Document:

Exhibit 4.14 

 

EXECUTION VERSION

 

CO-LENDER AGREEMENT

 

Dated as of September 30, 2016

by and between

 

BENEFIT STREET PARTNERS CRE FINANCE LLC

(Initial Note A Holder)

 

and

 

BENEFIT STREET PARTNERS CRE FINANCE LLC

(Initial Note B Holder)

 

Arkansas Hotel Portfolio

 

    

     

    

 

THIS AGREEMENT BETWEEN
NOTEHOLDERS (“Agreement”), dated as of September 30, 2016 by and between BENEFIT STREET PARTNERS CRE FINANCE
LLC, a Delaware limited liability company, having an address at 9 West 57th Street, Suite 4920, New York, New York 10019 (together
with its successors and assigns in interest, in its capacity as initial owner of the Note A, the “Initial Note A Holder”,
and in its capacity as the initial agent, the “Initial Agent”) and BENEFIT STREET PARTNERS CRE FINANCE LLC,
a Delaware limited liability company, having an address at 9 West 57th Street, Suite 4920, New York, New York 10019 (together with
its successors and assigns in interest, in its capacity as initial owner of the Note B, the “Initial Note B Holder”
and, together with the Initial Note A Holder, the “Initial Noteholders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein), Benefit Street Partners CRE Finance LLC originated a certain loan described on
the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) (the “Mortgage Loan”)
to the mortgage loan borrower described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which
is currently evidenced, inter alia, by (i) that certain Promissory Note A, dated as of September 30, 2016 made by
the Mortgage Loan Borrower in favor of the Initial Note A Holder, in the original principal amount of $10,000,000.00 (as amended,
modified or supplemented, “Note A”) and (ii) that certain Promissory Note B, dated as of September 30, 2016
made by the Mortgage Loan Borrower in favor of the Initial Note B Holder, in the original principal amount of $1,100,000.00 (as
amended, modified or supplemented, “Note B”), and secured by that certain Mortgage, Assignments of Leases and
Rents and Security Agreement (as amended, modified or supplemented, the “Mortgage”) on one or more parcels of,
or estates in, real property located as described on the Mortgage Loan Schedule (the “Mortgaged Property”);
and

 

WHEREAS, BSP intends
to sell, transfer and assign its right, title and interest in and to Note A to J.P. Morgan Chase Commercial Mortgage Securities
Corp. (“JPMCC”), as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated as of September 30,
2016, by and between JPMCC, as purchaser, BSP, as seller, and Benefit Street Partners CRE Conduit Company, L.P., and JPMCC intends
to transfer its right, title and interest in and to Note A to Wells Fargo Bank, National Association, as trustee for the JPMCC
Commercial Mortgage Securities Trust 2016-JP3 under a pooling and servicing agreement, dated as of September 1, 2016 (the
“Note A PSA”), among JPMCC, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, Torchlight Loan Services, LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor and as
asset representations reviewer, Wells Fargo Bank, National Association, as certificate administrator, and Wells Fargo Bank, National
Association, as trustee (such sales, transfers and assignments, the “Note A Securitization”);

 

WHEREAS, the Initial
Noteholders desire to enter into this Agreement to memorialize the terms under which the Note A Holder and the Note B Holder are
holding and will hold Note A and Note B, respectively, in the Mortgage Loan.

 

    

     

    

 

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

 

Section 1.            
Definitions. References to a “Section” or the “recitals” are, unless otherwise specified,
to a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed
thereto in the Servicing Agreement. Whenever used in this Agreement, the following terms shall have the respective meanings set
forth below unless the context clearly requires otherwise.

 

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

 

“Additional
Servicing Expenses” shall mean (a) all Servicing Advances, fees and/or expenses incurred by and reimbursable to any Servicer
or Trustee pursuant to the Servicing Agreement, and (b) all interest accrued on Advances made by (x) any Servicer or Trustee in
accordance with the terms of the Servicing Agreement.

 

“Advance Interest
Amount” shall mean interest payable on Advances, as specified in the Servicing Agreement.

 

“Advances”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Affiliate”
shall mean with respect to any specified Person (i) any other Person that Controls, Controlling or is Controlled by or under
common Control with such specified Person (each a “Common Control Party”), (ii) any other Person owning,
directly or indirectly, ten percent (10%) or more of the beneficial interests in such Person or (iii) any other Person in
which such Person or a Common Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests.

 

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

 

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at
9 West 57th Street, Suite 4920, New York, New York 10019, and which is the address to which notices to and correspondence with
the Agent should be directed. The Agent may change the address of its designated office by notice to the Noteholders.

 

“Agreement”
shall mean this Agreement between Noteholders, the exhibits and schedule hereto and all amendments hereof and supplements hereto.

 

“Appraisal Reduction
Amount” shall have the meaning assigned to the term “Appraisal Reduction” or such other analogous term used
in the Servicing Agreement.

 

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

 

    2

     

    

 

“Asset Representations
Reviewer” shall mean Pentalpha Surveillance LLC or its successor in interest, or any successor Asset Representations
Reviewer appointed as provided in the Servicing Agreement.

 

“Asset Status
Report” shall have the meaning assigned to such term in the Servicing Agreement.

 

“B Note”
shall mean the Note B.

 

“Balloon Payment”
shall have the meaning assigned to such term in the Servicing Agreement.

 

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

 

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

 

“Certificate
Administrator” shall mean Wells Fargo Bank, National Association or its successor in interest, or any successor Certificate
Administrator appointed as provided in the Servicing Agreement.

 

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

 

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

 

“Collection
Account” shall mean the trust account or accounts (including any sub-accounts) created and maintained by the Servicer.

 

“Condemnation
Proceeds” shall have the meaning assigned to such term or any one or more analogous terms in the Servicing Agreement.

 

“Conduit”
shall have the meaning assigned to such term in Section 19(f).

 

“Conduit Credit
Enhancer” shall have the meaning assigned to such term in Section 19(f).

 

“Conduit Inventory
Loan” shall have the meaning assigned to such term in Section 19(f).

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an
entity, whether through the ability to exercise voting power, by contract or otherwise.

 

    3

     

    

 

“Control Appraisal
Period” A “Control Appraisal Period” shall exist with respect to the Mortgage Loan, if and for so long as:

 

(a)            
(1) the initial Note B Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal (whether
as principal prepayments or otherwise) allocated to, and received on, the Note B after the date of creation of the Note B, (y)
any Appraisal Reduction Amount for the Mortgage Loan that is allocated to the Note B and (z) any losses realized with respect to
any Mortgaged Property or the Mortgage Loan that are allocated to the Note B, is less than

 

(b)           
25% of the remainder of the (i) initial Note B Principal Balance less (ii) any payments of principal (whether as principal
prepayments or otherwise) allocated to, and received by, the Note B Holder on the B Note after the date of creation of the B Note.

 

“Controlling
Class Representative” shall mean the “Controlling Class Representative” as defined in the Servicing Agreement
or such other analogous term used in the Servicing Agreement.

 

“Controlling
Noteholder” shall mean as of any date of determination (i) the Note B Holder, unless a Control Appraisal Period has occurred
and is continuing or (ii) if a Control Appraisal Period has occurred and is continuing, the Note A Holder; provided that
at any time Note A is the Controlling Noteholder and is included in the Note A Securitization, references to the “Controlling
Noteholder” herein shall mean the holders of the majority of the class of securities issued in the Note A Securitization
designated as the “controlling class” (or such lesser amount as permitted under the terms of the Servicing Agreement)
or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder” hereunder,
as and to the extent provided in the Servicing Agreement; provided, further, that, if the Noteholder of Note B would be the Controlling
Noteholder pursuant to the terms hereof, but any interest in such Note B is held by the Mortgage Loan Borrower or a Mortgage Loan
Borrower Related Party, or the Mortgage Loan Borrower or Mortgage Loan Borrower Related Party would otherwise be entitled to exercise
the rights of the Controlling Noteholder, a Control Appraisal Period shall be deemed to have occurred. As of the Closing Date,
the Controlling Noteholder will be the Noteholder of Note B.

