Document:

Exhibit 4.9 

EXECUTION VERSION

  

 

PRIMARY SERVICING AGREEMENT

BBCMS Mortgage Trust 2021-C9.,

Commercial Mortgage Pass-Through
Certificates

Series
2021-C9

Dated
as of March 1, 2021

 

 

 

By and Between

MIDLAND LOAN SERVICES, A DIVISION OF
PNC BANK, NATIONAL ASSOCIATION,

Master Servicer

and

KEYBANK NATIONAL ASSOCIATION

Primary Servicer

     

     

    

TABLE OF CONTENTS

	 	 	 
	ARTICLE I.
	 	 	 
	DEFINITIONS	1
	 	 
	Section 1.01.	Defined Terms	1
	 	 	 
	ARTICLE II.
	 	 	 
	RETENTION AND AUTHORITY OF PRIMARY SERVICER	3
	 	 
	Section 2.01.	Servicing Standard; Commencement of Servicing Responsibilities	3
	 	 	 
	Section 2.02.	Primary Servicing	3
	 	 	 
	Section 2.03.	Authority of Primary Servicer	4
	 	 	 
	ARTICLE III.
	 	 	 
	SERVICES TO BE PERFORMED	6
	 	 
	Section 3.01.	Services as Primary Servicer	6
	 	 	 
	Section 3.02.	Portfolio Manager	10
	 	 	 
	Section 3.03.	Maintenance of Errors and Omissions and Fidelity Coverage	10
	 	 	 
	Section 3.04.	Delivery and Possession of Servicing Files	10
	 	 	 
	Section 3.05.	Annual Compliance Statements	10
	 	 	 
	Section 3.06.	Annual Reports on Assessment of Compliance with Servicing Criteria	11
	 	 	 
	Section 3.07.	Annual Independent Public Accountants’ Attestation Report	12
	 	 	 
	Section 3.08.	Sarbanes-Oxley Certification	12
	 	 	 
	Section 3.09.	Delivery of Mortgage Loan Purchase Agreement	13
	 	 	 
	ARTICLE IV.
	 	 	 
	Preservation of the REMICs	13
	 	 
	ARTICLE V.
	 	 	 
	PRIMARY SERVICER’S COMPENSATION AND EXPENSES	14
	 	 
	Section 5.01.	Primary Servicing Compensation	14
	 	 	 
	ARTICLE VI.
	 	 	 
	THE MASTER SERVICER AND THE PRIMARY SERVICER	15
	 	 
	Section 6.01.	Primary Servicer Not to Assign; Merger or Consolidation of the Primary Servicer	15

 

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	Section 6.02.	Liability and Indemnification of the Primary Servicer and the Master Servicer	16
	 	 	 
	Section 6.03.	Representations and Warranties	19
	 	 	 
	ARTICLE VII.
	 	 	 
	PRIMARY SERVICER TERMINATION EVENTS; TERMINATION	21
	 	 
	Section 7.01.	Primary Servicer Termination Events; Primary Servicer Non-Affiliate Covenant	21
	 	 	 
	Section 7.02.	Termination of Agreement	24
	 	 	 
	ARTICLE VIII.
	 	 	 
	MISCELLANEOUS PROVISIONS	26
	 	 
	Section 8.01.	Rating Agency Communications	26
	 	 	 
	Section 8.02.	Amendment	27
	 	 	 
	Section 8.03.	Governing Law; Waiver of Jury Trial; Submission to Jurisdiction	27
	 	 	 
	Section 8.04.	Notices	28
	 	 	 
	Section 8.05.	Consistency with PSA; Severability of Provisions	29
	 	 	 
	Section 8.06.	Inspection and Audit Rights	29
	 	 	 
	Section 8.07.	Protection of Confidential Information	30
	 	 	 
	Section 8.08.	Binding Effect; No Partnership; Counterparts	30
	 	 	 
	Section 8.09.	Third Party Beneficiaries	30
	 	 	 
	Section 8.10.	Article and Section Headings	30
	 	 	 
	Section 8.11.	Non-Solicitation	31
	 	 	 

 

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LIST OF EXHIBITS

	Schedule I	Mortgage Loan Schedule
	Exhibit "A"	Inspection Reports
	Exhibit "B"	Quarterly Reports
	Exhibit "C"	Remittance Reports

 

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THIS PRIMARY
SERVICING AGREEMENT dated as of March 1, 2021 is between Midland Loan Services, a Division of PNC Bank, National Association (together
with its successors and assigns permitted under the PSA, the "Master Servicer" or "Midland"), and KeyBank National
Association, a national banking association (together with its successors and permitted assigns hereunder, the "Primary Servicer").

PRELIMINARY
STATEMENT

Pursuant to
the Pooling and Servicing Agreement (the "PSA") dated as of March 1, 2021, among Barclays
Commercial Mortgage Securities LLC, as Depositor, Midland, as Master Servicer and as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset
Representations Reviewer with respect to the BBCMS Mortgage Trust 2021-C9, Commercial Mortgage Pass-Through Certificates, Series
2021-C9, the Master Servicer shall be servicing the Mortgage Loans on behalf of the Trust Fund.

The Master
Servicer and the Primary Servicer desire to enter into an agreement whereby the Primary Servicer assumes and agrees to perform
certain of the Master Servicer's servicing responsibilities with respect to the Mortgage Loans as more specifically set forth herein.

AGREEMENTS

NOW, THEREFORE,
in consideration of the recitals in the above Preliminary Statement which are made a contractual part hereof, and of the mutual
promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

ARTICLE I.

DEFINITIONS

Section 1.01.     
Defined Terms.

For purposes
of this Agreement, all capitalized terms not otherwise defined herein shall have the meanings set forth in the PSA, and the following
capitalized terms shall have the respective meanings set forth below.

"Accepted
Primary Servicing Practices": As defined in Section 2.01 hereof.

"Additional
Primary Servicing Compensation": As defined in Section 5.01 hereof.

"Agreement":
This Primary Servicing Agreement, as the same may be amended or modified by the parties from time to time.

"CREFC®
Reporting Format": The CREFC® Investor Reporting Package reporting and data format; provided, however, that if such
format is no longer applicable or in existence, then such other commercial mortgage servicing industry standard reporting and data
format reasonably approved by the Master Servicer.

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"Excluded
Information": As defined in the PSA.

"Indemnified
Party": As defined in Section 8.01(b) hereof.

"Inspection
Reports": The inspection reports substantially in the form attached hereto as Exhibit "A".

"Losses":
As defined in Section 6.02(b) hereof.

"Master
Servicer": As defined in the first paragraph of this Agreement.

"Mortgage
Loan": Each of the mortgage loans identified on the Mortgage Loan Schedule.

"Mortgage
Loan Schedule":The schedule of certain mortgage loans that is annexed to the Primary Servicer's signature page included
herewith, which schedule sets forth certain information with respect to such mortgage loans, including, without limitation, the
related Primary Servicing Fee Rate.

"Primary
Servicer": As defined in the first paragraph of this Agreement.

"Primary
Servicer Accounts": The Collection Accounts maintained by the Primary Servicer hereunder in the name of the Primary Servicer
in trust for the Master Servicer on behalf of the Trustee in trust for the benefit of the Holders.

"Primary
Servicer Parties": As defined in Section 6.02(a) hereof.

"Primary
Servicer Remittance Date": With respect to any Determination Date, one (1) Business Day after such Determination Date.

"Primary
Servicer Termination Event": Any event as set forth in Section 7.01 hereof.

"Primary
Servicing Fee": With respect to each Mortgage Loan and for any Distribution Date, that portion of the Primary Servicing
Fee payable by the Master Servicer to the Primary Servicer, which shall be an amount per calendar month equal to the product of
the Primary Servicing Fee Rate and the Stated Principal Balance of such Mortgage Loan, as determined on the same basis as for the
calculation of the Servicing Fee under the PSA.

"Primary
Servicing Fee Rate": The per annum rate for each Mortgage Loan as set forth in the related Mortgage Loan Schedule.

"Primary
Servicing File": With respect to each Mortgage Loan, all documents, information and records relating to such Mortgage
Loan that are necessary or appropriate to enable the Primary Servicer to perform its obligations hereunder and any additional documents
or information related thereto maintained or created in any form by the Primary Servicer (which shall not include any attorney-client
privileged communications between the Primary Servicer and its counsel), including, without limitation, all analysis, working papers,
inspections reports, written communications with any Mortgagor, and all other information collected from or

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concerning any Mortgagor or the
related Mortgaged Property in the Primary Servicer’s possession.

"PSA":
As defined in the above Preliminary Statement to this Agreement.

“Qualified
Affiliate”: Any Person (a) that is organized and doing business under the laws of any state or the United States or the
District of Columbia, (b) that is in the business of performing the duties of a servicer of mortgage loans, and (c) as to which
50% or greater of its outstanding voting stock or equity ownership interest are directly or indirectly owned by the Primary Servicer
or by any Person or Persons who directly or indirectly own equity ownership interests in the Primary Servicer.

"Quarterly
Reports": The quarterly reports and certifications substantially in the form attached hereto as Exhibit "B".

"Remittance
Reports": The remittance reports substantially in the form attached hereto as Exhibit "C".

"Responsible
Officer": Any officer or employee of the Primary Servicer or the Master Servicer, as the case may be, involved in or responsible
for the administration, supervision or management of this Agreement and whose name and specimen signature appear on a list prepared
by each party and delivered to the other party, as such list may be amended from time to time by either party.

ARTICLE II.

RETENTION AND AUTHORITY OF PRIMARY SERVICER

Section 2.01.     
Servicing Standard; Commencement of Servicing Responsibilities.

The Master
Servicer hereby engages the Primary Servicer to perform, and the Primary Servicer hereby agrees to perform, servicing with respect
to all of the Mortgage Loans throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof.
The Primary Servicer shall perform its services hereunder in accordance with (a) applicable laws, (b) the terms and provisions
of the Mortgage Loans, (c) the express terms hereof and the PSA, (d) in the case of a Serviced Companion Loan, the related Intercreditor
Agreement, (e) subject to Section 2.03(b) hereof, the reasonable directions and instructions of the Master Servicer (including,
without limitation, the forms and report formats mutually and reasonably agreed upon by the Master Servicer and Primary Servicer)
and (f) all requirements pertaining to the performance of such services under the PSA, including, without limitation, the Servicing
Standard. The above-described servicing standards are herein referred to as "Accepted Primary Servicing Practices."

Section 2.02.     
Primary Servicing.

To the extent
necessary for the Primary Servicer to comply with applicable laws, or if otherwise consented to by the Master Servicer (which consent
shall not be unreasonably withheld or delayed), the Primary Servicer may enter into any sub-subservicing agreement with

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a sub-subservicer that would permit
such sub-subservicer to perform any or all of the Primary Servicer's servicing responsibilities under this Agreement and such sub-subservicer
meets the requirements of the PSA; provided, however, if such sub-subservicer would be a servicer as contemplated by Item 1108(a)(2)
of Regulation AB, no such sub-subservicer may be Risk Retention Affiliated with or a Risk Retention Affiliate of any Third Party
Purchaser; provided, however, that the consent of the Master Servicer shall not be
required to engage a third party contractor to perform ministerial tasks, including property inspections. Notwithstanding any sub-subservicing
agreement or third party subcontract, the Primary Servicer shall remain obligated and primarily liable to the Master Servicer for
the servicing and administering of the Mortgage Loans in accordance with the provisions of this Agreement without diminution of
such obligation or liability by virtue of such sub-subservicing agreement or contract to the same extent and under the same terms
and conditions as if the Primary Servicer were servicing the Mortgage Loans alone.

Section 2.03.     
Authority of Primary Servicer.

(a)              
Except as otherwise provided herein and subject to the terms of this Agreement and the Master Servicer's limitations of
authority as Master Servicer under the PSA, in performing its obligations hereunder, the Primary Servicer shall have full power
and authority to take any and all actions in connection with such obligations that it deems necessary or appropriate; provided,
however, that the Primary Servicer shall not take any of the following actions with respect to any Mortgage Loan without obtaining
the prior written consent of the Master Servicer (which consent (w) may be in the form of an asset business plan approved in writing
by the Master Servicer, (x) shall not be unreasonably withheld; (y) shall be subject to the prior approval of or consultation with
the Special Servicer, the Directing Certificateholder, any Loan-Specific Directing Certificateholder, any Risk Retention Consultation
Party, any mezzanine lender, any AB Whole Loan Controlling Holder or any Companion Holder, if so required under the PSA, which
approvals shall be requested by the Master Servicer; and (z) shall be consented to or denied by the Master Servicer within ten
(10) Business Days following the receipt by the Master Servicer of the information described in clause (w) along with relevant
supporting information (but, in the case of a consent, such consent may be conditioned on any approvals described in clause (y)
of this paragraph)):

(i)             
the modification, waiver or amendment, whether or not material, of or with respect to any Mortgage Loan, including, without
limitation, any forgiveness of principal, any change in the amount or timing of any payment of principal or interest, maturity,
extension rights or prepayment provisions or the substitution, release or addition of any collateral for any Mortgage Loan or relate
to any waiver of or granting of consent under a “due-on-sale” or “due-on-encumbrance” clause;

(ii)             
the granting or withholding of consent to any transfer of ownership of a Mortgaged Property or any transfer of any interest
of an owner of a Mortgaged Property and entering into any assumption agreement in connection therewith;

(iii)            
the granting or withholding of consent to any request for approval to place subordinate or other financing on a Mortgaged
Property;

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(iv)            
 the determination of whether or not to release proceeds of condemnation or casualty insurance to the Mortgagor under any
Mortgage Loan;

(v)             
the waiver of any Penalty Charge (except to the extent Primary Servicer is entitled to retain such Penalty Charge as Additional
Primary Servicing Compensation hereunder) or prepayment premium under any Mortgage Loan;

(vi)            any
action to initiate, prosecute and manage foreclosure proceedings and other legal proceedings related thereto in connection with
any Mortgage Loan;

(vii)          
the permitting of or performing a modification of a Mortgage Loan to permit a Principal Prepayment of a Mortgage Loan on
a date other than its Due Date;

(viii)         
any action requiring the consent of, or consultation with, the Master Servicer, the
Directing Certificateholder, any AB Whole Loan Controlling Holder, any Loan-Specific Directing Certificateholder, any Risk Retention
Consultation Party, the Trustee, the Certificate Administrator, any Companion Holder, the Operating Advisor, the 17g-5 Information
Provider, the Asset Representations Reviewer or the Special Servicer under the PSA or any party under an Other Pooling and Servicing
Agreement;

(ix)            
the granting of any consent, approval or direction regarding the termination of (A) the related property manager or the
designation of any replacement property manager or (B) with respect to a hospitality property, the franchise or the designation
of a new franchise;

(x)              
the authorizing of any Servicing Transfer Event as defined in the definition of Servicing
Transfer Event in the PSA; or

(xi)            
any Major Decision or Master Servicer Decision.

