Document:

Exhibit 4.15

 

EXECUTION VERSION

	 

 

 

 

AGREEMENT BETWEEN NOTE HOLDERS

 

Dated as of May 4, 2016

 

by and between

 

BANK OF AMERICA, N.A.

(Initial Note A-1 Holder)

 

and

 

CITIGROUP GLOBAL MARKETS REALTY CORP.

(Initial Note A-2 Holder)

 

FedEx Fife, WA

	 

  

    	 

     

    

 

TABLE OF CONTENTS

 

	 		Page
	 	 	 
	Section 1.	Definitions	1
	Section 2.	Servicing of the Mortgage Loan	15
	Section 3.	Priority of Payments	26
	Section 4.	Workout	27
	Section 5.	Administration of the Mortgage Loan	27
	Section 6.	Rights of the Controlling Note Holder	32
	Section 7.	Appointment of Special Servicer	34
	Section 8.	Payment Procedure	35
	Section 9.	Limitation on Liability of the Note Holders	36
	Section 10.	Bankruptcy	36
	Section 11.	Representations of the Note Holders	37
	Section 12.	No Creation of a Partnership or Exclusive Purchase Right	37
	Section 13.	Other Business Activities of the Note Holders	37
	Section 14.	Sale of the Notes	38
	Section 15.	Registration of the Notes and Each Note Holder	41
	Section 16.	Governing Law; Waiver of Jury Trial	41
	Section 17.	Submission To Jurisdiction; Waivers	41
	Section 18.	Modifications	42
	Section 19.	Statement of Intent	42
	Section 20.	Successors and Assigns; Third Party Beneficiaries	42
	Section 21.	Counterparts	43
	Section 22.	Captions	43
	Section 23.	Severability	43
	Section 24.	Entire Agreement	43
	Section 25.	Withholding Taxes	43
	Section 26.	Custody of Mortgage Loan Documents	44
	Section 27.	Cooperation in Securitization	45
	Section 28.	Notices	46
	Section 29.	Broker	46
	Section 30.	Certain Matters Affecting the Agent	46
	Section 31.	Reserved	47
	Section 32.	Resignation or Termination of Agent	47
	Section 33.	Resizing	47

 

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This AGREEMENT BETWEEN NOTE HOLDERS
(this “Agreement”), dated as of May 4, 2016 by and between BANK OF AMERICA, N.A. (“BANA”
and, together with its successors and assigns in interest, in its capacity as initial owner of Note A-1 described below, the “Initial
Note A-1 Holder” and, in its capacity as the initial agent, the “Initial Agent”), and CITIGROUP
GLOBAL MARKETS REALTY CORP. (“CGMRC”) (together with its successors and assigns in interest, in its capacity
as initial owner of Note A-2 described below, the “Initial Note A-2 Holder”); the Initial Note A-1 Holder and
the Initial Note A-2 Holder are referred to collectively herein as the “Initial Note Holders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Mortgage Loan
Agreement (as defined herein), BANA and CGMRC co-originated a certain loan (the “Mortgage Loan”) described on
the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan borrower described
on the Mortgage Loan Schedule (collectively, the “Mortgage Loan Borrower”), evidenced, inter alia, by
two (2) promissory notes, each executed as of May 4, 2016 and made by the Mortgage Loan Borrower as follows: Promissory Note
A-1, in favor of BANA, as lender, in the original principal amount of $20,125,000 (as amended, modified, consolidated, or supplemented,
“Note A-1”), and Promissory Note A-2, in favor of CGMRC, as lender, in the original principal amount of $20,125,000
(as amended, modified, consolidated, or supplemented, “Note A-2” and, together with Note A-1, the “Notes”).
The Notes are secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain
real property located as described on the Mortgage Loan Schedule (the “Mortgaged Property”);

 

WHEREAS, each Initial Note Holder desires
to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold the Notes;

 

NOW, THEREFORE, in consideration of
the mutual covenants herein contained, the parties hereto mutually agree as follows:

 

Section 1.          Definitions.
References to a “Section” or the “recitals” are, unless otherwise specified, to a Section or the
recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the
Lead Securitization Servicing Agreement. Whenever used in this Agreement, the following terms shall have the respective
meanings set forth below unless the context clearly requires otherwise. Whenever a term is defined as having the meaning set
forth in the Lead Securitization Servicing Agreement or substantially similar language, it shall be deemed to refer to the
definition of such term (or if no such definition exists, the definition of any term substantially similar thereto) as is set
forth in the Lead Securitization Servicing Agreement.

 

“Acceptable Insurance Default”
shall have the meaning set forth in the Lead Securitization Servicing Agreement.

 

“Affiliate” shall
have the meaning set forth in the Lead Securitization Servicing Agreement.

 

     

     

    

 

“Agent” shall mean
the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and after the Securitization Date
shall mean the Master Servicer.

 

“Agent Office” shall
mean the designated office of the Agent, which office, as of the date of this Agreement, is the office of the Initial Note A-1
Holder listed on Exhibit B hereto, and which is the address to which notices to and correspondence with the Agent should
be directed. The Agent may change the address of its designated office by notice to the Note Holders.

 

“Agreement” shall
mean this Agreement between Note Holders, any exhibits and schedules hereto and all amendments hereof and thereof and supplements
hereto and thereto.

 

“Approved Servicer”
shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender”.

 

“Asset Representations Reviewer”
shall mean the asset representations reviewer appointed as provided in the Lead Securitization Servicing Agreement.

 

“Asset Review” shall
mean any review of representations and warranties conducted by the Non-Lead Asset Representations Reviewer, as contemplated by
Item 1101(m) of Regulation AB.

 

“BANA” shall have
the meaning assigned to such term in the preamble to this Agreement.

 

“Bankruptcy Code”
shall mean the United States Bankruptcy Code, as amended from time to time, any successor statute or rule promulgated thereto.

 

“CDO” shall have
the meaning assigned to such term in the definition of “Qualified Institutional Lender”.

 

“CDO Asset Manager”
with respect to any Securitization Vehicle that is a CDO, shall mean the entity that is responsible for managing or administering
a Note as an underlying asset of such Securitization Vehicle or, if applicable, as an asset of any Intervening Trust Vehicle (including,
without limitation, the right to exercise any consent and control rights available to the holder of such Note).

 

“Certificate Administrator”
shall mean the “certificate administrator” appointed as provided in the Lead Securitization Servicing Agreement.

 

“CGMRC” shall have
the meaning assigned to such term in the preamble to this Agreement.

 

“Code” shall mean
the Internal Revenue Code of 1986, as amended.

 

“Commission” shall
have the meaning assigned to such term in Section 2(h)(viii).

 

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“Conduit” shall
have the meaning assigned to such term in Section 14(d).

 

“Conduit Credit Enhancer”
shall have the meaning assigned to such term in Section 14(d).

 

“Conduit Inventory Loan”
shall have the meaning assigned to such term in Section 14(d).

 

“Control” shall
mean the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership
interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

“Controlling Note”
shall mean Note A-1.

 

“Controlling Note Holder”
shall mean the holder of the Controlling Note; provided that at any time the Controlling Note is included in a Securitization,
references to the “Controlling Note Holder” herein shall mean the holders of the majority of the class of securities
issued in such Securitization designated as the “controlling class” or any other party that is assigned the rights
to exercise the rights of the “Controlling Note Holder” hereunder, as and to the extent provided in the related Securitization
Servicing Agreement, (including without limitation subject to any restrictions applicable to the Mortgage Loan Borrower or affiliates
of the Mortgage Loan Borrower provided in the Lead Securitization Servicing Agreement).

 

“Controlling Note Holder Representative”
shall have the meaning assigned to such term in Section 6(a).

 

“DBRS” shall mean
DBRS, Inc., and its successors in interest.

 

“Depositor” shall
mean the “depositor” under the Lead Securitization Servicing Agreement.

 

“Event of Default”
shall mean, with respect to the Mortgage Loan, an “Event of Default” as defined in the Mortgage Loan Agreement.

 

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended.

 

“First Securitization”
shall mean the earliest to occur of the Note A-1 Securitization and the Note A-2 Securitization.

 

“Fitch” shall mean
Fitch Ratings, Inc., and its successors in interest.

 

“Initial Agent”
shall have the meaning assigned to such term in the preamble to this Agreement.

 

“Initial Note A-1 Holder”
shall have the meaning assigned to such term in the preamble to this Agreement.

 

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“Initial Note A-2 Holder”
shall have the meaning assigned to such term in the preamble to this Agreement.

 

“Initial Note Holders”
shall have the meaning assigned to such term in the preamble to this Agreement.

 

“Insolvency Proceeding”
shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or any other insolvency,
liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action for the dissolution of
the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets of the Mortgage Loan
Borrower for the benefit of its creditors, the appointment of, or any proceeding seeking the appointment of, a trustee, receiver
or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or any other action concerning
the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage Loan Borrower, except following
a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage Loan Borrower in a transaction
permitted under the Mortgage Loan Documents; provided, that following any such permitted transaction affecting the title
to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement shall be defined to mean the successor owner
of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage Loan Documents; provided, further,
that for the purposes of this definition, in the event that more than one entity comprises the Mortgage Loan Borrower, the term
“Mortgage Loan Borrower” shall refer to any such entity (or entities as applicable).

 

“Interest Rate”
shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

 

“Interested Person”
shall mean the Depositor, the Non-Lead Depositor, the Master Servicer, the Non-Lead Master Servicer, the Special Servicer, the
Non-Lead Special Servicer, the Trustee, the Non-Lead Trustee, any Mortgage Loan Borrower, any manager of any Mortgaged Property,
any independent contractor engaged by any of the foregoing parties, the Operating Advisor, the Non-Lead Operating Advisor, the
Controlling Note Holder, the Controlling Note Holder Representative, any Non-Controlling Note Holder, any Non-Controlling Note
Holder Representative, any holder of a related mezzanine loan, or any known Affiliate of any such party described above.

 

“Intervening Trust Vehicle”
with respect to any Securitization Vehicle that is a CDO, shall mean a trust vehicle or entity that holds any Note as collateral
securing (in whole or in part) any obligation or security held by such Securitization Vehicle as collateral for the CDO.

 

“KBRA” shall mean
Kroll Bond Rating Agency, Inc. and its successors in interest.

 

“Lead Securitization”
shall mean (a) if the First Securitization is also the Note A-1 Securitization, such First Securitization and (b) if
the First Securitization is not also the Note A-1 Securitization, then (i) for the period from the closing date of the
First Securitization

 

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until the Note A-1 Securitization Date, the First Securitization and (ii) on and after the Note A-1
Securitization Date, the Note A-1 Securitization.

 

“Lead Securitization Directing
Holder” shall mean the “Directing Holder” (or analogous term) (or the “Directing Certificateholder”
(or analogous term) acting as such Directing Holder, as applicable) under the Lead Securitization Servicing Agreement.

 

“Lead Securitization Note”
shall mean (a) during the period from and after Note A-2 Securitization Date, but prior to the Note A-1 Securitization
Date, Note A-2; and (b) on and after the Note A-1 Securitization Date, Note A-1.

 

“Lead Securitization Note
Holder” shall mean the holder of the Lead Securitization Note.

 

“Lead Securitization Servicing
Agreement” shall mean, as of any date of determination, the pooling and servicing agreement that governs the Securitization
that is then the Lead Securitization; provided, that during any period that the Mortgage Loan is no longer subject to the
provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall be determined
in accordance with the second paragraph of Section 2(a).

 

“Lead Securitization Trust”
shall mean the Securitization Trust created in connection with the Lead Securitization.

 

“Major Decisions”
shall mean “Major Decisions” as defined in the Lead Securitization Servicing Agreement.

 

“Master Servicer”
shall mean the master servicer appointed as provided in the Lead Securitization Servicing Agreement.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc., and its successors in interest.

 

“Morningstar” shall
mean Morningstar Credit Ratings, LLC, and its successors in interest.

 

“Mortgage” shall
have the meaning assigned to such term in the recitals.

 

“Mortgage Loan”
shall have the meaning assigned to such term in the recitals.

 

“Mortgage Loan Agreement”
shall mean the Loan Agreement, dated as of May 4, 2016, between BANA and CGMRC, as lenders, and the Mortgage Loan Borrower,
as the same may be further amended, restated, supplemented or otherwise modified from time to time, subject to the terms hereof.

 

“Mortgage Loan Borrower”
shall have the meaning assigned to such term in the recitals.

 

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“Mortgage Loan Borrower Related
Party” shall have the meaning assigned to such term in Section 13.

 

“Mortgage Loan Documents”
shall mean, with respect to the Mortgage Loan, the Mortgage Loan Agreement, the Mortgage, the Notes and all other documents now
or hereafter evidencing and securing the Mortgage Loan.

 

“Mortgage Loan Schedule”
shall have the meaning assigned to such term in the recitals.

 

“Mortgaged Property”
shall have the meaning assigned to such term in the recitals.

 

“New Notes” shall
have the meaning assigned to such term in Section 33.

 

“Non-Controlling Note”
means any Note (other than the Controlling Note), including any New Note designated as a “Non-Controlling Note” hereunder
pursuant to Section 33.

 

“Non-Controlling Note Holder”
means any holder of a Non-Controlling Note; provided that at any time such holder’s respective Note is included in
a Securitization, references to such “Non-Controlling Note Holder” herein shall mean the “Directing Certificateholder”,
“Directing Holder”, “Controlling Class Representative” or any other party assigned the rights to exercise
the rights of such “Non-Controlling Note Holder” hereunder, as and to the extent provided in the related Non-Lead Securitization
Servicing Agreement (including without limitation subject to any restrictions applicable to the Mortgage Loan Borrower or affiliates
of the Mortgage Loan Borrower provided in the Non-Lead Securitization Servicing Agreement) and as to the identity of which the
Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) has been given written notice. The Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with
more than one party as the representative of the “controlling class” holder(s) in respect of any Note that is exercising
the rights of a “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing Agreement (it being
understood for the avoidance of doubt that the Lead Securitization Note Holder (or the Master Servicer or Special Servicer on its
behalf) may additionally need to deal with the master servicer, special servicer or other person party to the related Securitization
Servicing Agreement) and to the extent that the related Securitization Servicing Agreement assigns such rights to more than one
such party as the representative of the “controlling class” holder(s), for purposes of this Agreement, such Securitization
Servicing Agreement shall designate one such party to deal with the Lead Securitization Note Holder (or the Master Servicer or
the Special Servicer acting on its behalf) as the representative of the related “controlling class” holder(s) in exercising
its rights as a “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing Agreement, and such
party shall provide written notice of such designation to the Lead Securitization Note Holder (and the Master Servicer and the
Special Servicer acting on its behalf); provided that, in the absence of such designation and notice, the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the last party as
to which it has

 

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received written notice as having been designated as the applicable Non-Controlling Note Holder, as the applicable
Non-Controlling Note Holder under this Agreement.

 

“Non-Controlling Note Holder
Representative” shall have the meaning assigned to such term in Section 6(a).

 

“Non-Exempt Person”
shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent for the
relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which, pursuant
to applicable provisions of (A) any income tax treaty between the United States and the country of residence of such Person,
(B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit any Servicer
on behalf of the Note Holders to make such payments free of any obligation or liability for withholding.

 

“Non-Lead Asset Representations
Reviewer” shall mean the party acting as “asset representations reviewer” (within the meaning of Item 1101(m)
of Regulation AB) under the Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Certificate Administrator”
shall mean the “certificate administrator” under the Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Depositor”
shall mean the “depositor” under the Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Master Servicer”
shall mean the “master servicer” under the Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Operating Advisor”
shall mean the “trust advisor”, “operating advisor” or other analogous term under the Non-Lead Securitization
Servicing Agreement.

 

“Non-Lead Securitization”
shall mean the first sale by the Non-Lead Securitization Note Holder of all or a portion of such Non-Lead Securitization Note to
a depositor who will in turn include such portion of such Non-Lead Securitization Note as part of the securitization of one or
more mortgage loans.

 

“Non-Lead Securitization Determination
Date” shall mean the “determination date” (or any term substantially similar thereto) as defined in the Non-Lead
Securitization Servicing Agreement.

 

“Non-Lead Securitization Note”
shall mean any Note other than the Lead Securitization Note.

 

“Non-Lead Securitization Note
Holder” shall mean any holder of the Non-Lead Securitization Note.

 

“Non-Lead Securitization Servicing
Agreement” shall mean from and after the date a Non-Lead Securitization Note is included in a Non-Lead Securitization,
the pooling and

 

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servicing agreement, trust and servicing agreement or servicing agreement entered into in connection with such
Non-Lead Securitization.

 

“Non-Lead Special Servicer”
shall mean the “special servicer” under the Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Trustee”
shall mean the “trustee” under the Non-Lead Securitization Servicing Agreement.

 

“Non-Securitizing Note Holder”
shall mean, with respect to a Securitization, each Note Holder that is not a Securitizing Note Holder with respect to such Securitization.

 

“Note A-1” shall
have the meaning assigned to such term in the recitals.

 

“Note A-1 Holder”
shall mean the Initial Note A-1 Holder or any subsequent holder of Note A-1, as applicable.

 

“Note A-1 Principal Balance”
shall mean, with respect to the Mortgage Loan, at any time of determination, the “Note A-1 Principal Balance” set forth
on the Mortgage Loan Schedule, less any payments of principal on Note A-1 received by the Note A-1 Holder or reductions in the
principal balance thereof pursuant to Section 3 or 4, as applicable.

 

“Note A-1 PSA”
shall mean the pooling and servicing agreement entered into in connection with the Note A-1 Securitization.

 

“Note A-1 Securitization”
shall mean the first sale by the Note A-1 Holder of all or a portion of Note A-1 to a depositor who will in turn include
such portion of Note A-1 as part of the securitization of one or more mortgage loans.

 

“Note A-1 Securitization
Date” shall mean the closing date of the Note A-1 Securitization.

 

“Note A-2” shall
have the meaning assigned to such term in the recitals.

 

“Note A-2 Holder”
shall mean the Initial Note A-2 Holder or any subsequent holder of Note A-2, as applicable.

 

“Note A-2 Principal Balance”
shall mean, with respect to the Mortgage Loan, at any time of determination, the “Note A-2 Principal Balance” set forth
on the Mortgage Loan Schedule, less any payments of principal on Note A-2 received by the Note A-2 Holder or reductions in the
principal balance thereof pursuant to Section 3 or 4, as applicable.

 

“Note A-2 PSA”
shall mean the pooling and servicing agreement entered into in connection with the Note A-2 Securitization.

 

“Note A-2 Securitization”
shall mean the first sale by the Note A-2 Holder of all or a portion of Note A-2 to a depositor who will in turn include
such portion of Note A-2 as part of the securitization of one or more mortgage loans.

 

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“Note A-2 Securitization
Date” shall mean the closing date of the Note A-2 Securitization.

 

“Note Holder Representative”
means a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative, as applicable (including any Lead
Securitization Directing Holder and any “directing certificateholder”, “controlling class representative”
or similar person acting pursuant to a Securitization Servicing Agreement on behalf of the Controlling Note Holder or the Non-Controlling
Note Holder, as the case may be).

 

“Note Holders” shall
mean, collectively, the Note A-1 Holder and the Note A-2 Holder.

 

“Note Pledgee” shall
have the meaning assigned to such term in Section 14(c).

 

“Note Register”
shall have the meaning assigned to such term in Section 15.

 

“Notes” shall have
the meaning assigned to such term in the recitals.

 

“Operating Advisor”
shall mean the operating advisor appointed as provided in the Lead Securitization Servicing Agreement.

 

“P&I Advance”
shall mean an advance made by a party to any Securitization Servicing Agreement in respect of a delinquent monthly debt service
payment on the Note(s) corresponding to the Note securitized pursuant to such Securitization Servicing Agreement.

 

“Percentage Interest”
shall mean, with respect to any Note Holder, a fraction, expressed as a percentage, the numerator of which is the principal balance
of the related Note (which, with respect to the Note A-1 Holder and the Note A-2 Holder shall be the Note A-1 Principal Balance
and the Note A-2 Principal Balance, respectively) and the denominator of which is the principal balance of the Mortgage Loan.

 

“Permitted Fund Manager”
shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached hereto and
made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests relating
to commercial real estate, (ii) investing through a fund with committed capital of at least $250,000,000 and (iii) not
subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

 

“Pledge” shall have
the meaning assigned to such term in Section 14(c).

 

“Pro Rata and Pari Passu Basis”
shall mean with respect to the Notes and the Note Holders, the allocation of any particular payment, collection, cost, expense,
liability or other amount between such Notes or such Note Holders, as the case may be, without any priority of any such Note or
any such Note Holder over another such Note or Note Holder, as the case may be, and in any event such that each Note or Note Holder,
as the case may be, is allocated its respective Percentage Interest of such particular payment, collection, cost, expense, liability
or other amount.

 

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“Qualified Institutional Lender”
shall mean each of the Initial Note Holders and any other U.S. Person that is:

 

(a)          an entity Controlled
by, under common Control with or that Controls any of the Initial Note Holders, or

 

(b)          the trustee on behalf
of the trust certificates issued pursuant to a master trust agreement involving a CDO comprised of, or other securitization vehicle
involving, assets deposited or transferred by a Note Holder and/or one or more Affiliates (whether with assets from others or not),
provided that the securities issued in connection with such CDO or other securitization vehicle are rated by each of the
Rating Agencies that assigned a rating to one or more classes of securities issued in connection with the Lead Securitization,
or

 

(c)           one or more of the
following:

 

(i)           an insurance company,
bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension plan, pension fund,
pension fund advisory firm, mutual fund, real estate investment trust, governmental entity or plan, or

 

(ii)          an investment company,
money management firm or a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act
of 1933, as amended, or an “accredited investor” within the meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation
D under the Securities Act of 1933, as amended, or

 

(iii)         a Qualified Trustee
in connection with (a) a securitization of, (b) the creation of collateralized debt obligations (“CDO”)
secured by, or (c) a financing through an “owner trust” of, a Note or any interest therein (any of the foregoing,
a “Securitization Vehicle”), provided that (1) one or more classes of securities issued by such
Securitization Vehicle is initially rated at least investment grade by each of the Rating Agencies that assigned a rating to one
or more classes of securities issued in connection with such Securitization Vehicle (it being understood that with respect to any
Rating Agency that assigned such a rating to the securities issued by such Securitization Vehicle, a Rating Agency Confirmation
will not be required in connection with a transfer of such Note or any interest therein to such Securitization Vehicle); (2) in
the case of a Securitization Vehicle that is not a CDO, the special servicer of such Securitization Vehicle has a Required Special
Servicer Rating or is otherwise subject to Rating Agency Confirmations from the Rating Agencies rating each Securitization (such
entity, an “Approved Servicer”) and such Approved Servicer is required to service and administer such Note or
any interest therein in accordance with servicing arrangements for the assets held by the Securitization Vehicle which require
that such Approved Servicer act in accordance with a servicing standard notwithstanding any contrary direction or instruction from
any other Person; or (3) in the case of a Securitization Vehicle that is a CDO, the

 

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CDO Asset Manager and, if applicable,
each Intervening Trust Vehicle that is not administered and managed by a CDO Asset Manager which is a Qualified Institutional Lender,
are each a Qualified Institutional Lender under clauses (i), (ii), (iv) or (v) of this definition,
or

 

(iv)         an investment fund,
limited liability company, limited partnership or general partnership having capital and/or capital commitments of at least $250,000,000,
in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional Lender under clause (i),
(ii) or (v) (with respect to an institution substantially similar to the entities referred to in clause (i)
or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund manager responsible
for the day-to-day management and operation of such investment vehicle and provided that at least 50% of the equity interests
in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Institutional
Lenders (without regard to the capital surplus/equity and total asset requirements set forth below in the definition), or

 

(v)          an institution substantially
similar to any of the foregoing, and

 

in the case of any entity referred to in clause (c)(i),
(ii), (iv)(B) or (v) of this definition, (x) such entity has at least $200,000,000 in capital/statutory
surplus or shareholders’ equity (except with respect to a pension advisory firm or similar fiduciary) and at least $600,000,000
in total assets (in name or under management), and (y) is regularly engaged in the business of making or owning commercial
real estate loans (or interests therein) similar to the Mortgage Loan (or mezzanine loans with respect thereto) or owning or operating
commercial real estate properties; provided that, in the case of the entity described in clause (iv)(B) above, the
requirements of this clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible for
the day-to-day management and operation of such entity; or

 

(d)          any entity Controlled
by any of the entities described in clause (c) (other than clause (c)(iii)) above or that is the subject of a Rating Agency
Confirmation as a Qualified Institutional Lender for purposes of this Agreement from each of the Rating Agencies engaged by the
Depositor and the Non-Lead Depositor to rate the securities issued by the related Securitization Trust.