 

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

 

“Cure Period”
shall have the meaning assigned to such term in Section 11(a).

 

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

 

“Defaulted Mortgage
Loan Purchase Price” shall mean the sum, without duplication, of (a) the Principal Balance of Note A, (b) accrued
and unpaid interest thereon at the Note A Rate from the date as to which interest was last paid in full by Mortgage Loan Borrower
up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the date the purchase
occurred, (c) any other amounts due under the Mortgage Loan, other than Prepayment Premiums, default interest, late fees, exit
fees and any other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party

 

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is
the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit
fees and any other similar fees, (d) without duplication of amounts under clause (c), any unreimbursed property protection
or servicing Advances and any expenses incurred in enforcing the Mortgage Loan Documents (including, without limitation, servicing
Advances payable or reimbursable to any Servicer, and earned and unreimbursed special servicing fees), (e) without duplication
of amounts under clause (c), any accrued and unpaid Advance Interest Amount, (f) any amounts payable in respect of the Mortgage
Loan to the Asset Representations Reviewer, (g) (i) if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is
the purchaser or (ii) if the Mortgage Loan is purchased after ninety (90) days after the first such option becomes exercisable
pursuant to Section 12 of this Agreement, any liquidation or workout fees payable under the Servicing Agreement with respect
to the Mortgage Loan and (h) any Recovered Costs not reimbursed previously to Note A pursuant to this Agreement. Notwithstanding
the foregoing, if the Note B Holder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the
Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) through (h) of this definition.
If the Mortgage Loan is converted into a REO Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price,
interest will be deemed to continue to accrue on Note A at the Note A Rate as if the Mortgage Loan were not so converted. In no
event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Note B Holder under this Agreement.

 

“Defaulted Note
Purchase Date” shall have the meaning assigned to such term in Section 12.

 

“Default Interest”
shall mean interest on the Mortgage Loan at a rate per annum equal to the Note Default Interest Spread.

 

“Depositor”
shall mean J.P. Morgan Chase Commercial Mortgage Securities Corp.

 

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

 

“Final Recovery
Determination” shall have the meaning assigned to such term in the Servicing Agreement.

 

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

 

“Grace Period”
shall have the meaning assigned to such term in Section 11(a).

 

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

 

“Indemnified
Items” shall mean, collectively, any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments
and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of the Mortgage
Loan and the Mortgaged Property (or, with respect to the Operating Advisor, incurred in connection with the provision of services
for the Mortgage Loan) under the Servicing Agreement.

 

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“Indemnified
Parties” shall mean, collectively, (i) (as and to the same extent the Note A Securitization Trust is required to indemnify
each of the following parties in respect of other mortgage loans in the Note A Securitization Trust pursuant to the terms of the
Servicing Agreement) each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor, the Asset Representations Reviewer and the Depositor (and any director, officer, employee or agent of any of the foregoing,
to the extent such parties are identified as indemnified parties in the Note A PSA in respect of other mortgage loans) and (ii)
the Note A Securitization Trust.

 

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

 

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

 

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

 

“Initial Noteholders”
shall mean, collectively, the Initial Note A Holder and the Initial Note B Holder.

 

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

 

“Insurance Proceeds”
shall have the meaning assigned to such term or any one or more analogous terms in the Servicing Agreement.

 

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

 

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

 

    6

     

    

 

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

 

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

 

“Major Decisions”
shall have the meaning given to such term or any one or more analogous terms in the Note A PSA.

 

“Master Servicer”
shall mean Midland Loan Services, a Division of PNC Bank, National Association or its successor in interest, or any successor Master
Servicer appointed as provided in the Servicing Agreement.

 

“Monetary Default”
shall have the meaning assigned to such term in Section 11(a).

 

“Monetary Default
Notice” shall have the meaning assigned to such term in Section 11(a).

 

“Monthly Payment”
shall mean have the meaning assigned to such term in the Servicing Agreement.

 

“Monthly Payment
Date” shall mean the Payment Date (as defined in the Mortgage Loan Documents).

 

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

 

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

 

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

 

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

 

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

 

“Mortgage Loan
Agreement” shall mean the mortgage loan agreement, dated as of July 26, 2016, between the Mortgage Loan Borrower and
Benefit Street Partners CRE Finance LLC, as lender, as the same may be amended, restated, renewed, extended, modified or supplemented
from time to time, subject to the terms hereof.

 

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

 

“Mortgage Loan
Borrower Related Party” shall have the meaning assigned to such term in Section 18.

 

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“Mortgage Loan
Documents” shall mean, with respect to the Mortgage Loan, the Mortgage, the Note(s) and all other documents now or hereafter
evidencing and securing or guaranteeing the Mortgage Loan.

 

“Mortgage Loan
Rate” shall mean, as of any date of determination, the weighted average of the Note A Rate and the Note B Rate.

 

“Mortgage Loan
Schedule” shall mean the Schedule attached hereto as Exhibit A.

 

“Net Note A
Rate” shall mean the Note A Rate minus the Servicing Fee Rate applicable to Note A.

 

“Net Note B
Rate” shall mean the Note B Rate minus the Servicing Fee Rate applicable to Note B.

 

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

 

“Non-Monetary
Default” shall have the meaning assigned to such term in Section 11(d).

 

“Non-Monetary
Default Cure Period” shall have the meaning assigned to such term in Section 11(d).

 

“Non-Monetary
Default Notice” shall have the meaning assigned to such term in Section 11(d).

 

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

 

“Noteholder”
shall mean any of the Note A Holder and the Note B Holder, as applicable.

 

“Noteholder
Purchase Notice” has the meaning assigned to such term in Section 12.

 

“Note”
shall mean either of Note A and Note B, as applicable.

 

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

 

“Note A Holder”
shall mean the Initial Note A Holder, or any subsequent holder of Note A, together with its successors and assigns.

 

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“Note A Default
Rate” shall mean a rate per annum equal to the Note A Rate plus the Note Default Interest Spread.

 

“Note A Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A Principal Balance and
the denominator of which is the sum of the Note A Principal Balance and the Note B Principal Balance.

 

“Note A Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A Balance set
forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A Holder or reductions in such
amount pursuant to Sections 3, 4 or 5, as applicable.

 

“Note A Rate”
shall mean the Note A Rate set forth on the Mortgage Loan Schedule.

 

“Note A Relative
Spread” shall mean the ratio of the Note A Rate to the Mortgage Loan Rate.

 

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

 

“Note A Securitization
Note” shall mean Note A.

 

“Note A Securitization
Trust” shall mean a trust formed pursuant to the Note A Securitization pursuant to which Note A is held.

 

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

 

“Note B Holder”
shall mean the Initial Note B Holder, and its successors in interest, or any subsequent holder of Note B.

 

“Note B Default
Rate” shall mean a rate per annum equal to the Note B Rate plus the Note Default Interest Spread.

 

“Note B Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note B Principal Balance and
the denominator of which is the sum of the Note A Principal Balance and the Note B Principal Balance.

 

“Note B Principal
Balance” shall mean, at any time of determination, the Initial Note B Principal Balance set forth on the Mortgage Loan
Schedule, less any payments of principal thereon or reductions in such amount pursuant to Section 3, 4 or 5,
as applicable.

 

“Note B Rate”
shall mean the Note B Rate set forth on the Mortgage Loan Schedule.

 

“Note B Relative
Spread” shall mean the ratio of the Note B Rate to the Mortgage Loan Rate.

 

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“Note Default
Interest Spread” shall mean a rate per annum equal to five percent (5%); provided, however, that if the
weighted average of the Note A Default Rate and the Note B Default Rate would exceed the maximum rate permitted by applicable law,
the note default interest spread shall equal (i) the rate at which the weighted average of the Note A Default Rate and the Note
B Default Rate equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.

 

“Note Pledgee”
shall have the meaning assigned to such term in Section 19(e).

 

“Note Rate”
shall mean either of the Note A Rate and the Note B Rate, as applicable.

 

“Note Register”
shall have the meaning assigned to such term in Section 21.

 

“Operating Advisor”
shall mean Pentalpha Surveillance LLC or its successor in interest, or any successor Operating Advisor appointed as provided in
the Servicing Agreement.