(b)              
Regardless of whether the consent or approval of the Master Servicer is required pursuant to this Agreement, the Primary
Servicer shall take any reasonable action that is directed by the Master Servicer which relates to the Primary Servicer's obligations
under this Agreement; provided, however, that the Primary Servicer shall not be obligated to take any such action to the extent
that the Primary Servicer determines in its reasonable discretion that such action (i) may cause a violation of applicable laws,
regulations, codes, ordinances, court orders or restrictive covenants with respect to any Mortgage Loan or any Mortgaged Property;
(ii) may cause a violation of any term or provision of a Mortgage Loan; (iii) materially expands the scope of the Primary Servicer's
responsibilities under this Agreement; or (iv) is inconsistent with the requirements of the PSA, including the Servicing Standard.

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ARTICLE III.

SERVICES TO BE PERFORMED

Section 3.01.     
Services as Primary Servicer.

With respect
to each Mortgage Loan subject to this Agreement, the Primary Servicer shall, in accordance with Accepted Primary Servicing Practices
and subject to the supervision of the Primary Servicer by the Master Servicer, perform the following servicing activities on behalf
of the Master Servicer:

(a)               
the Primary Servicer shall perform the duties and obligations of the Master Servicer as the Master Servicer under PSA Sections
2.01(d), (g) and (j) (conveyance of mortgage loans); 2.02(d) and (g) (15Ga-1 notices); 2.03(b), (d), (f), (g), and (j)–(p)
(repurchase and substitution of loans); 3.01 (general servicing), 3.02 (collections); 3.03 (taxes and insurance; escrows; servicing
accounts); 3.04 (collection account); 3.06 (investment of funds); 3.07 (insurance); 3.08 (due-on sale/encumbrance enforcement;
assumptions); 3.10 (release of files); 3.12 (inspections; reporting; covenant testing); 3.13 (access); 3.17 (additional obligations);
3.18 (defeasances and modifications); 3.19 (servicing transfers); 3.22 (Directing Certificateholder contact); 3.24 (intercreditor
agreements); 3.29 (non-serviced loans and serviced companion loans); 10.01 (REMIC administration); 10.03(b) (REMIC cooperation);
Article XI (Exchange Act reporting and Regulation AB compliance) and Article XII (asset representations reviewer file review compliance);
provided, however, that:

(i)              
the Primary Servicer shall not have any obligation to make Advances, provided that the Primary Servicer shall promptly notify
the Master Servicer in the event any Advance is required to be made or an expense of the Trust Fund is required to be incurred;

(ii)            
Section 5.01 hereof shall control with respect to which fees or charges the Primary Servicer may retain under PSA Sections
3.05 and 3.11;

(iii)           
PSA Section 3.06 shall only be applicable with respect to the Primary Servicer Accounts;

(iv)           
any reports, information, certifications and other documentation which are required
to be provided by the Master Servicer to the Trustee, the Certificate Administrator, the Depositor, the Directing Certificateholder,
any AB Whole Loan Controlling Holder, any Loan-Specific Directing Certificateholder, any Risk Retention Consultation Party, any
Companion Holder, any Mortgage Loan Seller, any Rating Agency, the 17g-5 Information Provider, the Operating Advisor, the Asset
Representations Reviewer, the Special Servicer, any party to an Other Pooling and Servicing Agreement or any other Person
shall be provided by the Primary Servicer to the Master Servicer or as otherwise directed by the Master Servicer;

(v)            
the Primary Servicer shall not be responsible for any mortgage loan pool-wide reporting, including, without limitation,
the preparation or delivery to any

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Person of any of the files or reports
in the CREFC® reporting format (except as otherwise required to be prepared by the Primary Servicer and delivered to the Master
Servicer under this Agreement), or preparing, signing and filing with the appropriate Person any reports, statements and information
under the PSA;

(vi)            
no expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the
Primary Servicer Accounts to the extent such expense is not chargeable to the Master Servicer;

(vii)          
together with the Master Servicer, no less often than on a monthly basis, the Primary Servicer shall, without charge, make
a knowledgeable Servicing Officer available to answer questions from the Directing Certificateholder regarding the performance
and servicing of the Mortgage Loans for which the Primary Servicer is responsible. The Primary Servicer shall condition such disclosure
upon the Master Servicer obtaining from the Directing Certificateholder entering into a reasonable and customary confidentiality
agreement reasonably acceptable to the Primary Servicer and Master Servicer regarding such disclosure to the Directing Certificateholder;

(viii)         
subject to Section 2.03(a)(xi) hereof, the Primary Servicer shall not take any actions under and shall immediately forward
to the Master Servicer any request which would qualify as a Major Decision and shall provide written notice to the Master Servicer
of issues arising with respect to Major Decisions; provided, however, subject to any limitations set forth in this Agreement and
the PSA, if the Special Servicer and Master Servicer agree that the Master Servicer should process the Major Decision, the Primary
Servicer shall process such Major Decision with respect to such Mortgage Loan; and

(ix)            
[Reserved]

(b)              
the Primary Servicer shall promptly notify the Master Servicer in writing upon discovery or receipt of notice by the Primary
Servicer of the occurrence of any event that causes, or with notice or the passage of time or both, would cause any Mortgage Loan
to become a Specially Serviced Loan in accordance with the definition of "Specially Serviced Loan" set forth in the PSA.
Upon the Master Servicer's receipt of notice from the Special Servicer that a Specially Serviced Loan has become a Corrected Loan,
the Master Servicer shall promptly deliver notice thereafter to the Primary Servicer;

(c)              
the Primary Servicer shall promptly advise the Master Servicer of all material collection and customer service issues and
furnish the Master Servicer with copies of all written communications regarding such issues between the Primary Servicer and any
Mortgagor or any third party in connection with the Primary Servicer's obligations hereunder;

(d)              
on or before 2:00 p.m. Central Time on each Primary Servicer Remittance Date, the Primary Servicer shall deliver to the
Master Servicer the Remittance Reports which reflect activity with respect to the Mortgage Loans through and including the close
of business on the date which is the Determination Date; and the Primary Servicer shall, to the extent necessary,

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deliver to the Master Servicer a follow-up
report in similar format which reflects additional activity with respect to the Mortgage Loans through and including the date of
any follow-up remittance;

(e)              
on or before 2:00 p.m. Central Time on each Primary Servicer Remittance Date, the Primary Servicer shall remit to the Master
Servicer, pursuant to wiring instructions from the Master Servicer, all amounts on deposit in the Collection Account maintained
by the Primary Servicer as of the close of business on the date which is one (1) Business Day prior to such Primary Servicer Remittance
Date; and the Primary Servicer shall remit to the Master Servicer within one (1) Business Day after receipt, any delinquent payments
received by the Primary Servicer on or after such Primary Servicer Remittance Date; and each of the foregoing remittances of funds
may be net of any Primary Servicing Fees due and payable to the Primary Servicer and payments in the nature of Additional Primary
Servicing Compensation;

(f)               
on or before the 10th day of the month following the last day of each calendar quarter, beginning with the first
calendar quarter of 2021, on a quarterly and annual basis each year, the Primary Servicer shall prepare and deliver to the Master
Servicer the Quarterly Reports;

(g)              
on a quarterly and annual basis each year, the Primary Servicer shall determine and analyze financial ratios and perform
other financial analysis required under the CREFC® Reporting Format and on or before the date that is thirty (30) days after
receipt of the related financial statements, prepare and deliver to the Master Servicer a report summarizing such analysis based
upon the property operating statements with respect to the related Mortgaged Property and the financial statements of the related
Mortgagor and each related guarantor collected by the Primary Servicer pursuant to PSA Section 3.12, which report shall be provided
in electronic format and shall be substantially in the form of the CREFC® Financial File included in the CREFC® Reporting
Format (or in such other reporting format as reasonably requested by the Master Servicer);

(h)              
the Primary Servicer shall prepare and use reasonable efforts to deliver to the Master Servicer within thirty (30) days
of completion of any inspection, the related Inspection Reports summarizing the results of any property inspections performed by
the Primary Servicer pursuant to PSA Section 3.12;

(i)                
the Primary Servicer shall provide the Master Servicer with such other information (in the Primary Servicer's possession
or to the extent readily obtainable and as reasonably requested by the Master Servicer) with respect to the servicing of the Mortgage
Loans by the Primary Servicer hereunder in order for the Master Servicer to perform its duties under the PSA;

(j)                
the Primary Servicer shall (i) notify the Master Servicer in writing within five (5)
Business Days after the Primary Servicer discovers or receives notice alleging a Defect or a Breach or receives a 15Ga-1 Repurchase
Request, a withdrawal of a 15Ga-1 Repurchase Request or a rejection of a 15Ga-1 Repurchase Request and (ii) promptly provide to
the Master Servicer a copy of any 15Ga-1 Repurchase Request, withdrawal of a 15Ga-1 Repurchase Request or a rejection of a 15Ga-1
Repurchase Request received by the Primary Servicer;

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(k)              
 the Primary Servicer shall not prepare and/or provide any CREFC® Schedule AL
File or any Schedule AL Additional File; provided, however, the Primary Servicer shall (i) promptly provide to the Master Servicer
any documentation in the Primary Servicer’s possession reasonably requested by the Master Servicer in connection with the
Master Servicer's preparation and compilation of any CREFC® Schedule AL File or any Schedule AL Additional File and (ii) reasonably
cooperate with the Master Servicer in connection with the Master Servicer's preparation and compilation of any CREFC® Schedule
AL File or any Schedule AL Additional File;

(l)                
with respect to letters of credit, if any, as the Master Servicer is required to hold original letters of credit under the
PSA, the Primary Servicer shall hold such original letters of credit if the Primary Servicer has (i) a vault or other adequate
safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsourced such responsibility
to a third party vendor, which vendor shall be satisfactory to the Master Servicer, who has a vault or other adequate safety procedures
in place satisfactory to the Master Servicer, in its sole discretion;

(m)               
pursuant to the requirements under Section 11.15 of the PSA, the Primary Servicer shall promptly provide the Master Servicer
with all updated net operating income received by the Primary Servicer for any Mortgage Loan or Serviced Companion Loan where the
Mortgagor of such Mortgage Loan or Serviced Companion Loan is a Significant Obligor under the PSA or a "significant obligor"
under an Other Pooling and Servicing Agreement, and the Primary Servicer shall fully cooperate with the Master Servicer in satisfying
any of the Master Servicer’s obligations related to such Significant Obligor or such "significant obligor" under
the PSA;

(n)               
upon the Master Servicer receiving notice that a Mortgage Loan has become an Excluded Loan under the PSA, the Master Servicer
will forward such notice to the Primary Servicer, then the Primary Servicer (prior to delivering any Excluded Information to the
Master Servicer) shall mark or label such information as “Excluded Information” and comply with all the requirements
set forth in the PSA with respect to such Excluded Loan;

(o)               
with respect to any request for materials by the Asset Representations Reviewer or
a related Other Asset Representations Reviewer pursuant to PSA Article XII regarding the Mortgage Loans, the Primary Servicer shall
(i) promptly provide to the Master Servicer any documentation in the Primary Servicer’s possession reasonably requested by
the Master Servicer and (ii) reasonably cooperate with the Master Servicer in order for the Master Servicer to comply with its
related obligations under the PSA; and

(p)               
with respect to all servicing responsibilities of the Master Servicer under the PSA
which are not being performed by the Primary Servicer hereunder, the Primary Servicer shall (i) reasonably cooperate with the Master
Servicer to facilitate the timely performance of such servicing responsibilities, (ii) promptly provide to the Master Servicer
any documentation in the Primary Servicer’s possession reasonably requested by the Master Servicer and (iii) reasonably cooperate
with the Master Servicer in order for the Master Servicer to comply with its related obligations under the PSA.

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Section 3.02.     
Portfolio Manager.

(a)              
The Primary Servicer shall designate a portfolio manager and other appropriate personnel to receive documents and communications
from the Master Servicer and to provide assistance to the Master Servicer consistent with the Master Servicer's supervisory authority
over the Primary Servicer hereunder.

(b)              
The Master Servicer shall designate a portfolio manager and other appropriate personnel to receive documents and communications
from the Primary Servicer and to provide to the Primary Servicer information, materials and correspondence relating to the Mortgage
Loans and the related Mortgagors which may be necessary or appropriate to enable the Primary Servicer to perform its obligations
hereunder.

Section 3.03.     
Maintenance of Errors and Omissions and Fidelity Coverage.

The Primary
Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement,
a fidelity bond and an errors and omissions insurance policy covering the Primary Servicer's officers and employees acting on behalf
of the Primary Servicer in connection with its activities under this Agreement in form and amount which satisfies the fidelity
bond and errors and omissions insurance policy requirements under PSA Section 3.07(c). The Primary Servicer shall cause to be delivered
to the Master Servicer from time to time upon the Master Servicer's request a certificate of insurance or other evidence of such
bond and insurance. The Primary Servicer shall promptly notify or cause its insurer to notify the Master Servicer of any material
change to such fidelity bond or errors and omissions insurance policy.

Section 3.04.     
Delivery and Possession of Servicing Files.

The Primary
Servicer hereby acknowledges receipt of the Primary Servicing Files. The contents of each Primary Servicing File delivered to the
Primary Servicer are and shall be held in trust by the Primary Servicer for the benefit of the Trust Fund as the owner thereof;
the Primary Servicer's possession of the contents of each Primary Servicing File so delivered is for the sole purpose of servicing
the related Mortgage Loan; and such possession by the Primary Servicer shall be in a custodial capacity only. The Primary Servicer
shall release its custody of the contents of any Primary Servicing File only in accordance with written instructions from the Master
Servicer, and upon the reasonable request of the Master Servicer, the Primary Servicer shall deliver to the Master Servicer the
Primary Servicing File or a copy of any document contained therein.

Section 3.05.     
Annual Compliance Statements.

(a)               
The Primary Servicer shall, on or before February 24th (February 25th in the event
of a leap year) of each year, commencing in February 2022, deliver to the Master Servicer an Officer’s Certificate, in a
form that satisfies the requirements of Section 11.09 of the PSA (or such other form, similar in substance, as may be acceptable
to the Depositor and the Master Servicer) stating, as to the signer thereof, that (i) a review of such Primary Servicer’s
activities during the preceding calendar year or portion thereof and of such Primary Servicer’s performance under this Agreement
has been made under such officer’s supervision and (ii) to the

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best of such officer’s knowledge,
based on such review, such Primary Servicer has fulfilled all its obligations under this Agreement in all material respects throughout
such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material respect, specifying
each such failure known to such officer and the nature and status thereof. Such Officer’s Certificate shall be provided in
EDGAR-Compatible Format, or in such other format agreed upon by the Master Servicer and Primary Servicer. Primary Servicer shall
cooperate with the Master Servicer and/or the Depositor, if any party consults with the Primary Servicer as to the nature of any
failures by the Primary Servicer with respect to the Mortgage Loans in the fulfillment of any of the Primary Servicer’s obligations
hereunder. In any year that the Primary Servicer has received written confirmation from the Depositor (or, in the case of an Other
Securitization, the related Other Depositor) or the Master Servicer that a report on Form 10-K is not required to be filed
in respect of the Trust or the trust for any Other Securitization for the preceding calendar year, the Primary Servicer shall not
be required to deliver such statement until April 1 of such year.

(b)       In
the event the Primary Servicer is terminated or resigns pursuant to the terms of this Agreement, Primary Servicer shall provide
an annual statement of compliance pursuant to this Section 3.05 with respect to the period of time that Primary Servicer was subject
to this Agreement.