 

“Qualified Trustee”
means (i) a corporation, national bank, national banking association or a trust company, organized and doing business under
the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept
the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution
whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the applicable
Rating Agencies (or, if not rated by an applicable Rating Agency, an equivalent (or higher) rating from any two of Fitch, Moody’s
and S&P).

 

    	 -11-

     

    

 

“Rating Agencies”
shall mean DBRS, Fitch, KBRA, Moody’s, Morningstar and S&P and their respective successors in interest or, if any of
such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized
statistical rating agency reasonably engaged by any Note Holder to rate the securities issued in connection with the Securitization
of the related Note; provided, that, at any time during which one or more of the Notes is an asset of one or more Securitizations,
“Rating Agencies” or “Rating Agency” shall mean only those rating agencies that are engaged
by the related depositor (or its Affiliate) from time to time to rate the securities issued in connection with the Securitizations
of the Notes.

 

“Rating Agency Communication”
shall mean, with respect to any action and any Securitization, any written communication intended for a Rating Agency, which shall
be delivered at least ten (10) Business Days prior to completing such action, in electronic document format suitable for website
posting to the 17g-5 information provider under the applicable Securitization Servicing Agreement.

 

“Rating Agency Confirmation”
shall mean, with respect to any Securitization, a confirmation in writing by each of the applicable Rating Agencies for such Securitization
that the occurrence of the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade,
qualification or withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the securities issued
pursuant to such Securitization that are then outstanding. If no such securities are outstanding with respect to any Securitization,
any action that would otherwise require a Rating Agency Confirmation shall instead require the consent of the Lead Securitization
Note Holder, which consent shall not be unreasonably withheld or delayed. For the purposes of this Agreement, if any Rating Agency
shall waive, decline or refuse to review or otherwise engage any request for Rating Agency Confirmation hereunder, such waiver,
declination, or refusal shall be deemed to eliminate, for such request only, the condition that a Rating Agency Confirmation by
such Rating Agency (only) be obtained for purposes of this Agreement. For purposes of clarity, any such waiver, declination or
refusal to review or otherwise engage in any request for a Rating Agency Confirmation hereunder shall not be deemed a waiver, declination
or refusal to review or otherwise engage in any subsequent request for a Rating Agency Confirmation hereunder and the condition
for Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless of any previous waiver,
declination or refusal to review or otherwise engage in such prior request.

 

“Redirection Notice”
shall have the meaning assigned to such term in Section 14(c).

 

“Regulation AB”
shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such
rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective
from time to time as of the compliance dates specified therein.

 

    	 -12-

     

    

  

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

 

“REMIC Provisions”
shall mean provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections
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.

 

“Required Special Servicer
Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage
Special Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more
loans included in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period
prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial
mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer
as special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, such special servicer has a ranking
by Morningstar equal to or higher than “MOR CS3” as a special servicer, provided that if Morningstar has not
issued a ranking with respect to such special servicer, such special servicer is acting as special servicer in a commercial mortgage
loan securitization that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination, and
Morningstar has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any
class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial
mortgage securities, (v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or
material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination,
and (vi) in the case of DBRS, such special servicer is acting as special servicer in a commercial mortgage loan securitization
that was rated by DBRS within the twelve (12) month period prior to the date of determination and DBRS has not downgraded or withdrawn
the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on
watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities as a material
reason for such downgrade or withdrawal.

 

“S&P” shall
mean Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and its successors
in interest.

 

“Securities Act”
shall mean the Securities Act of 1933.

 

“Securitization”
shall mean the Note A-1 Securitization and the Note A-2 Securitization, as applicable.

 

“Securitization Date”
shall mean the effective date on which the Securitization of the first Note or portion thereof is consummated.

 

    	 -13-

     

    

 

“Securitization Servicing
Agreement” shall mean the Lead Securitization Servicing Agreement or the Non-Lead Securitization Servicing Agreement.

 

“Securitization Trust”
shall mean a trust formed pursuant to a Securitization pursuant to which one or more of the Notes are held.

 

“Securitization Vehicle”
shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender”.

 

“Securitizing Note Holder”
shall mean, with respect to a Securitization, each Note Holder that is contributing its Note to such Securitization.

 

“Servicer” shall
mean the Master Servicer or the Special Servicer, as the context may require.

 

“Servicer Termination Event”
shall have the meaning assigned such term or analogous term in the Lead Securitization Servicing Agreement or at any time that
the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept
under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

 

“Servicing Advance”
shall have the meaning assigned such term or analogous term or an analogous term in the Lead Securitization Servicing Agreement
or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any
analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms
of this Agreement.

 

“Servicing Standard”
shall have the meaning assigned such term or analogous term in the Lead Securitization Servicing Agreement. The Servicing Standard
in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage
Loan, must take into account the interests of each Note Holder.

 

“Special Servicer”
shall mean the special servicer appointed as provided in the Lead Securitization Servicing Agreement.

 

“Taxes” shall mean
any income or other taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature, now or hereafter imposed
by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein.

 

“Transfer” shall
have the meaning assigned to such term in Section 14(a).

 

“Trustee” shall
mean the trustee appointed as provided in the Lead Securitization Servicing Agreement.

 

“U.S. Person” shall
mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided in applicable Treasury
Regulations) created or organized in or under the laws of the United States, any State thereof or the District of Columbia, including
any entity treated as a corporation or partnership for federal income tax purposes, or an

 

    	 -14-

     

    

 

estate whose income is subject to United
States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise primary
supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all substantial
decisions of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in existence on August 20,
1996 which is eligible to elect to be treated as a U.S. Person).

 

Section 2.          Servicing of the Mortgage
Loan.

 

(a)           Each Note Holder acknowledges
and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and after the Securitization
Date by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement and the Lead Securitization Servicing
Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal or interest
in respect of any Note other than the Lead Securitization Note if such principal or interest is not paid by the Mortgage Loan Borrower
but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to the maintenance
of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms of the Lead
Securitization Servicing Agreement. Each Note Holder acknowledges that any other Note Holder may elect, in its sole discretion,
to include its Note in a Securitization and agrees that it will, subject to Section 27, reasonably cooperate with such
other Note Holder, at such other Note Holder’s expense, to effect such Securitization. Subject to the terms and conditions
of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer and
the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the appointment of the Special Servicer as the
initial Special Servicer by the Controlling Note Holder and agrees to reasonably cooperate with the Master Servicer and the Special
Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement. Each
Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan
on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of the Note Holder set forth
herein and in the Lead Securitization Servicing Agreement). The Lead Securitization Servicing Agreement shall not require the Servicer
to enforce the rights of one Note Holder against the other Note Holder, and shall not limit the Servicer in enforcing the rights
of one Note Holder against the other Note Holder, as may be required in order to service the Mortgage Loan as contemplated by this
Agreement and the Lead Securitization Servicing Agreement; provided, that it is also understood and agreed that nothing
in this sentence shall be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder. Each
Servicer shall be required pursuant to the Lead Securitization Servicing Agreement (i) to service the Mortgage Loan in accordance
with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable
law, (ii) to provide information to each servicer under the Non-Lead Securitization Servicing Agreement necessary to enable
each such servicer to perform its servicing duties under such Non-Lead Securitization Servicing Agreement, and (iii) to not
take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

 

    	 -15-

     

    

 

At any time that the Mortgage Loan
is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree to cause the Mortgage
Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders, pursuant to a servicing agreement
that has servicing terms substantially similar to the Lead Securitization Servicing Agreement and all references herein to the
“Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement; provided, that if
the Non-Lead Securitization Note is in a Securitization and the servicer(s) to be appointed under such replacement servicing agreement
would not otherwise meet the conditions to be a servicer under the Lead Securitization Servicing Agreement that is being replaced,
then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect to the securities issued in connection
with such Securitization for such Non-Lead Securitization Note; provided, further, that until a replacement servicing
agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to the
provisions of the Lead Securitization Servicing Agreement, as if such agreement were still in full force and effect with respect
to the Mortgage Loan, by the applicable Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization
Note Holder that is a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement. The Note Holders
acknowledge that at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing
Agreement, the Master Servicer shall have no further obligation to make P&I Advances with respect to the Mortgage Loan.

 

(b)          The Master Servicer shall be
the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent provided in the Lead Securitization
Servicing Agreement) shall make the following advances, subject to the terms of the Lead Securitization Servicing Agreement and
this Agreement: (i) Servicing Advances on the Mortgage Loan and (ii) P&I Advances on the Lead Securitization Note.
The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to reimbursement for a Servicing Advance,
first from funds on deposit in the Collection Account (as defined in the Lead Securitization Servicing Agreement) and/or
the related Companion Distribution Account (as defined in the Lead Securitization Servicing Agreement) for the Mortgage Loan that
(in any case) represent amounts received on or in respect of the Mortgage Loan, and then, in the case of Servicing Advances
that are Nonrecoverable Advances, if such funds on deposit in the Collection Account and Companion Distribution Account are insufficient,
from general collections of the Lead Securitization as provided in the Lead Securitization Servicing Agreement. The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall be entitled to reimbursement for interest on a Servicing Advance (including
any Servicing Advance that is a Nonrecoverable Advance) at the Reimbursement Rate in the manner and from the sources provided in
the Lead Securitization Servicing Agreement, including from general collections of the Lead Securitization. Notwithstanding the
foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee, as applicable, obtains funds from general collections
of the Lead Securitization as a reimbursement for a Servicing Advance that is a Nonrecoverable Advance or any interest on a Servicing
Advance (including any Servicing Advance that is a Nonrecoverable Advance) at the Reimbursement Rate, the Non-Lead Securitization
Note Holder (including any Securitization Trust into which such Non-Lead Securitization Note is deposited) shall be required to,
promptly following notice from the Master Servicer, reimburse the Lead Securitization for its pro rata share of such Servicing
Advance that is a Nonrecoverable Advance or interest thereon at the Reimbursement Rate.

 

    	 -16-

     

    

 

In addition, the Non-Lead Securitization
Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead Securitization Note is deposited)
shall be required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization
for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses incurred in connection
with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor or the Depositor, as applicable, is entitled to be reimbursed pursuant to the
Lead Securitization Servicing Agreement and this Agreement, to the extent amounts on deposit in the related “Companion Distribution
Account” are insufficient for reimbursement of such amounts. The Non-Lead Securitization Note Holder agrees to indemnify
(as and to the same extent the Lead Securitization Trust is required to indemnify each of the following parties in respect of other
mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement) each of the
Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor (and
any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified parties
in the Lead Securitization Servicing Agreement in respect of other mortgage loans) (the “Indemnified Parties”)
against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities,
fees and expenses incurred in connection with servicing and administration of the Mortgage Loan (or, with respect to the Operating
Advisor, incurred in connection with the provision of services for the Mortgage Loan) under the Lead Securitization Servicing Agreement
(collectively, the “Indemnified Items”) to the extent of its pro rata share of such Indemnified Items,
and to the extent amounts on deposit in the related “Companion Distribution Account” are insufficient for reimbursement
of such amounts, the Non-Lead Securitization Note Holder shall be required to, promptly following notice from the Master Servicer,
the Special Servicer or the Trustee, reimburse each of the applicable Indemnified Parties for its pro rata share of the
insufficiency; provided that a Non-Lead Securitization note Holder’s duty to pay, if any, Indemnified Items to the Operating
Advisor shall be subject to any limitations and conditions (including limitations and conditions with respect to the timing of
such payments and the sources of funds for such payments) as may be set forth from time to time in the Non-Lead Securitization
Servicing Agreement with respect to the Non-Lead Operating Advisor.

 

The Non-Lead Master Servicer (or Non-Lead
Trustee (if not made by such Non-Lead Master Servicer)) may be required to make P&I Advances on the respective Non-Lead Securitization
Note, from time to time, subject to the terms of the related Non-Lead Securitization Servicing Agreement, the Lead Securitization
Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled
to make their own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization Note based
on the information that they have on hand and in accordance with the Lead Securitization Servicing Agreement. The Non-Lead Master
Servicer, Non-Lead Special Servicer or Non-Lead Trustee under the Non-Lead Securitization Servicing Agreement, as applicable, shall
be entitled to make its own recoverability determination with respect to a P&I Advance to be made on the related Non-Lead Securitization
Note based on the information that they have on hand and in accordance with the related Non-Lead Securitization Servicing Agreement.
The Master Servicer or the Trustee, as applicable, and the Non-Lead Master Servicer or Non-Lead Trustee, as applicable, shall each
be required to notify the other of the amount of its P&I Advance within two (2) Business Days of making such advance. If the

 

    	 -17-

     

    

 

Master Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization Note) or the Non-Lead
Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee, as applicable (with respect to the Non-Lead Securitization Note),
determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would be
non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that a
proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, then the
Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability
by the Master Servicer, the Special Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead Trustee (as provided
in the related Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Non-Lead
Master Servicer, the Non-Lead Special Servicer or the Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or the
related Non-Lead Master Servicer and the related Non-Lead Trustee, as the case may be, within two (2) Business Days of making such
determination. Each of the Master Servicer and the Trustee, the Non-Lead Master Servicer and the Non-Lead Trustee, as applicable,
shall only be entitled to reimbursement for a P&I Advance that becomes non-recoverable and advance interest thereon first,
from the related Companion Distribution Account from amounts allocable to the Note for which such P&I Advance was made, and
then, if such funds are insufficient, (i) in the case of the Lead Securitization Note, from general collections of
the Lead Securitization Trust, pursuant to the terms of the Lead Securitization Servicing Agreement and (ii) in the case of
the Non-Lead Securitization Note, from general collections of the related Securitization Trust, as and to the extent provided in
the related Non-Lead Securitization Servicing Agreement.

 

(c)          The Non-Lead Securitization
Note Holder, if its Non-Lead Securitization Note is included in a Securitization, shall cause the applicable Non-Lead Securitization
Servicing Agreement to contain provisions to the effect that:

 

(i)            such Non-Lead
Securitization Note Holder shall be responsible for its pro rata share of any Servicing Advances that are Nonrecoverable
Advances (and interest thereon at the Reimbursement Rate) and any additional trust fund expenses under the Lead Securitization
Servicing Agreement, but only to the extent that they relate to servicing and administration of the Notes, including without limitation,
any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees relating to the Notes, and that if the funds received with
respect to each respective Note are insufficient to cover such Servicing Advances or additional trust fund expenses, (x) the
related Non-Lead Master Servicer will be required to, promptly following notice from the Master Servicer or the Special Servicer,
pay or reimburse the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Operating Advisor,
as applicable, out of general collections in the collection account (or equivalent account) established under such Non-Lead Securitization
Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any such Servicing Advances that
are Nonrecoverable Advances (and interest thereon at the Reimbursement Rate) and/or additional trust fund expenses under the Lead
Securitization Servicing Agreement relating to the Mortgage Loan, and (y) if the Lead Securitization Servicing Agreement permits
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Operating Advisor to reimburse itself
from the Lead Securitization Trust’s general collections, then

 

    	 -18-

     

    

 

the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Operating Advisor, as applicable, may do so and the related Non-Lead Master Servicer will be
required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization
Trust out of general collections in the collection account (or equivalent account) established under such Non-Lead Securitization
Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any such Servicing Advances that
are Nonrecoverable Advances (and interest thereon at the Reimbursement Rate) and/or additional trust fund expenses under the Lead
Securitization Servicing Agreement relating to the Mortgage Loan;

 

(ii)          each of the Indemnified
Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify each of such Indemnified
Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of Lead Securitization Servicing
Agreement) by the Securitization Trust holding such Non-Lead Securitization Note, against any of the Indemnified Items to the extent
of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the related “Companion Distribution
Account” are insufficient for reimbursement of such amounts, the related Non-Lead Master Servicer will be required to reimburse
each of the applicable Indemnified Parties for its pro rata share of the insufficiency out of general collections in the
collection account (or equivalent account) established under such Non-Lead Securitization Servicing Agreement; provided that a
Non-Lead Securitization Servicing Agreement shall be deemed to include the same limitations and conditions on the payment or reimbursement
of Indemnified Items to the Operating Advisor (including limitations and conditions with respect to the timing of such payments
or reimbursements and the sources of funds for such payments or reimbursements) as may be set forth from time to time in the Non-Lead
Securitization Servicing Agreement with respect to the Non-Lead Operating Advisor.

 

(iii)         a party to the
Non-Lead Securitization Servicing Agreement will be required to deliver to the Trustee, the Certificate Administrator, the Special
Servicer and the Master Servicer (x) promptly following Securitization of such Non-Lead Securitization Note, notice of the
deposit of such Non-Lead Securitization Note into a Securitization Trust (which notice may be by email and shall also provide contact
information for the related Non-Lead Trustee, Non-Lead Certificate Administrator, Non-Lead Master Servicer, Non-Lead Special Servicer
and the party designated to exercise the rights of the “Non-Controlling Note Holder” under this Agreement),
accompanied by a certified copy of the executed Non-Lead Securitization Servicing Agreement and (y) notice of any subsequent
change in the identity of the related Non-Lead Master Servicer or the party designated to exercise the rights of the related “Non-Controlling
Note Holder” under this Agreement (together with the relevant contact information); and

 

(iv)        the Master Servicer,
the Special Servicer and the Trustee and the Lead Securitization Trust shall be third party beneficiaries of the foregoing provisions.

 

(d)         If the Non-Lead Securitization
Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the Master Servicer,
the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the

 

    	 -19-

     

    

 

Non-Lead Asset Representations Reviewer
in connection with such Asset Review by providing the Non-Lead Asset Representations Reviewer with any documents reasonably requested
by the Non-Lead Asset Representations Reviewer, but only to the extent that (i) such Non-Lead Asset Representations Reviewer
has not been able to obtain such documents from the related mortgage loan seller or any party to the related Non-Lead Securitization
Servicing Agreement and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee
or the Custodian, as the case may be.

 

(e)         Prior to the Securitization
of any Note (including any New Note), all notices, reports, information or other deliverables required to be delivered to a Note
Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the related Note Holder (or its Note
Holder Representative) and, when so delivered to such Note Holder (or Note Holder Representative, as applicable), the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery
obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement. Following the Securitization
of any Note (including any New Note), as applicable, all notices, reports, information or other deliverables required to be delivered
to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the master servicer and the special
servicer with respect to such Securitization (who then may forward such items to the party entitled to receive such items as and
to the extent provided in the related Securitization Servicing Agreement) and, when so delivered to such master servicer and the
special servicer, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing
Agreement; provided, however, that all items that relate to the Non-Lead Depositor’s compliance with any applicable
securities laws shall also be delivered to the Non-Lead Depositor.

 

(f)          Each Lead Securitization Servicing
Agreement shall also satisfy Moody’s rating methodology for eligible accounts and permitted investments for a securitization
rated “Aaa” by Moody’s.

 

(g)         The Lead Securitization Note
Holder shall cause the Lead Securitization Servicing Agreement to contain provisions requiring the Master Servicer to deliver to
the Non-Lead Master Servicer, the Non-Lead Special Servicer and the Non-Lead Trustee (i) notice of any Appraisal Event promptly
following the occurrence thereof and (ii) a statement of any Appraisal Reduction or Collateral Deficiency Amount (if the Lead
Securitization Servicing Agreement provides for the calculation of any Collateral Deficiency Amount) promptly following the calculation
thereof.

 

    	 -20-

     

    

 

(h)         The Lead Securitization Note
Holder agrees that it shall cause the Lead Securitization Servicing Agreement to provide as follows (and to the extent such following
provisions are not included in the Lead Securitization Servicing Agreement, they shall be deemed incorporated therein and made
a part thereof):

 

(i)          the Master Servicer
or Trustee shall be required to provide written notice to the Non-Lead Master Servicer and the Non-Lead Trustee of any P&I
Advance it has made with respect to the Lead Securitization Note within two (2) business days of making such advance;

 

(ii)          if the Master
Servicer determines that a proposed P&I Advance with respect to the Lead Securitization Note or Servicing Advances with respect
to the Mortgage Loan, if made, or any outstanding P&I Advance or Servicing Advances previously made, would be, or is, as applicable,
a Nonrecoverable Advance, the Master Servicer shall provide the Non-Lead Master Servicer written notice of such determination within
two (2) business days after such determination was made;

 

(iii)        the Master Servicer
shall remit all payments received with respect to the Non-Lead Securitization Note, net of the servicing fees payable to the Master
Servicer and Special Servicer with respect to the Non-Lead Securitization Note, and any other applicable fees and reimbursements
payable to the Master Servicer, the Special Servicer and the Trustee, to the Non-Lead Securitization Note Holder by the earlier
of (x) the “master servicer remittance date” (or any term substantially similar thereto) as defined in the Lead Securitization
Servicing Agreement and (y) the business day following the “determination date” (or any term substantially similar
thereto) as defined in the Non-Lead Securitization Servicing Agreement (such determination date, the “Non-Lead Securitization
Determination Date”), in each case as long as the date on which remittance is required under this clause (iii) is at
least one business day after the scheduled monthly payment date under the Loan Agreement;

 

(iv)        with respect
to the Non-Lead Securitization Note that is held by a Securitization, the Master Servicer agrees to deliver or cause to be delivered
or to make available to the Non-Lead Master Servicer all loan-level reports constituting the CREFC® Investor Reporting Package)
pursuant to the terms of the Lead Securitization Servicing Agreement, to the extent related to the Mortgage Loan, the Mortgaged
Property, the Non-Lead Securitization Note, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
by the earlier of (x) the “master servicer remittance date” (or any term substantially similar thereto) as defined
in the Lead Securitization Servicing Agreement and (y) the Business Day following the Non-Lead Securitization Determination Date,
in each case so long as the date on which delivery is required under this clause (iv) is at least one business day after the
scheduled monthly payment date under the Loan Agreement;

 

(v)         the servicing
duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing Agreement shall include the
duty to service the Mortgage Loan and all of the Notes on behalf of the Note Holders (including the respective trustees and certificateholders)
in accordance with the terms and provisions of

 

    	 -21-

     

    

 

this Agreement, the Lead Securitization Servicing Agreement and the Servicing Standard;

 

(vi)        the Non-Lead
Securitization Note Holder shall be entitled to the same indemnity as the Lead Securitization Note Holder under the Lead Securitization
Servicing Agreement with respect to the following items; each of the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, and the Custodian shall be required to indemnify each certifying person and the Non-Lead
Depositor for any public Other Securitization Trust, and their respective directors and officers and controlling persons, to the
same extent that they indemnify the Depositor (as depositor in respect of the Lead Securitization) and each certifying person for
(i) its failure to deliver the items in clause (vii) below in a timely manner, (ii) its failure to perform its obligations to such
Non-Lead Depositor or Non-Lead Trustee under Article XI (or any article substantially similar thereto) of the Lead Securitization
Servicing Agreement by the time required after giving effect to any applicable grace period or cure period, (iii) the failure of
any Servicing Function Participant or Additional Servicer retained by it to perform its obligations to such Non-Lead Depositor
or Non-Lead Trustee under such Article XI (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement
by the time required and/or (iv) any deficient Exchange Act report regarding, and delivered by or on behalf of, such party;

 

(vii)       each of the
Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall
(i) with respect to any Initial Sub-Servicer engaged by it that is a Servicing Function Participant or Additional Servicer, use
commercially reasonable efforts to cause such party to, and (ii) with respect to each other Additional Servicer and each Servicing
Function Participant with which, in each case, it has entered into a servicing relationship with respect to the Mortgage Loans,
cause such party to, comply with the foregoing Section 2(h)(vi) by inclusion of similar provisions in the related sub-servicing
or similar agreement;

 

(viii)      the
Master Servicer, any primary servicer, the Special Servicer and the Trustee, Certificate Administrator or other party acting as
custodian for the Lead Securitization shall be required to deliver (and shall be required to cause (or, in the case of a Mortgage
Loan Seller Sub-Servicer, shall be required to use commercially reasonable efforts to cause) each other servicer and servicing
function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to
deliver), to the Non-Lead Depositor and the Non-Lead Trustee, in a timely manner, (i) the reports, certifications, compliance
statements, accountants’ assessments and attestations, and all information to be included in reports (including, without
limitation, Form ABS 15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in the Non-Lead
Securitization Servicing Agreement, in the case of clauses (i) and (ii), as the parties to each Non-Lead Securitization may reasonably
require in order to comply with their obligations under the Securities Act and the Exchange Act (including Rule 15Ga-1) and Regulation
AB, and any other applicable law. Without limiting the generality of the foregoing, the Initial Note Holder of the Lead Securitization
Note shall provide in a timely manner to the Non-Lead Depositor and the Non-Lead Trustee a copy of the Lead Securitization Servicing

 

    	 -22-

     

    

 