 

“P&I Advance”
shall mean an advance made by a party to the Servicing Agreement in respect of a delinquent monthly debt service payment on the
Note A Securitization Note.

 

“Percentage
Interest” shall mean, with respect to the Note A Holder, the Note A Percentage Interest and with respect to the Note
B Holder, the Note B Percentage Interest, as each may be adjusted from time to time.

 

“Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests
relating to commercial real estate, (ii) investing through a fund with committed capital of at least $500,000,000 and (iii) not
subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

 

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

 

“Pledge”
shall have the meaning assigned to such term in Section 19(e).

 

“Prepayment
Premium” shall mean, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance
premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents,
including any exit fee.

 

“Principal Balance”
shall mean either of the Note A Principal Balance and the Note B Principal Balance, as applicable.

 

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

 

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

 

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

 

(c)          
one or more of the following:

 

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

 

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

 

(iii)        
a Qualified Trustee in connection with (a) the securitization of, (b) the creation of collateralized loan obligations
(“CLO”) secured by, or (c) a financing through an “owner trust” of, a Note or any interest
therein (any of the foregoing, a “Securitization Vehicle”), provided that (1) one or more classes
of securities issued by such Securitization Vehicle is initially rated at least investment grade by each of the Rating Agencies
that assigned a rating to one or more classes of securities issued in connection with such Note A Securitization; (2) in
the case of a Securitization Vehicle that is not a CLO, the special servicer of such Securitization Vehicle has a Required Special
Servicer Rating or is otherwise acceptable to the Rating Agencies rating each Note A Securitization (such entity, an “Approved
Servicer”) and such Approved Servicer is required to service and administer such Note or any interest therein in accordance
with servicing arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in
accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in
the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager and, if applicable, each Intervening Trust Vehicle that
is not administered and managed by a CLO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional
Lender under clauses (i), (ii), (iv) or (v) of this definition, or

 

(iv)       
an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital
commitments of at least

 

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

 

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

 

in the case of any entity referred to in clause (c)(i), (ii), (iv)(B) or (v) of this definition, (x) such entity has
at least $250,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory firm
or similar fiduciary) and at least $750,000,000 in total assets (in name or under management), and (y) is regularly engaged
in the business of making or owning commercial real estate loans (or interests therein) similar to the Mortgage Loan (or mezzanine
loans with respect thereto) or owning or operating commercial real      estate properties; provided
that, in the case of the entity described in clause (iv)(B) above, the requirements of this clause (y) may be satisfied
by a general partner, managing member, or    the fund manager responsible for the day-to-day management and operation
of such entity; or

 

(d)         
any entity Controlled by any of the entities described in clause (c)(i), (ii), (iv)(B) or (v) above or approved by
the Rating Agencies hereunder as a Qualified Institutional Lender for purposes of this Agreement, or as to which the Rating Agencies
have stated they would not review such entity in connection with the subject transfer.

 

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

 

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

 

“Rating Agencies”
shall mean DBRS, Fitch, KBRA, Moody’s, Morningstar and S&P and their respective successors in interest or, if any of
such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized
statistical rating agency reasonably designated by the Depositor to rate the securities issued in

 

    12

     

    

 

connection with the Note A Securitization;
provided, however, that, at any time during which Note A is an asset of the Note A Securitization, “Rating Agencies”
or “Rating Agency” shall mean only those rating agencies that are engaged by the Depositor from time to time to rate
the securities issued in connection with the Note A Securitization of such Note.

 

“Rating Agency
Confirmation” shall have the meaning given thereto or any analogous term in the Servicing Agreement, including any deemed
or waived Rating Agency Confirmation.

 

“Recovered Costs”
shall mean any amounts referred to in clauses (d) and/or (e) of the definition of “Defaulted Mortgage Loan Purchase Price”
that, at the time of determination, had been previously paid or reimbursed to any Servicer from sources other than collections
on or in respect of the Mortgage Loan or the Mortgaged Property (including, without limitation, from collections on or in respect
of loans other than the Mortgage Loan).

 

“Redirection
Notice” shall have the meaning assigned to such term in Section 19(e).

 

“Relative Spread”
shall mean either of the Note A Relative Spread or the Note B Relative Spread, as the context may require.

 

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

 

“REMIC Provisions”
shall mean provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections
860A through 860G of subchapter M of Chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed
regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the date
of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special
servicer of such commercial mortgage loans, (iv) in the case of Morningstar, either (a) the applicable replacement has a special
servicer ranking of at least “MOR CS3” by Morningstar (if ranked by Morningstar) or (b) if not ranked by Morningstar,
is currently acting as a special servicer, on a deal or transaction-level basis for all or a significant portion of the related
mortgage loans in other CMBS transactions rated by any of S&P, Moody’s, Fitch, DBRS or KBRA and the trustee does not
have actual knowledge that Morningstar has, and the replacement special servicer certifies that Morningstar has not, with respect
to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings on one or more classes of such CMBS
transaction citing servicing concerns of the applicable replacement as the sole or

 

    13

     

    

 

material factor in such rating action, and (v)
in the case of DBRS or KBRA, as applicable, has not cited servicing concerns of such special servicer as the sole or material factor
in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a
ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination.

 

“REO Property”
shall mean the Mortgaged Property after the Servicer has foreclosed on the Mortgaged Property or accepted a deed in lieu of foreclosure.

 

“S&P”
shall mean S&P Global Ratings Services, and its successors in interest.

 

“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan, any
other Event of Default for which the Mortgage Loan is actually accelerated or any other Event of Default which causes the Mortgage
Loan to become a Specially Serviced Mortgage Loan, or any bankruptcy or insolvency event that constitutes an Event of Default;
provided, however, that unless the Servicer under the Servicing Agreement has notice or knowledge of such event at
least ten (10) Business Days prior to the applicable distribution date, distributions will be made sequentially beginning on the
subsequent distribution date; provided, further, that the aforementioned requirement of notice or knowledge will
not apply in the case of distribution of the final proceeds of a liquidation or final disposition of the Mortgage Loan. A Sequential
Pay Event shall no longer exist to the extent it has been cured (including any cure payment made by the Note B Holder (unless a
Control Appraisal Period has occurred and is continuing) in accordance with Section 11) and shall not be deemed to exist to the
extent any Note B Holder is exercising its cure rights under Section 11.

 

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

 

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

 

“Servicing Advance”
shall have the meaning given thereto in the Servicing Agreement.

 

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

 

“Servicing Fee
Rate” shall have the meaning assigned to such term in the Servicing Agreement.

 

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

 

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“Servicing Transfer
Event” shall have the meaning assigned to such term in the Servicing Agreement.

 

“Special Servicer”
shall mean Torchlight Loan Services, LLC, or its successor in interest, or any successor Special Servicer appointed as provided
in the Servicing Agreement and this Agreement.

 

“Specially Serviced
Mortgage Loan” shall have the meaning assigned to such term in the Servicing Agreement.

 

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

 

“Threshold Event
Collateral” shall have the meaning assigned to such term in Section 5(g).

 

“Threshold Event
Cure” shall have the meaning assigned to such term in Section 5(g).

 

“Transfer”
shall mean any sale, assignment, transfer, pledge, syndication, participation, hypothecation, contribution, encumbrance or other
disposition (either (i) directly or (ii) indirectly through entering into a derivatives contract, excluding a repo financing
or a Pledge in accordance with Section 19(e)).

 

“Trustee”
shall mean Wells Fargo Bank, National Association or its successor in interest, or any successor Trustee appointed as provided
in the Servicing Agreement.

 

“U.S. Person”
shall mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided in applicable
Treasury Regulations) created or organized in or under the laws of the United States, any State thereof or the District of Columbia,
including any entity treated as a corporation or partnership for federal income tax purposes, or an estate whose income is subject
to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in existence on August 20,
1996 that is eligible to elect to be treated as a U.S. Person).

 

“Workout”
shall mean any written modification, waiver, amendment, restructuring or workout of the Mortgage Loan or the Note entered into
with the Mortgage Loan Borrower in accordance with the Servicing Agreement.