Section 3.06.     
Annual Reports on Assessment of Compliance with Servicing Criteria.

(a)               
On or before February 24th (February 25th in the event of a leap year) of each year,
commencing in February 2022, the Primary Servicer, at its own expense, shall furnish to the Master Servicer a report substantially
in a form that satisfies the requirements of Section 11.10 of the PSA, on an assessment of compliance with the Servicing Criteria
applicable to it that complies in all material respects with the requirements of Item 1122 of Regulation AB and contains (i) a
statement by Primary Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria, (ii) a
statement that Primary Servicer used the Relevant Servicing Criteria to assess compliance with the Relevant Servicing Criteria,
(iii) such Primary Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for the period
ending the end of the fiscal year covered by Form 10-K, including, if there has been any material instance of noncompliance
with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (iv) a statement
that a registered public accounting firm has issued an attestation report on Primary Servicer’s assessment of compliance
with the Relevant Servicing Criteria as of and for such period. Such report shall be provided in EDGAR-Compatible Format, or in
such other format agreed upon by the Master Servicer and Primary Servicer.

(b)               
Each such report shall be addressed to the Master Servicer and signed by an authorized
officer of Primary Servicer, and shall address the Relevant Servicing Criteria set forth in Section 11.10 of, and Exhibit AA to,
the PSA. Primary Servicer shall cooperate with the Master Servicer and/or the Depositor if either party consults with the Primary
Servicer as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria.

(c)               
In any year that the Primary Servicer has received written confirmation from the Depositor (or,
in the case of an Other Securitization, the related Other Depositor) or the Master 

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Servicer that a report on Form 10-K
is not required to be filed in respect of the Trust or the trust for any Other Securitization
for the preceding calendar year, the Primary Servicer shall not be required to deliver such assessments until April 1 of
such year.

(d)               
Primary Servicer hereby acknowledges and agrees that the Relevant Servicing Criteria
set forth in Section 11.10 of, and Exhibit AA to, the PSA is appropriately set forth with respect to Primary Servicer.

(e)               
In the event the Primary Servicer is terminated or resigns pursuant to the terms of this Agreement, Primary Servicer shall
provide an annual assessment of compliance pursuant to this Section 3.06, coupled with an attestation as required in Section 3.07
hereof with respect to the period of time that Primary Servicer was subject to this Agreement.

Section 3.07.     
Annual Independent Public Accountants’ Attestation Report.

(a)               
On or before February 24th (February 25th in the event of a leap year) of each year,
commencing in February 2022, the Primary Servicer shall, at its own expense, cause a registered public accounting firm and that
is a member of the American Institute of Certified Public Accountants to furnish a report to the Master Servicer to the effect
that (i) it has obtained a representation regarding certain matters from the management of Primary Servicer, which includes
an assertion that Primary Servicer has complied with the Relevant Servicing Criteria applicable to it and (ii) on the basis
of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB,
it is issuing an opinion as to whether Primary Servicer's assessment of compliance with the Relevant Servicing Criteria applicable
to it was fairly stated in all material respects. In the event that an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an opinion. Each such related accountant’s attestation
report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and
the Exchange Act. Such report must be available for general use and not contain restricted use language. Such report shall be provided
in EDGAR-Compatible Format, or in such other format agreed upon by the Master Servicer and Primary Servicer.

(b)               
Primary Servicer shall cooperate with the Master Servicer and/or the Depositor if either party consults with the Primary
Servicer as to the nature of any defaults by Primary Servicer in the fulfillment of Primary Servicer's obligations hereunder.

(c)              
In any year that the Primary Servicer has received written confirmation from the Depositor or the Master Servicer that a
report on Form 10-K is not required to be filed in respect of the Trust for the preceding calendar year, the Primary Servicer
shall not be required to deliver such report until April 1 of such year.

Section 3.08.     
Sarbanes-Oxley Certification.

(a)              
On or before February 24th (February 25th in the event of a leap year) of each year,
commencing in February 2022, the Primary Servicer shall provide to the Master Servicer a Performance Certification substantially
in the form attached to the PSA as Exhibit Z-2, on which the Master Servicer, the Certifying Person, the entity for which the Certifying
Person acts as an officer (if the Certifying Person is an individual), and each entity’s officers, directors and

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Affiliates (collectively the “Certification
Parties”) can reasonably rely. In addition, Primary Servicer shall execute a reasonable reliance certificate to
enable the Certification Parties to rely upon each (i) annual compliance statement provided pursuant to Section 3.05 hereof,
(ii) annual report on assessment of compliance with servicing criteria provided pursuant to Section 3.06 hereof and (iii) accountant’s
report provided pursuant to Section 3.07 hereof, and shall include a certification in the Performance Certification that each such
annual compliance statement or report discloses any deficiencies or defaults described to the registered public accountants of
the Primary Servicer to enable such accountants to render the certificates provided for in Section 3.07 hereof. In
the event the Primary Servicer is terminated or resigns pursuant to the terms of this Agreement, the Primary Servicer shall provide
a certification to the Master Servicer for delivery to the Certifying Person pursuant to this Section 3.08 with respect
to the period of time it was subject to this Agreement. Each such Performance Certification shall be provided in EDGAR-Compatible
Format in substantially the form of Exhibit Z-2 to the PSA, or in such other format agreed upon by the Master Servicer and the
Primary Servicer. Notwithstanding the foregoing, nothing in this Section 3.08 shall require Primary Servicer (i) to
certify or verify the accurateness or completeness of any information provided to Primary Servicer by third parties, (ii) to
certify information other than to Primary Servicer’s knowledge and in accordance with Primary Servicer’s responsibilities
hereunder or (iii) with respect to completeness of information and reports, to certify anything other than that all fields of information
called for in written reports prepared by Primary Servicer have been completed except as they have been left blank on their face.

(b)              
Notwithstanding anything to the contrary contained in this Section 3.08, with respect to each year in which the Trust or
the trust for any Other Securitization, as applicable, is not subject to the reporting requirements of the Exchange Act,
Primary Servicer shall not be required to deliver any certification under this Section 3.08.

Section 3.09.     
Delivery of Mortgage Loan Purchase Agreement.

Following
the Master Servicer's receipt of the Mortgage Loan Purchase Agreement from the Depositor, the Master Servicer shall provide a copy
of such Mortgage Loan Purchase Agreement to the Primary Servicer.

ARTICLE IV.

Preservation
of the REMICs.

The Primary
Servicer shall not take any action (whether or not authorized hereunder) as to which the Master Servicer has advised the Primary
Servicer in writing that it or the Trustee has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur
with respect to such action. Primary Servicer shall fully cooperate with the Master Servicer in connection with avoiding
(i) the imposition of a tax on any portion of the Trust Fund or (ii) the failure of any Trust REMIC to qualify as a REMIC.

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ARTICLE V.

PRIMARY SERVICER’S COMPENSATION
AND EXPENSES

Section 5.01.     
Primary Servicing Compensation.

(a)               
As compensation for its activities hereunder, the Primary Servicer shall be entitled to receive (or retain from the Accounts,
as applicable) the Primary Servicing Fee. Anything herein to the contrary notwithstanding, the Primary Servicer shall be paid such
Primary Servicing Fee at such times as, and only to the extent that, the Master Servicer receives its Servicing Fee with respect
to each Mortgage Loan under the PSA. Except as provided below, any reductions in the Servicing Fee that may be required under the
PSA with respect to Prepayment Interest Shortfalls shall not affect the amount of the Primary Servicing Fee payable to the Primary
Servicer and, consequently, the Primary Servicer shall not be entitled to any Prepayment Interest Excess but shall be entitled
to recover unpaid Primary Servicing Fees to the extent the Master Servicer is permitted to do so under the PSA. In the event of
a breach of Section 2.03(a)(vii) by the Primary Servicer resulting in an obligation by the Master Servicer to pay a Prepayment
Interest Shortfall, the Primary Servicer shall on or before 1:00 p.m. New York City time on the Primary Servicer Remittance Date
following such breach, remit to the Master Servicer, pursuant to wiring instructions from the Master Servicer, the amount of any
such Prepayment Interest Shortfall provided that such amount shall not exceed the amount of such Prepayment Interest Shortfall
that the Master Servicer is required to pay with respect to the Mortgage Loans pursuant to PSA Section 3.17(a).

(b)              
The Primary Servicer shall also be entitled to retain, with respect to each related Mortgage Loan, as additional primary
servicing compensation (the "Additional Primary Servicing Compensation"), the following:

(i)              
to the extent received and to the extent the Master Servicer is entitled to retain such amounts under the PSA and subject
to Section 5.01(c), 100% of the Master Servicer's share of any assumption application fees and 50% of the Master Servicer’s
share of any defeasance fees;

(ii)             
100% of the Master Servicer's share of any charges for beneficiary statements and amounts collected for checks returned
for insufficient funds actually paid by the Mortgagor;

(iii)            
to the extent the Master Servicer is entitled to retain such amounts under the PSA and actually received such amounts, 100%
of all Penalty Charges paid by the related Mortgagor (to the extent the Primary Servicer is performing the related collection work
and to the extent not required to be offset against outstanding interest on Advances or certain additional Trust expenses set forth
in Section 3.11(d) of the PSA);

(iv)           
to the extent received and to the extent the Master Servicer is entitled to retain such amounts under the PSA and subject
to Section 5.01(c) hereof, 50% of

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the Master Servicer’s share
of any Excess Modification Fees, assumption fees, waiver fees, consent and earnout fees, review fees and similar fees; and

(v)            
subject to PSA Section 3.06, any interest or other income earned on deposits in the related Primary Servicer Accounts; provided,
however, that the Primary Servicer shall be required to promptly remit to the Master Servicer any Additional Servicing Compensation
and other amounts received from or on behalf of any Mortgagor which the Primary Servicer is not entitled to retain under this paragraph.

The Primary
Servicer shall be entitled to 50% of the Master Servicer's share of any fees received by the Master Servicer with respect to any
Major Decision in connection with a Mortgage Loan regardless as to whether the Primary Servicer processes such action or not. The
Special Servicer will process all Major Decisions, unless the Master Servicer and the Special Servicer mutually agree that the
Master Servicer will process such Major Decision. If the Master Servicer and the Special Servicer mutually agree that the Master
Servicer shall process such Major Decision, the Primary Servicer shall process such Major Decision subject to the Master Servicer’s
consent and any other consent required under the PSA.

(c)              
Except as otherwise provided herein or in the PSA, the Primary Servicer shall pay all its overhead and similar expenses
incurred by it in connection with its servicing activities hereunder.

ARTICLE VI.

THE MASTER SERVICER
AND THE PRIMARY SERVICER

Section 6.01.     
Primary Servicer Not to Assign; Merger or Consolidation of the Primary Servicer.

(a)               
Except as otherwise provided in Section 6.01(b) hereof, or in Sections 2.02 or 3.02 hereof, the Primary Servicer shall not
assign this Agreement for any reason or the servicing hereunder or delegate its rights or duties hereunder or any portion thereof
without the prior written consent of the Master Servicer, which consent shall not be unreasonably withheld or delayed.

(b)               
The Primary Servicer shall not resign from its obligations and duties hereunder without giving the Master Servicer sixty
(60) days prior written notice thereof or such lesser notice as may be acceptable to the Master Servicer to enable the Master Servicer
to assume all of the Primary Servicer's rights, powers, duties and obligations under this Agreement; provided, however, that only
fifteen (15) days prior written notice shall be required in connection with a resignation of the Primary Servicer as a result of
the Master Servicer's failure to consent to any matters set forth in this Section 6.01.

(c)              
The Primary Servicer may be merged or consolidated with or into any Person, or transfer all or substantially all of its
assets to any Person, in which case any Person into which the Primary Servicer may be merged or consolidated, or any entity resulting
from any merger or consolidation to which the Primary Servicer shall be a party, or any Person succeeding to the business of the
Primary Servicer, shall be the successor of the Primary Servicer hereunder,

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provided that, in any such case, the
Primary Servicer has obtained the prior written consent of the Master Servicer, which shall not be unreasonably withheld or delayed,
and such Person meets the requirements of the PSA; provided, however, that the Master Servicer’s consent shall not be required
if the Primary Servicer is merged into or consolidated with a Qualified Affiliate or transfers all or substantially all of its
assets to a Qualified Affiliate. Notwithstanding the foregoing, the Primary Servicer may
not remain the Primary Servicer under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited
Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to
the extent (i) the Primary Servicer is the surviving entity of such merger, consolidation or transfer and has been and continues
to be in compliance with its Regulation AB reporting obligations hereunder or (ii) the Master Servicer consents to such merger,
consolidation or transfer. Such successor shall be deemed to have assumed all of the liabilities of the Primary Servicer
hereunder, and upon written demand by the Master Servicer, such successor shall be required to promptly execute and deliver to
the Master Servicer an agreement which contains an assumption by such Person of the due and punctual performance and observance
of each covenant and condition to be performed and observed by the Primary Servicer under this Agreement from and after the date
of such agreement. Notwithstanding anything to the contrary, the Primary Servicer shall promptly notify the Master Servicer, the
Certificate Administrator and the Trustee in the event the Primary Servicer becomes an Affiliate of the Trustee.

Section 6.02.     
Liability and Indemnification of the Primary Servicer and the Master Servicer.

(a)              
None of the Primary Servicer nor any partners, directors, officers, shareholders,
members, managers, employees or agents of the Primary Servicer (the “Primary Servicer Parties”) shall be under
any liability to the Master Servicer for any action taken, or for refraining from the taking of any action, in good faith pursuant
to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Primary Servicer Parties
against losses resulting from any breach of its warranties or representations made herein, or against any liability that would
otherwise be imposed on the Primary Servicer by reason of the Primary Servicer’s willful misconduct, bad faith or negligence
(or by reason of any specific liability imposed on the Primary Servicer pursuant to Section 2.01 hereof for a breach of the Accepted
Primary Servicing Practices) in the performance of its duties hereunder or by reason of its negligent disregard of its obligations
or duties hereunder. Each indemnified party hereunder shall give prompt written notice to the indemnitor of matters which
may give rise to liability of such indemnitor hereunder; provided, however, that failure to give such notice shall not relieve
the indemnitor of any liability except to the extent of actual prejudice. The Primary Servicer Parties may rely in good faith on
any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person respecting any matters
arising hereunder.