Agreement in EDGAR-compatible
format (but not later than one business day following the closing date of the Lead Securitization) and each Servicer under the
Lead Securitization Servicing Agreement will be required, upon prior written request, to provide to the Non-Lead Depositor and
the Non-Lead Trustee any other information required to comply in a timely manner with applicable filing requirements under Items
1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB, in each case in a timely manner
for inclusion in any disclosure document (or for filing under Form 8-K, as applicable), and with respect to such Servicers, upon
prior written request, market indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered
with respect to the Lead Securitization. As used in this Agreement, “Regulation AB” means Subpart 229.1100
– Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100 229.1125, as such may be amended from time to
time, and subject to such clarification and interpretation as have been provided by the United States Securities and Exchange
Commission (the “Commission”) or by the staff of the Commission, or as may be provided by the Commission or
its staff from time to time, in each case as effective from time to time as of the compliance dates specified therein. The Master
Servicer, any primary servicer and the Special Servicer shall each be required to provide certification and indemnification to
each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms are defined in the
Non-Lead Securitization Servicing Agreement;

 

(ix)         each of the Master
Servicer, the Special Servicer, the Custodian and the Trustee and each Affected Reporting Party (or analogous term) shall cooperate
(and require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing
Agreement), with the Non-Lead Depositor to the same extent as such party is required to cooperate with the Lead Depositor under
Article XI (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement in connection with the
reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated
thereunder. All respective reasonable out-of-pocket costs and expenses incurred by the Non-Lead Depositor (including reasonable
legal fees and expenses of outside counsel to such depositor) in connection with the foregoing (other than those costs and expenses
related to participation by the Non-Lead Depositor in any telephone conferences and meetings with the United States Securities
and Exchange Commission (the “Commission”) and other costs the Non-Lead Depositor must bear pursuant to Article
XI (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement) and any amendments to any reports
filed with the Commission therewith shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized
invoice from such Non-Lead Depositor;

 

(x)          any late collections
received by the Master Servicer from the Mortgage Loan Borrower that are allocable to the Non-Lead Securitization Note or reimbursable
to the Non-Lead Master Servicer or the Non-Lead Trustee in accordance with this Agreement shall be remitted by the Master Servicer
to the Non-Lead Master Servicer within one (1) Business Day of receipt and identification thereof unless such amount would otherwise
be included in the monthly remittance to the Non-Lead Securitization Note Holder for such month; provided, however, that to the
extent any such amounts are

 

    	 -23-

     

    

 

received after 3:00 p.m. Eastern time on any given business day, the Master Servicer shall use
commercially reasonable efforts to remit such late collections to the Non-Lead Master Servicer within one (1) business day of receipt
of properly identified funds but, in any event, the Master Servicer shall remit such amounts within two (2) business days of receipt
of properly identified funds;

 

(xi)         the Non-Lead
Securitization Note Holder is an intended third-party beneficiary in respect of the rights afforded it under the Lead Securitization
Servicing Agreement;

 

(xii)        the Non-Lead
Master Servicer and the Non-Lead Special Servicer shall each be a third-party beneficiary of the Lead Securitization Servicing
Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification of the Non-Lead
Master Servicer or the Non-Lead Special Servicer, as the case may be, and the provisions regarding coordination of advances;

 

(xiii)       if the Mortgage
Loan becomes a Defaulted Mortgage Loan and the Special Servicer determines to sell the Lead Securitization Note in accordance with
the Lead Securitization Servicing Agreement, it shall have the right and the obligation to sell both of the Notes as notes evidencing
one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection with any such sale, the
Special Servicer shall provide notice to the Non-Lead Master Servicer who shall provide notice to the Non-Controlling Note Holder
of the planned sale;

 

(xiv)       the Lead Securitization
Servicing Agreement shall not be amended in any manner that materially and adversely affects the rights of the Non-Lead Securitization
Note Holder without the consent of the Non-Lead Securitization Note Holder;

 

(xv)
      to the extent related to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency
Confirmation and Rating Agency Communications shall be provided with respect to the commercial mortgage pass-through
certificates issued in connection with the Non-Lead Securitization to the same extent provided with respect to the commercial
mortgage pass-through certificates issued in connection with the Lead Securitization;

 

(xvi)       “Servicer
Termination Events” (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination
events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder
or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely
deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure
to deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the Non-Lead
Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency
downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary
grace periods (provided that, in the case of failures related to the securities laws, such

 

    	 -24-

     

    

 

grace periods will not cause a Non-Lead
Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination
Event with respect to the Master Servicer affecting the Non-Lead Securitization Note Holder and the Master Servicer is not otherwise
terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of
the Non-Lead Securitization Note Holder, to appoint a subservicer with respect to the Non-Lead Securitization Note. Upon the occurrence
of a Servicer Termination Event with respect to the Special Servicer affecting the Non-Lead Securitization Note Holder and the
Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction
of the Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage
Loan;

 

(xvii)      in connection
with (A) any amendment of the Lead Securitization Servicing Agreement, a party to such Lead Securitization Servicing Agreement
is required to provide a copy of the executed amendment to each Non-Lead Depositor and one or more parties to the related Non-Lead
Securitization Servicing Agreement (which may be by e-mail), together with a copy of such amendment in electronic format, no later
than the effective date of such amendment, and (B) the termination, resignation and/or replacement of the Master Servicer or Special
Servicer under the Lead Securitization Servicing Agreement, the replacement “master servicer” or replacement “special
servicer”, as applicable, is required to provide to each Non-Lead Depositor and one or more parties to the related Non-Lead
Securitization Servicing Agreement all disclosure about itself that is required to be included in Form 8-K no later than the date
of effectiveness thereof;

 

(xviii)     if the Non-Lead
Securitization Note becomes the subject of an Asset Review pursuant to the Non-Lead Securitization Servicing Agreement, the Master
Servicer, the Special Servicer, the Trustee and the custodian shall reasonably cooperate with the Non-Lead Asset Representations
Reviewer in connection with such Asset Review by providing the Non-Lead Asset Representations Reviewer with any documents reasonably
requested by the Non-Lead Asset Representations Reviewer, but only to the extent (x) such documents are in the possession
of the Master Servicer, the Special Servicer, the Trustee or the custodian, as the case may be, and (y) the Non-Lead Asset
Representations Reviewer has not been able to obtain such documents from the related mortgage loan seller; and

 

(xix)       any conflict
between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement provided that
in no event shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action in
accordance with the terms of this Agreement that would cause the Master Servicer or the Special Servicer, as the case may be, to
violate the Servicing Standard or the REMIC Provisions.

 

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(i)          The initial holder of each Lead
Securitization Note shall:

 

 
(i)          give the other Note Holders notice of the Securitization of
the Lead Securitization Note in writing (which may be by email) not less than three (3) business days prior to the applicable
pricing date for the Lead Securitization, together with contact information for each of the parties to the Lead
Securitization Servicing Agreement;

 

  (ii)         on the closing
date of the Lead Securitization, or the next business day thereafter, send (or provide for access through a financial printer together
with notice (which may be by email) and contact information therefor) a copy (in EDGAR-compatible format) of the Lead Securitization
Servicing Agreement to the other Note Holder; and

 

  (iii)        give the other
Note Holder written notice in a timely manner (but no later than one (1) business day prior to the applicable filing date) of any
re-filing (other than a filing made in connection with a formal amendment of the Lead Securitization Servicing Agreement) by the
Depositor of the Lead Securitization Servicing Agreement subsequent to the Securitization Date if such filing contains revisions
or changes that are material to the other Note Holder.

 

Section 3.          Priority of Payments. Each
Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note
or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect
to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received
in the form of Scheduled Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or
other collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or Insurance Proceeds (other than proceeds,
awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower
in accordance with the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), shall be applied
by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided,
that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents (to the extent and in accordance
with the terms of the Mortgage Loan Documents) to be held as reserves or escrows or received as reimbursements on account of recoveries
in respect of property protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer
under the Lead Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms
of, the Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer with respect
to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other additional compensation payable to
it thereunder (including without limitation, any additional trust fund expenses under the Lead Securitization Servicing Agreement
relating to the Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) reimbursable to, or payable
by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees, Penalty Charges (to the extent provided in the
immediately following paragraph), but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization
Note, which shall be reimbursed in accordance with Section 2(b) hereof,

 

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and (ii) any Servicing Fees due to the
Master Servicer in excess of the Non-Lead Securitization Note’s pro rata share of that portion of such servicing
fees calculated at the “primary servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization
Servicing Agreement, which such excess shall not be subject to the allocation provisions of this Section 3) shall be payable
in accordance with the Lead Securitization Servicing Agreement.

 

For clarification purposes, “Penalty
Charges” (or analogous term as defined in the Lead Securitization Servicing Agreement) paid on each Note shall first,
be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the Master Servicer,
the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances
in accordance with the terms of the Lead Securitization Servicing Agreement, second, be used to reduce the respective
amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead
Trustee, as applicable, for any interest accrued on any P&I Advance made with respect to such Note by such party (if and as
specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement, as applicable),
third, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional
trust fund expenses under the Lead Securitization Servicing Agreement (other than Special Servicing Fees, unpaid Workout Fees and
Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and
finally, with respect to any remaining amount of Penalty Charges, (x) prior to the securitization of a Lead Securitization
Note or at any time the Mortgage Loan is not being serviced pursuant to a Securitization Servicing Agreement, pro rata to
each Note Holder, and (y) following the securitization of a Lead Securitization Note, to the Master Servicer and/or the Special
Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement.

 

Any proceeds received from the sale
of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note
Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with
respect to its Note shall be for its own account.

 

Section 4.          Workout. Notwithstanding
anything to the contrary contained herein, but subject to the terms and conditions of the Lead Securitization Servicing Agreement,
and the obligation to act in accordance with the Servicing Standard, if the Lead Securitization Note Holder, or any Servicer,
in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the principal
balance of the Mortgage Loan is decreased, (ii) the Interest Rate is reduced, (iii) payments of interest or principal
on any Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage
Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve,
the equal priorities of each Note as described in Section 3.

 

Section 5.          Administration of
the Mortgage Loan.

 

(a)          Subject to this Agreement (including
but not limited to Section 5(c)) and the Lead Securitization Servicing Agreement and subject to the rights and consents,
where

 

    	 -27-

     

    

 

required, of the Controlling Note Holder Representative, the Lead Securitization Note Holder (or the Master Servicer, the
Special Servicer or the Trustee acting on its behalf) shall have the sole and exclusive authority with respect to the administration
of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole authority to
modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act by the Mortgage Loan
Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate the Mortgage Loan or
institute any foreclosure action or other remedy, and no Non-Lead Securitization Note Holder shall have any voting, consent or
other rights whatsoever except as explicitly set forth herein with respect to the Lead Securitization Note Holder’s administration
of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Lead Securitization
Servicing Agreement, no Non-Lead Securitization Note Holder shall have any right to, and the Non-Lead Securitization Note Holder
hereby presently and irrevocably assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the Special
Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has
to, (i) call, or cause the Lead Securitization Note Holder to call, an Event of Default under the Mortgage Loan, or (ii) exercise
any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing, or causing
the Lead Securitization Note Holder to file, any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on its behalf) shall not have any fiduciary duty
to the Non-Lead Securitization Note Holder in connection with the administration of the Mortgage Loan (but the foregoing shall
not relieve the Lead Securitization Note Holder from the obligation to make any disbursement of funds as set forth herein or its
obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or any liability for failure
to do so).

 

Each Note Holder hereby acknowledges
the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization
Note Holder), upon the Mortgage Loan becoming a Defaulted Loan, to sell the Notes together as notes evidencing one whole loan in
accordance with the terms of the Lead Securitization Servicing Agreement. In connection with any such sale, the Special Servicer
shall be required to sell the Notes together as notes evidencing one whole loan and shall require that all offers be submitted
to the Trustee in writing. Whether any cash offer constitutes a fair price for the Mortgage Loan shall be determined by the Special
Servicer (unless the offeror is an Interested Person, in which case the Trustee shall make such determination); provided,
that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at
least two bona fide other offers are received from independent third parties. In determining whether any offer received represents
a fair price for the Mortgage Loan, the Trustee or the Special Servicer, as applicable, shall be supplied with and shall rely on
the most recent Appraisal or updated Appraisal conducted in accordance with the Lead Securitization Servicing Agreement within
the preceding nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal. The Trustee shall select the
appraiser conducting any such new Appraisal. In determining whether any such offer constitutes a fair price for the Mortgage Loan,
the Trustee or the Special Servicer, as applicable, shall instruct the appraiser to take into account (in addition to the results
of any Appraisal or updated Appraisal that it may have obtained pursuant to the Lead Securitization Servicing Agreement), as applicable,
among other factors, the period and amount of any delinquency on the affected Mortgage Loan, the occupancy level

 

    	 -28-

     

    

 

and physical condition
of the related Mortgaged Property and the state of the local economy. The Trustee may conclusively rely on the opinion of an Independent
appraiser or other Independent expert in real estate matters with at least 5 years’ experience in valuing or investing in
loans similar to the Mortgage Loan that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes
a fair price for the Mortgage Loan, and that has been retained by the Trustee at the expense of the Holders in connection with
making such determination. Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Special Servicer acting on
its behalf) shall not be permitted to sell the Mortgage Loan without the written consent of the Non-Controlling Note Holder unless
the Special Servicer has delivered to the Non-Controlling Note Holder: (a) at least fifteen (15) Business Days prior written
notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10) days prior to the proposed sale date, a
copy of each bid package (together with any amendments to such bid packages) received by the Special Servicer in connection with
any such proposed sale; (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent Appraisal for
the Mortgage Loan, and any documents in the Servicer Mortgage File requested by such Non-Controlling Note Holder; and (d) until
the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the Lead Securitization
Directing Holder or the Controlling Holder, as applicable) prior to the proposed sale date, all information and other documents
being provided to other offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer
in connection with the proposed sale. Subject to the foregoing, each Note Holder or its Note Holder Representative shall be permitted
to submit an offer at any sale of the Mortgage Loan unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of
the Mortgage Loan Borrower.

 

Each Note Holder (to the extent it
is not the same entity as the Lead Securitization Note Holder) hereby appoints the Lead Securitization Note Holder as its agent,
and grants to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and its proxy, for
the purpose of soliciting and accepting offers for and consummating the sale of its Note. Each Note Holder (to the extent it is
not the same entity as the Lead Securitization Note Holder) further agrees that, upon the request of the Lead Securitization Note
Holder, such Note Holder shall execute and deliver to or at the direction of Lead Securitization Note Holder such powers of attorney
or other instruments as the Lead Securitization Note Holder may reasonably request to better assure and evidence the foregoing
appointment and grant, in each case promptly following request, and shall deliver any related original documentation evidencing
its Note (endorsed in blank if necessary) to or at the direction of the Lead Securitization Note Holder in connection with the
consummation of any such sale.

 

The authority of the Lead Securitization
Note Holder to sell the Non-Lead Securitization Note, and the obligations of any other Note Holder to execute and deliver instruments
or deliver the related Note upon request of the Lead Securitization Note Holder, shall terminate and cease to be of any further
force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased by the holder of such Lead Securitization
Note that sold such Lead Securitization Note into such Securitization from the trust fund established under the Lead Securitization
Servicing Agreement in connection with a material breach of representation or warranty made by such Person with respect to the
Lead Securitization Note or material document defect with respect to the documents delivered by such Person with respect to the
Lead Securitization Note upon the consummation of the Lead Securitization. The preceding

 

    	 -29-

     

    

 

sentence shall not be construed to grant
to the Non-Lead Securitization Note Holder the benefit of any representation or warranty made by the holder of the Lead Securitization
Note that sold such Lead Securitization Note into the Lead Securitization or any document delivery obligation imposed on such Person
under any mortgage loan purchase and sale agreement, instrument of transfer or other document or instrument that may be executed
or delivered by such Person in connection with the Lead Securitization.

 

(b)          The administration of the Mortgage
Loan shall be governed by this Agreement and the Lead Securitization Servicing Agreement. The servicing of the Mortgage Loan shall
be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Loan (or to the extent otherwise provided
in the Lead Securitization Servicing Agreement), by the Special Servicer, in each case pursuant to the Lead Securitization Servicing
Agreement. Notwithstanding anything to the contrary contained herein, in accordance with the Lead Securitization Servicing Agreement,
the Lead Securitization Note Holder shall cause the Master Servicer and the Special Servicer to service and administer the Mortgage
Loan in accordance with the Servicing Standard, taking into account the interests of each Note Holder. The Note Holders agree to
be bound by the terms of the Lead Securitization Servicing Agreement. All rights and obligations of the Lead Securitization Note
Holder described hereunder may be exercised by the Master Servicer, the Special Servicer, the Certificate Administrator or the
Trustee on behalf of the Lead Securitization Note Holder to the extent set forth in the Lead Securitization Servicing Agreement.
The Lead Securitization Servicing Agreement shall not be amended in any manner that may adversely affect the Non-Lead Securitization
Note Holder in its capacity as Non-Lead Securitization Note Holder without such Non-Lead Securitization Note Holder’s prior
written consent. The Non-Lead Securitization Note Holder (unless it is, or is an Affiliate of, the Mortgage Loan Borrower) shall
be a third-party beneficiary to the Lead Securitization Servicing Agreement with respect to its rights as specifically provided
for therein.

 

(c)          Notwithstanding the foregoing,
the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be required (i) to
provide copies of any notice, information and report that it is required to provide to the Lead Securitization Directing Holder
or Controlling Holder, as applicable, pursuant to (notwithstanding the existence of any “control termination event”
(or analogous term) under) the Lead Securitization Servicing Agreement with respect to any Major Decisions or the implementation
of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to the Non-Controlling Note Holder
(or its Note Holder Representative), within the same time frame it is required to provide to the Lead Securitization Directing
Holder (for this purpose, without regard to whether such items are actually required to be provided to the Lead Securitization
Directing Holder under the Lead Securitization Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation
Termination Event) and (ii) to consult with each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative)
on a strictly non-binding basis, to the extent having received such notices, information and reports, such Non-Controlling Note
Holder (or its Non-Controlling Note Holder Representative) requests consultation with respect to any such Major Decisions or the
implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative
actions recommended by such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative); provided that
after the expiration of

 

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a period of ten (10) Business Days from the delivery to such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its
behalf) of written notice of a proposed action, together with copies of the notice, information and report required to be provided
to the Lead Securitization Directing Holder, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer
acting on its behalf) shall no longer be obligated to consult with such Non-Controlling Note Holder (or its Non-Controlling Note
Holder Representative), whether or not such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) has
responded within such ten (10) Business Day period (unless, the Lead Securitization Note Holder (or the Master Servicer or the
Special Servicer acting on its behalf) proposes a new course of action that is materially different from the action previously
proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date of such proposal and delivery
of all information relating thereto). Notwithstanding the consultation rights of each Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) set forth in the immediately preceding sentence, the Lead Securitization Note Holder (or Master Servicer
or Special Servicer, acting on its behalf) may make any Major Decision or take any action set forth in the Asset Status Report
before the expiration of the aforementioned ten (10) Business Day period if the Lead Securitization Note Holder (or Master Servicer
or Special Servicer, as applicable) determines that immediate action with respect thereto is necessary to protect the interests
of the Note Holders. In no event shall the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its
behalf) be obligated at any time to follow or take any alternative actions recommended by a Non-Controlling Note Holder (or its
Non-Controlling Note Holder Representative).

 

In addition to the consultation rights
provided in the immediately preceding paragraph, each Non-Controlling Note Holder shall have the right to annual meetings (which
may be held telephonically) with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on
its behalf), upon reasonable notice and at times reasonably acceptable to the Master Servicer or the Special Servicer, as applicable,
in which servicing issues related to the Mortgage Loan are discussed.

 

(d)          If any Note is included as an
asset of a REMIC, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage Loan shall be administered
such that the Notes shall qualify at all times as (or as interests in) a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on behalf of the
Note Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of the Mortgage
or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of the pro rata
share of each Note Holder therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent
from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights which the Note Holders
may have under the Mortgage Loan Documents, if any such action would constitute a “significant modification” of the
Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the Treasury,
more than three (3) months after the startup day of the REMIC which includes the Notes (or any portion thereof), or would otherwise
violate any REMIC provisions applicable to a REMIC that

 

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holds any Note (or any portion thereof). Each Note Holder agrees that the
provisions of this paragraph shall be effected by compliance with any REMIC Provisions in the Lead Securitization Servicing Agreement
relating to the administration of the Mortgage Loan. All costs and expenses of compliance with this Section 5(d), to the extent
that such costs and expenses relate to administration of a REMIC or to any determination respecting the amount, payment or avoidance
of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne by each Note Holder solely
with respect to the REMIC trust that includes its own Note. Without limiting the generality of the foregoing, one Note Holder (the
“Uninvolved Note Holder”) shall not be required to reimburse any other Note Holder or any other Person for payment
of the following items related to any REMIC that does not or did not include the Uninvolved Note Holder’s Note (i) any
taxes imposed on any such REMIC, (ii) any costs or expenses relating to the administration of any such REMIC or to any determination
respecting the amount, payment or avoidance of any tax under any such REMIC or (iii) any advances for any of the foregoing
or any interest thereon or for deficits in other items of disbursement or income resulting from the use of funds for payment of
any such taxes, costs or expenses or advances, nor shall any disbursement or payment otherwise distributable to the Uninvolved
Note Holder be reduced to offset or make-up any such payment or deficit.

 

Section 6.          Rights of the Controlling
Note Holder.

 

(a)          The Controlling Note Holder
shall have the right at any time to appoint a representative in connection with the exercise of its rights and obligations with
respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling Note Holder shall
have the right in its sole discretion at any time and from time to time to remove and replace the Controlling Note Holder Representative.
When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling Note Holder may,
at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder Representative
may be any Person, including, without limitation, the Controlling Note Holder, any officer or employee of the Controlling Note
Holder, any affiliate of the Controlling Note Holder or any other unrelated third party (other than the Mortgage Loan Borrower,
any manager of a Mortgaged Property or any principal or Affiliate thereof). No such Controlling Note Holder Representative shall
owe any fiduciary duty or other duty to any other Person (other than the Controlling Note Holder). All actions that are permitted
to be taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder Representative acting
on behalf of the Controlling Note Holder. Any Servicer acting on behalf of the Lead Securitization Note Holder shall not be required
to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified such Servicer
or Trustee of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note
Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written confirmation of its acceptance
of such appointment, an address and telecopy number for the delivery of notices and other correspondence and a list of officers
or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses and
telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of the Servicers,
Operating Advisor and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until they
receive such information from the Controlling Note Holder. The

 

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Controlling Note Holder agrees to inform each such Servicer or Trustee
of the then-current Controlling Note Holder Representative.

 

Each Non-Controlling Note Holder shall
provide notice of its identity and contact information (including any change thereof) to the Trustee, Certificate Administrator,
the Master Servicer and the Special Servicer under the Lead Securitization; provided, that each Initial Note Holder shall
be deemed to have provided such notice on the date hereof. The Trustee, Certificate Administrator, the Master Servicer and the
Special Servicer under the Lead Securitization shall be entitled to conclusively rely on such identity and contact information
received by it and shall not be liable in respect of any deliveries hereunder sent in reliance thereon.

 

Each Non-Controlling Note Holder shall
have the right at any time to appoint a representative in connection with the exercise of its rights and obligations with respect
to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling Note Holder Representative”). All
of the provisions relating to the Controlling Note Holder and the Controlling Note Holder Representative set forth in the first
paragraph of this Section 6(a) (except those contained in the last sentence thereof) and the second paragraph of this
Section 6(a) shall apply to each Non-Controlling Note Holder and its Non-Controlling Note Holder Representative mutatis
mutandis. The Non-Controlling Note Holder Representative with respect to Note A-2, as of the date of this Agreement and until
the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) is notified otherwise, shall be the Initial
Note A-2 Holder, provided that at any time Note A-2 is included in a Securitization, references to the “Non-Controlling
Note Holder” herein shall mean the related “Directing Certificateholder”, “Directing Holder” or “Controlling
Class Representative” (or analogous term) under the Non-Lead Securitization or any other party assigned the rights to exercise
the rights of the related “Non-Controlling Note Holder” hereunder, as and to the extent provided in the related Non-Lead
Securitization Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer
and the Special Servicer) has been given written notice.

 

For so long as the Controlling Note
is included in the Lead Securitization, the “Directing Certificateholder” under the Lead Securitization Servicing Agreement
(or any other party designated under the Lead Securitization Servicing Agreement to exercise the rights of the Controlling Note
Holder hereunder) shall be the Controlling Note Holder Representative.