 

“Whole Loan
Custodial Account” shall mean the custodial account or subaccount established for the Mortgage Loan pursuant to the Servicing
Agreement.

 

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Section 2.            
Servicing.

 

(a)  
Each Noteholder acknowledges and agrees that, subject in each case to the terms of this Agreement, the Mortgage Loan shall
be serviced pursuant to the Note A PSA; provided that the Master Servicer shall not be obligated to advance monthly payments
of principal or interest in respect of the Notes other than the Note A if such principal or interest is not paid by the Mortgage
Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to
the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms
of the Note A PSA. The Note B Holder acknowledges that the Note A may elect, in its sole discretion, to include the Note A in the
Note A Securitization and agrees that it will, subject to Section 24, reasonably cooperate with the Note A Holder at
the Note A Holder’s sole cost and expense to effect such Note A Securitization. Subject to the terms and conditions of this
Agreement, each Noteholder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, Special Servicer and
the Trustee under the Note A PSA by the Depositor and agrees to reasonably cooperate with the Master Servicer and the Special Servicer
with respect to the servicing of the Mortgage Loan in accordance with this Agreement and the Note A PSA. Each Noteholder hereby
irrevocably appoints the Master Servicer, the Special Servicer and the Trustee in the Note A Securitization as such Noteholder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan
on its behalf under the Note A PSA (subject at all times to the rights of the Noteholder set forth herein and in the Servicing
Agreement). In no event shall the Servicing Agreement require the Servicer to enforce the rights of any Noteholder or limit the
Servicer in enforcing the rights of one Noteholder against the other Noteholder; however, this statement shall not be construed
to otherwise limit the rights of one Noteholder with respect to the other Noteholder.

 

(b)          
In no event shall the Note B Holder be entitled to exercise any rights of the “directing holder” consulting
class or any analogous class or holder under the Note A PSA except to the extent the Note B Holder is given such rights expressly
under the terms of this Agreement or the Servicing Agreement in its capacity as the Controlling Noteholder.

 

(c)          
In no event may the Note A PSA change the interest allocable to, or the amount of any payments due to, the Note B Holder
or  materially increase the Note B Holder’s or the Controlling Noteholder’s obligations or materially decrease
the Controlling Noteholder’s or the Note B Holder’s rights, remedies or protections hereunder. The Note A PSA shall
require the Master Servicer and Special Servicer to service the Mortgage Loan in accordance with the terms of this Agreement, including
the rights of the Note B Holder hereunder.

 

(d)          
The Note A PSA shall contain provisions to the effect that:

 

(i)           
any payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the other Noteholders on the
“master servicer remittance date” under the Note A PSA;

 

(ii)          
the Note B Holder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide, any information,
relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as such Person may reasonably

 

    16

     

    

 

request and in
the possession of, or collected or known by, the Master Servicer or Special Servicer relating to the Mortgage Loan and, in any
event, all information that is required to be provided to the “Directing Certificateholder” or analogous term under
the Note A PSA but not limited to standard CREFC® reports, provided that if an interest in Note B or the Note B
Holder is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, then the Note B Holder shall not be entitled
to receive the Asset Status Report or any other information relating to the Special Servicer’s workout strategy or any “Excluded
Information” or analogous term under the Note A PSA;

 

(iii)          
each Noteholder is an intended third party beneficiary in respect of the rights afforded it under the Note A PSA and may
directly enforce such rights; and

 

(iv)           the
Note A PSA may not be amended without the consent of the Note B Holder if such amendment would materially and adversely affect
the Mortgage Loan or the Note B Holder’s rights with respect thereto.

 

(e)            
Notwithstanding anything to the contrary contained in this Agreement, any obligation of the Servicer pursuant to the terms
hereof shall be performed by the Master Servicer or the Special Servicer, as applicable, as set forth in the Servicing Agreement.

 

(f)  
At any time after the Note A Securitization Date that the Note A is no longer subject to the provisions of the Note A PSA,
the Note A Holder shall (i) cause the Mortgage Loan to be serviced pursuant to a servicing agreement that contains servicing provisions
which are the same as or more favorable to the Note B Holder, in substance, to those in the Note A PSA, and (ii) cause the applicable
Servicers to service and administer the Mortgage Loan in accordance with the Servicing Standard as set forth in the Note A PSA,
and all references herein to the “Note A PSA” shall mean such subsequent servicing agreement; provided, however, that
until a replacement servicing agreement has been entered into, the Note A Holder shall cause the Mortgage Loan to be serviced in
accordance with the servicing provisions set forth in the Note A PSA as if such agreement was still in full force and effect with
respect to the Mortgage Loan, provided, however, that the Servicer under the Note A PSA shall have no further obligations to make
P&I Advances; provided, further, however, that until a replacement servicing agreement is in place, the
actual servicing of the Mortgage Loan may be performed by any nationally recognized commercial mortgage loan servicer appointed
by the Note A Holder and does not have to be performed by the service providers set forth under the Note A PSA. The Note A Holder
shall provide the Note B Holder with a reasonable opportunity to review and comment on any replacement Servicing Agreement, and
the Note B Holder agrees to reasonably negotiate the final terms of such servicing agreement as promptly as reasonably possible
upon receipt of any proposed revisions.

 

(g) 
If the Note B Holder exercises its purchase option in accordance with Section 12 hereof, upon the Mortgage Loan being transferred
to the Note B Holder, the Note B Holder shall be entitled to terminate the Servicing Agreement in its sole discretion without payment
of any termination fees.

 

Section 3.            
Subordination of the B Notes; Payments Prior to a Sequential Pay Event. The B Note and the right of the Note B Holder
to receive payments of interest, principal

 

    17

     

    

 

and other amounts with respect to the B Note shall at all times be junior, subject and
subordinate to Note A and the right of the Note A Holder to receive payments of interest, principal and other amounts with respect
to Note A as set forth herein. If no Sequential Pay Event, as determined by the applicable Servicer, shall have occurred and be
continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection
with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Monthly
Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument
securing the Mortgage Loan, Insurance Proceeds or Condemnation Proceeds (other than proceeds, awards or settlements to be applied
to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of
the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), but excluding (x) all amounts for required reserves
or escrows required by the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents)
to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of Advances then due and payable
or reimbursable to the Servicer under the Servicing Agreement and (y) all amounts that are then due, payable or reimbursable to
any Servicer, Operating Advisor, Certificate Administrator, Asset Representations Reviewer or Trustee with respect to this Mortgage
Loan (including any Penalty Changes) pursuant to the Servicing Agreement, shall be applied by the Note A Holder (or its designee)
and distributed by the Servicer (on its behalf) for payment in the following order of priority without duplication (and payments
shall be made at such times as are set forth in the Servicing Agreement):

 

(a)            
first, to the Note A Holder in an amount equal to the accrued and unpaid interest on the Note A Principal Balance at the
Net Note A Rate;

 

(b) 
second, to the Note A Holder in an amount equal to its pro rata share (based on its Percentage Interest) of principal
payments received, if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan, until its Principal Balance
has been reduced to zero;

 

(c)  
third, to the Note A Holder up to the amount of any unreimbursed costs and expenses paid by such Note A Holder (including
any Recovered Costs) not previously reimbursed to such Noteholder (or paid or advanced by any servicer on its behalf and not previously
paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

 

(d) 
fourth, to the Note A Holder in an amount equal to the product of (i) the Note A Percentage Interest, (ii) the Note A Relative
Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(e)  
fifth, to the Note A Holder in an amount equal to the Penalty Charges received with respect to Note A, if any;

 

(f)  
sixth, to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11,
to reimburse the Note B Holder for all such cure payments;

 

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(g) 
seventh, to the Note B Holder in an amount equal to the accrued and unpaid interest on the Note B Principal Balance at the
Net Note B Rate;

 

(h) 
eighth, to the Note B Holder in an amount equal to its pro rata share (based on its Percentage Interest) of principal
payments received, if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan, until its Principal Balance
has been reduced to zero;

 

(i)   
ninth, to the Note B Holder in an amount equal to the product of (i) the Note B Percentage Interest, (ii) the Note B Relative
Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(j)             
tenth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts
required to be applied in accordance with the foregoing clauses (a)-(i) and, as a result of a Workout the Principal Balance of
Note B has been reduced, such excess amount shall be paid to the Note B Holder in an amount up to the reduction, if any, of the
Note B Principal Balance as a result of such Workout, plus interest on such amount at the Note B Rate;

 

(k)           
eleventh, to the Note B Holder in an amount equal to the Penalty Charges received with respect to Note B, if any;

 

(l)             
thirteenth, if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied
in accordance with the foregoing clauses (a)-(k), any remaining amount shall be paid to the Note A Holder and the Note B Holder
in accordance with their respective initial principal Percentage Interests.