(b)              
The Primary Servicer Parties shall be indemnified and held harmless by the Master
Servicer any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any
other costs, liabilities, fees and expenses (including, without limitation, costs and expenses of litigation and of enforcement
of this indemnity, and of investigation, counsel fees, damages, judgments and amounts paid in settlement) incurred in connection
with any actual or threatened legal or administrative action (whether in equity or at law) or claim relating to this Agreement
(collectively, the "Losses") incurred by Primary Servicer (i) resulting from (A) any breach by the Master Servicer
of a representation or warranty

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made by it herein or (B) the Master
Servicer’s willful misconduct, bad faith or negligence in the performance of its obligations and duties hereunder or negligent
disregard of its obligations and duties hereunder or (ii) that may be imposed on, incurred
by or asserted against it in connection with, related to, or arising out of, this Agreement or the transactions contemplated by
this Agreement, other than any Losses incurred by the Primary Servicer (A) that are specifically required to be borne by the Primary
Servicer without right of reimbursement pursuant to the terms hereof or (B) incurred by reason of (1) a breach of any representation
or warranty by the Primary Servicer, or (2) willful misconduct, bad faith or negligence of the Primary Servicer in the performance
of its respective obligations or duties hereunder or negligent disregard of its respective obligations or duties under this Agreement;
provided, however, that the indemnification under clause (ii) above shall be strictly limited to any actual amount of indemnification
received by the Master Servicer under the PSA as a result of pursuing the Trust on behalf of the Primary Servicer for such indemnification.
The Master Servicer agrees to use reasonable efforts to pursue the Trust for any indemnification against any Losses incurred by
the Primary Servicer under clause (ii) above.

(c)              
The Primary Servicer shall be under no obligation to appear in, prosecute or defend any legal action unless such action
is related to its respective duties under this Agreement and, except in the case of a legal action the costs of which such party
is specifically required hereunder to bear, in its option does not involve it in any ultimate expense or liability for which it
would not be reimbursed hereunder.

(d)              
The Master Servicer and any partner, director, officer, shareholder, member, manager,
employee or agent of the Master Servicer shall be indemnified and held harmless by the Primary Servicer against any Losses incurred
by the Master Servicer in connection with any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees
and related costs, judgments, and any other costs, liabilities, fees and expenses incurred in connection with any actual or threatened
legal or administrative action (whether in equity or at law) or claim relating to this Agreement
resulting from (i) any breach by the Primary Servicer of a representation or warranty made by it herein or (ii) any willful misconduct,
bad faith, fraud or negligence by the Primary Servicer in the performance of its obligations or duties hereunder or by reason of
negligent disregard of such obligations or duties. The Master Servicer and any partner, director, officer, shareholder, employee,
member, manager or agent of the Master Servicer may rely in good faith on any document of any kind which, prima facie, is properly
executed and submitted by any appropriate Person (including, without limitation, the Special Servicer) respecting any matters arising
hereunder.

(e)               
The Primary Servicer shall indemnify and hold harmless each Certification Party and
the Master Servicer and any officers, directors and Affiliates of the Master Servicer from and against any and all claims, losses,
damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and any other costs, fees and expenses
incurred by such indemnified party arising out of (i) a breach of the Primary Servicer's obligation to provide any of the annual
compliance statements or annual assessment of compliance with the servicing criteria or attestation reports pursuant to this Agreement,
(ii) negligence, bad faith or willful misconduct on its part in the performance of such obligations, (iii) any failure by Primary
Servicer to comply with the obligations of a Servicing Function Participant under the PSA, (iv) any failure by it, as a
Servicer (as defined in Section 11.02(b) of the PSA) to identify a Servicing Function Participant

    17 

     

    

pursuant to Section 11.02(c) of the
PSA; or (v) delivery of any Deficient Exchange Act Deliverable.

In addition, the
Primary Servicer shall cooperate (and require each Servicing Function Participant and Additional Servicer retained by it to cooperate
under any applicable sub-subservicing agreement) with the Master Servicer, the Depositor and each Other Depositor as necessary
for the Master Servicer, the Depositor or such Other Depositor, as applicable, to conduct any reasonable due diligence necessary
to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables required by the applicable
Reporting Requirements.

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

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Master Servicer) in connection with
the foregoing (other than those costs and expenses required to be at the Depositor's or any Other Depositor’s, as applicable,
expense as set forth above) and any amendments to any reports filed with the Commission or its staff therewith shall be promptly
paid by the Primary Servicer upon receipt of an itemized invoice from the Depositor or any Other Depositor, as applicable, and/or
the Master Servicer, as applicable. The Primary Servicer shall use commercially reasonable efforts to cause any Servicing Function
Participant or Additional Servicer retained by it to comply with the foregoing by inclusion of similar provisions in the related
sub-subservicing or similar agreement.

If
the indemnification provided for in this Section 6.02(e) is unavailable or insufficient to hold harmless any Certification Party,
the Depositor, the Master Servicer or any partners, directors, officers, shareholders, members, managers, employees or agents of
any Certification Party, the Depositor, or the Master Servicer, then the Primary Servicer shall contribute to the amount paid or
payable to the indemnified party as a result of the liability, claim, loss, cost (including reasonable attorney’s fees),
penalty, expense, judgment, fee, fine, forfeiture or damage of the indemnified party in such proportion as is appropriate to reflect
the relative fault of the indemnified party on the one hand and the Primary Servicer on the other in connection with a breach of
the Primary Servicer’s obligations pursuant to Article XI of the PSA, this Agreement or the Primary Servicer’s negligence,
bad faith or willful misconduct in connection therewith. The Primary Servicer shall cause any subservicer with which it enters
into a servicing relationship with respect to the Mortgage Loans to agree to the foregoing indemnification and contribution obligations.

(f)               
The indemnification, exculpation, and other protections and provisions in this Section 6.02 shall survive the termination
of this Agreement or the resignation of the Master Servicer or the Primary Servicer.

Section 6.03.     
Representations and Warranties.

The Primary
Servicer hereby represents, warrants and covenants to the Master Servicer that as of the date hereof:

(a)              
The Primary Servicer is a national banking association, duly organized, validly existing
and in good standing under the laws of the United States of America, and is in compliance with the laws of each State (within the
United States of America) in which any Mortgaged Property is located to the extent necessary to perform its obligations under this
Agreement;

(b)              
The execution and delivery of this Agreement by the Primary Servicer, and the performance
and compliance with the terms of this Agreement by the Primary Servicer, do not (i)
violate the Primary Servicer’s organizational documents, (ii) 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 material instrument
to which it is a party or which is applicable to it or any of its assets or (iii) violate any law, rule, regulation, order, judgment
or decree to which the Primary Servicer or its property is subject, which, in the case of either (ii) or (iii), is likely to materially
and adversely affect either the ability of the Primary Servicer to perform its obligations under this Agreement or its financial
condition;

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(c)              
 The Primary Servicer has the full power and authority to enter into and consummate
all transactions to be performed by it contemplated by this Agreement, has duly authorized
the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

(d)              
This Agreement, assuming due authorization, execution and delivery by the Master Servicer,
constitutes a valid, legal and binding obligation of the Primary Servicer, enforceable against the Primary Servicer in accordance
with the terms hereof, subject to (i) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws
affecting the enforcement of creditors’ rights generally, and, to the extent applicable, the rights of creditors of national
banks or of “financial companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, and (ii) general
principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

(e)              
The Primary Servicer is not in violation of, and its execution and delivery of this
Agreement and its performance and compliance with the terms of this Agreement will not constitute a violation of, any law, order
or decree of any court or arbiter, or any order regulation or demand of any federal, state or local governmental or regulatory
authority, which violation, in the Primary Servicer’s good faith and reasonable judgment, is likely to materially and adversely
affect either the ability of the Primary Servicer to perform its obligations under this Agreement or the financial condition of
the Primary Servicer;

(f)               
No litigation is pending or, to the best of the Primary Servicer’s knowledge,
threatened against the Primary Servicer which would prohibit the Primary Servicer from entering into this Agreement, or, in the
Primary Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Primary
Servicer to perform its obligations under this Agreement; 

(g)              
No consent, approval, authorization or order of, registration or filing with, or notice
to, any governmental authority or court is required under federal or state law for the execution, delivery and performance by the
Primary Servicer of, or compliance by the Primary Servicer with, this Agreement or the Primary Servicer’s consummation of
any transactions contemplated hereby, other than (A) such consents, approvals, authorizations, orders, qualifications, registrations,
filings or notices as have been obtained, made or given prior to the actual performance by the Primary Servicer of its obligations
under this Agreement or (B) where the lack of such consent, approval, authorization, order, qualification, registration, filing
or notice would not have a material adverse effect on the performance by the Primary Servicer under this Agreement;

(h)              
The Primary Servicer has examined each primary servicing or sub-subservicing agreement relating to the Mortgage Loans to
which it is a party, and shall examine each primary servicing or sub-subservicing agreement relating to Mortgage Loans to which
it intends to become a party, and in each such case, the terms of such primary servicing or sub-subservicing agreements, as applicable,
are not, or, in the case of any primary servicing or sub-subservicing agreement to be entered into by such Primary Servicer at
a future date, will not be, materially inconsistent with the terms of this Agreement;

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(i)                
 Each officer and employee of the Primary Servicer that has responsibilities concerning
the servicing and administration of Mortgage Loans is covered by errors and omissions insurance and the fidelity bond maintained
by the Primary Servicer in the amounts and with the coverage required by PSA Section 3.07 or the Primary Servicer self-insures
for such errors and omissions coverage in compliance with the requirements of PSA Section 3.07; 

(j)                
The Primary Servicer is not an Affiliate of the Trustee and is not a Prohibited Party;
and

(k)               
The Primary Servicer is not a Risk Retention Affiliate of any Third Party Purchaser.

The Master Servicer
hereby makes, ratifies, and confirms to the Primary Servicer each of the representations and warranties made by the Master Servicer
in Section 6.01(a) of the PSA as of the Closing Date.

The foregoing
representations and warranties shall survive the execution and delivery of this Agreement. Upon discovery by either the Master
Servicer or the Primary Servicer of a breach of any of the foregoing representations and warranties, the party discovering such
breach shall give prompt written notice thereof to the other party.

ARTICLE VII.

PRIMARY SERVICER
TERMINATION EVENTS; TERMINATION

Section 7.01.     
Primary Servicer Termination Events; Primary Servicer Non-Affiliate Covenant.

(a)              
"Primary Servicer Termination Event", wherever used herein with respect to any Primary Servicer, means
any one of the following events:

(i)               any
failure by the Primary Servicer to remit to the Primary Servicer Accounts, or to remit to the Master Servicer, any amount required
to be so remitted by the Primary Servicer pursuant to and in accordance with this Agreement, which failure continues unremedied
for one (1) Business Day following the date on which such deposit or remittance was required to be made; or

(ii)             
any failure on the part of the Primary Servicer duly to observe or perform in any
material respect any of its other covenants or obligations on the part of the Primary Servicer contained in this Agreement in all
material respects, which failure, in either event, continues unremedied for a period of twenty (20) days (or (A) with respect to
any year that a report on Form 10-K is required to be filed, three (3) Business Days with respect to Primary Servicer’s obligations
contemplated by Article XI of the PSA, or (B) ten (10) days in the case of a failure to pay the premium for any property insurance
policy required to be maintained hereunder) after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Primary Servicer by the Master Servicer, provided, however, if such failure is capable of being

    21 

     

    

cured and the Primary Servicer is
diligently pursuing such cure, such period will be extended an additional twenty (20) days; provided, further, however,
that such extended period will not apply to the obligations regarding Exchange Act reporting; or

(iii)           
any breach on the part of the Primary Servicer of any representation or warranty contained in Section 6.03 hereof, which
materially and adversely affects the interests of any Class of Certificateholders or holders of any related Serviced Pari Passu
Companion Loan and which continues unremedied for a period of twenty (20) days after the date on which notice of such breach, requiring
the same to be remedied, shall have been given to the Primary Servicer by the Master Servicer, provided, however, that if such
breach is capable of being cured and the Primary Servicer is diligently pursuing such cure, such twenty (20) day period shall be
extended for an additional thirty (30) days; or

(iv)           
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Primary Servicer
and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of fifty (50) days; or

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

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

(vii)          
any Rating Agency (or, in the case of Serviced Pari Passu Companion Loan Securities,
any Companion Loan Rating Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates
(or Serviced Pari Passu Companion Loan Securities, as applicable), or (B) placed one or more Classes of Certificates (or Serviced
Pari Passu Companion Loan Securities, as applicable) on “watch status” in contemplation of a ratings downgrade or withdrawal
(and in the case of clause (A) or (B), such action has not been withdrawn by such Rating Agency within 60 days of such rating action)
and, in the case of either of clauses (A) or (B), such Rating Agency publicly cited servicing concerns with the Master Servicer
(because of actions of the Primary

    22 

     

    

Servicer) or the Primary Servicer
as the sole or a material factor in such rating action; or

(viii)          
the Primary Servicer is no longer rated at least "CPS3" as a primary servicer by Fitch and such rating is not
reinstated within sixty (60) days of the delisting; or

(ix)            
the Primary Servicer is removed from S&P’s Select Servicer List as a U.S. Commercial Mortgage Primary Servicer
and is not restored to such status on such list within sixty (60) days;

(x)             
a Servicer Termination Event (as defined in the PSA) by the Master Servicer under PSA Section 7.01 which Servicer Termination
Event occurred as a result of the direct failure of the Primary Servicer to perform any obligation required hereunder; or

(xi)            
the failure of the Primary Servicer to comply with any of the requirements under Sections 3.05, 3.06, 3.07 and 3.08 of this
Agreement applicable to such Primary Servicer, including the failure to deliver any reports or certificates at the time such report
or certification is required under Sections 3.05, 3.06, 3.07 and 3.08, which failure continues for five (5) day after written notice
thereof; or

(xii)           
subject to Section 11.17 of the PSA, any failure by the Primary Servicer to comply with any of the requirements under Article
XI of the PSA applicable to the Primary Servicer, including the failure to deliver any reports, certificates or disclosure information
under the Exchange Act or under the rules and regulations promulgated under the Exchange Act, at the time such report, certification
or information is required under Article XI; or

(xiii)          
any failure by the Primary Servicer to comply with any requirements to deliver any items required by Items 1122 and 1123
of Regulation AB under any other pooling and servicing agreement relating to any other series of certificates offered by the Depositor;

then, and in each and every
case, so long as an Primary Servicer Termination Event shall not have been remedied, the Master Servicer may, by notice in writing
to the Primary Servicer, in addition to whatever rights the Master Servicer may have at law or in equity, including injunctive
relief and specific performance, immediately terminate all of the rights and obligations of the Primary Servicer under this Agreement
and in and to the Mortgage Loans and the proceeds thereof, subject to Section 7.02 hereof, without the Master Servicer incurring
any penalty or fee of any kind whatsoever in connection therewith. Except as otherwise expressly provided in this Agreement, no
remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and
in addition to any other remedy and no delay or omission to exercise any right or remedy shall impair any such right or remedy
or shall be deemed to be a waiver of any Primary Servicer Termination Event. On or after the receipt by the Primary Servicer of
such written notice of termination from the Master Servicer, all authority and power of the Primary Servicer in this Agreement,
whether with

    23 

     

    

respect to the Mortgage Loans
or otherwise, shall pass to and be vested in the Master Servicer, and the Primary Servicer agrees to cooperate with the Master
Servicer in effecting the termination of the Primary Servicer's responsibilities and rights hereunder, including, without limitation,
the remittance of funds and the transfers of the Primary Servicing Files as set forth in Section 7.02. Notwithstanding the foregoing,
upon any termination of the Primary Servicer, the Primary Servicer will be entitled to receive all accrued and unpaid Primary Servicing
Fees and Additional Primary Servicing Compensation through the date of termination.