 

No Note Holder Representative will
have any liability to any other Note Holder or any other Person for any action taken, or for refraining from the taking of any
action or the giving of any consent or the failure to give any consent pursuant to this Agreement or any Securitization Servicing
Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith
or gross negligence. The Note Holders agree that a Note Holder Representative may take or refrain from taking actions, or give
or refrain from giving consents, that favor the interests of one Note Holder over any other Note Holder, and that any Note Holder
Representative may have special relationships and interests that conflict with the interests of any other Note Holder and, absent
willful misfeasance, bad faith or gross negligence on the part of the Note Holder Representative, agree to take no action against
the Note Holder Representative or any of its officers, directors, employees, principals or agents as a result of such special relationships
or interests, and that no Note Holder

 

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Representative will be deemed to have been grossly negligent or reckless, or to have acted
in bad faith or engaged in willful misfeasance or to have recklessly disregarded any exercise of its rights by reason of its having
acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the interests of any
Note Holder.

 

(b)          The Controlling Note Holder
shall be entitled to exercise the rights and powers granted to the Controlling Note hereunder and the rights and powers granted
to the Lead Securitization Directing Holder under the Lead Securitization Servicing Agreement with respect to the Mortgage Loan
(assuming that no “Control Termination Event” or “Consultation Termination Event”, as applicable, has occurred
and is continuing (or that periods defined by analogous terms during which control and/or consultation are permitted, such as “Subordinate
Control Period”, are in effect) under, and as defined in, the Lead Securitization Servicing Agreement.

 

No objection, direction, consent or
advice in connection with the exercise of such rights and powers may require or cause the Master Servicer or the Special Servicer,
as applicable, to violate any provision of the Mortgage Loan Documents, applicable law, the Lead Securitization Servicing Agreement,
this Agreement, the REMIC Provisions of the Code or the Master Servicer or Special Servicer’s obligation to act in accordance
with the Servicing Standard.

 

Section 7.          Appointment of Special
Servicer. The Controlling Note Holder (or its Controlling Note Holder Representative) shall have the right (subject to the
terms, conditions and limitations in the Lead Securitization Servicing Agreement) at any time and from time to time, with or without
cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a replacement Special Servicer
in lieu thereof. Any designation by the Controlling Note Holder (or its Controlling Note Holder Representative) of a Person to
serve as Special Servicer shall be made by delivering to each other Note Holder, the Master Servicer, the Special Servicer and
each other party to the Lead Securitization Servicing Agreement a written notice stating such designation and satisfying the other
conditions to such replacement as set forth in the Lead Securitization Servicing Agreement and this Agreement (including, without
limitation, a Rating Agency Communication or a Rating Agency Confirmation, but only if required by the terms of the Lead Securitization
Servicing Agreement), if any. The Controlling Note Holder shall be solely responsible for any expenses incurred in connection
with any such replacement without cause. The Controlling Note Holder shall notify the other parties hereto of its termination
of the then currently serving Special Servicer and its appointment of a replacement Special Servicer in accordance with this Section 7.
If the Controlling Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of
the securitization under the Lead Securitization Servicing Agreement, then the initial Special Servicer designated in the Lead
Securitization Servicing Agreement shall serve as the initial Special Servicer but this shall not limit the right of the Controlling
Note Holder (or its Controlling Note Holder Representative) to designate a replacement Special Servicer for the Mortgage Loan
as aforesaid. If a Servicer Termination Event on the part of the Special Servicer has occurred that affects any Non-Controlling
Note Holder, such Non-Controlling Note Holder shall have the right to direct the Trustee (or at any time that the Mortgage Loan
is no longer included in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer under the Lead
Securitization Servicing Agreement (or at any time that the Mortgage Loan is no

 

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 longer subject to the provisions of the Lead Securitization
Servicing Agreement, the successor servicing agreement pursuant to which the Mortgage Loan is being serviced) solely with respect
to the Mortgage Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement (or at any time
that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the successor servicing
agreement pursuant to which the Mortgage Loan is being serviced). Each Note Holder acknowledges and agrees that any successor
special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that was terminated for cause at
a Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate thereof) that was so terminated
without the prior written consent of such Non-Controlling Note Holder. Each Non-Controlling Note Holder shall be solely responsible
for reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs and expenses, if not paid within
a reasonable time by the terminated special servicer and, in the case of the Trustee, that would otherwise be reimbursed to the
Trustee from amounts on deposit in the Lead Securitization’s “collection account” (or equivalent account).

 

Section 8.          Payment Procedure.

 

(a)          The Lead Securitization Note
Holder (or the Master Servicer acting on its behalf), in accordance with the priorities set forth in Section 3 and
subject to the terms of the Lead Securitization Servicing Agreement, shall deposit or cause to be deposited all payments allocable
to the Notes to the Collection Account and/or related Companion Distribution Account (or analogous terms each as defined in the
Lead Securitization Servicing Agreement) pursuant to and in accordance with the Lead Securitization Servicing Agreement. The Lead
Securitization Note Holder (or the Master Servicer acting on its behalf) shall deposit such payments to the applicable account
within one (1) Business Day of receipt of properly identified funds by the Lead Securitization Note Holder (or the Master Servicer
acting on its behalf) from or on behalf of the Mortgage Loan Borrower (provided, that to the extent that any payment is
received after 2:00 p.m. (Eastern Time) on any given Business Day, the Master Servicer is required to use commercially reasonable
efforts to deposit such payments into the applicable account within one (1) Business Day of receipt of such payments but, in any
event, the Master Servicer is required to deposit such payments into the applicable account within two (2) Business Days of receipt
of such payments).

 

(b)          If the Lead Securitization Note
Holder (or the Master Servicer acting on its behalf) determines, or a court of competent jurisdiction orders, at any time that
any amount received or collected in respect of any Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference
or similar law, be returned to the Mortgage Loan Borrower or paid to any Note Holder or any Servicer or paid to any other Person,
then, notwithstanding any other provision of this Agreement, the Lead Securitization Note Holder (or the Master Servicer acting
on its behalf) shall not be required to distribute any portion thereof to the Non-Lead Securitization Note Holder and the Non-Lead
Securitization Note Holder (or the Master Servicer acting on its behalf) shall promptly on demand by the Lead Securitization Note
Holder repay to the Lead Securitization Note Holder any portion thereof that the Lead Securitization Note Holder (or the Master
Servicer acting on its behalf) shall have theretofore distributed to such Non-Lead Securitization Note Holder, together with interest
thereon at such rate, if any, as the Lead Securitization Note Holder (or the Master Servicer acting on its behalf) shall have been
required

 

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to pay to any Mortgage Loan Borrower, Master Servicer, Special Servicer or such other Person with respect thereto.

 

(c)          If, for any reason, the Lead
Securitization Note Holder (or the Master Servicer acting on its behalf) makes any payment to the Non-Lead Securitization Note
Holder before the Lead Securitization Note Holder (or the Master Servicer acting on its behalf) has received the corresponding
payment (it being understood that the Lead Securitization Note Holder (or the Master Servicer acting on its behalf) is under no
obligation to do so), and the Lead Securitization Note Holder does not receive the corresponding payment within five (5) Business
Days of its payment to such Non-Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall, at the Lead Securitization
Note Holder’s (or the Master Servicer acting on its behalf) request, promptly return that payment to the Lead Securitization
Note Holder (or the Master Servicer acting on its behalf).

 

(d)          Each Note Holder agrees that
if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable
share thereof, it shall promptly remit such excess to the applicable Note Holder, subject to this Agreement and the Lead Securitization
Servicing Agreement. The Lead Securitization Note Holder shall have the right to offset any amounts due hereunder from the Non-Lead
Securitization Note Holder with respect to the Mortgage Loan against any future payments due to such Non-Lead Securitization Note
Holder under the Mortgage Loan. Such Non-Lead Securitization Note Holder’s obligations under this Section 8 constitute
absolute, unconditional and continuing obligations.

 

Section 9.          Limitation on Liability
of the Note Holders. No Note Holder shall have any liability to any other Note Holder with respect to its Note except with
respect to losses actually suffered due to the gross negligence, willful misconduct or breach of this Agreement on the part of
such Note Holder; provided, that, notwithstanding any of the foregoing to the contrary, each Servicer will nevertheless
be subject to the obligations and standards (including the Servicing Standard) set forth in the related Securitization Servicing
Agreement.

 

The Note Holders acknowledge that,
subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the Trustee on its behalf) to comply
with, and except as otherwise required by, the Servicing Standard, the Lead Securitization Note Holder (including any Servicer
and the Trustee on its behalf) may exercise, or omit to exercise, any rights that the Lead Securitization Note Holder may have
under the Lead Securitization Servicing Agreement in a manner that may be adverse to the interests of the Non-Lead Securitization
Note Holder and that the Lead Securitization Note Holder (including any Servicer and the Trustee on its behalf) shall have no liability
whatsoever to the Non-Lead Securitization Note Holder in connection with the Lead Securitization Note Holder’s exercise of
rights or any omission by the Lead Securitization Note Holder to exercise such rights other than as described above; provided,
that each Servicer must act in accordance with the Servicing Standard and the terms of this Agreement.

 

Section 10.          Bankruptcy. Subject
to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead Securitization Note Holder (or the Servicer
on its behalf) has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code

 

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Section 303 or otherwise or join any Person in any
such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect to or against the Mortgage
Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official with
respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the winding-up or liquidation of
the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead Securitization Note Holder, and not
the Non-Lead Securitization Note Holder, can make any election, give any consent, commence any action or file any motion, claim,
obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower under the Bankruptcy
Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization Note Holder as their agent,
and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and their proxy, for
the purpose of exercising any and all rights and taking any and all actions available to the Non-Lead Securitization Note Holder
in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding,
including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make any election
under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate
the automatic stay with respect to the Mortgage Loan. The Note Holders hereby agree that, upon the request of the Lead Securitization
Note Holder, the Non-Lead Securitization Note Holder shall execute, acknowledge and deliver to the Lead Securitization Note Holder
all and every such further deeds, conveyances and instruments as the Lead Securitization Note Holder may reasonably request for
the better assuring and evidencing of the foregoing appointment and grant. All actions taken by any Servicer in connection with
any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard and the terms of this Agreement.

 

Section
11.          Representations of the Note Holders. Each Note Holder represents and warrants that the execution, delivery and
performance of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and
does not contravene such Note Holder’s charter or any law or contractual restriction binding upon such Note Holder, and
that this Agreement is the legal, valid and binding obligation of such Note Holder enforceable against such Note Holder in
accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that the
enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable law. Each
Note Holder represents and warrants that it is duly organized, validly existing, in good standing and in possession of all
licenses and authorizations necessary to carry on its business. Each Note Holder represents and warrants that (a) this
Agreement has been duly executed and delivered by such Note Holder, (b) to such Note Holder’s actual knowledge,
all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any,
required for the execution, delivery and performance of this Agreement by such Note Holder have been obtained or made and
(c) to such Note Holder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or
governmental investigation against such Note Holder, an adverse outcome of which would materially and adversely affect its
performance under this Agreement.

 

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Section 12.          No Creation of
a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant hereto shall
be deemed to constitute the relationship created hereby between the Note Holders as a partnership, association, joint venture
or other entity. The Lead Securitization Note Holder shall have no obligation whatsoever to offer to the Non-Lead
Securitization Note Holder the opportunity to purchase a participation interest in any future loans originated by the Lead
Securitization Note Holder or its Affiliates and if the Lead Securitization Note Holder chooses to offer to the Non-Lead
Securitization Note Holder the opportunity to purchase a participation interest in any future mortgage loans originated by
the Lead Securitization Note Holder or its Affiliates, such offer shall be at such purchase price and interest rate as the
Lead Securitization Note Holder chooses, in its sole and absolute discretion. No Non-Lead Securitization Note Holder shall
have any obligation whatsoever to purchase from the Lead Securitization Note Holder a participation interest in any future
loans originated by the Lead Securitization Note Holder or its Affiliates.

 

Section 13.          Other Business
Activities of the Note Holders. Each Note Holder acknowledges that each other Note Holder or its Affiliates may make
loans or otherwise extend credit to, and generally engage in any kind of business with, the Mortgage Loan Borrower or any
Affiliate thereof, any entity that is a holder of debt secured by direct or indirect ownership interests in the Mortgage Loan
Borrower or any Affiliate thereof or any entity that is a holder of a preferred equity interest in the Mortgage Loan Borrower
or any Affiliate thereof (each, a “Mortgage Loan Borrower Related Party”), and receive payments on such
other loans or extensions of credit to Mortgage Loan Borrower Related Parties and otherwise act with respect thereto freely
and without accountability in the same manner as if this Agreement and the transactions contemplated hereby were not in
effect.

 

Section 14.          Sale of the Notes.

 

(a)          Each Note Holder agrees that
it will not sell, assign, transfer, pledge, syndicate, hypothecate, contribute, encumber or otherwise dispose of all or any portion
of its respective Note (or a participation interest in such Note) (a “Transfer”) except to a Qualified Institutional
Lender in accordance with the terms of this Agreement. Promptly after any such Transfer, any non-transferring Note Holders shall
be provided with (x) a representation from each transferee or the transferring Note Holder certifying that such transferee
is a Qualified Institutional Lender (except in the case of a Transfer in accordance with the immediately following sentence or
a Transfer by a Note Holder to an entity that constitutes a Qualified Institutional Lender pursuant to clause (c)(iii) of
the definition thereof) and (y) a copy of the assignment and assumption agreement referred to in Section 15 (unless
the transferee is a Securitization Trust and the related pooling and servicing agreement requires the parties thereto to comply
with this Agreement). If a Note Holder intends to Transfer its respective Note, or any portion thereof, to an entity that is not
a Qualified Institutional Lender, it must first (a) obtain the consent of each non-transferring Note Holder and (b) if
any such non-transferring Note Holder’s Note is held in a Securitization Trust, as and to the extent required by the applicable
Securitization Servicing Agreement, deliver a Rating Agency Communication (if Rating Agency Confirmation is not required thereunder)
to, or obtain a Rating Agency Confirmation from, each of the applicable engaged Rating Agencies for such Securitization Trust.
Notwithstanding the foregoing, without each non-transferring Note Holder’s prior consent (which will not be unreasonably
withheld), and, if any non-transferring Note Holder’s Note is held in a

 

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 Securitization Trust, without a Rating Agency Confirmation
from or Rating Agency Communication to, as applicable, each engaged Rating Agency for such Securitization Trust, no Note Holder
shall Transfer all or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower or a Mortgage
Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.
The transferring Note Holder agrees that it shall pay the expenses of any non-transferring Note Holder (including all expenses
of the Master Servicer, the Special Servicer, the Trustee and any Controlling Note Holder or Controlling Note Holder Representative)
and all expenses relating to any Rating Agency Confirmation or Rating Agency Communication in connection with any such Transfer.
Notwithstanding the foregoing, each Note Holder shall have the right, without the need to obtain the consent of any other Note
Holder or of any other Person or having to provide any Rating Agency Confirmation or Rating Agency Communication, to Transfer 49%
or less (in the aggregate) of its beneficial interest in a Note, other than to the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party. None of the provisions of this Section 14(a) shall apply in the case of (1) a sale of the Lead
Securitization Note together with all of the Non-Lead Securitization Notes, in accordance with the terms and conditions of the
Lead Securitization Servicing Agreement or (2) a transfer by the Special Servicer, in accordance with the terms and conditions
of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming
a Defaulted Loan, to a single member limited liability or limited partnership, 100% of the equity interest in which is owned directly
or indirectly, through one or more single member limited liability companies or limited partnerships, by the Lead Securitization
Trust.

 

(b)          In the case of any Transfer
of a participation interest in any of the Notes, (i) the respective Note Holders’ obligations under this Agreement shall
remain unchanged, (ii) such Note Holders shall remain solely responsible for the performance of such obligations, and (iii) the
Lead Securitization Note Holder and any Persons acting on its behalf shall continue to deal solely and directly with such Note
Holder in connection with such Note Holder’s rights and obligations under this Agreement and the Lead Securitization Servicing
Agreement, and all amounts payable hereunder shall be determined as if such Note Holder had not sold such participation interest.

 

(c)          Notwithstanding any other provision
hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than the Mortgage Loan Borrower
or any Affiliate thereof) which has extended a credit facility to such Note Holder and that is either a Qualified Institutional
Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better
by each applicable Rating Agency (or, if not rated by an applicable Rating Agency, an equivalent (or higher) rating from any two
of Fitch, Moody’s and S&P) (a “Note Pledgee”), on terms and conditions set forth in this Section 14(c),
it being further agreed that a financing provided by a Note Pledgee to a Note Holder or any person which Controls such Note that
is secured by its Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided
that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged Note without a Rating Agency
Confirmation. Upon written notice by the applicable Note Holder to each other Note Holder and any Servicer that a Pledge has been
effected (including the name and address of the applicable Note Pledgee), each other Note Holder agrees to acknowledge receipt
of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any default by the pledging Note

 

    	 -39-

     

    

 

Holder in
respect of its obligations under this Agreement of which default such Note Holder has actual knowledge; (ii) to allow such
Note Pledgee a period of ten (10) days to cure a default by the pledging Note Holder in respect of its obligations to each
other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment,
modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written consent
of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Note
Holder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same
to the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s) as
Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory
to such other Note Holder; and (vi) that, upon written notice (a “Redirection Notice”) to each other Note
Holder and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure periods, under
the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between the pledging
Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder), and until such
Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that
any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant to this
Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely releases
each other Note Holder and any Servicer from any liability to the pledging Note Holder on account of such other Note Holder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to have been delivered
by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Note Holder to
such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and
this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other than
the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar
sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the
pledging Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional
Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such Transfer (i.e.,
realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The
rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and any Servicer) unless
and until such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in writing that its interest
in the pledged Note has terminated.

 

(d)          Notwithstanding any provisions
herein to the contrary, if a conduit (“Conduit”) which is not a Qualified Institutional Lender provides financing
to a Note Holder then such Note Holder shall have the right to grant a security interest in its Note to such Conduit notwithstanding
that such Conduit is not a Qualified Institutional Lender, if the following conditions are satisfied:

 

(i)           The loan (the
“Conduit Inventory Loan”) made by the Conduit to such Note Holder to finance the acquisition and holding of
its Note requires a third party (the “Conduit Credit Enhancer”) to provide credit enhancement;

 

    	 -40-

     

    

 

(ii)          The Conduit Credit
Enhancer is a Qualified Institutional Lender;

 

(iii)          Such Note Holder
pledges (or sells, transfers or assigns as part of a repurchase facility) its interest in its Note to the Conduit as collateral
for the Conduit Inventory Loan;

 

(iv)         The Conduit Credit
Enhancer and the Conduit agree that, if such Note Holder defaults under the Conduit Inventory Loan, or if the Conduit is unable
to refinance its outstanding commercial paper even if there is no default by such Note Holder, the Conduit Credit Enhancer will
purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Note Holder’s Note to
the Conduit Credit Enhancer; and

 

(v)          Unless the Conduit
is in fact then a Qualified Institutional Lender, the Conduit will not without obtaining a Rating Agency Confirmation from each
Rating Agency have any greater right to acquire the interests in the Note pledged by such Note Holder, by foreclosure or otherwise,
than would any other purchaser that is not a Qualified Institutional Lender at a foreclosure sale conducted by a Note Pledgee.

 

Section 15.          Registration
of the Notes and Each Note Holder. The Agent shall keep or cause to be kept at the Agent Office books (the “Note
Register”) for the registration and transfer of the Notes. The Agent shall serve as the initial note registrar and
the Agent hereby accepts such appointment. The names and addresses of the holders of the Notes and the names and addresses of
any transferee of any Note of which the Agent has received notice, in the form of a copy of the assignment and assumption
agreement referred to in this Section 15, shall be registered in the Note Register. The Person in whose name a
Note is so registered shall be deemed and treated as the sole owner and holder thereof for all purposes of this Agreement.
Upon request of a Note Holder, the Agent shall provide such party with the names and addresses of each other Note Holder. To
the extent the Trustee or another party is appointed as Agent hereunder, each Note Holder hereby designates such person as
its agent under this Section 15 solely for purposes of maintaining the Note Register.

 

In connection with any Transfer of
a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment and assumption
agreement (unless the transferee is a Securitization Trust and the related pooling and servicing agreement requires the
parties thereto to comply with this Agreement), whereby such transferee assumes all of the obligations of the applicable Note Holder
hereunder with respect to such Note thereafter accruing and agrees to be bound by the terms of this Agreement, including the applicable
restriction on Transfers set forth in Section 14, from and after the date of such assignment. No transfer of a Note
may be made unless it is registered on the Note Register, and the Agent shall not recognize any attempted or purported transfer
of any Note in violation of the provisions of Section 14 and this Section 15. Any such purported transfer
shall be absolutely null and void and shall vest no rights in the purported transferee. Each Note Holder desiring to effect such
transfer shall, and does hereby agree to, indemnify the Agent and each other Note Holder against any liability that may result
if the transfer is not made in accordance with the provisions of this Agreement.

 

    	 -41-

     

    

 

Section 16.          Governing Law;
Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT,
THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND OBLIGATIONS OF
THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW). EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

Section 17.          Submission To Jurisdiction;
Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)          SUBMITS FOR ITSELF AND ITS PROPERTY
IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF,
TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA
FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

 

(b)          CONSENTS THAT ANY SUCH ACTION
OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT
COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

 

(c)          AGREES THAT SERVICE OF PROCESS
IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY
SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER ADDRESS OF WHICH A PARTY HEREIN SHALL
HAVE BEEN NOTIFIED; AND

 

(d)          AGREES THAT NOTHING HEREIN SHALL
AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER
JURISDICTION.

 

Section 18.          Modifications. This
Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by each Note Holder. Additionally,
for as long as any Note is contained in a Securitization Trust, the Note Holders shall not amend or modify this Agreement without
first delivering a Rating Agency Communication to each Rating Agency; provided that no such Rating Agency Communication
shall be required in connection with a modification (i) to cure any ambiguity, to correct or supplement any provisions herein
that may be defective or inconsistent with any other provisions herein or with the Lead Securitization

 

    	 -42-

     

    

 

Servicing Agreement, or (ii) with respect to matters or questions
arising under this Agreement, to make provisions of this Agreement consistent with other provisions of this Agreement (including,
without limitation, in connection with the creation of New Notes pursuant to Section 33).

 

Section 19.          Statement of
Intent. The Agent and each Noteholder intend that the Notes be classified and maintained as a grantor trust under subpart
E, part I of subchapter J of chapter 1 of the Code that is a fixed investment trust within the meaning of Treasury Regulation
§301.7701-4(c), and the parties will not take any action inconsistent with such classification. It is neither the
purpose nor the intent of this Agreement to create a partnership, joint venture, “taxable mortgage pool” or
association taxable as a corporation among the parties.

 

Section 20.          Successors and
Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and assigns. Except as provided herein, including without limitation, with respect to the
Trustee, Certificate Administrator, Master Servicer and Special Servicer and the Non-Lead Master Servicer, Non-Lead Special
Servicer or Non-Lead Trustee, none of the provisions of this Agreement shall be for the benefit of or enforceable by any
Person not a party hereto. Subject to Section 14 and Section 15, each Note Holder may assign or delegate
its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and
benefits of the applicable Note Holder hereunder. For the avoidance of doubt, the representations in Section 11 shall
not be binding upon any Securitization Trust.

 

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

 

Section 22.          Captions.
The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not
intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in
the construction of this Agreement.

 

Section
23.          Severability. Wherever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by or invalid under applicable laws, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this
Agreement.

 

Section 24.          Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

 

Section 25.          Withholding
Taxes. (a) If the Lead Securitization Note Holder or the Mortgage Loan Borrower shall be required by law to deduct and
withhold Taxes from

 

    	 -43-

     

    

 

interest, fees or other amounts payable to the Non-Lead Securitization Note Holder with respect to the
Mortgage Loan as a result of such Non-Lead Securitization Note Holder constituting a Non-Exempt Person, such Lead
Securitization Note Holder, in its capacity as servicer, shall be entitled to do so with respect to such Non-Lead
Securitization Note Holder’s interest in such payment (all withheld amounts being deemed paid to such Note Holder), provided
that the Lead Securitization Note Holder shall furnish such Non-Lead Securitization Note Holder with a statement setting
forth the amount of Taxes withheld, the applicable rate and other information which may reasonably be requested for purposes
of assisting such Note Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in
which such Note Holder is subject to tax.

 

(b)          Each Note Holder (to the extent
it is not the same entity as the Lead Securitization Note Holder) shall and hereby agrees to indemnify the Lead Securitization
Note Holder against and hold the Lead Securitization Note Holder harmless from and against any Taxes, interest, penalties and attorneys’
fees and disbursements arising or resulting from any failure of the Lead Securitization Note Holder to withhold Taxes from payment
made to such Note Holder in reliance upon any representation, certificate, statement, document or instrument made or provided by
such Note Holder to the Lead Securitization Note Holder in connection with the obligation of the Lead Securitization Note Holder
to withhold Taxes from payments made to such Note Holder, it being expressly understood and agreed that (i) the Lead Securitization
Note Holder shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement, document
or instrument as being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate
or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) such Note Holder,
upon request of the Lead Securitization Note Holder and at its sole cost and expense, shall defend any claim or action relating
to the foregoing indemnification using counsel selected by the Lead Securitization Note Holder.