 

Section 4.            
Payments Following a Sequential Pay Event. Payments of interest and principal shall be made to the Noteholders in
accordance with Section 3 of this Agreement; provided that if a Sequential Pay Event, as determined by the applicable Servicer
and as set forth in the Servicing Agreement, shall have occurred and be continuing, all amounts tendered by the Mortgage Loan Borrower
or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts
realized as proceeds thereof (including without limitation amounts received by the Master Servicer or Special Servicer pursuant
to the Servicing Agreement as reimbursements on account of recoveries in respect of Advances), whether received in the form of
Monthly Payments, any proceeds from the sale or distribution of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds
under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan, Insurance Proceeds or Condemnation
Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released
to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC
Provisions), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents deemed appropriate
by the Servicer in accordance with the Servicing Standard to continue to be held as reserves or escrows or received as reimbursements
on account of recoveries in respect of Advances then due and payable or reimbursable to the Servicer under Servicing Agreement
and (y) all amounts that are then due, payable or reimbursable to any Servicer, Operating Advisor, Certificate Administrator, Asset

 

    19

     

    

 

Representations Reviewer or Trustee with respect to this Mortgage Loan (including any Penalty Charges) pursuant to the Servicing
Agreement with respect to the Mortgage Loan, shall be distributed by the Servicer in the following order of priority without duplication
(and payments shall be made at such times as are set forth in the Servicing Agreement):

 

(a)  
first, to the Note A Holder in an amount equal to the accrued and unpaid interest on the Note A Principal Balance at the
Net Note A Rate;

 

(b) 
second, to the Note A Holder based on its outstanding Principal Balance, until its Principal Balance has been reduced to
zero;

 

(c)  
third, to the Note A Holder up to the amount of any unreimbursed costs and expenses paid by such Note A Holder including
any Recovered Costs not previously reimbursed to such Noteholder (or paid or advanced by any servicer on its behalf and not previously
paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

 

(d) 
fourth, to the Note A Holder in an amount equal to the product of (i) the Note A Percentage Interest, (ii) the Note A Relative
Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(e)  
fifth, to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11,
to reimburse the Note B Holder for all such cure payments;

 

(f)  
sixth, to the Note B Holder in an amount equal to the accrued and unpaid interest on the Note B Principal Balance at the
Net Note B Rate;

 

(g) 
seventh, to the Note B Holder based on its outstanding Principal Balance, until its Principal Balance has been reduced to
zero;

 

(h) 
eighth, to the Note B Holder in an amount equal to the product of (i) the Note B Percentage Interest, (ii) the Note B Relative
Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(i)             
ninth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts
required to be applied in accordance with the foregoing clauses (a)-(h) and, as a result of a Workout the Principal Balance of
Note B has been reduced, such excess amount shall be paid to the Note B Holder in an amount up to the reduction, if any, of the
Note B Principal Balance as a result of such Workout, plus interest on such amount at the related Note B Rate;

 

(j)             
eleventh, to the Note A Holder in an amount equal to Penalty Charges received with respect to Note A, if any;

 

(k)           
twelfth, to the Note B Holder in an amount equal to Penalty Charges received with respect to Note B, if any; and

 

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(l)             
thirteenth, if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied
in accordance with the foregoing clauses (a)-(k), any remaining amount shall be paid to the Note A Holder and the Note B Holder
in accordance with their respective initial principal Percentage Interests.

 

Section 5.            
Administration of the Mortgage Loan.

 

(a)            
Subject to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement, the Note A Holder
(or the Servicer acting on behalf of the Note A Holder) shall have the sole and exclusive authority with respect to the administration
of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole authority to
modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act by the Mortgage Loan
Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate the Mortgage Loan or
institute any foreclosure action or other remedy and no other Noteholder shall have any voting, consent or other rights whatsoever
with respect to the Note A Holder’s administration of, or exercise of its rights and remedies with respect to, the Mortgage
Loan. Subject to this Agreement and the Servicing Agreement (including, without limitation, Section 5(f) below), the Note B Holder
agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Note A Holder (or the Servicer
acting on behalf of the Note A Holder) the rights, if any, that the Note B Holder has to, (i) call or cause the Note A Holder
to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the
Mortgage Loan Borrower, including, without limitation, filing or causing the Note A Holder to file any bankruptcy petition against
the Mortgage Loan Borrower. The Note A Holder (or the Servicer acting on behalf of the Note A Holder) shall not have any fiduciary
duty to the Note B Holder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Note
A Holder from the obligation to make any disbursement of funds as set forth herein).

 

(b)           
The administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. The Note B Holder
agrees to be bound by the terms of the Servicing Agreement. The Note A Holder (or the Servicer on its behalf) shall service the
Mortgage Loan in accordance with the terms of this Agreement, including without limitation the rights of the Note B Holder set
forth in Section 5(f) below. Servicing of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage
Loan is a Specially Serviced Mortgage Loan, by the Special Servicer, in each case pursuant to the Servicing Agreement and this
Agreement. Notwithstanding anything to the contrary contained herein, in accordance with the Servicing Agreement, the Note A Holder
shall cause the Master Servicer and the Special Servicer to service and administer the Mortgage Loan in accordance with the Servicing
Standard, taking into account the interests of the Note A Holder and the Note B Holder (it being understood that the interest of
the Note B Holder is a junior Note interest, subject to the terms and conditions of this Agreement), and any Note B Holder who
is not the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party shall be deemed a third party beneficiary of such provisions
of the Servicing Agreement. The foregoing provisions of this Section 5(b) shall not limit or modify the rights of the
Controlling Noteholder and/or the Controlling Noteholder Representative to exercise their respective rights specifically set forth
under this Agreement.

 

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(c)  
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement
and this Agreement (including, without limitation, Section 6), if the Servicer (on behalf of the Noteholders) in connection
with a Workout of the Mortgage Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage
Loan is decreased, (ii) the Mortgage Loan Rate or scheduled amortization payments on such Mortgage Loan are reduced, (iii) payments
of interest or principal on such Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an
increase in the Mortgage Loan Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage
Loan, all payments to the Note A Holder pursuant to Section 3 and Section 4, as applicable, shall be made
as though such Workout did not occur, with the payment terms of Note A remaining the same as they are on the date hereof, the B
Note shall bear the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable
to such Workout (up to the amount otherwise due on the B Note). Subject to the Servicing Agreement and this Agreement (including
without limitation Section 6), in the case of any modification or amendment described above, the Servicer (on behalf
of the Noteholders) will have the sole authority and ability to revise the payment provisions set forth in Section 3
and Section 4 above in a manner that reflects the subordination of the B Note to Note A with respect to the loss that
is the result of such amendment or modification, including: (i) the ability to increase the Note A Percentage Interest and
to reduce the Note B Percentage Interest in a manner that reflects a loss in principal as a result of such amendment or modification
and (ii) the ability to change the Note A Rate and the Note B Rate, as applicable, in order to reflect a reduction in the
Mortgage Loan Rate of the Mortgage Loan but shall not be permitted to change the order of the clauses set forth in Section 3
and Section 4 hereof. Notwithstanding the foregoing, if any Workout, modification or amendment of the Mortgage Loan extends
the original maturity date of the Mortgage Loan, for purposes of this paragraph, the Balloon Payment will be deemed not to be due
on the original maturity date of the Mortgage Loan but will be deemed due on the extended maturity date of the Mortgage Loan.