(b)              
Upon discovery by the Primary Servicer of any Primary Servicer Termination Event (but regardless of whether any notice has
been given as provided in this Agreement or any cure period provided herein has expired), the Primary Servicer shall give prompt
written notice thereof to the Master Servicer.

(c)              
The Master Servicer may waive in writing any default by the Primary Servicer in the performance of its obligations hereunder
and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Primary Servicer Termination
Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend
to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived.

(d)              
The Primary Servicer shall not be or become Risk Retention Affiliated with or a Risk Retention Affiliate of any Third Party
Purchaser. If the Primary Servicer is or becomes Risk Retention Affiliated with or a Risk Retention Affiliate of any Third Party
Purchaser, the Primary Servicer shall promptly notify the Master Servicer and the Primary Servicer shall be terminated as Primary
Servicer under this Agreement pursuant to Section 7.02(a)(ii) below.

Section 7.02.     
Termination of Agreement.

(a)              
This Agreement shall be terminated with respect to the Primary Servicer:

(i)             
pursuant to Section 3.20 of the PSA and Section 7.01 hereof, if the Master Servicer elects to terminate the Primary Servicer
following a Primary Servicer Termination Event (except as provided in clause (iii) below);

(ii)            
promptly following the Primary Servicer being or becoming Risk Retention Affiliated with or a Risk Retention Affiliate of
any Third Party Purchaser;

(iii)           
immediately by the Master Servicer (or at the Depositor's request to the extent that the Depositor has the right to request
termination of the Primary Servicer under the PSA) pursuant to Section 7.01(a)(xii) and (xiii)
hereof and PSA Section 3.20(a)(ix);

(iv)           
upon resignation by the Primary Servicer as provided in Section 6.01 hereof;

(v)             
with respect to any Mortgage Loan, in the event such Mortgage Loan is substituted or defeased pursuant to PSA Sections 2.03
and 3.18;

    24 

     

    

(vi)           
 at the option of the Master Servicer in its sole discretion with respect to any Mortgage Loan in the event such Mortgage
Loan is purchased or repurchased pursuant to PSA Section 2.03, 3.16 or 9.01; or

(vii)           
if the Master Servicer's responsibilities and duties as Master Servicer under the
PSA have been assumed by the Trustee, and the Trustee exercises it right to terminate the Primary Servicer pursuant to PSA Section
3.20. For the avoidance of doubt, this Agreement shall constitute a "Sub-Servicing Agreement" as defined under the PSA
and Primary Servicer shall be deemed an "Initial Sub-Servicer" as defined under the PSA.

(b)               
If the Master Servicer's responsibilities and duties as Master Servicer under the PSA have been assumed by the Trustee,
the Trustee shall, without act or deed on the part of the Trustee, succeed to all of the rights and obligations of the Master Servicer
under this Agreement as provided in PSA Section 3.20, and the Primary Servicer shall be bound to the Trustee under all of the terms,
covenants and conditions of this Agreement with the same force and effect as if the Trustee was originally the Master Servicer
under this Agreement; and the Primary Servicer does hereby attorn to the Trustee, as the Master Servicer hereunder, said attornment
to be effective and self-operative without the execution of any further instruments on the part of any of the parties hereto immediately
upon the Trustee succeeding to the interest of the Master Servicer hereunder. The Primary Servicer agrees, however, upon written
demand by the Trustee to promptly execute and deliver to the Trustee an instrument in confirmation of the foregoing provisions,
satisfactory to the Trustee, in which the Primary Servicer shall acknowledge such attornment and shall confirm to the Trustee its
agreement to the terms and conditions of this Agreement. References to the Trustee in this Section 7.02(b) shall be deemed to include
the Trustee's designee or any other successor to the Master Servicer.

(c)               
Termination pursuant to this Section or as otherwise provided herein shall be without prejudice to any rights of the Master
Servicer or the Primary Servicer which may have accrued through the date of termination hereunder, including rights to be paid
and reimbursed any outstanding Primary Servicing Fees and Additional Primary Servicing Compensation. In connection with any such
termination, the terminated Primary Servicer shall (i) remit all funds in the related Primary Servicer Accounts to the Master Servicer
or such other Person designated by the Master Servicer, net of accrued Primary Servicing Fees and Additional Primary Servicing
Compensation through the termination date which are due and payable to the Primary Servicer, (ii) deliver all related Primary Servicing
Files to the Master Servicer or to Persons designated by the Master Servicer, and (iii) fully cooperate with the Master Servicer
to effectuate an orderly transition of the servicing of the related Mortgage Loans. All rights of the terminated Primary Servicer
relating to the following after such termination shall continue in full force and effect until payment or other satisfaction in
accordance with this Agreement or termination of the Trust: (y) indemnification pursuant to Section 6.02 hereof; and (z) the payment
of its Primary Servicing Fees and Additional Primary Servicing Compensation which in any such case accrued under the terms of this
Agreement on or before the date of such termination shall continue in full force and effect until payment or other satisfaction
in accordance with this Agreement.

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ARTICLE VIII.

MISCELLANEOUS PROVISIONS

Section 8.01.     
Rating Agency Communications.

(a)              
The Primary Servicer shall not provide any information directly to, or communicate with, either orally or in writing, any
Rating Agency or any NRSRO regarding the Certificates or the Mortgage Loans relevant to such Rating Agency’s or NRSRO's surveillance
of the Certificates or Mortgage Loans, including, but not limited to, providing responses to inquiries from a Rating Agency or
NRSRO regarding the Certificates or the Mortgage Loans relevant to such Rating Agency’s or NRSRO's surveillance of the Certificates
and requests for Rating Agency Confirmation. All such information will be provided by, and all such communications, responses and
requests will be made by, the Master Servicer in accordance with the procedures required by the PSA. To the extent that the Master
Servicer is required to provide any information to, or communicate with, any Rating Agency or NRSRO in accordance with its obligations
under the PSA and such information or communication is regarding the Mortgage Loans or the primary servicing by the Primary Servicer
under this Agreement, the Primary Servicer shall provide the information to the Master Servicer necessary for the Master Servicer
to fulfill such obligations. The Primary Servicer shall have no liability with regard to the Master Servicer's failure to provide
to the Depositor or any other party any information, reports and certificates the Master Servicer is required to delivery under
the PSA unless such failure is the result of the Primary Servicer's failure to meet its obligations hereunder. None of the foregoing
restrictions in this Agreement shall prohibit or restrict oral or written communications, or providing information, between the
Primary Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s
or NRSRO’s review of the ratings it assigns to the Primary Servicer, (ii) such Rating Agency’s or NRSRO’s
approval of the Primary Servicer as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency's
or NRSRO’s evaluation of the Primary Servicer's servicing operations in general; provided, that the Primary Servicer shall
not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with
such review and evaluation by such Rating Agency or NRSRO unless (x) Mortgagor, property and other deal specific identifiers
are redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to
the 17g-5 Information Provider's Website; or (z) the Rating Agency confirms in writing that it does not intend to use such information
in undertaking credit rating surveillance with respect to the Certificates; provided, however, that the Rating Agencies may use
information delivered in reliance on the certification provided in this clause (z) for any purpose to the extent it is publicly
available (unless the availability results from a breach of this Agreement, the PSA or any other confidentiality agreement to which
such rating agency is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information
Provider’s Website (or another 17g-5 information provider’s website such Rating Agency has access to) (in each case,
subject to any agreement governing the use of such information, including any engagement letter with the Depositor or any other
applicable depositor) other than pursuant to Section 3.13(i) of the PSA or this Section 8.01(a).

    26 

     

    

(b)              
 The Primary Servicer hereby expressly agrees to indemnify and hold harmless the Master Servicer and its respective officers,
directors, shareholders, members, managers, employees, agents, Affiliates and controlling persons, and the Trust Fund (each, an
"Indemnified Party"), from and against any and all losses, liabilities, damages, claims, judgments, costs, fees,
penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses), joint or several, to which any
such Indemnified Party may become subject, under the Securities Act, the Exchange Act or otherwise, pursuant to a third-party claim,
insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including
reasonable legal fees and expenses) arise out of or are based upon the Primary Servicer’s breach of this Section 8.01 (including,
without limitation, a determination by a Rating Agency that it cannot reasonably rely on representations made by the Depositor
or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), but solely to the extent such determination is caused by a
breach of this Section 8.01 by the Primary Servicer), and will reimburse such Indemnified Party for any legal or other expenses
reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim, as such expenses
are incurred.

Section 8.02.     
Amendment.

This Agreement
contains the entire agreement between the parties relating to the subject matter hereof, and may be amended from time to time by
the Master Servicer and the Primary Servicer only by written agreement executed by the party or parties against whom the enforcement
of such amendment is sought. Master Servicer shall not consent to any modification to the PSA in any manner which would increase
the obligations or limit the rights of the Primary Servicer under the PSA or under this Agreement without the prior written consent
of the Primary Servicer (which consent shall not be unreasonably withheld).

Section 8.03.     
Governing Law; Waiver of Jury Trial; Submission to Jurisdiction.

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

(b)              
EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW
YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT
IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE

    27 

     

    

CONCLUSIVE AND MAY BE ENFORCED IN ANY
OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS
UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

(c)              
THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 8.04.     
Notices.

All demands,
notices and communications hereunder shall be in writing and addressed in each case as follows:

(a)          
if to the Primary Servicer, at:

KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, KS 66211

Attention: Diane Haislip

Email: michael_a_tilden@keybank.com

 

with a copy to:

 

Polsinelli

900 West 48th Place,
Suite 900

Kansas City, Missouri 64112

Attn: Kraig M. Kohring

Email: kkohring@polsinelli.com

 

(b)          
if to the Master Servicer:

by U.S. Mail at:

Midland Loan Services, a Division
of PNC Bank, National Association

P.O. Box 25965

Shawnee Mission, KS 66225-5965

Attention: Executive Vice President
- Division Head

Email: NoticeAdmin@midlandls.com and 

 MLSSubservicergroup@midlandls.com

or
by delivery to:

Midland Loan Services, a Division
of PNC Bank, National Association

10851 Mastin, Suite 300

Overland Park, KS 66210

    28 

     

    

Attention: Executive Vice President
- Division Head

 

with a copy to:

 

Stinson LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106-2150

Attn: Kenda K. Tomes

Any of the above-referenced Persons
may change its address for notices hereunder by giving notice of such change to the other Persons. All notices and demands shall
be deemed to have been given at the time of the delivery at the address of such Person for notices hereunder if personally delivered,
mailed by certified or registered U.S. mail, postage prepaid, return receipt requested, or sent by overnight courier or telecopy.
Any notice required to be delivered under this Agreement may be provided electronically (including by electronic mail).

(c)              
To the extent that any demand, notice or communication hereunder is given to any Primary Servicer by a Responsible Officer
of the Master Servicer, such Responsible Officer shall be deemed to have the requisite power and authority to bind the Master Servicer
with respect to such communication, and any Primary Servicer may conclusively rely upon and shall be protected in acting or refraining
from acting upon any such communication. To the extent that any demand, notice or communication hereunder is given to the Master
Servicer by a Responsible Officer of any Primary Servicer, such Responsible Officer shall be deemed to have the requisite power
and authority to bind the Primary Servicer with respect to such communication, and the Master Servicer may conclusively rely upon
and shall be protected in acting or refraining from acting upon any such communication.

Section 8.05.     
Consistency with PSA; Severability of Provisions.

This Agreement
shall be subject to the provisions of the PSA, which provisions shall be paramount and controlling and shall supersede the provisions
of this Agreement to the extent of any conflicts or inconsistencies. If one or more of the provisions of this Agreement shall be
for any reason whatever held invalid or unenforceable or shall be determined to be inconsistent with the PSA, such provisions shall
be deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity or unenforceability
shall in no way affect the validity or enforceability of such remaining provisions or the rights of any parties hereto. To the
extent permitted by law, the parties hereto hereby waive any provision of law that renders any provision of this Agreement invalid
or unenforceable in any respect.

Section 8.06.     
Inspection and Audit Rights.

The Primary
Servicer agrees that, on reasonable prior notice, it will permit any representative of the Master Servicer, during the Primary
Servicer's normal business hours, reasonable access at its principal servicing offices to examine all books of account, records,
reports and other documents of the Primary Servicer relating to the Mortgage Loans, to make copies and extracts therefrom, to cause
such books to be audited by accountants selected by the

    29 

     

    

Master Servicer, and to discuss
matters relating to the Mortgage Loans with the Primary Servicer's officers and employees.

Section 8.07.     
Protection of Confidential Information.

The Primary
Servicer shall keep confidential and shall not divulge to any party, without the Master Servicer’s prior written consent
(which shall not be unreasonably withheld or delayed), any information pertaining to the Mortgage Loans, the Mortgaged Properties
or the Mortgagors except to the extent that the Primary Servicer provides prior written notice to the Master Servicer and (a) it
is appropriate for the Primary Servicer to do so (i) in working with legal counsel, auditors, other advisors, taxing authorities
or other governmental agencies, (ii) in accordance with Accepted Primary Servicing Practices or (iii) when required by any law,
regulation, ordinance, court order or subpoena or (b) the Primary Servicer is disseminating general statistical information relating
to the mortgage loans being serviced by the Primary Servicer (including the Mortgage Loans) so long as the Primary Servicer does
not identify the owner of the Mortgage Loans or the Mortgagors.

Section 8.08.     
Binding Effect; No Partnership; Counterparts.

Subject to
Section 6.01 hereof, with respect to the Primary Servicer, the provisions of this Agreement shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto. Nothing herein contained shall be deemed or construed
to create a partnership or joint venture between the parties hereto, and the services of the Primary Servicer shall be rendered
as an independent contractor for the Master Servicer. For the purpose of facilitating the execution of this Agreement as herein
provided and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts
shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

Section 8.09.     
Third Party Beneficiaries.

The
Trustee (for the benefit of the Certificateholders and the related Companion Holder (if applicable)) and the Trustee (as holder
of the Lower-Tier Regular Interests) shall be a third party beneficiary under this Agreement, but (except to the extent the Trustee
or its designee assumes the obligations of the Master Servicer hereunder in accordance with PSA Sections 3.20 and 7.02), none of
the Trust, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Special Servicer,
any successor master servicer, any successor special servicer or any Certificateholder (or the related Companion Holder, if applicable)
shall have any duties under this Agreement or any liabilities arising from this Agreement.

Section 8.10.     
Article and Section Headings.