 

(c)          Each Note Holder (to the extent
it is not the same entity as the Lead Securitization Note Holder) represents (for the benefit of the Mortgage Loan Borrower) that
it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage Loan Borrower is obligated
under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement.
Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of this Agreement, each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall deliver to the Lead Securitization
Note Holder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Note Holder substantiating that such Note
Holder is not a Non-Exempt Person and that the Lead Securitization Note Holder is not obligated under applicable law to withhold
Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the
foregoing, (i) if a Note Holder is created or organized under the laws of the United States, any state thereof or the District
of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Note Holder an
Internal Revenue Service Form W-9 and (ii) if a Note Holder is not created or organized under the laws of the United States,
any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan Borrower is
treated for United States income tax purposes as derived in whole or part from sources within the United States, such Note Holder
shall satisfy the requirements of the

 

    	 -44-

     

    

 

preceding sentence by furnishing to the Lead Securitization Note Holder Internal Revenue
Service Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN or Form W-8BEN-E, or successor forms, as may be required
from time to time, duly executed by such Note Holder, as evidence of such Note Holder’s exemption from the withholding of
United States tax with respect thereto. The Lead Securitization Note Holder shall not be obligated to make any payment hereunder
with respect to the Non-Lead Securitization Note or otherwise until the holder of such Note shall have furnished to the Lead Securitization
Note Holder requested forms, certificates, statements or documents.

 

Section 26.          Custody of
Mortgage Loan Documents. Prior to the Note A-1 Securitization Date and the Note A-2 Securitization Date, the
originals of all of the Mortgage Loan Documents (other than Note A-2) will be held by the Initial Agent on behalf of the
registered holders of the Notes. On and after Note A-2 Securitization Date but prior to the Note A-1 Securitization
Date, the originals of all of the Mortgage Loan Documents (other than Note A-1) shall be held in the name of the trustee
(and held by a duly appointed custodian therefor) under the Note A-2 PSA, on behalf of the registered holders of the
Notes. On and after the Note A-1 Securitization Date, the originals of all of the Mortgage Loan Documents (other than
Note A-2) shall be transferred to and held in the name of the trustee (and held by a duly appointed custodian therefor)
under the Note A-1 PSA, on behalf of the registered holders of the Notes.

 

Section 27.          Cooperation in Securitization.

 

(a)          Each Note Holder acknowledges
that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization
and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing
Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such
Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing
Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with
such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage
Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute
such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect
such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement
or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or
amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to,
such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially
decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each
related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such
information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines
to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate
with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection

 

    	 -45-

     

    

 

with such Securitization (including,
without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations
and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions
(including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection
with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with
respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note
Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing
Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each
Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each
Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by
providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such
Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization.

 

Upon request, each Securitizing Note
Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus
supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization
of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.

 

Section 28.          Notices.
All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall be in writing
and personally delivered, (ii) sent by facsimile transmission (during business hours) if the sender on the same day
sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable
overnight delivery service (charges prepaid) or (iv) certified United States mail, postage prepaid return receipt
requested, and addressed to the respective parties at their addresses set forth on Exhibit B hereto, or at such other
address as any party shall hereafter inform the other party by written notice given as aforesaid. All written notices so
given shall be deemed effective upon receipt.

 

Section 29.          Broker.
Each Note Holder represents to each other that no broker was responsible for bringing about this transaction.

 

Section 30.          Certain Matters Affecting
the Agent.

 

(a)          The Agent may request and/or
rely upon and shall be protected in acting or refraining from acting upon any officer’s certificate or assignment and assumption
agreement delivered to the Agent pursuant to Section 14 and Section 15;

 

(b)          The Agent may consult with counsel
and any opinion of counsel shall be full and complete authorization and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance with such opinion of counsel;

 

    	 -46-

     

    

 

(c)          The Agent shall be under no
obligation to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of
any Note Holder pursuant to the provisions of this Agreement, unless it has received indemnity reasonably satisfactory to it;

 

(d)          The Agent or any of its directors,
officers, employees, Affiliates, agents or “control” persons within the meaning of the Act, shall not be personally
liable for any action taken, suffered or omitted by it in good faith and reasonably believed by the Agent to be authorized or within
the discretion or rights or powers conferred upon it by this Agreement;

 

(e)          The Agent shall not be bound
to make any investigation into the facts or matters stated in any officer’s certificate or assignment and assumption agreement
delivered to the Agent pursuant to Section 15;

 

(f)          The Agent may execute any of
the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys but shall not be relieved
of its obligations hereunder; and

 

(g)          The Agent represents and warrants
that it is a Qualified Institutional Lender.

 

Section 31.          Reserved.

 

Section 32.          Resignation or
Termination of Agent. The Agent may resign at any time on ten (10) days’ prior notice, so long as a successor
Agent, reasonably satisfactory to the Note Holders (it being agreed that a Servicer, the Trustee or a Certificate
Administrator in a Securitization is satisfactory to the Note Holders), has agreed to be bound by this Agreement and perform
the duties of the Agent hereunder. BANA, as Initial Agent, may transfer its rights and obligations to a Servicer, the Trustee
or the Certificate Administrator, as successor Agent, at any time without the consent of any Note Holder. Notwithstanding the
foregoing, Note Holders hereby agree that, simultaneously with the closing of the Lead Securitization, the Master Servicer
shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place of BANA without any
further notice or other action. The termination or resignation of such Master Servicer, as Master Servicer under the Lead
Securitization Servicing Agreement, shall be deemed a termination or resignation of such Master Servicer as Agent under this
Agreement, and any successor master servicer shall be deemed to have been automatically appointed as the successor Agent
under this Agreement in place thereof without any further notice or other action.

 

Section 33.          Resizing.
Notwithstanding any other provision of this Agreement, for so long as BANA, CGMRC or an affiliate of either thereof (each, an
“Original Entity”) is the owner of the Non-Lead Securitization Note (each, an “Owned
Note”), such Original Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause
the Mortgage Loan Borrower to execute amended and restated notes or additional notes (in each case, as applicable,
“New Notes”) reallocating the principal of an Owned Note to such New Notes; or severing an Owned Note into
one or more further “component” notes in the aggregate principal amount equal to the then outstanding principal
balance of such Owned Note provided that (i) the aggregate principal balance of all outstanding New Notes
following such amendments is no greater than the aggregate principal of such Owned Note prior to such amendments,
(ii) all Notes

 

    	 -47-

     

    

 

continue to have the same weighted average interest rate as the Notes prior to such amendments,
(iii) all Notes pay pro rata and on a pari passu basis and such reallocated or component notes
shall be automatically subject to the terms of this Agreement and (iv) the Original Entity holding the New Notes shall
notify the Lead Securitization Note Holder, the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee in writing of such modified allocations and principal amounts. If the Lead Securitization Note Holder so
requests, the Original Entity holding the New Notes (and any subsequent holder of such Notes) shall execute a confirmation of
the continuing applicability of this Agreement to the New Notes, as so modified. Except for the foregoing reallocation and
for modifications pursuant to the Lead Securitization Servicing Agreement (as discussed in Section 5), no Note may be
modified or amended without the consent of its holder and the consent of the holder of each other Note. In connection with
the foregoing (provided the conditions set forth in clauses (i) through (iv) above are satisfied, as certified by the
Original Entity, on which certification the Master Servicer can rely), the Master Servicer is hereby authorized and directed
to execute amendments to the Mortgage Loan Documents and this Agreement on behalf of any or all of the Note Holders, as
applicable, solely for the purpose of reflecting such reallocation of principal and that each New Note shall be a
“Note” hereunder and for the purpose of adding and modifying any definitions related thereto. If more than one
New Note is created hereunder, for purposes of exercising the rights of a Controlling Note Holder or Non-Controlling Note
Holder hereunder, the “Controlling Note Holder” or “Non-Controlling Note Holder”, as applicable,
shall be as provided in the definitions of such terms in this Agreement; provided that the Controlling Note Holder
shall be entitled to designate any New Note created from the existing Controlling Note to be a Non-Controlling Note
hereunder.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 -48-

     

    

 

IN WITNESS WHEREOF, the Initial Note
Holders have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	BANK OF AMERICA, N.A., as Initial Note A-1 Holder
	 	 	 
	 	 By:	/s/ Steven Wasser
	 	 	Name:  Steven Wasser
	 	 	Title:    Managing Director

  

	 	CITIGROUP GLOBAL MARKETS REALTY CORP., as Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name: Richard W. Simpson
	 	 	Title: Authorized Signatory

 

FedEx
Fife Agreement Between Note Holders

 

     

     

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

Description of Mortgage Loan

 

	Mortgage Loan Borrower:	PA-SC Fife Project LLC
	Date of Mortgage Loan: 	May 4, 2016
	Date of Original Promissory Notes: 	May 4, 2016
	Original Principal Amount of Mortgage Loan:	$40,250,000
	Principal Amount of Mortgage Loan as of the date hereof:	$40,250,000
	Note A-1 Principal Balance:	$20,125,000
	Note A-2 Principal Balance:	$20,125,000
	Location of Mortgaged Property:	Fife, Washington
	Initial Maturity Date:	June 1, 2026

  

    	 A-1

     

    

 

EXHIBIT B

 

1.          Initial Note A-1 Holder:

 

(Prior to Securitization of Note A-1):

Bank of America, N.A.

NC1-027-15-01

214 North Tryon Street

Charlotte, North Carolina 28255

Attention: Steven L. Wasser

Email: steve.l.wasser@baml.com

 

with a copy to:

W. Todd Stillerman, Esq.

Bank of America Corporation

NC1-027-20-05

214 North Tryon Street, 20th Floor

Charlotte, North Carolina 28255

Email: william.stillerman@bankofamerica.com

 

Following Securitization of Note A-1, the applicable
notice addresses set forth in the related Securitization Servicing Agreement.

 

2.          Initial Note A-2 Holder:

 

Citigroup Global Markets Realty Corp.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Email: paul.t.vanderslice@citi.com

 

with a copy to:

Citigroup Global Markets Realty Corp.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Email: richard.simpson@citi.com

 

    	 B-1

     

    

  

with a copy to:

Citigroup Global Markets Realty Corp.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Email: ryan.m.oconnor@citi.com

 

Following Securitization of Note A-2, the applicable
notice addresses set forth in the related Securitization Servicing Agreement.

 

    	 B-2

     

    

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

		1.	Alliance Bernstein

		2.	Annaly Capital Management

		3.	Apollo Real Estate Advisors

		4.	Archon Capital, L.P.

		5.	AREA Property Partners

		6.	Artemis Real Estate Partners

		7.	BlackRock, Inc.

		8.	Capital Trust, Inc.

		9.	Clarion Partners

		10.	Colony Capital, LLC / Colony Financial, Inc.

		11.	CreXus Investment Corporation/Annaly Capital Management

		12.	DLJ Real Estate Capital Partners

		13.	Dune Real Estate Partners

		14.	Eightfold Real Estate Capital, L.P.

		15.	Five Mile Capital Partners

		16.	Fortress Investment Group, LLC

		17.	Garrison Investment Group

		18.	Goldman, Sachs & Co.

		19.	H/2 Capital Partners LLC

		20.	Hudson Advisors

		21.	Investcorp International

		22.	iStar Financial Inc.

		23.	J.P. Morgan Investment Management Inc.

		24.	JER Partners

		25.	Lend-Lease Real Estate Investments

		26.	Libermax Capital LLC

		27.	LoanCore Capital

		28.	Lone Star Funds

		29.	Lowe Enterprises

		30.	Normandy Real Estate Partners

		31.	One William Street Capital Management, L.P.

		32.	Och-Ziff Capital Management Group/ OZ Management, L.P./ OZ Management II., L.P.

		33.	Praedium Group

		34.	Raith Capital Partners, LLC

		35.	Rialto Capital Management, LLC

		36.	Rialto Capital Partners LLC

		37.	Rimrock Capital Management LLC

		38.	Rockpoint Group

		39.	Rockwood

		40.	RREEF Funds

		41.	Square Mile Capital Management

		42.	Starwood Capital Group/Starwood Financial Trust

 

    	 C-1

     

    

 

		43.	The Blackstone Group

		44.	The Carlyle Group

		45.	Torchlight Investors

		46.	Walton Street Capital, L.L.C.

		47.	Westbrook Partners

		48.	WestRiver Capital

		49.	Wheelock Street Capital

		50.	Whitehall Street Real Estate Fund, L.P.

  

    	 C-2Exhibit 4.16

 

EXECUTION VERSION

	 

 

Savannah
Marriott

 

CO-LENDER AGREEMENT

 

Dated as of May 1, 2016

 

between

 

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-1-1 Holder) 

and

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-1-2 Holder)

and

CITIGROUP GLOBAL MARKETS REALTY CORP.

(Note A-2-1 Holder)

and

CITIGROUP GLOBAL MARKETS REALTY CORP.

(Note A-2-2 Holder)

and

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-3 Holder)

and

CITIGROUP GLOBAL MARKETS REALTY CORP.

(Note A-4 Holder)

	 

 

    	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	Definitions; Conflicts	2
	2.	Servicing of the Mortgage Loan	13
	3.	Priority of Notes	15
	4.	Workout	15
	5.	Accounts; Payment Procedure	15
	6.	Limitation on Liability	16
	7.	Representations of the Holders	17
	8.	Independent Analyses of each Holder	17
	9.	No Creation of a Partnership or Exclusive Purchase Right	18
	10.	Not a Security	18
	11.	Other Business Activities of the Holders	18
	12.	Transfer of Notes	18
	13.	Exercise of Remedies by the Servicer	21
	14.	Rights of the Directing Holder	23
	15.	Appointment of Special Servicer	24
	16.	Rights of the Non-Directing Holders	24
	17.	Advances; Reimbursement of Advances	25
	18.	Provisions Relating to Securitization	26
	19.	Governing Law; Waiver of Jury Trial	30
	20.	Modifications	30
	21.	Successors and Assigns; Third Party Beneficiaries	31
	22.	Counterparts	31
	23.	Captions	31
	24.	Notices	31
	25.	Custody of Mortgage Loan Documents	31

 

    	-i-

     

    

 

THIS CO-LENDER AGREEMENT
(the “Agreement”), dated as of May 1, 2016, is between CANTOR COMMERCIAL REAL ESTATE LENDING, L.P., a
Delaware limited partnership (“CCRE”), having an address at 110 East 59th Street, New York, New York 10022,
as the holder of Note A-1-1, and CITIGROUP GLOBAL MARKETS REALTY CORP., a New York Corporation (“CGMRC”),
having an address at 390 Greenwich Street, 7th Floor, New York, NY, as the holder of Note A-2-1, CCRE, as the holder
of Note A-1-2, CGMRC, as the holder of Note A-2-2, CCRE, as the holder of Note A-3 and CGMRC, as the holder of Note A-4.

 

W I T N E
S S E T H:

 

WHEREAS, CCRE and CGMRC
have made a mortgage loan in the original principal amount of $73,500,000 (the “Mortgage Loan”) to Columbia
Properties Savannah, LLC, a Delaware limited liability company (the “Borrower”)
pursuant to a loan agreement between the Borrower, as borrower, and CCRE and CGMRC, as lenders, dated as of April 22, 2016 (the
“Loan Agreement”);

 

WHEREAS, the Mortgage
Loan is evidenced by six notes, Promissory Note A-1-1 in the original principal amount of $20,000,000, Promissory Note A-1-2 in
the original principal amount of $5,000,000, Promissory Note A-2-1 in the original principal amount of $20,000,000, Promissory
Note A-2-2 in the original principal amount of $5,000,000, Promissory Note A-3 in the original principal amount of $11,750,000
and Promissory Note A-4 in the original principal amount of $11,750,000 (“Note A-1-1,” “Note A-1-2,”
“Note A-2-1,” “Note A-2-2,” “Note A-3 and “Note A-4,” respectively,
and individually, each, a “Note” and collectively the “Notes”);

 

WHEREAS, the Mortgage Loan is secured by a
first mortgage lien (the “Mortgage”) on the real property known as the Savannah Marriott Riverfront (the “Mortgaged
Property”);

 

WHEREAS, CCRE and CGMRC entered into
that certain Co-Origination Agreement, dated April 22, 2016, setting forth the terms and conditions under which CCRE and CGMRC
will hold the Mortgage Loan and sell or securitize all or portions of the Mortgage Loan;

 

WHEREAS, CCRE intends
to sell, transfer and assign its right, title and interest in and to Note A-1-1 to Citigroup Commercial Mortgage Securities Inc.,
as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated as of May 1, 2016, by and between Citigroup Commercial
Mortgage Securities Inc., as purchaser, and CCRE, as seller, and CGMRC intends to sell, transfer and assign its right, title and
interest in and to Note A-2-1 to Citigroup Commercial Mortgage Securities Inc., as depositor, pursuant to a Mortgage Loan Purchase
Agreement to be dated as of May 1, 2016, by and between Citigroup Commercial Mortgage Securities Inc., as purchaser, and CGMRC,
as seller, and Citigroup Commercial Mortgage Securities Inc. intends to transfer its right, title and interest in and to Note A-1-1
and Note A-2-1 to Deutsche Bank Trust Company Americas, as trustee for the CGCMT 2016-C1 Mortgage Trust Mortgage Trust under a
pooling and servicing agreement, dated as of May 1, 2016 (the “C1 PSA”), between Citigroup Commercial Mortgage Securities
Inc., as depositor, Wells Fargo

 

    	 

     

    

 

Bank, National
Association, as master servicer, LNR Partners LLC, as special servicer, Deutsche Bank Trust Company Americas, as trustee, Citibank,
N.A., as certificate administrator, and Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer
(such sales, transfers and assignments, the “C1 Securitization”);

 

WHEREAS,
the Note A-1-2 Holder or its Affiliate may Pledge (as defined in Section 12(d)) Note A-1-2 to U.S. Bank National Association (“U.S.
Bank”) and/or sell, transfer and assign all or a portion of its right, title and interest in and to Note A-1-2 to one
or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage
loans;

 

WHEREAS,
the Note A-1-2 Holder intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest
in and to Note A-1-2 to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization
of one or more mortgage loans;

 

WHEREAS,
the Note A-2-2 Holder intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest
in and to Note A-2-2 to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization
of one or more mortgage loans;

 

WHEREAS,
the Note A-3 Holder or its Affiliate may Pledge (as defined in Section 12(d)) Note A-3 to U.S. Bank National Association (“U.S.
Bank”) and/or sell, transfer and assign all or a portion of its right, title and interest in and to Note A-3 to one
or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage
loans;

 

WHEREAS,
the Note A-3 Holder intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest in
and to Note A-3 to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization
of one or more mortgage loans;

 

WHEREAS,
the Note A-4 Holder intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest in
and to Note A-4 to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization
of one or more mortgage loans;

 

WHEREAS,
the parties hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns,
shall hold Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 and Note A-4 respectively; and

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto mutually agree as follows:

 

    	 	-2-	 

    	 

    

 

1.          Definitions;
Conflicts. References to a “Section” or the “recitals” are, unless otherwise specified, to a
Section or the recitals of this Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed thereto in the Servicing Agreement. To the extent of any inconsistency between this Agreement and the Servicing
Agreement, the terms of this Agreement shall control. Whenever used in this Agreement, the following terms shall have the
respective meanings set forth below unless the context clearly requires otherwise.

 

“Acceptable
Insurance Default” shall have the meaning assigned to such term or analogous term in the Servicing Agreement.

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the C1 PSA, the Note A-1-2 PSA, the Note A-2-2 PSA, the Note A-3 PSA or the Note A-4 PSA.

 

“Affiliate”
shall mean, with respect to any specified Person, (a) any other Person controlling or controlled by or under common control
with such specified Person (each, a “Common Control Party”), (b) any other Person owning, directly or
indirectly, twenty-five percent (25%) or more of the beneficial interests in such Person or (c) any other Person in which
such Person or a Common Control Party owns, directly or indirectly, twenty-five percent (25%) or more of the beneficial interests.
For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract,
relation to individuals or otherwise, and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

 

“Agreement”
shall mean this Co-Lender Agreement, the exhibits and schedules hereto, and all amendments hereof and supplements hereto.

 

“Borrower”
shall have the meaning assigned to such term in the recitals.

 

“Business
Day” shall have the meaning assigned to such term in the Servicing Agreement.

 

“C1
Master Servicer” shall mean the master servicer of the Mortgage Loan under the C1 PSA.

 

“C1
PSA” shall have the meaning assigned to such term in the recitals.

 

“C1
Securitization” shall have the meaning assigned to such term in the recitals.

 

“C1
Securitization Date” shall mean the closing date of the C1 Securitization.

 

“C1
Special Servicer” shall mean the special servicer of the Mortgage Loan under the C1 PSA.

 

“C1
Trust Fund” shall mean the trust fund formed pursuant to the C1 PSA.

 

    	 	-3-	 

    	 

    

 

“C1
Trustee” shall mean the trustee under the C1 PSA.

 

“CCRE”
shall mean Cantor Commercial Real Estate Lending, L.P. and its successors in interest.

 

“CGMRC”
shall mean Citigroup Global Markets Realty Corp. and its successors in interest.

 

“CLO
Asset Manager” shall mean, with respect to any Securitization Vehicle that is a CLO, the entity that is responsible
for managing or administering the underlying assets of such Securitization Vehicle or, if applicable, the assets of any Intervening
Trust Vehicle (including, without limitation, the right to exercise any consent and control rights available to the Directing
Holder).

 

“Certificates”
shall mean any securities issued in connection with the C1 Securitization, the Note A-1-2 Securitization, the Note A-2-2 Securitization,
the Note A-3 Securitization or the Note A-4 Securitization.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Collection
Account” shall mean the “collection account” or sub-account thereof, established under the Servicing Agreement
for the purpose of servicing the Mortgage Loan.

 

“Consultation
Termination Event” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Control”
shall mean the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership
interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise. The terms “controlled
by,” “controlling” and “under common control with” shall have the respective correlative meaning
thereto.

 

“Defaulted
Mortgage Loan” shall mean the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect
of its Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving
effect to any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the
Mortgage Loan Documents.

 

“Depositor”
shall mean (i) with respect to the C1 Securitization, Citigroup Commercial Mortgage Securities Inc., (ii) with respect to
the Note A-1-2 Securitization, the depositor under the Note A-1-2 PSA, (iii) with respect to the Note A-2-2 Securitization, the
depositor under the Note A-2-2 PSA, (iv) with respect to the Note A-3 Securitization, the depositor under the Note A-3 PSA and
(v) with respect to the Note A-4 Securitization, the depositor under the Note A-4 PSA.

 

“Directing
Holder” shall mean the Note A-1-1 Holder or, if Note A-1-1 is included in a Securitization, the holders of the Note
A-1-1 Securitization Certificates

 

    	 	-4-	 

    	 

    

 

representing the specified interest in the class of Certificates designated as the “controlling
class” or the duly appointed representative of the holders of such Certificates or such other party that the Note A-1-1
Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement; provided, that no Borrower,
property manager or affiliate thereof shall be entitled to act as Directing Holder.

 

“Event
of Default” shall mean an “Event of Default” as defined in the Loan Agreement.

 

“Excluded
Amounts” shall mean:

 

(i)          proceeds,
awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Borrower in accordance
with the terms of the Mortgage Loan Documents;

 

(ii)         amounts
required to be deposited in reserve or escrow pursuant to the Mortgage Loan Documents; and

 

(iii)        amounts
that are then due and payable pursuant to the Servicing Agreement to the parties to the Servicing Agreement, including, without
limitation, Servicing Fees, Special Servicing Fees, Liquidation Fees, Workout Fees, as applicable, reimbursement of costs and
expenses, reimbursement of Property Advances and interest thereon at the Reimbursement Rate;

 

but shall not
include (A) any amounts received in respect of any P&I Advances (and interest thereon), (B) any Servicing Fees due
to the Master Servicer in excess of the Servicing Fee calculated at the “primary servicing fee rate” set forth in
the Servicing Agreement and (C) any trustee fees.

 

“Fitch”
shall mean Fitch Ratings, Inc. and its successors in interest.

 

“Holder”
shall mean the Note A-1-1 Holder, the Note A-1-2 Holder, the Note A-2-1 Holder, the Note A-2-2 Holder, the Note A-3 Holder and/or
the Note A-4 Holder, as the context indicates.

 

“Intervening
Trust Vehicle” shall mean, with respect to any Securitization Vehicle that is a CLO, a trust vehicle or entity which
holds Note A-1-2, Note A-2-2, Note A-3 or Note A-4 as collateral securing (in whole or in part) any obligation or security held
by such Securitization Vehicle as collateral for the CLO.

 

“KBRA”
shall mean Kroll Bond Rating Agency, Inc. and its successors in interest.

 

“Lead
Note” shall mean Note A-1-1.