 

(d)           
All rights and obligations of the Note A Holder described hereunder may be exercised by the Servicer on behalf of the Note
A Holder in accordance with the Servicing Agreement and this Agreement.

 

(e)  
If any Note is included as an asset of a real estate mortgage investment conduit (a “REMIC”), within
the meaning of Section 860D(a) of the Code, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall each qualify at all times as (or as interests in) a “qualified mortgage”
within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on
behalf of the Noteholders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of
the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interests of the
Noteholders therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
the Code and (iii) the Note A Holder may not modify, waive or amend any provision of the Mortgage Loan, consent to or withhold
consent from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights which the Note
A Holder may have under the Mortgage Loan Documents, if any such action would constitute a “significant modification”
of the Mortgage Loan, within the meaning of Section 1.860G 2(b) of the regulations of the United States Department of the Treasury,
more than three

 

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months after the earliest startup day of any REMIC which includes Note A (or any portion thereof). The Noteholders
agree that the provisions of this Section 5(e) shall be effected by compliance by the Note A Holder or its assignees with this
Agreement or the Servicing Agreement or any other agreement which governs the administration of the Mortgage Loan or the Note A
Holder’s interests therein. All costs and expenses of compliance with this Section 5(e), to the extent that such costs
and expenses relate to administration of a REMIC or to any determination respecting the amount, payment or avoidance of any tax
under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne by the Note A Holder.

 

(f)            
If any consent, modification, amendment or waiver under or other action in respect of a Mortgage (whether or not a Servicing
Transfer Event has occurred and is continuing) that would constitute a Major Decision has been requested or proposed, at least
ten (10) Business Days prior to taking action with respect to such Major Decision (or making a determination not to take action
with respect to such Major Decision), the Servicer must receive the written consent of the Controlling Noteholder (or its Controlling
Noteholder Representative) before implementing a decision with respect to such Major Decision.

 

If the Servicer has not
received a response from the Controlling Noteholder (or its Controlling Noteholder Representative) with respect to such Major Decision
within five (5) Business Days after delivery of the notice of a Major Decision, the Servicer shall deliver an additional copy of
the notice of a Major Decision in all caps bold 14-point font: “This is a Second Notice. Failure to respond within five (5)
Business Days of this Second Notice will result in a loss of your right to consent with respect to this decision.” and if
the Controlling Noteholder (or its Controlling Noteholder Representative) fails to respond to the Servicer with respect to any
such proposed action within five (5) Business Days after receipt of such second notice, the Controlling Noteholder (or its Controlling
Noteholder Representative), as applicable, shall have no further consent rights with respect to such action.

 

Notwithstanding the foregoing,
following the occurrence of an extraordinary event with respect to any Mortgaged Property, or if a failure to take any such action
at such time would be inconsistent with the Servicing Standard, the Servicer may take actions with respect to such Mortgaged Property
before obtaining the consent of the Controlling Noteholder (or its Controlling Noteholder Representative) if the Servicer reasonably
determines in accordance with the Servicing Standard that failure to take such actions prior to such consent would materially and
adversely affect the interest of the Noteholders, and the Servicer has made a reasonable effort to contact the Controlling Noteholder
(or its Controlling Noteholder Representative). The foregoing shall not relieve the Note A Holder (or Servicer acting on its behalf)
of its duties to comply with the Servicing Standard.

 

Notwithstanding the foregoing,
the Servicer shall not follow any advice or consultation provided by the Controlling Noteholder (or its Controlling Noteholder
Representative) that would require or cause the Servicer to violate any applicable law, including the REMIC Provisions, be inconsistent
with the Servicing Standard, require or cause the Servicer to violate provisions of this Agreement or the Servicing Agreement,
require or cause the Servicer to violate the terms of the Mortgage Loan, or materially expand the scope of any Servicer’s
responsibilities under this Agreement.

 

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(g)          During
the continuation of a Control Appraisal Period, the Note A Holder (or its Controlling Class Representative) shall have, with respect
to the Mortgage Loan, all of the same rights and powers of the Controlling Class Representative under the Servicing Agreement with
respect to the other mortgage loans included in the Note A Securitization, without limitation, the right to consent and/or consult
regarding Major Decisions and other servicing matters, the right to advise (1) the Special Servicer with respect to all Specially
Serviced Loans and (2) the Special Servicer with respect to non Specially Serviced Loans as to all matters for which the Master
Servicer must obtain the consent or deemed consent of the Special Servicer, and the right to direct the Special Servicer to take,
or to refrain from taking, such other actions with respect to the Mortgage Loan as the Controlling Class Representative may deem
advisable or as to which provision is otherwise made therein, in each case subject to the terms and conditions of the Servicing
Agreement.

 

(h) 
The Controlling Noteholder shall be entitled to avoid its applicable Control Appraisal Period caused by application of an
Appraisal Reduction Amount upon satisfaction of the following (which must be completed within thirty (30) days of the receipt of
a third party Appraisal that indicates such Control Appraisal Period has occurred): (i) such Controlling Noteholder shall have
delivered as a supplement to the appraised value of the Mortgaged Property, in the amount specified in clause (ii) below, to the
Servicer, together with documentation acceptable to the Servicer in accordance with the Servicing Standard to create and perfect
a first priority security interest in favor of the Servicer on behalf of the Note A Holder in such collateral (a) cash collateral
for the benefit of, and acceptable to, the Servicer or (b) an unconditional and irrevocable standby letter of credit with the Servicer
as the beneficiary, issued by a bank or other financial institutions the long term unsecured debt obligations of which are at all
times rated at least “AA” (or the equivalent) by each Rating Agency that rates such institution or the short term obligations
of which are rated at least “A-1+” by (or the equivalent) by each Rating Agency that rates such institution (either
(a) or (b), the “Threshold Event Collateral”), and (ii) the Threshold Event Collateral shall be in an amount
which, when added to the appraised value of the Mortgaged Property as determined pursuant to the Servicing Agreement, would cause
the applicable Control Appraisal Period not to occur. If the requirements of this paragraph are satisfied by the Controlling Noteholder
(a “Threshold Event Cure”), no Control Appraisal Period caused by application of an Appraisal Reduction Amount
shall be deemed to have occurred. If a letter of credit is furnished as Threshold Event Collateral, the applicable Controlling
Noteholder shall be required to renew such letter of credit not later than thirty (30) days prior to expiration thereof or to replace
such letter of credit with a substitute letter of credit or other Threshold Event Collateral with an expiration date that is greater
than forty-five (45) days from the date of substitution; provided, however, that, if a letter of credit is not renewed
prior to thirty (30) days prior to the expiration date of such letter of credit, the letter of credit shall provide that the Servicer
may (and at the direction of the applicable Controlling Noteholder, shall) draw upon such letter of credit and hold the proceeds
thereof as Threshold Event Collateral. The Threshold Event Cure shall continue until (i) the appraised value of the Mortgaged Property
plus the value of the Threshold Event Collateral would not be sufficient to prevent a Control Appraisal Period from occurring;
or (ii) the occurrence of a Final Recovery Determination, as defined in the Servicing Agreement. If the appraised value of the
Mortgaged Property, upon any redetermination thereof, is sufficient to avoid the occurrence of a Control Appraisal Period without
taking into consideration any, or some portion of, Threshold Event Collateral previously delivered by the Controlling Noteholder,
any or such portion of Threshold

 

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Event Collateral held by the Servicer shall promptly be returned to such Controlling Noteholder
(at its sole expense). Upon a Final Recovery Determination with respect to the Mortgage Loan, such Threshold Event Collateral shall
be available to reimburse each Noteholder for any realized loss pursuant to Section 3 or Section 4, as applicable,
with respect to the Mortgage Loan after application of the net proceeds of liquidation, not in excess of the Note A Principal Balance
and the Note B Principal Balance, as the case may be, plus accrued and unpaid interest thereon at the applicable interest rate
and all other Additional Servicing Expenses reimbursable under this Agreement and under the Servicing Agreement. Any Threshold
Event Collateral shall be treated as an “outside reserve fund” for purposes of the REMIC Provisions and such property
(and the right to reimbursement of any amounts with respect thereto from a REMIC) shall be beneficially owned by the posting Noteholder
who shall be taxed on all income with respect thereto. The entire amount of Threshold Event Collateral, without a haircut or other
reduction, shall be considered in determining the sufficiency of such Threshold Event Collateral to avoid a Control Appraisal Period.