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

    30 

     

    

 

Section 8.11.     
Non-Solicitation

Without the
prior written consent of the Primary Servicer (or as discussed below), the Master Servicing Group (as defined below) shall not
disclose to any Person employed by the Master Servicer or an Affiliate thereof that is part of a business unit that originates
or refinances mortgage loans any information that the Master Servicing Group has received or obtained or generated or is otherwise
in its possession as a result of its acting as Master Servicer under the PSA (including any information received from the Special
Servicer if the Master Servicer and the Special Servicer are the same party). In addition, without the prior written consent of
the Primary Servicer, the Master Servicing Group shall not take any direct or indirect action, nor will it direct a third party
to take any action, to refinance or solicit the refinancing of any Mortgage Loan except in performance of its duties as Master
Servicer under the PSA. For purposes of this Section 8.11, the "Master Servicing Group" shall mean the business unit
of the Master Servicer (which, with respect to PNC Bank, National Association, is called Midland Loan Services, a Division of PNC
Bank, National Association) that is in the business of master servicing and/or primary servicing commercial multifamily mortgage
loans that are in securitizations. Notwithstanding the foregoing, the following shall not constitute violations of this Section
8.11: (i) dissemination of information or reports as contemplated by the PSA, (ii) promotions or contacts undertaken by the Master
Servicer or any Affiliate of the Master Servicer which are directed to commercial mortgage loan borrowers, originators and mortgage
brokers generally, which promotions, in each case, are based upon information that has been acquired from a source other than the
Master Servicing Group, including, commercially acquired mailing lists or information generally available in the public domain,
(iii) actions taken in connection with serving the refinancing needs of a Mortgagor who, without such solicitation by the Master
Servicer as described in the second preceding sentence, contacts the Master Servicer in connection with the refinance of such Mortgage
Loan, (iv) actions taken or communications made by the Master Servicing Group in connection with the sale of a Specially Serviced
Loan or (v) contacts or solicitations based on information that has been made available in the public domain by a source other
than the Master Servicing Group and not by reason of any action or inaction by the Master Servicing Group, or that was independently
developed or already in possession of the Master Servicing Group or the Master Servicer or its Affiliates without accessing information
acquired in connection with duties as Master Servicer under the PSA.

[SIGNATURE PAGES TO FOLLOW]

    31 

     

    

IN WITNESS
WHEREOF, the Master Servicer and the Primary Servicer have caused this Agreement to be duly executed by their respective officers
thereunto duly authorized as of the date first above written.

	 	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, 

NATIONAL ASSOCIATION
	 	 
	 	 	 
	 	By:	/s/ David A. Eckels
	 	 	 
	 	Name:	David A. Eckels
	 	 	 
	 	Title:	Senior Vice President
	 	 	 
	 	 	("Master Servicer")

 

 

[SIGNATURE AND
MORTGAGE LOAN

SCHEDULES FOR THE PRIMARY SERVICER
TO FOLLOW]

 

 

 

KeyBank-Midland Primary Servicing
Agreement - Midland Signature Page  - BBCMS 2021-C9

 

      

     

    

 

	 	KEYBANK NATIONAL ASSOCIATION
	 	 
	 	 	 
	 	By:	/s/ Michael A. Tilden
	 	 	 
	 	Name:	Michael A. Tilden
	 	 	 
	 	Title:	Vice President
	 	 	 
	 	 	("Primary Servicer")

 

 

 

KeyBank-Midland Primary Servicing
Agreement - BBCMS 2021-C9 - KeyBank Signature Page 

 

      

     

    

Mortgage Loan Schedule

 

	Property Name	Principal Balance	Primary Servicing Fee Rate

(basis points)
	My Self Storage Space - Fullerton	$13,750,000.00	1.00 
	Ameriguard Self Storage Portfolio	$12,745,913.05	1.00 
	APC Portfolio	$12,347,500.00	1.00 
	Centennial Hills	$10,175,000.00	1.00 
	Kleppe Greg Business Park	$7,000,000.00	1.00 
	Walgreens Portfolio	$6,900,000.00	1.00 
	Bear Creek Storage	$5,000,000.00	1.00 

 

 

 

KeyBank-Midland Primary Servicing
Agreement - BBCMS 2021-C9 - Mortgage Loan Schedule

 

      

     

    

EXHIBIT
“A”

 

(Inspection
Reports)

 

(see
attached)

 

    A-1 

     

    

 

 

 

	 	 	 	 	 
	  	Mortgage
                                         Bankers Association
	Version:
        1.22
	  	Property
                                         Inspection Workbook Tools
	  	  
	  	  	  	  
	 
    	 General
    Purpose Tools 	 
    	 
    	 
    
	  	  	  	  
	 	 	 	 
	 
    	Select Check Spelling
                                                                  to run Excel’s spell checker 

on all property inspection worksheets.
		 
    
	  	  	  	  
	  	  	  	  
	 	Select Print
        to display the MBA Property Inspection

        worksheet selection form where you can select the

        worksheet(s) to
print.
		 
	 
    	 	  	 
    

  

	 
    	 Company
    Logo 	 
    	 
    	 
    
	  	  	  	  

	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	 See
                                         MBA Reference Guide for Property Inspection Report for instructions to insert logo

 

    	 	 	 

     

    

 

MBA
INSPECTION FORM KEY 

	 	 
	Mortgage
    Bankers Association
	Standard
    Property Inspection Form Definitions
	For
    additional information, please refer to the MBA Inspections White Paper
	Ratings
    Definitions
	1	New
    or like new condition
All
    major building components are new or like new
All vacant units/space are rent ready
    & reflect the highest current market standards
No deferred maintenance items (only
    routine maintenance)
No life safety or code violations exist
Positive
    impact to marketability
Deferred Maintenance and Life Safety – No actions
    are required
	2	Above
    average condition for the property’s age and market, minimal wear and tear
All
    major building components in functional condition
All vacant units/space are rent
    ready or in the process of being made rent ready
No deferred maintenance items (only
    routine maintenance)
No life safety or code violations exist
No
    impact to marketability
Deferred Maintenance and Life Safety – No actions are
    required
	3	Normal condition
        for the property’s age and market, general wear and tear.

        All major building components in functional condition

        Most vacant units or space are rent ready or in the process of being made rent ready

        Minimal deferred maintenance and routine maintenance items with costs that can be funded
        by normal operations

        No/minor life safety or code violations exist

        No impact to marketability

        Deferred Maintenance and Life Safety - Appropriate actions are planned or in progress

	4	Deteriorating condition
        for the property’s age and market

        A building component is not in fully functional condition

        Few rent-ready units or space

        Limited major deferred maintenance &/or numerous minor deferred maintenance items

        Some life safety or code violations exist

        Negative impact to marketability

        Deferred Maintenance and Life Safety - Actions are not addressed as quickly as
        required and/or further action is necessary, additional monitoring may be appropriate 

	5	Inferior
    conditions
Multiple building
    components non-functional
Vacant units or space are in poor to down condition
Severe
    deferred maintenance items
Multiple life safety or code violations exist
Negative
    impact to marketability
Deferred Maintenance and Life Safety – No Action taken
    and/or further action is necessary – additional monitoring is appropriate
	 Not
 Applicable	No
    components exist (therefore, no rating is possible)
	 Not
    
 Accessible	No
    component was visible due to inability to view the condition based on access, life safety, weather conditions or other blockages.
Deferred
    maintenance items can not be determined based on lack of access
Further action or
    review may be required

  

	Copyright 2008 Mortgage Bankers Association,
    Washington, DC	

 

    	 	 	 

     

    

 

General
Info     

	  	  	  	  	  	  	  	  	  
	Company
    Name/Logo	  	Standard
    Inspection Form
	  	  	  	  	  	  	  	  	  
	 Inspection Date	 
    	 
    	Time   	 
    	  	Property City	 
    	 
    
	 Loan Number	 
    	  	  	  	  	Property State/Country	 
    	/                    
	 Property Name	 
    	  	  	  	  	Overall Property Rating	 
    	 
    
	  	  	  	  	  	  	  	  	  
	 Servicer,
    Loan and Contact Information
	 Servicer Name	 
    	  	  	  	  	Contact Company	 
    	 
    
	 Owner of Loan	 
    	  	  	  	  	Contact Name	 
    	                /
	 Investor Number	 
    	     	  	  	  	Contact Phone	 
    	 
    
	 Investor Loan #	 
    	  	  	  	  	Contact
    Email	 
    	 
    
	 Property ID	 
    	  	  	  	  	Addt’l
    ID #1 (editable)	 
    	 
    
	 Original Loan Amount	  	 
    	  	  	  	Addt’l
    ID #2 (editable)	 
    	 
    
	 Loan Balance (UPB)	  	 
    	  	  	  	O&M Plan(1)	  	 
    
	 Loan Balance as
    of Date	  	 
    	  	  	  	Report Reviewed By	  	                    /
	 (1)
    Includes ALL Plans (such as, but not limited to, Operations &
    Maintenance, Moisture Management and Environmental Remediation)
	 Property
    and Inspector Information
	 Property Name	 
    	  	  	  	  	Primary Property Type	  	 
    
	 Property Address	 
    	  	  	  	  	Secondary Property Type	  	 
    
	 Property City	 
    	  	  	  	  	Inspection Company	  	 
    
	 Property State	 
    	  	  	  	  	Inspection Co. Phone	  	 
    
	 Property Zip	 
    	  	  	  	  	Inspector’s Name	  	                    /
	  	  	  	  	  	  	Inspector’s ID	  	 
    

 

	 Lender’s
    or Servicer’s General Comments or Instructions to Inspector for Subject Property:
	 
    
	 
    
	 
    
	 
    
	 
	 
    

 

	 Property
    Inspector’s General Comments or Suggestions to Lender or Servicer on the Subject Property:
	 
    
	 
    
	 
    
	 
	 
    
	 
    

	  	  	  	  	  	  	  
	 Overview
    of Property Information
	 Number of Buildings	 
    	  	Year Built	 
    
	 Number of Floors	 
    	  	  	  	Total Square Feet (Gross)	 
    
	 Number of Elevators	 
    	  	  	  	Total Sq. Feet (Net /
    Rentable)	 
    
	 Number of Parking
    Spaces	 
    	  	  	  	Occupied Space	 
    
	 Number of Units
    / Rooms / Beds	 
    	  	  	  	Vacant Space	 
    
	 Rent Roll obtained
    at Inspection	 
    	  	  	  	Total Percent Occupied	 
    
	 Total
    Number of Down Units / Rooms / Beds	  	 
    	  	Annual Occupancy	 
    
	 Unit of Measurement
    Used	  	  	 
    	  	Annual Turn Over	 
    
	  	  	  	  	  	  
	 Property
    Offers Rental Concessions	 
    	 
    	 
    	If
    yes, please describe concessions:
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	 
    	  	  	  	  	  	 
    
	

Copywrite
    2008 Mortgage Bankers Association, Washington, DC	  	  	    

 

 

    	 	 	 

     

    

 

General
Info     

	  	  	  	  	  	  	  	  	  	  	  	  
	 Inspection Date	 
    	 
    	Time   	 
    	  	Property City	 
    	  	 
    
	 Loan Number	 
    	  	  	  	  	  	  	Property State/Country	 
    	  	/
	 Property Name	 
    	  	  	  	  	  	  	Overall Property Rating	 
    	  	 
    
	  	  	  	  	  	  	  	  	  	  	  	  
	 Franchise Name	 
    	  	Franchise
    change since last inspection	 
    
	  	  	  	  	  	  	  	  	  
	 Number
    of Occupied Units Inspected	  	 
    	  	  	Number of
    Vacant Units Inspected	  	 
    
	  	  	  	  	  	  	  	  	  
	 Is there
    any dark space?	 
    	  	  Describe:	 	 
	 Is there
    any down space?	 
    	  	  Describe:	 	 

	  	  	  	  
	 Capital
    Expenditures	  	  	  
	 Describe
    in detail Repairs, Replacements or Capital Improvements	Identified
    Cost	Status
	 
    	 
    	 
    
	 
    	 
    	 
    
	 
    	 
    	 
    
	 
    	 
    	 
    
	 
    	 
    	 
    
	 
    	 
    	 
    
	 
    	 
    	 
    
	 
    	 
    	 
    

	  	  	  	  	  	  	  	  
	 Neighborhood
    and Site Comparison Data
	 Is the
    area declining or distressed	  	 
    	  	Percent
    Use -%
	 Is there
    any new construction in the area	  	  	Single Family	 
    
	 Top 2 Major	1. 	Name or Type	 
    	 
    	  	Multifamily	 
    
	 Competitors:	  	  Distance	 
    	  	  	Commercial	 
    
	  	2.  	Name or Type	 
    	  	  	Industrial	 
    
	  	  	  Distance	 
    	  	  	Undeveloped	100%

 

	 Describe
    area, surrounding land use & overall trends (include location in relation to subject property - N, S, E, W):
	 
    
	 
    
	 
    
	 
    
	 
    
	 
    
	 
    
	 
    
	 
    
	 
    

	  	  	  	  	  	  	  	  
	 Management
    Company Information	  	  	  
	 Management Company
    Name	 
    	  	Phone Number	 
    
	 On Site Contact	                              /	  	Mgmt Interview	 
    
	 Role or Title of
    Contact	 
    	  	Length of
    time at property	 
    
	 Management Affiliation	 
    	  	Change since
    last inspection	  	 
    
	  	  	  	  	  	  	  
	 Other
    Information
	 Additional
    Collateral Description Information	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	 
    	  	  	  	  	  	 
    
	
Copywrite
    2008 Mortgage Bankers Association, Washington, DC	  	  	    

 

    	 	 	 

     

    

 

	  	 	 	  	  	  	  	  	  	  	  
	  	  	  	Physical
    Condition & DM     
	 	 	 	 
	Standard
                                         Inspection Form

         
	  	  
	Inspection Date	 
    	Time    	 
    	  	Property City	 
    
	Loan Number	 
    	  	Property State/Country	 
    	/	 
    
	Property Name	 
    	  	Overall Property
    Rating	 
    

 

	Physical
    Condition Assessment and Deferred Maintenance
	 

 

	Property
    Assessment

 

	Physical

        Condition
	Overall

        Rating
	Trend	Representative
                                         Components

        (Not all-inclusive)
	Inspector
    Comments
	 
    	 
    	  	  	  
	Curb
    Appeal	 
    	  	Comparison
    to Neighborhood; First Impression / Appearance	 
    
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	  	  	  
	Site	 
    	  	Subject
    Property Appearance; Signage; Ingress/Egress; Landscaping; Site Lighting; Parking Lot; Striping; Garage/Carports; Irrigation
    System; Drainage; Retaining Walls; Walkways; Fencing; Refuse Containment & Cleanliness, Hazardous Material Storage	 
    
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	  	  	  
	Building
                                         /

        Mechanical

        systems
	 
    	  	HVAC;
    Electrical; Boilers; Water Heaters; Fire Protection; Sprinklers; Plumbing; Sewer; Solar Systems; Elevators/ Escalators; Chiller
    Plant; Cooling Towers; Building Oxygen Systems; Intercom System; PA System; Security Systems	 
    
	 
    	 
    	 
    	 
    	 
    
	Building

        Exteriors
	 
    	 
    	Siding;
    Trim; Paint; Windows; Exterior Entry Ways; Stairs; Railings; Balconies; Patios; Gutters; Downspouts; Foundations; Doors; Façade;
    Structure (Beam/Joist)	 
    
	 
    	 
    	  	  	  
	Building

        Roofs
	 
    	  	Roof
    Condition; Roof Access; Top Floor Ceilings; Shingles/ Membrane; Skylights; Flashing; Parapet walls; Mansard roofs	 
    
	 
    	 
    	 
    	 
    	 
    
	Occupied

        Units
        / Space
	 
    	 
    	HVAC;
    Ceiling; Floors; Walls; Painting; Wall Cover; Floor Cover; Tiles; Windows; Countertop; Cabinets; Appliances; Lighting; Electrical;
    Bathroom Accessories; Plumbing Fixtures; Storage; Basements/Attics	 
    