 

“Lead
Note Holder” shall mean the Holder of the Lead Note.

 

“Lead
Securitization” shall mean the C1 Securitization.

 

    	 	-5-	 

    	 

    

 

“Lead
Securitization PSA” shall mean the C1 PSA.

 

“Lead
Securitization Trust” shall mean the trust established under the C1 PSA.

 

“Lead
Servicer” shall mean the master servicer designated under the C1 PSA.

 

“Liquidation
Proceeds” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Loan
Agreement” shall have the meaning assigned to such term in the recitals.

 

“Major
Action” shall have the meaning assigned to the term “Material Action,” “Major Action,” “Major
Decision” or any equivalent term in the Servicing Agreement.

 

“Master
Servicer” shall mean the master servicer under the Servicing Agreement and any successor thereunder.

 

“Master
Servicer Remittance Date” shall mean:

 

(i)          with
respect to Note A-1-1 and Note A-2-1, the “Master Servicer Remittance Date” (or analogous term) as defined in the
Servicing Agreement;

 

(ii)         with
respect to Note A-1-2, the earlier of (a) the “Master Servicer Remittance Date” (or analogous term) as defined in
the Servicing Agreement or (b) the first Business Day after the “determination date,” as such term or a similar term
is defined in the Note A-1-2 PSA, provided, however, that in no event may any such “determination date”
occur prior to (and any such otherwise earlier “determination date” shall, for purposes of this definition, be deemed
to occur on) the sixth day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day;

 

(iii)        with
respect to Note A-2-2, the earlier of (a) the “Master Servicer Remittance Date” (or analogous term) as defined in
the Servicing Agreement or (b) the first Business Day after the “determination date,” as such term or a similar term
is defined in the Note A-2-2 PSA, provided, however, that in no event may any such “determination date”
occur prior to (and any such otherwise earlier “determination date” shall, for purposes of this definition, be deemed
to occur on) the sixth day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day;

 

(iv)        with
respect to Note A-3, the earlier of (a) the “Master Servicer Remittance Date” (or analogous term) as defined in the
Servicing Agreement or (b) the first Business Day after the “determination date,” as such term or a similar term is
defined in the Note A-3 PSA, provided, however, that in no event may any such “determination date” occur
prior to (and any such otherwise earlier “determination date” shall, for purposes of this definition, be deemed to
occur on) the sixth day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day; and

 

    	 	-6-	 

    	 

    

 

(v)         with
respect to Note A-4, the earlier of (a) the “Master Servicer Remittance Date” (or analogous term) as defined in the
Servicing Agreement or (b) the first Business Day after the “determination date,” as such term or a similar term is
defined in the Note A-4 PSA, provided, however, that in no event may any such “determination date” occur
prior to (and any such otherwise earlier “determination date” shall, for purposes of this definition, be deemed to
occur on) the sixth day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day.

 

“Maturity
Date” shall have the meaning assigned to such term in Exhibit A.

 

“Monthly
Payment” with respect to any period shall mean all amounts due and payable to any Holder or Holders during such period
in accordance with the Mortgage Loan Documents.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. and its successors in interest.

 

“Morningstar”
shall mean Morningstar Credit Ratings, LLC and its successors in interest.

 

“Mortgage”
shall have the meaning assigned to such term in the recitals.

 

“Mortgage
Interest Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of
Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 and Note A-4.

 

“Mortgage
Loan” shall have the meaning assigned to such term in the recitals.

 

“Mortgage
Loan Documents” shall mean the Mortgage, the Loan Agreement, the Notes, and all other documents evidencing or securing
the Mortgage Loan.

 

“Mortgage
Loan Principal Balance” shall mean, at any date of determination, the aggregate principal balance of the Notes evidencing
the Mortgage Loan.

 

“Mortgage
Loan Schedule” shall mean the schedule in the form attached hereto as Exhibit A, which schedule sets forth
certain information regarding the Mortgage Loan and the Notes.

 

“Mortgaged
Property” shall have the meaning assigned to such term in the recitals.

 

“Non-Directing
Holder” shall mean the Note A-1-2 Holder, the Note A-2-1 Holder, the Note A-2-2 Holder, the Note A-3 Holder and the
Note A-4 Holder or, if a note is included in a Securitization, holders of Certificates representing the specified interest in
the class of Certificates designated as the “controlling class” or the duly appointed representative of the holders
of such Certificates or such other party otherwise entitled under the Note A-1-2 PSA, the

 

    	 	-7-	 

    	 

    

 

Note A-2-2 PSA, the Note A-3 PSA and
the Note A-4 PSA to exercise the rights granted to the Non-Directing Holders in this Agreement.

 

“Non-Lead
Master Servicer” shall mean, with respect to Note A-1-2 and the Note A-1-2 PSA, the master servicer designated under
the Note A-1-2 PSA, with respect to Note A-2-2 and the Note A-2-2 PSA, the master servicer designated under the Note A-2-2 PSA,
with respect to Note A-3 and the Note A-3 PSA, the master servicer designated under the Note A-3 PSA and with respect to Note
A-4 and the Note A-4 PSA, the master servicer designated under the Note A-4 PSA.

 

“Non-Lead
Note” shall mean each of the Notes other than the Lead Note.

 

“Non-Lead
Note Holders” shall mean the holders of the Non-Lead Notes.

 

“Non-Lead
Servicing Agreement” shall mean the Note A-1-2 PSA, the Note A-2-2 PSA, the Note A-3 PSA and the Note A-4 PSA.

 

“Nonrecoverable
Advance” shall have the meaning ascribed to such term in the Servicing Agreement.

 

“Note
A-1-1” shall have the meaning assigned to such term in the recitals.

 

“Note
A-1-1 Holder” shall mean CCRE or any subsequent holder of Note A-1-1.

 

“Note
A-1-1 Principal Balance” shall mean at any time of determination, the initial Note A-1-1 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of principal thereon received by the Note A-1-1 Holder and any reductions in such
amount pursuant to Section 4.

 

“Note
A-1-2” shall have the meaning assigned to such term in the recitals.

 

“Note
A-1-2 Holder” shall mean CCRE or any subsequent holder of Note A-1-2.

 

“Note
A-1-2 Principal Balance” shall mean at any time of determination, the initial Note A-1-2 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of principal thereon received by the Note A-1-2 Holder and any reductions in such
amount pursuant to Section 4.

 

“Note
A-2-1” shall have the meaning assigned to such term in the recitals.

 

“Note
A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder” shall mean CGMRC or any subsequent holder of Note A-2-1.

 

“Note
A-2-1 Principal Balance” shall mean at any time of determination, the initial Note A-2-1 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of principal thereon received by the Note A-1-2 Holder, Note A-2-1 Holder, Note
A-2-2 Holder and any reductions in such amount pursuant to Section 4.

 

    	 	-8-	 

    	 

    

 

“Note
A-2-2” shall have the meaning assigned to such term in the recitals.

 

“Note
A-2-2 Holder” shall mean CGMRC or any subsequent holder of Note A-2-2.

 

“Note
A-2-2 Principal Balance” shall mean at any time of determination, the initial Note A-2-2 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of principal thereon received by the Note A-2-2 Holder and any reductions in such
amount pursuant to Section 4.

 

“Note
A-3” shall have the meaning assigned such term in the recitals.

 

“Note
A-3 Holder” shall mean CCRE or any subsequent holder of Note A-3.

 

“Note
A-3 Principal Balance” shall mean, at any time of determination, the initial Note A-3 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of principal thereon received by the Note A-3 Holder and any reductions in such
amount pursuant to Section 6.

 

“Note
A-3 PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-3 Securitization.

 

“Note
A-3 Securitization” shall mean the first sale by the Note A-3 Holder of all or any portion of Note A-3 to
a depositor who will in turn include all or such portion (as applicable) of Note A-3 as part of the securitization of one
or more mortgage loans.

 

“Note
A-3 Securitization Date” shall mean the closing date of the Note A-3 Securitization.

 

“Note
A-4” shall have the meaning assigned such term in the recitals.

 

“Note
A-4 Holder” shall mean CGMRC or any subsequent holder of Note A-4.

 

“Note
A-4 Principal Balance” shall mean, at any time of determination, the initial Note A-4 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of principal thereon received by the Note A-4 Holder and any reductions in such
amount pursuant to Section 6.

 

“Note
A-4 PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-4 Securitization.

 

“Note
A-4 Securitization” shall mean the first sale by the Note A-4 Holder of all or any portion of Note A-4 to
a depositor who will in turn include all or such portion (as applicable) of Note A-4 as part of the securitization of one
or more mortgage loans.

 

“Note
A-4 Securitization Date” shall mean the closing date of the Note A-4 Securitization.

 

    	 	-9-	 

    	 

    

 

“Notes”
shall have the meaning assigned to such term in the recitals.

 

“P&I
Advance” shall mean an advance made by a party to the C1 PSA, the Note A-1-2 PSA, the Note A-2-2 PSA, the Note A-3 PSA
or the Note A-4 PSA, as applicable, with respect to a delinquent monthly debt service payment on the Notes included in the related
Securitization.

 

“Penalty
Charges” shall mean any amounts collected from the Borrower that represent default charges, penalty charges, late fees
and/or default interest, but excluding any yield maintenance charge or prepayment premium.

 

“Permitted
Fund Manager” shall mean any Person (a) listed on Exhibit C attached hereto or (b) that on the date
of determination is (i) a Qualified Transferee or any other nationally-recognized manager of investment funds investing in
debt or equity interests relating to commercial real estate, (ii) investing through one or more funds with committed capital
of at least $250,000,000 and (iii) not subject to a proceeding, whether voluntary or involuntary, relating to the bankruptcy,
insolvency, reorganization or relief of debtors.

 

“Person”
shall mean any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or political subdivision thereof.

 

“Property
Advance” shall mean an advance made in respect of property protection expenses or expenses incurred to protect, preserve
and enforce the security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged
Property.

 

“Pro
Rata and Pari Passu Basis” shall mean with respect to the Notes and each Holder, (i) for purposes of allocating payments
of interest among the Notes, each Note or Holder, as the case may be, is allocated its respective pro rata share based on the
interest accrued on such Note at the respective Interest Rate of such Note based on the outstanding principal balance of the such
Note and (ii) for all other purposes, the allocation of any particular payment, collection, cost, expense, liability or other
amount between such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder over another
Note or Holder, as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated its respective
pro rata share based on the principal balance of its Note in relation to the principal balance of the entire Mortgage Loan of
such particular payment, collection, cost, expense, liability or other amount.

 

“Qualified
Servicer” shall mean (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of
PNC Bank, National Association, (iii) KeyBank National Association or (iv) any nationally recognized commercial mortgage
loan servicer (1) rated at least “CSS3,” in the case of a special servicer, or at least “CMS2,” in
the case of a master servicer, by Fitch, (2) on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer
or a U.S. Commercial Mortgage Special Servicer, as applicable, (3) as to which neither Moody’s nor KBRA has cited servicing
concerns of such servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch

 

    	 	-10-	 

    	 

    

 

status” in contemplation of a ratings downgrade or withdrawal) of securities in any CMBS transaction rated
by Moody’s or KBRA, as applicable, and serviced by such servicer prior to the time of determination, (4) a servicer that
(i) during the 12-month period prior to the date of determination, acted as master servicer or special servicer, as applicable,
in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn
the then-current rating or ratings of one or more classes of such certificates citing servicing concerns with the servicer or
special servicer, as applicable, as the sole or material factor in such rating action and (5) in the case of DBRS, that within
the twelve (12) month period prior to the date of determination such servicer was acting as servicer or special servicer, as applicable,
in a commercial mortgage loan securitization that was rated by DBRS and DBRS has not downgraded or withdrawn the then-current
rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the
continuation of such servicer as servicer or special servicer, as applicable, of such commercial mortgage securities as a material
reason for such downgrade or withdrawal. For purposes of this definition, for so long as any Note is included in a Securitization,
the ratings or actions of any Rating Agency that is not rating any such Securitization(s) shall not be considered.

 

“Qualified
Transferee” shall mean an Affiliate of the initial Note A-1-1 Holder, the initial Note A-1-2 Holder, the initial Note
A-2-1 Holder, the initial Note A-2-2 Holder, the initial Note A-3 Holder or the initial Note A-4 Holder or one or more of the
following (other than a Borrower or any entity which is an Affiliate of a Borrower):

 

(i)          an
insurance company, bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension
plan, pension fund, pension fund advisory firm, mutual fund, real estate investment trust or governmental entity or plan; or

 

(ii)         an
investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, which regularly engages in the business of making or owning investments of types similar
to the Mortgage Loan; or

 

(iii)        an
institution substantially similar to any of the foregoing entities described in clauses (i) or (ii) above; or

 

(iv)        any
entity Controlled by or under common Control or Controlling any of the entities described in clauses (i), (ii) or (iii) above;
or

 

(v)         a
Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy-remote entity that contemporaneously pledges its interest
in a Note to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized loan
obligations (“CLO”) secured by, or (C) a financing through an “owner trust” of, any interest
in a Note (any of the foregoing, a “Securitization Vehicle”), provided that either (1) one or more
classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by at least two of the
Rating Agencies that also assigned a rating to one or more classes of securities

 

    	 	-11-	 

    	 

    

 

issued in connection with the Securitization
of a Note; (2) the special servicer for the Securitization Vehicle is a Qualified Servicer at the time of transfer; or (3) in
the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager and, if applicable, each Intervening Trust Vehicle that
is not administered and managed by a CLO Asset Manager that is a Qualified Transferee, is a Qualified Transferee under clause (i),
(ii), (iii) or (iv) of this definition; or

 

(vi)        an
investment fund, limited liability company, limited partnership or general partnership in which a Permitted Fund Manager acts
as the general partner, managing member, or the fund manager responsible for the day to day management and operation of such investment
vehicle, provided that greater than fifty percent (50%) of the equity interests in such investment vehicle are owned, directly
or indirectly, by one or more entities that are otherwise Qualified Transferees,

 

which, in the
case of each of clauses (i), (ii), and (iii) of this definition, has at least $650,000,000 in total assets (in name or under
management) and (except with respect to a pension advisory firm or similar fiduciary) at least $250,000,000 in capital/statutory
surplus or shareholders’ equity, and is regularly engaged in the business of making or owning commercial real estate loans
or commercial loans similar to the Mortgage Loan.

 

“Qualified
Trustee” shall mean (i) a corporation, national bank, national banking association or a trust company, organized
and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate
trust powers and to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to
supervision or examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation
or (iii) an institution whose long-term senior unsecured debt is then rated in one of the top two rating categories of each
of the Rating Agencies.

 

“Rating
Agencies” shall mean DBRS, Fitch, KBRA, Moody’s, Morningstar and S&P and their respective successors in interest
or, if any of such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally
recognized statistical rating agency reasonably designated by any Holder to rate the securities issued in connection with the
Securitization of the related Note; provided, however, that, unless specified otherwise, at any time during which
any Note is an asset of a Securitization, “Rating Agencies” or “Rating Agency” shall mean
only those rating agencies that are engaged by the applicable Depositor from time to time to rate the securities issued in connection
with such Securitization.

 

“Rating
Agency Confirmation” shall mean each of the applicable Rating Agencies shall have confirmed in writing that the occurrence
of the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or
withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In
the event that no Certificates are outstanding, any action that would otherwise require a Rating Agency Confirmation shall require
the consent of the Note A-1-1 Holder, which consent shall not be unreasonably withheld, conditioned or delayed.

 

    	 	-12-	 

    	 

    

 

For
the purposes of this Agreement, if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage
any request for a confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade
or withdrawal of its then current rating of the securities issued pursuant to the related Securitization, or (2) does not reply
to such request or responds in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the
requirement for Rating Agency Confirmation and the related timing, notice and other applicable provisions set forth in the Servicing
Agreement, the Note A-1-2 PSA, the Note A-2-2 PSA, the Note A-3 PSA and the Note A-4 PSA, as applicable, have been satisfied,
then for such request only, the condition that such confirmation by such Rating Agency (only) be obtained will be deemed not to
apply for purposes of this Agreement. For purposes of clarity, any such waiver, declination or refusal to review or otherwise
engage in any request for such confirmation hereunder shall not be deemed a waiver, declination or refusal to review or otherwise
engage in any subsequent request for such Rating Agency Confirmation hereunder and the condition for such Rating Agency Confirmation
pursuant to this Agreement for any subsequent request shall apply regardless of any previous waiver, declination or refusal to
review or otherwise engage in such prior request.

 

“Reimbursement
Rate” shall have the meaning assigned to such term or the term “Advance Rate” or an analogous term in the
Servicing Agreement.

 

“REMIC”
shall have the meaning assigned to such term in Section 2(f).

 

“REO
Property” shall mean the Mortgaged Property, title to which has been acquired by the Servicer on behalf of (or other
Person designated by) the Holders through foreclosure, deed in lieu of foreclosure or otherwise.

 

“S&P”
shall mean Standard and Poor’s Ratings Services, a Standard and Poor’s Financial Services business, and its successors
in interest.

 

“Securitization”
shall mean the C1 Securitization, the Note A-1-2 Securitization, the Note A-2-2 Securitization, the Note A-3 Securitization and/or
the Note A-4 Securitization, as applicable.

 

“Servicer”
shall mean (i) the Master Servicer with respect to a non-Specially Serviced Mortgage Loan and the Special Servicer with respect
to a Specially Serviced Mortgage Loan, or (ii) with respect to a specific function, right or obligation as to which the Servicing
Agreement designates the Master Servicer or the Special Servicer, the party so designated, as applicable, pursuant to the Servicing
Agreement.

 

“Servicing
Agreement” shall mean the C1 PSA; provided that in the event the Lead Note is no longer an asset of the trust
fund created pursuant to the C1 PSA, the term “Servicing Agreement” shall refer to the subsequent servicing agreement
entered into pursuant to Section 2.

 

“Servicing
Fee” shall mean the fee of the Master Servicer pursuant to the terms of the Servicing Agreement, which will generally
be calculated as the product of (i) the Servicing Fee Rate and (ii) the outstanding principal balance of the Mortgage Loan as
of the date of determination.

 

    	 	-13-	 

    	 

    

 

“Servicing
Fee Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when
applied to the Mortgage Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine
the servicing fee payable to the Master Servicer under the Servicing Agreement.

 

“Servicing
Standard” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Servicing
Transfer Event” shall mean any of the events specified in the Servicing Agreement, whereby the servicing of the Mortgage
Loan is required to be transferred to the Special Servicer from the Master Servicer.

 

“Special
Servicer” shall mean the special servicer of the Mortgage Loan as appointed under the terms of this Agreement and the
Servicing Agreement, or any successor special servicer appointed as provided thereunder and hereunder.

 

“Special
Servicing Fee” shall have the meaning given to such term in the Servicing Agreement.

 

“Specially
Serviced Mortgage Loan” shall mean the Mortgage Loan during the period it is serviced by the Special Servicer following
a Servicing Transfer Event.

 

“Transfer”
shall mean any assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest, issuance of
a participation interest, or other disposition, either directly or indirectly, by operation of law or otherwise.

 

“Trustee”
shall mean the trustee under the C1 PSA, the Note A-1-2 PSA, the Note A-2-2 PSA, the Note A-3 PSA or the Note A-4 PSA, as the
context requires.

 

2.          Servicing
of the Mortgage Loan. (a) Each Holder acknowledges and agrees that, subject in each case to the specific terms of this
Agreement, the Mortgage Loan shall be serviced from and after the C1 Securitization Date, by the C1 Master Servicer and the
Special Servicer pursuant to the terms of this Agreement and the C1 PSA. Each holder agrees to reasonably cooperate with each
Servicer with respect to its exercise of its rights and obligations under the Servicing Agreement.

 

(b)          Subject
to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents to the appointment
of the Master Servicer and the Trustee under the Servicing Agreement by the Depositor and the appointment of the Special Servicer
by the Directing Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the
servicing of the Mortgage Loan in accordance with the Servicing Agreement. Each Holder hereby appoints the Master Servicer, the
Special Servicer and the Trustee under the Servicing Agreement as such Holder’s attorney-in-fact to sign any documents reasonably
required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement (subject
at all times to the rights of the Holders as set forth herein and in such Servicing Agreement).

 

    	 	-14-	 

    	 

    

 

(c)          If,
at any time the Lead Note is no longer in a Securitization, the Note A-1-1 Holder shall cause the Mortgage Loan to be serviced
pursuant to a servicing agreement that is substantially similar to the Servicing Agreement (and, if any Non-Lead Note is in a
Securitization, a Rating Agency Confirmation from the Rating Agencies that were engaged by the Depositor to rate such Securitization)
and all references herein to the “Servicing Agreement” shall mean such subsequent Servicing Agreement; provided,
however, that until a replacement Servicing Agreement has been entered into (and such written confirmation has been obtained),
the Note A-1-1 Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement as if
such agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however,
that until a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified
Servicer appointed by the Note A-1-1 Holder and does not have to be performed by the service providers set forth under the Servicing
Agreement that was previously in effect.

 

(d)          Notwithstanding
anything to the contrary contained herein (including Sections 4 and 13(a)), each Servicing Agreement shall
provide that the Servicer shall be required to service and administer the Mortgage Loan in accordance with the Servicing Standard
as set forth in such Servicing Agreement, and any Holder who is not a Borrower or an Affiliate of a Borrower shall be deemed a
third-party beneficiary of such provisions of the Servicing Agreement. It is understood that any Non-Lead Note Holder may separately
appoint a servicer for its Non-Lead Note, by itself or together with other assets, but any such servicer will have no responsibility
hereunder and shall be compensated solely by the applicable Non-Lead Note Holder from funds payable to it hereunder or otherwise.

 

(e)          The
Holders acknowledge that the Servicer is to comply with this Agreement and the Mortgage Loan Documents in connection with the
servicing of the Mortgage Loan.

 

(f)          If
any Note is included as an asset of a real estate mortgage investment conduit (a “REMIC”), within the meaning
of Section 860D(a) of the Code, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall qualify at all times as (or as interests in) a “qualified mortgage”
within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired
by or on behalf of the Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of
the pro rata share of each Holder therein shall at all times qualify as “foreclosure property” within the meaning
of Section 860G(a)(8) of the Code, and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan,
consent to or withhold consent from any action of the Borrower, or exercise or refrain from exercising any powers or rights that
the Holders may have under the Mortgage Loan Documents, if any such action would constitute a “significant modification”
of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the
Treasury, more than three (3) months after the startup day of the REMIC that includes any Note (or any portion thereof). Each
Holder agrees that the provisions of this paragraph shall be effected by

 

    	 	-15-	 

    	 

    

 

compliance with any REMIC provisions in the Servicing
Agreement relating to the administration of the Mortgage Loan.

 

(g)          In
the event that one of the Notes is included in a REMIC, the other Holders shall not be required to reimburse such Holder or any
other Person for payment of any taxes imposed on such REMIC or Advances therefor or for any interest on such Advance or for deficits
in other items of disbursement or income resulting from the use of funds for payment of any such taxes, nor shall any disbursement
or payment otherwise distributable to the other Holders be reduced to offset or make-up any such payment or deficit.

 

3.          Priority
of Notes. Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 and Note A-4 shall be of equal priority, and no
portion of any of Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 and Note A-4 shall have priority or preference
over any portion of the other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by the
Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon
payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security on the
Mortgage Loan, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation
proceedings or similar exercise of the power of eminent domain shall be distributed by the Master Servicer and applied to
Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 and Note A-4 on a Pro Rata and Pari Passu Basis.

 

The
Servicing Agreement may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay
the Master Servicer, the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties
to any Securitization for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect
to the Mortgage Loan and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation.

 

4.          Workout.
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement
and Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the
Lead Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms
thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced,
(iii) payments of interest or principal on Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 or Note A-4 are
waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such
modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the equal
priorities of Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 and Note A-4 as described in Section 3.

 

5.          Accounts;
Payment Procedure. The Servicing Agreement shall provide that the Master Servicer shall establish and maintain the
Collection Account or Collection Accounts, as applicable. Each of the Note A-1-1 Holder, the Note A-1-2 Holder, Note A-2-1
Holder, Note A-2-2 Holder, the Note A-3 Holder and the Note A-4 Holder hereby directs the Master Servicer, in accordance with
the priorities set forth in Section 3 hereof, and subject to the 

 

    	 	-16-	 

    	 

    

 

 terms of the Servicing Agreement, (i) to deposit
into the applicable Collection Account within the
time period specified in the Servicing Agreement all payments received with respect to the Mortgage Loan and (ii) to remit from
the applicable Collection Account for deposit or credit on the applicable Master Servicer Remittance Date all payments received
with respect to and allocable to Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 and Note A-4 by wire transfer to accounts maintained
by the Note A-1-1 Holder, the Note A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder, the Note A-3 Holder and the Note A-4 Holder,
respectively; provided that delinquent payments received by the Master Servicer after the related Master Servicer Remittance
Date shall be remitted by the Master Servicer to such accounts within the time period specified in the Servicing Agreement.