 

(i)             
The Servicer or Special Servicer shall obtain appraisals that meet the requirements of, and at the times required pursuant
to, the terms of the Servicing Agreement.

 

(j)             
If an Event of Default under the Mortgage Loan has occurred and is continuing, the Special Servicer may, in accordance with
the terms and provisions of the Servicing Agreement elect to sell the Mortgage Loan, subject to the consent right of the Controlling
Noteholder (or its Controlling Noteholder Representative). Such sale may include both Note A and Note B as determined by the Special
Servicer in accordance with the Servicing Standard (taking into account the subordinate nature of Note B).

 

Section 6.            
Appointment of Controlling Noteholder Representative.

 

(a)  
The Controlling Noteholder shall have the right at any time to appoint a representative in connection with the exercise
of its rights and obligations with respect to the Mortgage Loan (the “Controlling Noteholder Representative”).
The Controlling Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace
the Controlling Noteholder Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement,
the Controlling Noteholder may, at its option, in each case, act through the Controlling Noteholder Representative. The Controlling
Noteholder Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage
Loan Borrower), including, without limitation, the Controlling Noteholder, any officer or employee of the Controlling Noteholder,
any affiliate of the Controlling Noteholder or any other unrelated third party. No such Controlling Noteholder Representative shall
owe any fiduciary duty or other duty to any other Person (other than the Controlling Noteholder). All actions that are permitted
to be taken by the Controlling Noteholder under this Agreement may be taken by the Controlling Noteholder Representative acting
on behalf of the Controlling Note Holder. No Servicer, Operating Advisor, Asset Representations Reviewer, Trustee or Certificate
Administrator acting on behalf of the Note A Holder shall be required to recognize any Person as a Controlling Noteholder Representative
until the Controlling Noteholder has notified each Servicer, Operating Advisor, Trustee and Certificate Administrator of such appointment
and, if the Controlling Noteholder Representative is not the same Person as the Controlling Noteholder, the Controlling Noteholder
Representative provides each Servicer, Operating Advisor, Asset

 

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Representations Reviewer, Trustee and Certificate Administrator
with written confirmation of its acceptance of such appointment, an address and facsimile number for the delivery of notices and
other correspondence and a list of officers or employees of such person with whom the parties to this Agreement may deal (including
their names, titles, work addresses and facsimile numbers). The Controlling Noteholder shall promptly deliver such information
to each Servicer, Operating Advisor, Asset Representations Reviewer, Trustee and Certificate Administrator. If the Note A Holder
is the Controlling Noteholder, no Controlling Noteholder Representative shall be appointed and the rights of the Note A Holder
exercisable by the Controlling Class Representative shall be as set forth in the Servicing Agreement.

 

(b) 
Neither the Controlling Noteholder Representative nor the Controlling Noteholder will have any liability to the other Noteholders
or any other Person for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure
to give any consent pursuant to this Agreement or the Servicing Agreement, or errors in judgment, absent any loss, liability or
expense incurred by reason of its willful misfeasance, bad faith or gross negligence. The Noteholders agree that the Controlling
Noteholder Representative and the Controlling Noteholder (whether acting in place of the Controlling Noteholder Representative
when no Controlling Noteholder Representative shall have been appointed hereunder or otherwise exercising any right, power or privilege
granted to the Controlling Noteholder hereunder) may take or refrain from taking actions, or give or refrain from giving consents,
that favor the interests of one Noteholder over the other Noteholder, and that the Controlling Noteholder Representative may have
special relationships and interests that conflict with the interests of a Noteholder and, absent willful misfeasance, bad faith
or gross negligence on the part of the Controlling Noteholder Representative or the Controlling Noteholder, as the case may be,
agree to take no action against the Controlling Noteholder Representative, the Controlling Noteholder or any of their respective
officers, directors, employees, principals or agents as a result of such special relationships or interests, and that neither the
Controlling Noteholder Representative nor the Controlling Noteholder will be deemed to have been grossly negligent or reckless,
or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded any exercise of its rights by
reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in
the interests of any Noteholder.

 

(c)            
If the Note A Holder is the Controlling Noteholder, the Note B Holder acknowledges and agrees (i) all of the aforementioned
rights and obligations of the Controlling Noteholder and the Controlling Noteholder Representative set forth in Section 5(f)
and 5(g) and this Section 6 shall be exercisable by the Note A Holder (or the applicable Person specified in
the Servicing Agreement) to the extent set forth in the Servicing Agreement and (ii) the Controlling Class Representative may exercise
all rights with respect to the Mortgage Loan and any decisions or consents or other powers with respect thereto as are set forth
in the Servicing Agreement.

 

Section 7.            
Special Servicer. The Note B Holder (unless a Control Appraisal Period has occurred and is continuing) (or its Controlling
Noteholder Representative), at its expense (including, without limitation, the reasonable costs and expenses of counsel to any
third parties and costs and expenses of the terminated Special Servicer), shall have the right to appoint the Special Servicer
with respect to the Mortgage Loan. The Note B Holder (unless a Control

 

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Appraisal Period has occurred and is continuing) (or its Controlling Noteholder Representative) shall be
entitled to terminate the rights and obligations of the Special Servicer under the Servicing Agreement, with or without cause,
upon at least ten (10) Business Days’ prior notice to the Special Servicer (provided, however, that the Note
B Holder (unless a Control Appraisal Period has occurred and is continuing), Controlling Noteholder Representative and/or Note
B Holder shall not be liable for any termination or similar fee in connection with the removal of the Special Servicer in accordance
with this Section 7); such termination not be effective unless and until (A) each Rating Agency delivers Rating Agency
Confirmation (to the extent the Mortgage Loan has been securitized) to the extent required under the Servicing Agreement; (B) the
initial or successor Special Servicer has assumed in writing (from and after the date such successor Special Servicer becomes
the Special Servicer) all of the responsibilities, duties and liabilities of the Special Servicer under the Servicing Agreement
from and after the date it becomes the Special Servicer as they relate to such Mortgage Loan pursuant to an assumption agreement
reasonably satisfactory to the Trustee; and (C) the Trustee shall have received an opinion of counsel reasonably satisfactory
to the Trustee to the effect that (x) the designation of such replacement to serve as Special Servicer is in compliance with
the Servicing Agreement, (y) such replacement will be bound by the terms of the Servicing Agreement with respect to such
Mortgage Loan and (z) subject to customary qualifications and exceptions, the applicable servicing agreement will be enforceable
against such replacement in accordance with its terms. The Note A Holder (or the Servicer on its behalf) shall promptly provide
copies to any terminated Special Servicer of the documents referred to in the preceding sentence. Prior to the Note A Securitization,
if the Mortgage Loan becomes a Specially Serviced Mortgage Loan, and if not later than thirty (30) days after the Mortgage Loan
becomes a Specially Serviced Mortgage Loan the Note B Holder (unless a Control Appraisal Period has occurred and is continuing)
(or its Controlling Noteholder Representative) elects to replace the Special Servicer, then each Noteholder agrees that no liquidation
fees or workout fees shall be payable to the Special Servicer being replaced, unless such Special Servicer shall have either successfully
completed a workout or a liquidation, in which case such fees shall be payable as provided herein.

 

Section 8.            
Payment Procedure.

 

(a)            
The Note A Holder (or the Servicer on its behalf), in accordance with the priorities set forth in Section 3 or Section
4, as applicable, and subject to the terms of the Servicing Agreement, will deposit or cause to be deposited all payments allocable
to the Notes to the Collection Account or Whole Loan Custodial Account for the Notes established pursuant to the Servicing Agreement.
The Note A Holder (or the Servicer acting on its behalf) shall deposit such amounts to the applicable account within two (2) Business
Days after receipt of properly identified and available funds by the Note A Holder (or the Servicer acting on its behalf) from
or on behalf of the Mortgage Loan Borrower.

