  

	 	43.	Cross-Collateralization. No Mortgage Loan is cross-collateralized or cross-defaulted with any other mortgage loan, except as set forth on Schedule 3 to the applicable Purchase Price and Terms Agreement.

  

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

  

	 	45.	Compliance with Anti-Money Laundering Laws. Seller has complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001
with respect to the origination of the Mortgage Loan, the failure to comply with which would have a material adverse effect on the Mortgage Loan.

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