 

If
any Servicer holding or having distributed any amount received or collected in respect of Note A-1-1, Note A-1-2, Note A-2-1,
Note A-2-2, Note A-3 or Note A-4 determines, or a court of competent jurisdiction orders, at any time that any amount received
or collected in respect of Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 or Note A-4 must, pursuant to any insolvency,
bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to the Note A-1-1 Holder, the
Note A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder, Note A-2-2 Holder, the Note A-3 Holder, the Note A-4 Holder or any Servicer
or paid to any other Person, then, notwithstanding any other provision of this Agreement, no Servicer shall be required to distribute
any portion thereof to the Note A-1-1 Holder, the Note A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder, Note A-2-2 Holder,
the Note A-3 Holder or the Note A-4 Holder, as applicable, and the Note A-1-1 Holder, the Note A-1-2 Holder, Note A-1-2 Holder,
Note A-2-1 Holder, Note A-2-2 Holder, the Note A-3 Holder or the Note A-4 Holder, as applicable, shall promptly on demand repay
to such Servicer the portion thereof which shall have been theretofore distributed to the Note A-1-1 Holder, the Note A-1-2 Holder,
Note A-2-1 Holder, Note A-2-2 Holder, the Note A-3 Holder or the Note A-4 Holder, as applicable, together with interest thereon
at such rate, if any, as such Servicer shall have been required to pay to the Borrower, the Note A-1-1 Holder, the Note A-1-2
Holder, Note A-2-1 Holder, Note A-2-2 Holder, the Note A-3 Holder or the Note A-4 Holder, any Servicer or such other person or
entity with respect thereto. Each of the Note A-1-1 Holder, the Note A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder, the Note
A-3 Holder and the Note A-4 Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account
of the Mortgage Loan in excess of its distributable share thereof, it will promptly remit such excess to the Master Servicer.
The Master Servicer shall have the right to offset any amounts due hereunder from the Note A-1-1 Holder, the Note A-1-2 Holder,
Note A-2-1 Holder, Note A-2-2 Holder, the Note A-3 Holder or the Note A-4 Holder, as applicable, with respect to the Mortgage
Loan against any future payments due to the Note A-1-1 Holder, the Note A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder, the
Note A-3 Holder or the Note A-4 Holder, as applicable, under the Mortgage Loan, provided, that the obligations of the Note
A-1-1 Holder, the Note A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder, the Note A-3 Holder and the Note A-4 Holder under this
Section 5 are separate and distinct obligations from one another and in no event shall any Servicer enforce the obligations
of any Holder against any other Holder. The obligations of the Note A-1-1 Holder, the Note A-1-2 Holder, Note A-2-1 Holder, Note
A-2-2 Holder, the Note A-3 Holder and the Note A-4 Holder under this Section 5 constitute absolute, unconditional
and continuing obligations and each Servicer shall be deemed a third-party beneficiary of these provisions.

 

    	 	-17-	 

    	 

    

 

6.          Limitation
on Liability. Subject to the terms of the Servicing Agreement, no Holder (including the Master Servicer or the Special
Servicer on its behalf) shall have any liability to any other Holder with respect to any Note, except (1) with respect
to the Advance reimbursement provisions set forth in Section 17 and (2) with respect to losses actually
suffered due to the gross negligence, willful misconduct or material breach of this Agreement on the part of such Holder
(including the Master Servicer or the Special Servicer on its behalf, except that the Master Servicer’s or Special
Servicer’s liability may be further limited or expanded as set forth in the Servicing Agreement).

 

7.          Representations
of the Holders. (a) Each of the initial Holders hereby represents and warrants to, and covenants with each other Holder
that, as of the date hereof:

 

(i)          It
is duly organized, validly existing and in good standing under the laws of the State under which it is organized.

 

(ii)         The
execution and delivery of this Agreement by such Holder, and performance of, and compliance with, the terms of this Agreement
by such Holder, will not violate its organizational documents or constitute a default (or an event which, with notice or lapse
of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other instrument to
which it is a party or that is applicable to it or any of its assets, in each case which materially and adversely affect its ability
to carry out the transactions contemplated by this Agreement.

 

(iii)        Such
Holder has the full power and authority to enter into and consummate all transactions contemplated by this Agreement, has duly
authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement.

 

(iv)        This
Agreement is the legal, valid and binding obligation of such Holder enforceable against such Holder in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification
and contribution obligations may be limited by applicable law.

 

(v)         It
has the right to enter into this Agreement without the consent of any third party.

 

(vi)        It
is the holder of the respective Note for its own account in the ordinary course of its business.

 

(vii)       It
has not dealt with any broker, investment banker, agent or other person, that may be entitled to any commission or compensation
in connection with the consummation of any of the transactions contemplated hereby.

 

(viii)      It
is a Qualified Transferee.

 

    	 	-18-	 

    	 

    

 

8.          Independent
Analyses of each Holder. Each Holder acknowledges that, except for the representations made in Section 7, it
has, independently and without reliance upon any other Holders and based on such documents and information as such Holder has
deemed appropriate, made its own credit analysis and decision to purchase its respective Note. Each Holder hereby
acknowledges that the other Holders shall have no responsibility for (i) the collectability of the Mortgage Loan,
(ii) the validity, enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance policy or
policies or any survey furnished or to be furnished in connection with the origination of the Mortgage Loan, (iii) the
validity, sufficiency or effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the
financial condition of the Borrower. Each Holder assumes all risk of loss in connection with its respective Note for reasons
other than gross negligence, willful misconduct or breach of this Agreement by any other Holder or gross negligence, willful
misconduct or bad faith by any Servicer.

 

9.          No
Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant
hereto, shall be deemed to constitute among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf)
and any other Holder a partnership, association, joint venture or other entity. Each Holder (or the Master Servicer, Special
Servicer or Trustee on its behalf) shall have no obligation whatsoever to offer to the other Holders the opportunity to
purchase notes or interests relating to any future loans originated by such Holder or any of its Affiliates, and if any
Holder chooses to offer to any of the other Holders, the opportunity to purchase notes or interests in any future mortgage
loans originated by such Holder or its Affiliates, such offer shall be at such purchase price and interest rate as such
Holder chooses, in its sole and absolute discretion. None of the Holders shall have any obligation whatsoever to purchase
from any other Holder any notes or interests in any future loans originated by any other Holder or any of its
Affiliates.

 

10.          Not
a Security. None of Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2, Note A-3 or Note A-4 shall be deemed to be a security
within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934.

 

11.          Other
Business Activities of the Holders. Each Holder acknowledges that the other Holders may make loans or otherwise extend
credit to, and generally engage in any kind of business with, any Affiliate of any Borrower, and receive payments on such
other loans or extensions of credit to any Affiliate of any Borrower and otherwise act with respect thereto freely and
without accountability, but only if none of the foregoing violate the Mortgage Loan Documents, in the same manner as if this
Agreement and the transactions contemplated hereby were not in effect.

 

12.          Transfer
of Notes. (a) Each Holder may Transfer up to 49% of its beneficial interest in its Note whether or not the related
transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more than 49% of
its beneficial interest in its Note unless (i) prior to a Securitization of any Note, the other Holder has consented to
such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for
all purposes under this Agreement, (ii) after a Securitization of any

 

    	 	-19-	 

    	 

    

 

Note, a Rating Agency Confirmation has been received with respect to such Transfer, in
which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes under
this Agreement, (iii) such Transfer is to a Qualified Transferee or (iv) such Transfer is in connection with a sale by a
Securitization Trust; provided that if such Transfer is a Transfer of the Lead Note, such Transfer is to a Qualified Transferee.
Any such transferee must assume in writing the obligations of the transferring Holder hereunder and agree to be bound by the terms
and provisions of this Agreement and the Servicing Agreement. Such proposed transferee (except in the case of Transfers that are
made in connection with a Securitization) shall also remake each of the representations and warranties contained herein for the
benefit of the other Holder. Notwithstanding the foregoing, without the non-transferring Holder’s prior consent (which will
not be unreasonably withheld), and, if such non-transferring Holder’s Note is in a Securitization, without a Rating Agency
Confirmation from each Rating Agency that has been engaged by the Depositor to rate the securities issued in connection with such
Securitization, no Holder shall Transfer all or any portion of its Note to a Borrower or an Affiliate of a Borrower and any such
Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. None of the provisions of this
Section 12(a) shall apply in the case of a sale of Note A-1-1 together with Note A-1-1-2, Note A-2-1, Note A-2-2, Note A-3 and
Note A-4, in accordance with the terms and conditions of the Lead Securitization PSA.

 

(b)          Except
for a Transfer made in connection with a Securitization, or a Transfer made by an initial Holder to an Affiliate, at least five
(5) days prior to a transfer of any Note, the transferring Holder shall provide to the other Holders and, if any Certificates
are outstanding, to the Rating Agencies, a certification that such transfer will be made in accordance with this Section 12,
such certification to include (1) the name and contact information of the transferee and (2) if applicable, a certification
by the transferee that it is a Qualified Transferee.

 

(c)          The
Holders acknowledge that any Rating Agency Confirmation may be granted or denied by the Rating Agencies in their sole and absolute
discretion and that such Rating Agencies may charge the transferring Holder customary fees in connection with providing such Rating
Agency Confirmation.

 

(d)          Notwithstanding
anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”) its Note to any
entity (other than a Borrower or any Affiliate of a Borrower) that has extended a credit facility to such Holder or has entered
into a repurchase agreement with such Holder and that, in each case, is either a Qualified Transferee or a financial institution
whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Note
Pledgee”), or to a Person with respect to which a Rating Agency Confirmation has been obtained, on terms and conditions
set forth in this Section 12(d), it being further agreed that a financing provided by a Note Pledgee to any Holder
or any Affiliate that controls such Holder that is secured by such Holder’s interest in its respective Note and is structured
as a repurchase arrangement, shall qualify as a “Pledge” hereunder on the condition that all applicable terms and
conditions of this Section 12 are complied with. A Note Pledgee that is not a Qualified Transferee may not take title
to a Note without a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the other Holders and the
Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), the other Holders agree
to acknowledge receipt of

 

    	 	-20-	 

    	 

    

 

such notice and thereafter agree: (i) to give such Note Pledgee written notice of any default by
the pledging Holder in respect of its obligations under this Agreement of which default such Holder has actual knowledge and which
notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) to allow such Note Pledgee
a period of ten (10) Business Days to cure a default by the pledging Holder in respect of its obligations to the other Holders
hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification,
waiver or termination of this Agreement or the Servicing Agreement (if the pledging Holder had the right to consent to such amendment,
modification, waiver or termination pursuant to the terms hereof) shall be effective against such Note Pledgee without the written
consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent shall
be deemed to be given if Note Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver
or termination within 10 days after request therefor; (iv) that the other Holders shall accept any cure by such Note Pledgee
of any default of the pledging Holder which such pledging Holder has the right to effect hereunder, as if such cure were made
by such pledging Holder; (v) that the other Holders or Servicer shall deliver to Note Pledgee such estoppel certificate(s)
as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory
to the other Holders; and (vi) that, upon written notice (a “Redirection Notice”) to the Servicer by such
Note Pledgee that the pledging Holder is in default beyond any applicable cure periods with respect to the pledging Holder’s
obligations to such Note Pledgee pursuant to the applicable credit agreement or other agreements relating to the Pledge between
the pledging Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Holder), and until
such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at any time that pledging Holder otherwise
directs that such payment be made to Note Pledgee pursuant to a separate notice) shall be entitled to receive any payments that
any Servicer would otherwise be obligated to make to the pledging Holder from time to time pursuant to this Agreement or any Servicing
Agreement. Any pledging Holder hereby unconditionally and absolutely releases the other Holders and any Servicer from any liability
to the pledging Holder on account of any Holder’s or Servicer’s compliance with any Redirection Notice believed by
any Servicer or other Holders in good faith to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise
fully its rights and remedies against the pledging Holder (and accept an assignment in lieu of foreclosure as to such collateral),
in accordance with applicable law, the pledge agreement, repurchase agreement or similar agreement between the pledging Holder
and the Note Pledgee and this Agreement. In such event, or if the pledging holder otherwise assigns its interests to the Note
Pledgee, the other Holders and the Servicer shall recognize such Note Pledgee (and any transferee (other than a Borrower or any
Affiliate of a Borrower) that is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee or any
transfer in lieu of foreclosure), and such Person’s successor and assigns, as the successor to the pledging Holder’s
rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Transferee shall assume in writing
the obligations of the pledging Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral
by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under
this Section 12(d) shall remain effective as to any Holder (and any Servicer) unless and until such Note Pledgee shall
have notified such

 

    	 	-21-	 

    	 

    

 

 Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

(e)          The
parties hereto acknowledge that (i) the contemplated sale of Note A-1-2 and Note A-3 under the terms of the Master Repurchase
and Securities Contract, dated as of November 19, 2012, between CCRE Loan Seller III, LLC, as seller, and U.S. Bank, as buyer,
qualifies as a “Pledge” hereunder and U.S. Bank is a Qualified Transferee, (ii) all of the terms of this Section
12 have been satisfied with respect to such Pledge, and (iii) U.S. Bank qualifies as a “Note Pledgee” and is entitled
to all of the rights, privileges and benefits afforded to a Note Pledgee hereunder. In addition, while the Pledge to U.S. Bank
of Note A-1-2 and Note A-3 (as applicable) is in effect, U.S. Bank shall have all rights as Note A-1-2 Holder and Note A-3 Holder
(as applicable) under all applicable documentation and the Note A-1-2 Holder, Note A-3 Holder, the Master Servicer and the Special
Servicer under the Servicing Agreement shall recognize U.S. Bank as Note A-1-2 Holder and Note A-3 Holder, as applicable. Notwithstanding
the foregoing, no notice shall be required pursuant to Section 12(b) in connection with the Pledge to U.S. Bank.

 

13.          Exercise
of Remedies by the Servicer. (a) Subject to the terms of this Agreement and the Servicing Agreement and subject to the
rights and consents, where required, of the Directing Holder, the Servicer shall have the sole and exclusive authority with
respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without
limitation, the sole and exclusive authority to (i) modify or waive any of the terms of the Mortgage Loan Documents,
(ii) consent to any action or failure to act by the Borrower or any party to the Mortgage Loan Documents,
(iii) vote all claims with respect to the Mortgage Loan in any bankruptcy, insolvency or other similar proceedings and
(iv) to take legal action to enforce or protect the Holders’ interests with respect to the Mortgage Loan or to
refrain from exercising any powers or rights under the Mortgage Loan Documents, including the right at any time to call or
waive any Events of Default, or accelerate or refrain from accelerating the Mortgage Loan or institute any foreclosure
action, and the Holders shall have no voting, consent or other rights whatsoever with respect to the Servicer’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan other than as provided in the
Servicing Agreement. Subject to the terms and conditions of the Servicing Agreement, the Servicer shall have the sole and
exclusive authority to make Property Advances with respect to the Mortgage Loan. Except as otherwise provided in this
Agreement, each Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the
Servicer the rights, if any, that such Holder has to (A) call or cause the Servicer to call an Event of Default under
the Mortgage Loan, or (B) exercise any remedies with respect to the Mortgage Loan or the Borrower, including, without
limitation, filing or causing the Lead Note Holder or such Servicer to file any bankruptcy petition against the Borrower.
Each Holder shall, from time to time, execute such documents as any Servicer shall reasonably require to evidence such
assignment with respect to the rights described in clause (iii) of the first sentence in this Section 13(a).

 

(b)          The
Lead Servicer and the related Trustee shall not have any fiduciary duty to the Non-Lead Note Holders in connection with the administration
of the Mortgage Loan (but the foregoing shall not relieve the Lead Servicer and the related Trustee from their

 

    	 	-22-	 

    	 

    

 

respective obligation
under the Servicing Agreement to make any disbursement of funds as set forth herein).

 

(c)          The
Holders hereby acknowledge and agree that the Servicing Agreement shall provide that, subject to the satisfaction of the conditions
set forth in the next sentence, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, if the Special Servicer determines
to sell the Defaulted Mortgage Loan (or the Lead Note), it will be required to sell the entire Defaulted Mortgage Loan as a single
whole loan (i.e., both the Lead Note and Non-Lead Note). Any such sale of the entire Defaulted Mortgage Loan is subject to the
satisfaction of the following:

 

(i)          Each
Non-Lead Note Holder has provided written consent to such sale (to the extent the related Non-Lead Note is not included in the
Lead Securitization); or

 

(ii)         The
Special Servicer has delivered the following notices and information to each Non-Lead Note Holder (to the extent the related Non-Lead
Note is not included in the Lead Securitization):

 

(1)          at
least 15 Business Days prior written notice of any decision to attempt to sell the Defaulted Mortgage Loan;

 

(2)          at
least 10 days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages)
received by the Special Servicer in connection with any such proposed sale;

 

(3)          at
least 10 days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in
the Servicing File requested by a Non-Lead Note Holder; and

 

(4)          until
the sale is completed and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Holder)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other
documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale.

 

Any
Non-Lead Note Holder may waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing,
each of the Lead Note Holder, the Directing Holder, the Non-Lead Note Holders (to the extent the related Non-Lead Note is not
included in the Lead Securitization) and the Non-Directing Holders shall be permitted to submit an offer at any sale of the Defaulted
Mortgage Loan (unless such Person is a Borrower or an agent or Affiliate of a Borrower).

 

The
Non-Lead Note Holders (to the extent it is not the same entity as the Lead Note Holder) hereby appoint the Lead Note Holder as
their agent, and grant to the Lead Note Holder an irrevocable power of attorney coupled with an interest, and its proxy, for the
purpose of soliciting and accepting offers for and consummating the sale of the Non-Lead Notes.

 

    	 	-23-	 

    	 

    

 

Each Non-Lead Note Holder further
agrees that, upon the request of the Lead Note Holder, such Non-Lead Note Holder shall execute and deliver to or at the direction
of Lead Note Holder such powers of attorney or other instruments as the Lead Note Holder may reasonably request to better assure
and evidence the foregoing appointment and grant, in each case promptly following such request, and shall deliver the related
original Non-Lead Note, endorsed in blank, to or at the direction of the Lead Note Holder in connection with the consummation
of any such sale.

 

(d)          Notwithstanding
anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights under this Section 13
shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration, and in no
event shall the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such
action, as the case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage Loan Documents or be
inconsistent with the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC
provisions of the Code or any regulations promulgated thereunder, including, without limitation, the provisions of Section
2(f) of this Agreement.

 

14.          Rights
of the Directing Holder. (a) The Directing Holder shall be entitled to exercise the rights and powers granted to the
Directing Holder hereunder and the rights and powers granted to the “Directing Holder,” “Controlling Class
Certificateholder,” “Controlling Class Representative” or similar party under, and as defined in, the
Servicing Agreement with respect to the Mortgage Loan. In addition, the Directing Holder shall be entitled to advise
(1) the Special Servicer with respect to all matters related to a Specially Serviced Mortgage Loan and (2) the
Special Servicer with respect to all matters for which the Master Servicer must obtain the consent or deemed consent of the
Special Servicer, and, except as set forth below (i) the Master Servicer shall not be permitted to take any Major Action
unless it has obtained the prior written consent of the Special Servicer and (ii) the Special Servicer shall not be
permitted to consent to the Master Servicer’s taking any Major Action nor will the Special Servicer itself be permitted
to take any Major Action as to which the Directing Holder has objected in writing within ten (10) Business Days (or 30 days
with respect to an Acceptable Insurance Default) after receipt of the written recommendation and analysis and such additional
information requested by the Directing Holder as may be necessary in the reasonable judgment of the Directing Holder in order
to make a judgment with respect to such Major Action. The Directing Holder may also direct the Special Servicer to take, or
to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Holder may deem advisable,
subject to the terms of the Servicing Agreement.

 

(b)          If
the Directing Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Action within ten
(10) Business Days (or 30 days with respect to an Acceptable Insurance Default) after delivery to the Directing Holder by the
applicable Servicer of written notice of a proposed Major Action together with any information requested by the Directing Holder
as may be necessary in the reasonable judgment of the Directing Holder in order to make a judgment, then upon the expiration of
such ten (10) Business Day (or 30 days with respect to an Acceptable Insurance Default) period, such Major Action shall be deemed
to have been approved by the Directing Holder.

 

(c)          In
the event that the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Servicing
Agreement to take such action), as

 

    	 	-24-	 

    	 

    

 

applicable, determines that immediate action, with respect to the foregoing matters, or any
other matter requiring consent of the Directing Holder is necessary to protect the interests of the Holders (as a collective whole)
and the Special Servicer has made a reasonable effort to contact the Directing Holder, the Master Servicer or the Special Servicer,
as the case may be, may take any such action without waiting for the Directing Holder’s response.

 

(d)          No
objection, direction or advice contemplated by the preceding paragraphs may require or cause the Master Servicer or the Special
Servicer, as applicable, to violate any provision of the Mortgage Loan Documents, applicable law, the Servicing Agreement, this
Agreement, the REMIC provisions of the Code or the Master Servicer or Special Servicer’s obligation to act in accordance
with the Servicing Standard or expose the Master Servicer or the Special Servicer to liability, or materially expand the scope
of the Master Servicer’s or the Special Servicer’s responsibilities under the Servicing Agreement.

 

(e)          The
Directing Holder shall have no liability to the other Holders or any other Person for any action taken, or for refraining from
the taking of any action or the giving of any consent or the failure to give any consent pursuant to this Agreement or the Servicing
Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith
or gross negligence. The Holders agree that the Directing Holder may take or refrain from taking actions, or give or refrain from
giving consents, that favor the interests of one Holder over the other Holder, and that the Directing Holder may have special
relationships and interests that conflict with the interests of another Holder and, absent willful misfeasance, bad faith or gross
negligence on the part of the Directing Holder agree to take no action against the Directing Holder or any of its officers, directors,
employees, principals or agents as a result of such special relationships or interests, and that the Directing Holder will not
be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have
recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting, or having given any
consent or having failed to give any consent, solely in the interests of any Holder.

 

15.          Appointment
of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any
time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage
Loan and appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall
designate a Person to serve as Special Servicer by delivering to the other Holders and the parties to the C1 PSA, the Note
A-1-2 PSA, the Note A-2-2 PSA, the Note A-3 PSA and the Note A-4 PSA a written notice stating such designation and by
satisfying the other conditions required under the Servicing Agreement (including, without limitation, a Rating Agency
Confirmation, if required by the terms of the Servicing Agreement), if any.

 

16.          Rights
of the Non-Directing Holders. (a) The Lead Securitization PSA shall provide that the Servicer shall be
required:

 

(i)          to
provide copies of the same notices, information and reports that it is required to provide to the Directing Holder pursuant to
the Servicing Agreement with respect to any Major Actions or the implementation of any recommended actions outlined

 

    	 	-25-	 

    	 

    

 

in an Asset
Status Report relating to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder
actually has lost any rights to receive such information as a result of a Consultation Termination Event), within the same time
frame as specified with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has
lost any rights to receive such information as a result of a Consultation Termination Event), provided, however,
that if Note A-3 or Note A-4 has been included in a Securitization transaction, then for any information for which the Special
Servicer would be required to provide to such Non-Directing Holder, the Special Servicer shall provide such notice to the master
servicer of the other Securitization transaction, who shall forward such notice as and when required under the terms of the related
Securitization documents; and

 

(ii)         to
consult with each Non-Directing Holder on a strictly non-binding basis, if, having received such notices, information and reports,
such Non-Directing Holder requests consultation with respect to any such Major Action or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by such
Non-Directing Holder; provided that after the expiration of a period of ten (10) Business Days from the delivery to each
Non-Directing Holder of written notice of a proposed action, together with copies of the notice, information and report required
to be provided to the Directing Holder, the Servicer shall no longer be obligated to consult with the Non-Directing Holders, whether
or not the Non-Directing Holders have responded within such ten (10) Business Day period (unless the Servicer proposes a new course
of action that is materially different from the action previously proposed, in which case such ten (10) Business Day period shall
be begin anew from the date of such proposal and delivery of all information relating thereto).

 

(b)          Notwithstanding
the foregoing non-binding consultation rights of the Non-Directing Holders, the Servicer may take any Major Action or any action
set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Servicer
determines that immediate action with respect thereto is necessary to protect the interests of the Holders.

 

(c)          In
addition to the foregoing non-binding consultation rights, the Non-Directing Holders shall have the right to annual conference
calls with the Master Servicer or the Special Servicer upon reasonable notice and at times reasonably acceptable to the Master
Servicer or the Special Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.

 

(d)          In
no event shall the Servicer be obligated at any time to follow or take any alternative actions recommended by any of the Non-Directing
Holders.

 

(e)          Any
Non-Directing Holder that is a Borrower or an Affiliate of a Borrower shall not be entitled to any of the rights set forth in
this Section 16.