	 

        Vacant
        Units /

        Space
        /

        Hotel
        Rooms

         
	 
    	 
    	HVAC;
    Ceiling; Floors; Walls; Painting; Wall Cover; Floor Cover; Tiles; Windows; Countertop; Cabinets; Appliances; Lighting; Electrical;
    Bathroom Accessories; Plumbing Fixtures; Storage; Basements/Attics	 
    
	 

        Down
        Units /

        Space
        /

        Hotel
        Rooms

         
	 
    	 
    	HVAC;
    Ceiling; Floors; Walls; Painting; Wall Cover; Floor Cover; Tiles; Windows; Countertop; Cabinets; Appliances; Lighting; Electrical;
    Bathroom Accessories; Plumbing Fixtures; Storage; Basements/Attics	 
    
	 
    	 
    	  	  	  
	Interior

        Common

        Areas
	 
    	  	Mailboxes;
    Reception Area; Lobby; Food Courts; Dining Areas; Kitchen; Halls; Stairways; Meeting Rooms; Public Restrooms; Storage; Basement;
    Healthcare Assistance Rooms; Pharmacy / Medication Storage; Nurses Station	 
    
	 
    	 
    	 
    	 
    	 
    

 

	Copyright
    2008 Mortgage Bankers Association, Washington, DC	     

 

    	 	 	 

     

    

 

 

	 	 	 	 	 	 	 	 	 	 	 
	  	 	 	  	  	 	 	 	Physical
    Condition & DM     
	 	 	 	 
	Inspection Date	 
    	Time    	 
    	  	Property City	 
    
	Loan Number	 
    	  	Property State/Country	 
    	/	 
    
	Property Name	 
    	  	Overall Property
    Rating	 
    

 

	Amenities
	 
    	 
    	Pool; Clubhouse;
        Gym; Laundry Area / Rooms; Playground; Wireless Access; Restaurant/Bar; Business Center; Sport Courts; Spa; Store; Media
        Center
	 
    
	Management

        Competence
	 
    	 
    	Professionalism;
    Ability to respond to questions; Knowledge of property; Knowledge of neighborhood/ market; Preparedness for inspection; Had
    all requested paperwork; Tenants notified	 
    

 

	Exterior
    - Additional description of the property conditions:
	 

         

         

	  
	Interior
    - Additional description of the property conditions:
	 

         

         

 

	Deferred
    Maintenance Items

 

	Identify
    Item and Describe Condition (including location)	Rating	Photo

        #
	Life

        Safety
	Est.
    Cost
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    
	 

         
	 
    	 
    	 
    	 
    

 

	Copyright
    2008 Mortgage Bankers Association, Washington, DC	     

 

    	 	 	 

     

    

 

	  	  	  	  	  	  	  	  	 	 	  
	Standard Inspection Form	  	  
	  	  	  	  	  	  	  	  	  	  
	Inspection Date	 
    	Time   	 
    	  	Property City	 
    	 
    	 
    
	Loan Number	 
    	 
    	 
    	  	Property State/Country	 
    	 
    	  /	 
    
	Property Name	 
    	 
    	 
    	  	Overall Property
    Rating	  	 
    
	  	  	  	  	  	  	  	  	  
	Photos

  

	 	 

 

    	 	 	 

     

    

  

Mgmt Interview      

	  	  	  	  	  	  	  	  	 	 	  
	Company
    Name/Logo	  	  	Standard
    Inspection Form
	  	  	  	  	  	  	  	  	  	  
	Inspection Date	 
    	Time   	 
    	  	Property City	 
    	 
    	 
    
	Loan Number	 
    	 
    	 
    	  	Property State/Country	 
    	 
    	  /	 
    
	Property Name	 
    	 
    	 
    	  	Overall Property
    Rating	  	 
    
	  	  	  	  	  	  	  	  	  
	Management
    Information & Interview

 

	  	 
    	  	  	 
    	 
    	 
    
	Management Company Name	 
    	  	Phone Number	 
    	 
    
	Name of Information Source	                       /	  	Email Address	 
    	 
    
	Role or Title of Information
    Source	 
    	  	Length of
    time at property	 
    
	Management Affiliation	 
    	  	Mgmt change
    from last inspection	 
    

	  	  	  
	In your opinion, how does
    the property perform compared to similar properties in the area?	 
    	 
    
	In your opinion, what
    is the average percentage of vacancy in similar properties in the area?	  	 
    
	Based on market survey,
    what is the current average rents paid in the area ($ per square foot/units/beds)?	  	 
    
	In
    your opinion, explain the reason for any variance on vacancy & rents between the market and the subject property:	  	  
	 
    	  	 
    
	  	  	  
	In the past 12 months,
    have there been any fires, significant water intrusion or other property damage?	  	 
    
	If
    yes, explain the location on the property, costs associated, any insurance claims submitted, resolution & leaseability:	  	  
	 
    	  	 
    
	  	  	  
	In the past 12 months,
    to the best of your knowledge, have any code violations been received?	  	 
    
	If
    yes, please describe the violation, the costs associated and any resolution or outstanding issues:	  	  
	 
    	  	 
    
	  	  	  
	Is the property undergoing
    any significant rehab/construction?	  	 
    
	If
    yes, explain the location, size and estimated costs:	  	  
	 
    	  	 
    
	  	  	  
	Is the property in compliance
    with ALL O&M Plan(s)?	 
    	 
    
	(Plans
    such as, but not limited to, Operations and Maintenance, Moisture Management and Environmental Remediation.)	  	  
	If
    no, please explain which plan(s), the requirements, noncompliance items and estimated costs:	  	  
	 
    	  	 
    
	  	  	  
	Any change or violations
    of a Franchise Agreement or License(s) at the property?	 
    	 
    
	If
    yes, please explain any change or violation, costs & any resolution or outstanding issues:	  	  
	 
    	  	 
    
	  	  	  
	To the best of your knowledge,
    are there any lawsuits pending that may negatively impact the property?	  	 
    
	If
    yes, please explain:	  	  
	 
    	  	 
    
	  	  	  
	Other
    Information or Comments:	  	  
	 
    	  	  
	 
    	  	 
    
	  	  	  
	Copyright
    2008 Mortgage Bankers Association, Washington, DC	  	   

 

    	 	 	 

     

    

 

Multifamily 

 

Standard
Inspection Form 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Inspection
    Date	 
    	 
    	Time	 
    	 
    	 
    	Property
    City	 
    
	Loan
    Number	 
    	 
    	 
    	Property
    State/Country	 
    	 /	 
    
	Property
    Name	 
    	 
    	 
    	Overall
    Property Rating	 
    

 

	Multifamily,
    Mobile Homes, Cooperative Housing, Student Housing

	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	Property
    Information
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	Heat at the
    Property	 
    	  	  	Gas at the
    Property	 
    
	Water at the
    Property	 
    	  	  	Trash at the
    Property	 
    
	Electric at
    the Property	 
    	  	  	Cable at the
    Property	 
    
	Change to
    Major Employer	 
    	  	  	If yes, describe:	 
    
	Change to
    Commercial/Retail	 
    	  	  	If yes, describe:	 
    
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  Unit Breakdown	 	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	#
    of Bedrms	#
    of Bath	#
    of Units	Avg
    Ft2
    / Unit	Monthly
    Rent	#
    Occupied	#
    Vacant	#
    Down	#
    Inspected
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	Totals	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	Tenant Profile	 	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	 
    	 
    
	   Corporate	 
    	  	Military	 
    	  	Seasonal	 
    	  	Seniors	 
    	  	Students	 
    	Other	100%
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	Property
    Condition
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	Detailed
    Report of Units Inspected	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	Unit
    #	#
    of Bedrms	#
    of Bath	Square
    Feet	Asking
    Rent	Current
    Use	 Overall
    Condition	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    

 

	Copyright
    2008 Mortgage Bankers Association, Washington, DC	    

 

 

    	 	 	 

     

    

 

Healthcare     

 

Standard
Inspection Form

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Inspection
    Date	 
    	 
    	Time	 
    	 
    	 
    	Property
    City	 
    
	Loan
    Number	 
    	 
    	 
    	Property State/Country
	 
    	   /	 
    
	Property
    Name	 
    	 
    	 
    	Overall Property
        Rating
	 
    

 

	Healthcare,
    Nursing Home, Hospitals

	 
	  Property Information
	 

	 	 	 	 	 	 	 	 	 	 
	 	General Information	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Total Number of Beds	 	 	 	Number of Beds Occupied	 
	 	 	 	 	 	% Occupied	 
	 	 	 	 	 	 	 
	 	New Patients Currently being Accepted  	 	 	 	Admission Waiting Period	 
	 	 	 	 	 	Proximity to a Hospital	 

	 	 	 	 	 	 	 	 	 	 
	 	Level of Care Breakdown	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Unit Type	Total #

Beds	Total # Beds Occupied	
        Total # 

        Units
	Total # Units

Occupied	Avg. S.F. / 

Unit	 Monthly 

Rent	# Beds

Vacant
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	  Totals	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Administrator’s Name	 	/	 	 	Length of Time at Property	 	 
	 	Director of Nursing’s Name	 	/	 	 	Length of Time at Property	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Direct Care Staff Numbers	 	Day	Evening	Night	Comments
	 	 	Nurses -	RNs	 	 	 	 	 
	 	 	Nurses -	LPNs	 	 	 	 	 
	 	 	Other Direct Care	 	 	 	 
	 	Non Direct Care Personnel	 	 	 	 
	 	Total Staff	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Regulatory / Licensing Agency Information	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Name of the Agency	 	 	 	Contact Person	                         /	 	 
	 	Expiration Date of Operating License	 	 	All Licenses Current	 	 	 
	 	Date of last Medicare inspection	 	 	Property Medicare Certified	 
	 	Date of last Medicaid inspection	 	 	Property Medicaid Certified	 
	 	Please describe any violations, costs associated, resolution or outstanding issues: 
	 	 

 

	      Copyright 2008 Mortgage Bankers
    Association, Washington, DC	

 

    	 	 	 

     

    

 

Healthcare     

 

Standard
Inspection Form

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Inspection
    Date	 
    	 
    	Time	 
    	 
    	 
    	Property
    City	 
    
	Loan
    Number	 
    	 
    	 
    	Property State/Country
	 
    	   /	 
    
	Property
    Name	 
    	 
    	 
    	Overall Property
        Rating
	 
    

	 	 	 	 	 	 	 	 	 
	Property Condition	 	 	 	 
	Handrails in the halls	 	 	Exits clearly marked	 
	Grab bars present in rest rooms	 	 	Intercom System	 
	Staff interacts well with residents	 	 	Generator Function	 
	Facility looks and smells clean	 	 	 	 
	Additional description of any safety or deficiency issues observed: 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Units or Beds Inspected	 	 	 	 	 
	 	 	 	 	 	 	 
	Down Units (List the unit #)	 	 	 	 
	 	 	 	 	 	 	 
	Detailed Report of Units Inspected	 	 	 	 

 

	Unit #	# of Bedrms	# of Bath	Square Feet	Asking Rent	Current Use	Overall Condition
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  

	      Copyright 2008 Mortgage Bankers
    Association, Washington, DC	

 

    	 	 	 

     

    

 

 

Standard
Inspection Form

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Inspection
    Date	 
    	 
    	Time	 
    	 
    	 
    	Property
    City	 
    
	Loan
    Number	 
    	 
    	 
    	Property State/Country
	 
    	   /	 
    
	Property
    Name	 
    	 
    	 
    	Overall Property
        Rating
	 
    

	  	 	 	 	 	 	 	 	 	  	 	 	  	 	  
	Rent
    Roll
	  	  	  	  	  	  	  	  	  	  	  
	 	 	 	 	 	 	 	 	 	 	 
	Rent Roll Attached	 
    	  	  	(Select
    One)	  	  
	Rent Roll Summary Attached	 
    	  	  	  	  	  	  
	Single Tenant Property	 
    	  	  	Lease expires:	  	  
	Hospitality Property	 
    	  	  	YTD ADR:	  	  	RevPAR: 	 	  	ADO: 	  
	  	  	  	  	  	  	  	  	  	  	  
	Insert
    Rent Rolls in the space below using Excel commands or via Copy and Paste

  

	Copyright
    2008 Mortgage Bankers Association, Washington, DC	     

 

    	 	 	 

     

    

  

Standard
Inspection Form

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Inspection
    Date   	 
    	Time	 
    	 
    	 
Property
    City    		 
    
	Loan
    Number   	 
    	 
    	Property State/Country	
	 
    	   	 
    
	Property
    Name   	 
    	 
    	Overall Property
        Rating	
	 
    

 

	Maps
	  

 

	  	Regional
    Map
	  	  
	  	 

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

	  	  
	  	Neighborhood
    Map
	  	  
	  	 

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

  

	Copyright
    2008 Mortgage Bankers Association, Washington, DC	    

 

    	 	 	 

     

    
 

Comprehensive
Assessment Addendum     

	  	 	  
	Company
    Name/Logo	 	Standard
    Inspection Form

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Inspection
    Date	 
    	 
    	Time	 
    	 
    	 
    	Property
    City	 
    
	Loan
    Number	 
    	 
    	 
    	Property State/Country
	 
    	   /	 
    
	Property
    Name	 
    	 
    	 
    	Overall Property
        Rating
	 
    

 

	 
    	 
    	 
    	 
    	 
    
	Limitations
    of Field Assessment
	  
	Did
    you experience any of the following limitations to performing this field assessment:  (Choose Yes/No)	  
	  	Management
    unavailable for interview or management experience on the property is less than six months	 
    
	  	Occupied units
    were unavailable for assessment, or the total number of units available (occupied or unoccupied) was insufficient	 
    
	  	Significant
    portions of the common areas, amenities or basements, etc. were unavailable for assessment	 
    
	  	Snow was covering
    most exterior areas (parking lots, roofs, landscape areas)	 
    
	  	Other	  	  	  
	  	None	 
    	  	  
	  	Comment:	 
    	  	 
    

	  	  	  
	Comprehensive
    Property Assessment Ratings
	  	  	  
	1.  	Life
    Safety (Choose the one that applies from the drop down menu):
	  	 
    
	  	Comment:	 
    
	  	  	  
	2.	Deferred
    Maintenance (Choose the one that applies from the drop down menu):
	  	 
    
	  	Comment:	 
    
	  	  	  
	3.	Routine
    Maintenance (Choose the one that applies from the drop down menu):
	  	 
    
	  	Comment:	 
    
	  	  	  
	4.	Capital
    Needs (Choose the one that applies from the drop down menu):
	  	 
    
	  	Comment:	 
    
	  	  	  
	5.	Level/Volume
    of issues noted and appropriate follow-up recommendations (Choose the one that applies from the drop down menu):
	  	 
    
	  	Comment:	 
    

	  	  	  	  	  	  
	Overall
    Rating and Additional Comments
	  
	Overall
    Rating Scale:	 

         
	  
	  	  	1
    = No substantial concerns observed. No further action required.
	 	 	 
	  	  	2 = Some
    minor issues noted. Limited follow-up required.
	 	 	 
	  	  	3 = Substantial
    and/or critical issues noted. Documented follow-up required.
	 	 	 