 

17.          Advances;
Reimbursement of Advances. (a) From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead
Servicer and/or the related Trustee

 

    	 	-26-	 

    	 

    

 

may be
obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property and (2) P&I
Advances with respect to the Lead Note and any other Note contributed to the Lead Securitization and (ii) pursuant to the
terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make
P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any
P&I Advance with respect to any Non-Lead Note (other than any Non-Lead Note contributed to the Lead Securitization) and the
related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any
Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee will
be entitled to interest on any Advance made in the manner and from the sources provided in the C1 PSA, the Note A-1-2 PSA, the
Note A-2-2 PSA, the Note A-3 PSA or the Note A-4 PSA, as applicable.

 

(b)          The
Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from
the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable
Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization
as provided in the Servicing Agreement.

 

(c)          To
the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead
Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains
funds from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon, each
Non-Lead Note Holder of any Non-Lead Note not deposited into the Lead Securitization (including any Securitization into which
any Non-Lead Note is deposited) shall be required to, promptly following notice from the Lead Servicer, pay to the Lead Securitization
for its pro rata share of such Property Advance and/or interest thereon at the Reimbursement Rate. In addition, each Non-Lead
Note Holder of any Non-Lead Note not deposited into the Lead Securitization (including any Securitization into which any Non-Lead
Note is deposited) shall promptly reimburse the Lead Servicer or the related Trustee for such Non-Lead Note Holder’s pro
rata share of any fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan
as to which the Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the Servicing
Agreement (to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient for reimbursement
of such amounts).

 

(d)          The
parties to each of the C1 PSA, the Note A-1-2 PSA, the Note A-2-2 PSA, the Note A-3 PSA and the Note A-4 PSA shall each be entitled
to make their own recoverability determination with respect to a P&I Advance based on the information that they have on hand
and in accordance with the C1 PSA, the Note A-1-2 PSA, the Note A-2-2 PSA, the Note A-3 PSA or the Note A-4 PSA, as applicable.

 

(e)          If
the Lead Servicer or the related Trustee elects to defer the reimbursement of a Property Advance in accordance with the terms
of the Servicing Agreement, the Lead Servicer or the related Trustee shall also defer its reimbursement of each Non-Lead Note
share from the Non-Lead Note Holders.

 

    	 	-27-	 

    	 

    

 

18.          Provisions
Relating to Securitization.

 

(a)
New Notes. For so long as CCRE or an Affiliate of CCRE or CGMRC or an Affiliate of CGMRC (an “Initial Note Holder”)
is the owner of any Notes, such Initial Note Holder shall have the right, subject to the terms of the Mortgage Loan Documents,
to cause the Borrower to execute amended and restated notes (“Amended Notes”) or additional notes (“New
Notes”) reallocating the principal of the Note or Notes that it owns (but in no case any Note that it does not then
own) among Amended Notes and New Notes or severing a Note into one or more further “component” notes in the aggregate
principal amount equal to the then outstanding principal balance of the Note or Notes being amended or created, provided
that (i) the aggregate principal balance of the Amended Notes and New Notes following such amendments is no greater than the principal
balance of the Amended Notes and New Notes prior to such amendments, (ii) all New Notes continue to have the same interest rate
as Amended Note of which it was a part prior to such amendments, (iii) all New Notes pay pro rata and on a pari passu
basis with the Amended Notes and such reallocated or component notes shall be automatically subject to the terms of this Agreement
and (iv) the Initial Note Holder holding the New Notes shall notify each other Holder, as applicable, and, if any other Note has
been included in a securitization, the parties under each applicable PSA, in writing of such modified allocations and principal
amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan Agreement
and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of any or all of the Holders solely
for the purpose of reflecting such reallocation of principal or such severing of a Note, (2) if a Note is severed into “component”
notes, such component notes shall each have their same rights as the respective original Note and (3) the definition of the term
“Securitization” and all of the related defined terms may be amended (and new terms added, as necessary) to reflect
the New Notes. Rating Agency Confirmation shall not be required for any amendments to this Agreement required to facilitate the
terms of this Section 18(a). The Initial Note Holder whose Note is being reallocated or split pursuant to this Section
18(a) shall reimburse the other Holders for all costs and expenses incurred by the other Holders in connection with the reallocation
or split.

 

(b)          The
Non-Lead Note Holder agrees that (if the Non-Lead Note is included in a Securitization other than the Lead Securitization) it
shall cause the Non-Lead Securitization PSA to provide as follows:

 

(i)          the
applicable master servicer or Trustee for such Securitization shall be required to notify the master servicer, special servicer
and Trustee of each other Securitization of the amount of any P&I Advance it has made with respect to the Note included in
such Securitization within two Business Days of making such advance;

 

(ii)         if
the applicable master servicer, special servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding
P&I Advance previously made, would be, or is, as applicable, a nonrecoverable advance, the master servicer shall provide the
other servicers written notice of such determination within 2 Business Days after such determination was made;

 

    	 	-28-	 

    	 

    

 

(iii)          in
the event such Non-Lead Note Holder is responsible for its proportionate share of any Nonrecoverable Advances (or any other portion
of a Nonrecoverable Advance) (and advance interest thereon) or other fee or expense pursuant to Section 17 and funds received
with respect to such Non-Lead Note are insufficient to cover such amounts, (x) the related master servicer will be required to
pay the Master Servicer, Special Servicer or Trustee under the Servicing Agreement, as applicable, out of general funds in the
collection account (or equivalent account) established under the related Non-Lead Servicing Agreement and (y) if the Servicing
Agreement permits the Master Servicer, Special Servicer or Trustee under the Servicing Agreement to pay itself from the Lead Securitization
Trust’s general account then the master servicer under the related Non-Lead Servicing Agreement will be required to reimburse
the Lead Securitization Trust Fund out of general funds in the collection account (or equivalent account) established under the
related Non-Lead Servicing Agreement;

 

(iv)         each
of the Master Servicer and the Special Servicer shall be indemnified (as and to the same extent the Lead Securitization Trust
is required to indemnify each such party) against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses, incurred in connection with any PSA that relate solely to its servicing
of the Mortgage Loan, as applicable, and the master servicer under the related Non-Lead Servicing Agreement will be required to
reimburse the Master Servicer, Special Servicer or Trustee under the Servicing Agreement, as applicable, out of general funds
in the collection account (or equivalent account) established under the related Non-Lead Servicing Agreement;

 

(v)          each
of Trustee and the master servicer under the Non-Lead Servicing Agreement, as applicable, shall acknowledge that, (i) each of
the Master Servicer and the Trustee under the Servicing Agreement will be a third party beneficiary under the Non-Lead Servicing
Agreement with respect to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect
to such Non-Lead Note by the Master Servicer or the Trustee under the Servicing Agreement and (2) as to the Master Servicer only,
the indemnification of the Master Servicer against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses, incurred in connection with any PSA and relating to such Non-Lead
Note and (ii) the Special Servicer will be a third party beneficiary under the related Non-Lead Servicing Agreement with respect
to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect to such Non-Lead
Note by the Special Servicer (it being understood that the Special Servicer is not required to make any Advances) and (2) the
indemnification of the Special Servicer against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses, incurred in connection with any PSA and relating to such Non-Lead
Note; and

 

(vi)         the
Master Servicer, the Special Servicer, the Trustee and the Lead Securitization Trust shall be third party beneficiaries of the
foregoing provisions.

 

(c)          Notice
to Parties to the Lead Securitization PSA.

 

    	 	-29-	 

    	 

    

 

(i)          The
Note A-1-2 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of
the Note A-1-2 Securitization Date) (provided such party is not also a party to the Note A-1-2 PSA) notice of the Note
A-1-2 Securitization in writing (which may be by email) prior to or promptly following the Note A-1-2 Securitization Date. Such
notice shall contain contact information for each of the parties to the Note A-1-2 PSA and the identity of the Controlling Class
Representative under such Note A-1-2 PSA. In addition, after the Note A-1-2 Securitization Date, the Note A-1-2 Holder shall send
a copy of the Note A-1-2 PSA to the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of
the Note A-1-2 Securitization Date) (provided such party is not also a party to the Note A-1-2 PSA).

 

(ii)         The
Note A-2-2 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of
the Note A-2-2 Securitization Date) (provided such party is not also a party to the Note A-2-2 PSA) notice of the Note
A-2-2 Securitization in writing (which may be by email) prior to or promptly following the Note A-2-2 Securitization Date. Such
notice shall contain contact information for each of the parties to the Note A-2-2 PSA and the identity of the Controlling Class
Representative under such Note A-2-2 PSA. In addition, after the Note A-2-2 Securitization Date, the Note A-2-2 Holder shall send
a copy of the Note A-2-2 PSA to the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of
the Note A-2-2 Securitization Date) (provided such party is not also a party to the Note A-2-2 PSA).

 

(iii)        The
Note A-3 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of the
Note A-3 Securitization Date) (provided such party is not also a party to the Note A-3 PSA) notice of the Note A-3 Securitization
in writing (which may be by email) prior to or promptly following the Note A-3 Securitization Date. Such notice shall contain
contact information for each of the parties to the Note A-3 PSA and the identity of the Controlling Class Representative under
such Note A-3 PSA. In addition, after the Note A-3 Securitization Date, the Note A-3 Holder shall send a copy of the Note A-3
PSA to the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of the Note A-3 Securitization
Date) (provided such party is not also a party to the Note A-3 PSA).

 

(iv)        The
Note A-4 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of the
Note A-4 Securitization Date) (provided such party is not also a party to the Note A-4 PSA) notice of the Note A-4 Securitization
in writing (which may be by email) prior to or promptly following the Note A-4 Securitization Date. Such notice shall contain
contact information for each of the parties to the Note A-4 PSA and the identity of the Controlling Class Representative under
such Note A-4 PSA. In addition, after the Note A-4 Securitization Date, the Note A-4 Holder shall send a copy of the Note A-4
PSA to the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of the Note A-4 Securitization
Date) (provided such party is not also a party to the Note A-4 PSA).

 

(d)         The
Lead Securitization PSA shall:

 

    	 	-30-	 

    	 

    

 

(i)          provide
that the Master Servicer and Trustee for such Securitization shall be required to notify the servicer, special servicer and Trustee
of each other Securitization of the amount of any P&I Advance it has made with respect to the Note included in such Securitization
within two Business Days of making such advance;

 

(ii)         provide
that if the Master Servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding P&I Advance
previously made, would be, or is, as applicable, a nonrecoverable advance, the Master Servicer shall provide the other servicers
written notice of such determination within two Business Days after such determination was made;

 

(iii)        provide
that the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note (other than any Non-Lead
Note deposited into the Lead Securitization as to which payments shall be applied as provided in the Servicing Agreement), net
of its Servicing Fee and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and
the Trustee, to the Non-Lead Holder on the applicable Master Servicer Remittance Date;

 

(iv)        provide
that the Master Servicer agrees to make available to each master servicer under a Non-Lead Servicing Agreement the CREFC®
Investor Reporting Package® pursuant to the terms of the Servicing Agreement on a monthly basis on the applicable
Master Servicer Remittance Date;

 

(v)         provide
that the Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other
party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other
servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained
or engaged by it to deliver), to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the
reports, certifications, compliance statements, accountants’ assessments and attestations, information to be included in
reports (including, without limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other
Servicing Agreements as the parties to each Non-Lead Securitization may require in order to comply with their obligations under
the Securities Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB,
and any other applicable law. Without limiting the generality of the foregoing, each Lead Note Holder for a Lead Securitization
shall provide in a timely manner to the depositor and the Trustee for any prior Securitization a copy of the Lead Securitization
Servicing Agreement and each Lead Servicer (at the expense of the Lead Note Holder) will be required, upon prior written request,
to provide to the depositor and the Trustee for any prior Securitization any other information required to comply in a timely
manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant
to Regulation AB in a timely manner for inclusion in any disclosure document (and, with respect to the Servicing Agreement, for
filing under Form 8-K), and with respect to the Lead Servicers, upon prior written request, market indemnification agreements,
opinions and Regulation AB compliance letters as were or are being delivered with respect to the Lead Securitization. As used
in

 

    	 	-31-	 

    	 

    

 

this Agreement, “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§  229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation
as have been provided by the United States Securities and Exchange Commission (the “Commission”) or by the
staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective from
time to time as of the compliance dates specified therein. The Master Servicer, any primary servicer and the Special Servicer,
upon prior written request, shall each be required to provide certification and indemnification to each Certifying Person with
respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms are defined in the related Non-Lead Servicing Agreements;

 

(vi)          provide
that the servicing duties of each of the Master Servicer and Special Servicer under the Servicing Agreement shall include the
duty to service each Non-Lead Note on behalf of the related Trustees and related Certificate holders in accordance with the terms
and provisions of this Agreement;

 

(vii)         provide
that, with respect to any/each Non-Lead Note (other than any Non-Lead Note deposited into the Lead Securitization as to which
payments shall be withdrawn and remitted as provided in the Servicing Agreement), the Master Servicer shall withdraw from the
related Collection Account and remit to the Holder of the Non-Lead Note, within one (1) Business Day of receipt of properly identified
funds, any amounts that represent late collections or principal prepayments on such Non-Lead Note or any successor REO Property
with respect thereto (exclusive of any portion of such amount payable or reimbursable to any third party in accordance with this
Agreement), unless such amount would otherwise be included in the monthly remittance to the Holder of such Non-Lead Note for such
month; provided, however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given
Business Day, the Master Servicer shall use commercially reasonable efforts to remit such late collections or principal prepayments
to the Non-Lead Master Servicer within one Business Day of receipt of properly identified funds but, in any event, the Master
Servicer shall remit such amounts within two Business Days of receipt of properly identified funds;

 

(viii)        provide
that the Non-Lead Note Holders (other than any Non-Lead Note Holder which is a direct party to the Servicing Agreement) are intended
third-party beneficiaries in respect of the rights afforded it under the Servicing Agreement and each master servicer under a
Non-Lead Servicing Agreement will be entitled to enforce the rights of the related Trustee with respect to such Non-Lead Note
under this Agreement and the Servicing Agreement;

 

(ix)          provide
that each master servicer and special servicer under any Non-Lead Servicing Agreement shall be a third-party beneficiary of the
Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification
of such master servicer or special servicer, as the case may be, and the provisions regarding coordination of Advances;

 

    	 	-32-	 

    	 

    

 

(x)          provide
that it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holders (other
than any Non-Lead Note Holder which is a direct party to the Servicing Agreement) without their consent;

 

(xi)         satisfy
Moody’s rating methodology as of the Closing Date of the Lead Securitization related to permitted investments and eligible
accounts applicable to securities rated “Aaa” by Moody’s;

 

(xii)        provide
that, in connection with (A) any amendment of the Servicing Agreement, a party to such Servicing Agreement is required to provide
a copy of the executed amendment to the depositor under each related Non-Lead Servicing Agreement and one or more parties to the
related Non-Lead Servicing Agreement (which may be by e-mail), together with a copy of such amendment in electronic format, no
later than the effective date of such amendment, and (B) the termination, resignation and/or replacement of the Master Servicer
or Special Servicer under the Servicing Agreement, the replacement “master servicer” or replacement “special
servicer”, as applicable, is required to provide to the depositor under each related Non-Lead Servicing Agreement and one
or more parties to the related Non-Lead Servicing Agreement all disclosure about itself that is required to be included in Form
8-K no later than the date of effectiveness thereof;

 

(xiii)       provide
that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary market
termination events with respect to failure to make advances, failure to remit payments to the Non-Lead Note Holders as required,
failure to deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the
depositor under a related Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities
Act or Form SF-3, and for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided
that, in the case of failures related to the securities laws, such grace periods will not cause a depositor under a Non-Lead Servicing
Agreement to fail to comply with the applicable provisions of such securities laws); and

 

(xiv)       provide
that if a Non-Lead Note becomes the subject of an “asset review” under a Non-Lead Servicing Agreement, the applicable
parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations reviewer or other
applicable party to such Non-Lead Servicing Agreement in connection with such asset review, including with respect to providing
access to related underlying documents to the extent the asset representations reviewer or such other applicable party to the
Non-Lead Servicing Agreement has not obtained such documents from the related Non-Lead Note Holder and such documents are in the
possession of the applicable party to the Servicing Agreement.

 

(e)          The
Initial Note A-1-1 Holder shall:

 

(i)          give
the other Note Holders (except any Holder of a Non-Lead Note included in the Lead Securitization) notice of the Securitization
of the Lead Securitization

 

    	 	-33-	 

    	 

    

 

Note in writing (which may be by email) not less than three (3) Business Days prior to the applicable
pricing date for the Lead Securitization, together with contact information for each of the parties to the Lead Securitization
PSA;

 

(ii)          on
the closing date of the Lead Securitization, send a copy (in EDGAR-compatible format) of the Lead Securitization PSA to the other
Note Holders (except any Holder of a Non-Lead Note included in the Lead Securitization); and

 

(iii)         give
the other Note Holders (except any Holder of a Non-Lead Note included in the Lead Securitization) written notice in a timely manner
(but no later than one (1) Business Day prior to the applicable filing date) of any re-filing (other than a filing made in connection
with a formal amendment of the Lead Securitization PSA) by the Depositor of the Lead Securitization PSA subsequent to the Securitization
Date if such filing contains revisions or changes that are material to the other Note Holder.

 

19.          Governing
Law; Waiver of Jury Trial.   THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT,
THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

20.          Modifications.   This
Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties hereto. Additionally,
from and after a Securitization, except to cure any ambiguity or to correct any error or as set forth in Section 18(a), this Agreement
may not be modified unless a Rating Agency Confirmation has been delivered with respect to each Securitization.

 

21.          Successors
and Assigns; Third Party Beneficiaries.  This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and assigns. Each of the Master Servicer, Non-Lead Master Servicer and related Trustee is an intended
third-party beneficiary of this Agreement. Except as provided in Section 5 and the preceding sentence, none of the
provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party hereto.

 

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

 

    	 	-34-	 

    	 

    

 

23.          Captions.   The
titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended
to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction
of this Agreement.

 

24.          Notices.   Unless
stated otherwise, all notices required hereunder shall be given by (i) telephone (confirmed in writing) or shall be in writing
and personally delivered, (ii) sent by facsimile transmission if the sender on the same day sends a confirming copy of such
notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery service (charges prepaid)
or (iv) certified United States mail, postage prepaid return receipt requested, and addressed to the respective parties at
their addresses set forth on Exhibit B hereto, or at such other address as any party shall hereafter inform the other
party by written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt.

 

25.          Custody
of Mortgage Loan Documents.   The originals of all of the Mortgage Loan Documents (other than Note A-1-2, Note A-2-2, Note A-3
and Note A-4) will be held by the Trustee (or by a custodian on its behalf) under the terms of the C1 PSA on behalf of all of
the Holders.

 

[NO FURTHER
TEXT ON THIS PAGE]

 

    	 	-35-	 

    	 

    

 

IN
WITNESS WHEREOF, each of the Note A-1-1 Holder, the Note A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder, the Note A-3 Holder
and the Note A-4 Holder has caused this Agreement to be duly executed as of the day and year first above written.

 

	 	Note A-1-1 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	/s/ Anthony Orso
	 	 	Name:      Anthony Orso
	 	 	Title:        CEO-CCRE

 

CGCMT
2016-C1: Savannah Marriott Co-Lender Agreement

  

    

     

    

 

	 	Note
A-1-2 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	/s/ Anthony Orso
	 	 	Name:      Anthony Orso
	 	 	Title:        CEO-CCRE

 

CGCMT
2016-C1: Savannah Marriott Co-Lender Agreement

 

    

     

    

 

	 	Note
A-2-1 Holder:
	 	 	 
	 	CITIGROUP
GLOBAL MARKETS REALTY CORP.
	 	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name:      Richard W. Simpson
	 	 	Title:        Authorized Signatory

 

CGCMT
2016-C1: Savannah Marriott Co-Lender Agreement

 

    

     

    

 

	 	Note
A-2-2 Holder:
	 	 	 
	 	CITIGROUP
GLOBAL MARKETS REALTY CORP.
	 	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name:      Richard W. Simpson
	 	 	Title:        Authorized Signatory

 

CGCMT
2016-C1: Savannah Marriott Co-Lender Agreement

 

    

     

    

 

	 	Note
A-3 Holder:
	 	 	 
	 	CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	/s/ Anthony Orso
	 	 	Name:      Anthony Orso
	 	 	Title:        CEO-CCRE

 

CGCMT
2016-C1: Savannah Marriott Co-Lender Agreement

 

    

     

    

 

	 	Note
A-4 Holder:
	 	 	 
	 	CITIGROUP
GLOBAL MARKETS REALTY CORP.
	 	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name:      Richard W. Simpson
	 	 	Title:        Authorized Signatory

  

CGCMT
2016-C1: Savannah Marriott Co-Lender Agreement

 

    

     

    

 

EXHIBIT
A

 

MORTGAGE
LOAN SCHEDULE

 

A.          Description of Mortgage
Loan

 

	Borrower:	Columbia
    Properties Savannah, LLC
	Mortgage
    Loan Origination Date:  	April
    22, 2016
	Initial
    Principal Amount of Mortgage Loan:	$73,500,000
	Locations
    of Mortgaged Property:	Savannah,
    Georgia
	Current
    Use of Mortgaged Property:	Hotel
	Mortgage
    Interest Rate:	Note
A-1-1:          5.5840% 

        Note A-1-2:          5.5840%

        

        Note A-2-1:          5.5840% 

        Note A-2-2:          5.5840%

        

        Note A-3:             5.5840% 

        Note A-4:             5.5840%

        

	Maturity
    Date:	May
    6, 2026

 

    A-7

     

    

 

B.          Description of Notes

 

	Mortgage
    Loan Origination Date:	April
    22, 2016
	Initial
    Note A-1-1 Principal Balance:	$20,000,000
	Initial
    Note A-1-2 Principal Balance:	$5,000,000
	Initial
    Note A-2-1 Principal Balance:	$20,000,000
	Initial
    Note A-2-2 Principal Balance:	$5,000,000
	Initial
    Note A-3 Principal Balance:	$11,750,000
	Initial
    Note A-4 Principal Balance:	$11,750,000
	Initial
    Note A-1-1 Percentage Interest:	27.21%
	Initial
    Note A-1-2 Percentage Interest:	6.80%
	Initial
    Note A-2-1 Percentage Interest:	27.21%
	Initial
    Note A-1-2 Percentage Interest:	6.80%
	Initial
    Note A-3 Percentage Interest:	15.99%
	Initial
    Note A-4 Percentage Interest:	15.99%
	Note
    A-1-1 Interest Rate:	5.5840%
	Note
    A-1-2 Interest Rate:	5.5840%
	Note
    A-2-1 Interest Rate:	5.5840%
	Note
    A-2-2 Interest Rate:	5.5840%
	Note
    A-3 Interest Rate:	5.5840%
	Note
    A-4 Interest Rate:	5.5840%
	Note
    A-1-1 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1-1 Interest Rate
	Note
    A-1-2 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1-1 Interest Rate
	Note
    A-2-1 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1-1 Interest Rate
	Note
    A-2-2 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1-1 Interest Rate
	Note
    A-3 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1-1 Interest Rate
	Note
    A-4 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1-1 Interest Rate

 

 

    A-8

     

    

 

EXHIBIT B

 

Note A-1-1 Holder, Note A-1-2
Holder, and Note A-3 Holder:

 

Cantor
Commercial Real Estate Lending, L.P.

110 East 59th Street, 6th Floor

New York, New York 10022

Attention: Legal Department

Facsimile No.: (212) 610-3623

E-Mail: legal@ccre.com

 

with
a copy to:

 

Cadwalader,
Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

Facsimile No.: (212) 504-6666

 

with
a copy to:

 

Berkeley
Point Capital LLC

One Beacon Street, 14th Floor

Boston, Massachusetts 02108

Attention: Nancy Navarro, Vice President, Servicing Department

Facsimile No.: (617) 275-7574

 

Note A-2-1 Holder, Note A-2-2
Holder and Note A-4 Holder:

 

Citigroup Global Markets Realty
Corp. 

390 Greenwich Street, 7th Floor

New York, New York 10013 

Attention : Ana Rosu Marmann 

Facsimile No.: (646) 328-2938

 

with a copy
to:

 

Sidley Austin LLP 

787 Seventh Avenue

New York, New York 10019 

Attention: Joseph Kelly and
Charles Schrank 

Facsimile No.: (212) 839-5599

 

    B-1

     

    

 

EXHIBIT C

 

PERMITTED
FUND MANAGERS

 

Westbrook Partners

iStar Financial Inc. 

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate
Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital,
L.P.

KKR Real Estate Manager Finance
LLC

Rialto Capital Management, LLC 

Rialto Capital Advisors, LLC

 

    C-1

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