	  	  	4 = Overall
    condition showing signs of deterioration. Documented follow-up with possible action plan required.
	 	 	 
	  	  	5 = Severe
    deferred maintenance observed. Follow-up and substantial action plan required.
	  	  	  	  	  
	  	Comment: 	 

         

	  	  	  	  	  
	Inspector
    Information
	  	  	  	  	  
	Seller/Servicer
    Certification	Date:	 
    	  
	  	  	  	  	  
	First
    Name:	 
    	 
    	 
    	  
	Last
    name:	 
    	 
    	 
    	  
	Title:	 
    	 
    	 
    	  
	Phone
    Number:	 
    	 
    	 
    	 
    

  

	Copywrite
    2008 Mortgage Bankers Association, Washington, DC	    

 

    	 	 	 

     

    

 

 

Comprehensive
Assessment Addendum     

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Inspection
    Date	 
    	 
    	Time	 
    	 
    	 
    	Property
    City	 
    
	Loan
    Number	 
    	 
    	 
    	Property State/Country
	 
    	   /	 
    
	Property
    Name	 
    	 
    	 
    	Overall Property
        Rating
	 
    

 

	Email
    Address:	 
    	 
    	 
    	  

  

	Copywrite
    2008 Mortgage Bankers Association, Washington, DC	

 

    	 	 	 

     

    

 

 

EXHIBIT
“B”

 

(Quarterly
Reports)

 

(see
attached)

 

    B-1 

     

    

 

 

	 	 	 	 	 	 	 	 	 
	Transaction/Securitization
    Name  	 	 	 	 	 	 	 
	Subservicer:	  	 
    	 
    	 
    	  	  	  	  
	Quarter
    Ending:	  	 
    	 
    	 
    	  	INSURANCE
    MONITORING REPORT

  

	 Servicer 
Loan
    #	MLS
 Loan
    # 	 Borrower 
Name	 Property 
Name	 Property 
Address	 Effective 
Date	 Expiration 
Date	 Insurance 
Co.	Type
    of
 Coverage 	Policy
 Number 	 Coverage 
Amount	 Deductible 	 Escrowed 
(Y/N)	 Loss Payee Endorsement 

        Reflects Trust
        (Y/N)
	Meets
Qualified
    Ins
 Ratings (Y/N) 	Frequency
    of
 Disbursement 
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    

 

Note:  Please
include one line per Insurance coverage.

  

The
undersigned hereby certifies that it holds in its custody a certificate or other appropriate proof of valid insurance on the individual
properties which are securing mortgage loans held by the above referenced “transaction/securitization” which
are subserviced by the undersigned on behalf of Midland Loan Services, Inc. The hazard coverage provided by such policies
complies with the requirements of the individual loan documents. The properties are correctly identified in the policies,
and all improvements thereon to be insured are included and properly described; that the name or names of the insured exactly
conform to the names or names in which title is held; that a standard, non contributory clause in favor of _______________________ is
or endorsed on the policies. The amount of coverage is not less than the amount required under the individual loan documents.

 

	Certified
    By:	 	 
	Date
    Printed:	 	 
	Title:	 	 

 

     

     

    

 

	 	 	 	 	 	 	 	 	 
	Transaction/Securitization
    Name  	 	 	 	 	 	 	 
	Subservicer:	  	 
    	 
    	 
    	  	  	  	  
	Quarter
    Ending:	  	 
    	 
    	 
    	  	TAX
    MONITORING REPORT

  

	
 Servicer Loan

 #	MLS
 Loan # 	 Borrower 
Name	 Property
    Name 	 Property 
Address	 Property
    City 	 Property 
State	 Property
    Zip 
Code	 Parcel
    No. 	 Tax Authority 
Name	 Tax
    Type 	Next
    Tax
 Due Date 	 Escrowed 
(Y/N)
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    

 

Note:  Please
include one line per tax parcel.

  

The
undersigned hereby certifies that it has inspected actual tax receipts or has otherwise verified full payment of all real estate
taxes for the year __________________________ and prior years on properties covered by all mortgage loans subserviced by
it on behalf of Midland Loan Services, Inc., and held by __________________________ excepting only the loans hereinafter
listed; the undersigned further certifies that no unredeemed sales certificates or other tax liens are outstanding against any
of the aforesaid properties other than as stated below.

  

	Loan
    Number	Mortgagor	Explanation

  

	Certified
    By:	 	 
	Date
    Printed:	 	 
	Title:	 	 

 

     

     

    

 

	 	 	 	 	 	 	 	 	 
	Transaction/Securitization
    Name  	 	 	 	 	 	 	 
	Subservicer:	  	 
    	 
    	 
    	  	  	  	  
	Quarter
    Ending:	  	 
    	 
    	 
    	  	UCC MONITORING REPORT

 

	Servicer
    Loan 

#	MLS
Loan #	Borrower
Name	State
    of Incorporation 

or State of Residence	Property
Name	Filing
    Type	Filing
Location	Original Filing 
Number	Original
Filing
    Date	Expiration
Date	
Trust
    is Named
Beneficiary (Y/N)
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    

 

	Note:  Please
    include one line per UCC filing.

 

The
undersigned hereby certifies that it has inspected actual UCC-1 filings or has otherwise verified filing of all UCC-1 documents
and further certifies that there has been no lapse in lien position on the collateral secured by said UCC-1 filings for all loans
subserviced on behalf of Midland Loan Services, Inc., and held by     ______________________________ .

  

	Certified
    By:	 	 
	Date
    Printed:	 	 
	Title:	 	 

  

	Please
    forward to Midland Loan Services copies of all filings and attachments.	  

	If
    copies cannot be supplied, Midland will need the following information:

 

	  	  	Exact
    Name and Address of current beneficiary (if not assigned to the Trust)
	  	  	Complete
    Address of the Borrower
	  	  	Copies
    of collateral description and legal description

 

     

     

    

 

  

EXHIBIT
“C”

 

(Remittance
Reports)

 

(see
attached)

 

    C-1 

     

    

  

	TRANSACTION
    NAME:	 
    	 
    	  	  	  	  	  
	SUBSERVICER:	  	  	  	  	  	  	  
	FOR
    DISTRIBUTION DATE:	  	  	  	  	  	  	  

 

	MASTER

        SERVICER #
	 SUBSERVICER 

        LOAN #
	BORROWER
NAME	BEGINNING

        BALANCE
	PAYMENT
AMOUNT	PRINCIPAL
    AMOUNT	INTEREST
AMOUNT	SERVICE

        FEE
	NET
INTEREST	NET

        REMITTANCE
	ENDING

        BALANCE
	PAYMENT
DATE
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	 
    	 
    	  	 
    	  	 
    	  	 
    	  	 
    	  	 
    
	TOTALSExhibit
4.1

 

DESCRIPTION
OF THE SECURITIES OF BALLANTYNE STRONG, INC.

REGISTERED
PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

The
following summarizes the terms and provisions of the securities of Ballantyne Strong, Inc., a Delaware corporation (the “Company”).
The common stock of the Company is registered under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). The following summary does not purport to be complete and is qualified in its entirety by reference to the Company’s
Certificate of Incorporation and Bylaws, each as amended, which the Company has previously filed with the Securities and Exchange
Commission, and applicable Delaware law.

 

Authorized
Capital

 

The
Company’s authorized capital stock consists of 25,000,000 shares of common stock, $0.01 par value per share (the
“Common Stock”), and 1,000,000 shares of preferred stock, $0.01 par value per share (the “Preferred
Stock”).

 

Under
Delaware law, stockholders generally are not personally liable for a corporation’s acts or debts.

 

Exchange
and Trading Symbol

 

The
Common Stock is listed for trading on the NYSE American under the trading symbol “BTN.”

 

Rights
and Preferences

 

All
outstanding shares of Common Stock are duly authorized, fully paid and nonassessable. Holders of shares of Common Stock have no
conversion, preemptive or subscription rights, and there are no redemption or sinking fund provisions applicable to the Common
Stock. The rights, preferences and privileges of the holders of Common Stock are subject to, and may be adversely affected by,
the rights of the holders of shares of any series of Preferred Stock that the Company may designate and issue in the future.

 

In
the event of the Company’s liquidation, dissolution or winding up, the holders of Common Stock are entitled to share ratably
in the assets legally available for distribution to stockholders after the payment of all of the Company’s known debts and
liabilities and after adequate provision has been made for each class of stock having preference over the Common Stock, if any.

 

Voting
Rights

 

Holders
of Common Stock are entitled to one vote for each share held of record on all matters to be voted on by the stockholders. There
is no cumulative voting with respect to the election of directors. Directors are elected by a plurality of the votes cast by the
holders of Common Stock. Except as otherwise required by law, all other matters brought to a vote of the holders of Common Stock
are determined by a majority of the votes cast and, except as may be provided with respect to any other outstanding class or series
of the Company’s stock, the holders of shares of Common Stock possess the exclusive voting power.

 

Dividends

 

Subject
to preferences that may be applicable to any then outstanding shares of Preferred Stock, the holders of Common Stock are entitled
to receive dividends, if any, as may be declared from time to time by the Company’s Board of Directors out of legally available
funds.

 

Preferred
Stock

 

The
Board of Directors of the Company is authorized, subject to any limitations prescribed by applicable law and without further approval
or action by the holders of Common Stock, to issue shares of Preferred Stock in one or more series. The Board of Directors may
fix the designation, powers, preferences and rights of the shares of each such series and any qualifications, limitations or restrictions
thereof, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and sinking
fund terms. The Company has no outstanding shares of Preferred Stock.

 

The
rights of the holders of Common Stock will generally be subject to the prior rights of the holders of any outstanding shares of
Preferred Stock with respect to dividends, liquidation preferences and other matters.

 

    	 

    	 

    

 

Anti-Takeover
Effects of Provisions of Delaware Law and the Company’s Certificate of Incorporation and Bylaws

 

Delaware
Anti-Takeover Law

 

The
Company is subject to Section 203 of the Delaware General Corporation Law (“Section 203”). Section 203 generally prohibits
a public Delaware corporation from engaging in a “business combination” with an “interested stockholder”
for a period of three years after the date of the transaction in which the person became an interested stockholder unless:

 

	 	●	prior
    to the date of the transaction, the board of directors of the corporation approved either the business combination or the
    transaction which resulted in the stockholder becoming an interested stockholder;
	 	●	upon
                                                                              consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested
                                                                              stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced,
                                                                              excluding for purposes of determining the number of shares outstanding (but not the outstanding voting stock owned by the
                                                                              interested stockholder) those shares owned by (i) persons who are directors and also officers and (ii) employee stock plans
                                                                              in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will
                                                                              be tendered in a tender or exchange offer; or

	 	●	at
                                                                              or subsequent to such time the business combination is approved by the board of directors and authorized at an annual or
                                                                              special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding
                                                                              voting stock which is not owned by the interested stockholder.

 

Section
203 defines a “business combination” to generally include:

 

	 	●	any
    merger or consolidation of the corporation or any direct or indirect majority-owned subsidiary of the corporation with the
    interested stockholder;
	 	●	any
        sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series

        of
        transactions), except proportionately as a stockholder of such corporation, to or with the interested stockholder of assets
        of the corporation or of any direct or indirect majority-owned subsidiary of the corporation which assets have an aggregate
        market value equal to 10% or more of either the aggregate market value of all the assets of the corporation determined
        on a consolidated basis or the aggregate market value of all the outstanding stock of the corporation;

	 	●	subject
        to certain exceptions, any transaction which results in the issuance or transfer by the corporation

        or
        by any direct or indirect majority-owned subsidiary of the corporation of any stock of the corporation or of such subsidiary
        to the interested stockholder;

	 	●	subject
        to certain exceptions, any transaction involving the corporation or any direct or indirect majority-

        owned
        subsidiary of the corporation that has the effect, directly or indirectly, of increasing the interested stockholder’s
        proportionate share of the stock of any class or series of securities, or securities convertible into the stock of any
        class or series, of the corporation or of any such subsidiary; and

	 	●	any
        receipt by the interested stockholder of the benefit, directly or indirectly (except proportionately as

        a
        stockholder of such corporation), of any loans, advances, guarantees, pledges or other financial benefits provided by
        or through the corporation or any direct or indirect majority-owned subsidiary.

 

In
general, Section 203 defines an interested stockholder as any entity or person that (i) is the owner of 15% or more of the outstanding
voting stock of the corporation, or (ii) is an affiliate or associate of the corporation and was the owner of 15% or more of the
outstanding voting stock of the corporation at any time within the three-year period immediately prior to the date on which it
is sought to be determined whether such person is an interested stockholder, and the affiliates and associates of such person.

 

Certificate
of Incorporation and Bylaws

 

The
Company’s Certificate of Incorporation and Bylaws include anti-takeover provisions that:

 

	 	●	authorize
    the Board of Directors, without further action by the stockholders, to issue shares of Preferred Stock in one or more series,
    and with respect to each series, to fix the number of shares constituting that series, and establish the rights and terms
    of that series;
	 	●	establish
                                                         advance notice procedures for stockholders to submit nominations of candidates for election to the Board of Directors to be
                                                         brought before a stockholders meeting;

	 	●	allow
                                                         the Company’s directors to establish the size of the Board of Directors and fill vacancies on the Board created by an
                                                         increase in the number of directors (subject to the rights of the holders of any series of Preferred Stock to elect
                                                         additional directors under specified circumstances);

 

    	 

    	 

    

 

	 	●	require
    the affirmative vote of the holders of at least 66 2/3% of the voting power of all of the then- outstanding shares of capital
    stock of the Company entitled to vote generally in the election of directors in order to remove a director or the entire Board
    of Directors for cause;
	 	●	do
    not provide stockholders cumulative voting rights with respect to director elections; and
	 	●	provide
                                                         that the Company’s Bylaws may be amended by the Board of Directors without stockholder approval; provided, however,
                                                         that the stockholders may amend the Bylaws only with the affirmative vote of the holders of at least 66 2/3% of the voting
                                                         power of all of the then-outstanding shares of capital stock of the Company entitled to vote generally in the election of
                                                         directors.

 

Provisions
of the Company’s Certificate of Incorporation and Bylaws may delay or discourage transactions involving an actual or potential
change in the Company’s control or change in the Company’s Board of Directors or management, including transactions
in which stockholders might otherwise receive a premium for their shares or transactions that the Company’s stockholders
might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of the Common
Stock.

 

Authorized
and Unissued Shares

 

The
Company’s authorized and unissued shares of Common Stock are available for future issuance without stockholder approval
except as may otherwise be required by applicable stock exchange rules or Delaware law. The Company may issue additional shares
for a variety of purposes, including future offerings to raise additional capital, to fund acquisitions and as employee and consultant
compensation. The existence of authorized but unissued shares of Common Stock could render more difficult, or discourage an attempt,
to obtain control of the Company by means of a proxy contest, tender offer, merger or otherwise.

 

The
issuance of shares of Preferred Stock by the Company could have certain anti-takeover effects under certain circumstances, and
could enable the Board of Directors to render more difficult or discourage an attempt to obtain control of the Company by means
of a merger, tender offer, or other business combination transaction directed at the Company by, among other things, placing shares
of Preferred Stock with investors who might align themselves with the Board of Directors.

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