 

(b)           
If the Note A Holder (or the Servicer on its behalf) determines, or a court of competent jurisdiction orders, at any time
that any amount received or collected in respect of a Note must, pursuant to any insolvency bankruptcy, fraudulent conveyance,
preference or similar law, be returned to the Mortgage Loan Borrower or paid to such Noteholder or any Servicer or paid to any
other Person, then, notwithstanding any other provision of this Agreement, the Note A Holder (or the Servicer on its behalf) shall
not be required to distribute any portion thereof to such Noteholder and such Noteholder will promptly on demand by the Note A
Holder (or the

 

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Servicer on its behalf) repay to the Note A Holder (or the Servicer on its behalf) any portion thereof that the
Note A Holder (or the Servicer on its behalf) shall have theretofore distributed to such Noteholder together with interest thereon
at such rate, if any, as the Note A Holder (or the Servicer on its behalf) shall have been required to pay to any Mortgage Loan
Borrower, the Note A Holder, Master Servicer, Special Servicer or such other Person with respect thereto.

 

(c)            
If, for any reason, the Note A Holder (or the Servicer on its behalf) makes any payment to any Note B Holder before the
Note A Holder (or the Servicer on its behalf) has received the corresponding payment (it being understood that the Note A Holder
(or the Servicer on its behalf) is under no obligation to do so), and the Note A Holder (or the Servicer on its behalf) does not
receive the corresponding payment within three (3) Business Days of its payment to such Note B Holder, such Note B Holder will,
at the Note A Holder’s (or the Servicer’s on its behalf) request, promptly return that payment to the Note A Holder
(or the Servicer on its behalf).

 

(d) 
Each Noteholder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage
Loan in excess of its distributable share thereof, it will promptly remit such excess to the Note A Holder (or the Servicer on
its behalf) subject to this Agreement and the Servicing Agreement. The Note A Holder (or the Servicer on its behalf) shall have
the right to offset any amounts due hereunder from any Noteholder with respect to the Mortgage Loan against any future payments
due to such Noteholder under the Mortgage Loan, provided, that each Noteholder’s obligations under this Section
8 are separate and distinct obligations from one another and in no event shall the Note A Holder (or the Servicer on its behalf)
enforce the obligations of one of the Noteholder against the other Noteholders. Each Noteholder’s obligations under this
Section 8 constitute absolute, unconditional and continuing obligations.

 

Section 9.            
Limitation on Liability of the Noteholders. No Noteholder (including any Servicer on a Noteholder’s behalf)
shall have any liability to any other Noteholder except with respect to losses actually suffered due to the gross negligence, willful
misconduct or breach of this Agreement on the part of such Noteholder.

 

The Note B Holder acknowledges
that, subject to the terms and conditions hereof and the obligation of the Note A Holder (including any Servicer) to comply with,
and except as otherwise required by, the Servicing Standard, the Note A Holder (including any Servicer) may exercise, or omit to
exercise, any rights that the Note A Holder may have under this Agreement and the Servicing Agreement in a manner that may be adverse
to the interests of the Note B Holder and that the Note A Holder (including any Servicer) shall have no liability whatsoever to
any Note B Holder in connection with the Note A Holder’s exercise of rights or any omission by the Note A Holder to exercise
such rights other than as described above; provided, however, that the Servicer must act in accordance with the Servicing
Standard.

 

The Note A Holder acknowledges
that, subject to the terms and conditions hereof, the Note B Holder may exercise, or omit to exercise, any rights that the Note
B Holder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests of the Note
A Holder and that the Note B Holder shall have no liability whatsoever to the Note A Holder in connection with the Note B Holder’s
exercise of rights or any omission by

 

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the Note B Holder to exercise such rights; provided, however, that the Note
B Holder shall not be protected against any liability to the Note A Holder that would otherwise be imposed by reason of willful
misfeasance, bad faith or negligence.

 

Section 10.         
Bankruptcy. Subject to the provisions of Section 5(f) hereof, the Note B Holder hereby covenants and agrees
that only the Note A Holder (or the Servicer on its behalf) have the right to institute, file, commence, acquiesce, petition under
Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person
to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part
of its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Subject to the
provisions of Section 5(f) hereof, the Note B Holder further agrees that only the Note A Holder, as a creditor, can make
any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other
action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The
Note B Holder hereby appoints the Note A Holder as its agent, and grants to the Note A Holder an irrevocable power of attorney
coupled with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available
to the Note B Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other
Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a
plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion
to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. The Note B Holder in its capacity as such, hereby
agrees that, upon the request of the Note A Holder, the Note B Holder shall execute, acknowledge and deliver to the Note A Holder
all and every such further deeds, conveyances and instruments as the Note A Holder may reasonably request for the better assuring
and evidencing of the foregoing appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding
are subject to and must be in accordance with the Servicing Standard.

 

Section 11.         
Cure Rights of Controlling Noteholder.

 

(a)            
Subject to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal
or interest on the Mortgage Loan by the end of the applicable grace period (the “Grace Period”) for such payment
permitted under the applicable Mortgage Loan Documents (a “Monetary Default”), the Note A Holder shall provide
notice to the Note B Holder and the Controlling Noteholder Representative (in each case, unless a Control Appraisal Period has
occurred and is continuing) of such default (the “Monetary Default Notice”). If the Note B Holder or Controlling
Noteholder Representative (in each case, unless a Control Appraisal Period has occurred and is continuing) has not cured such Monetary
Default within five (5) Business Days after receiving the Monetary Default Notice, the Note A Holder shall deliver an additional
copy of the Monetary Default Notice that contains a statement in boldface font that this is a second notice and that the Note B
Holder’s or the Controlling Noteholder Representative’s failure to cure such Monetary Default within five (5) Business
Days after receiving such second notice will result in the termination of the right to cure such Monetary Default. The Note B Holder
(unless a Control Appraisal Period has occurred and is

 

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continuing) shall have the right, but not the obligation, to cure such Monetary
Default after receiving the first Monetary Default Notice and until the period ending (3) Business Days after receiving the second
Monetary Default Notice (the “Cure Period”) and at no other times. At the time a payment is made to cure a Monetary
Default, the Note B Holder (unless a Control Appraisal Period has occurred and is continuing) shall pay or reimburse the Note A
Holder for all unreimbursed Advances (whether or not recoverable with respect to Note A), Advance Interest Amounts, any unpaid
fees to any Servicer specifically provided for in the Servicing Agreement and any Additional Servicing Expenses. The Note B Holder
(unless a Control Appraisal Period has occurred and is continuing) shall not be required, in order to effect a cure hereunder,
to pay any default interest or late charges under the Loan Documents. So long as a Monetary Default exists for which a cure payment
permitted hereunder is made, such Monetary Default shall not be treated as an Event of Default by the Note A Holder (including
for purposes of (i) the definition of “Sequential Pay Event,” (ii) accelerating the Mortgage Loan, modifying,
amending or waiving any provisions of the Mortgage Loan Documents or commencing proceedings for foreclosure or the taking of title
by deed-in-lieu of foreclosure or other similar legal proceedings with respect to the Mortgaged Property; or (iii) treating the
Mortgage Loan as a Specially Serviced Mortgage Loan); provided that such limitation shall not prevent the Note A Holder
from collecting Default Interest or late charges from the Mortgage Loan Borrower. Any amounts advanced by a Noteholder on behalf
of the Mortgage Loan Borrower to effect any cure shall be reimbursable to such Noteholder under Section 3 or Section 4,
as applicable.

 

(b)           
Notwithstanding anything to the contrary contained in Section 11(a), the Note B Holder shall be limited to a combined
total of six (6) cures of Monetary Defaults, no more than four (4) of which may be consecutive, or six (6) Non-Monetary Defaults
over the term of the Mortgage Loan. Additional Cure Periods shall only be permitted with the consent of the Note A Holder.

 

(c)            
No action taken by the Note B Holder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower
of its obligations under the Mortgage Loan Documents and the Note A Holder’s rights under the Mortgage Loan Documents shall
not be waived or prejudiced by virtue of the Note B Holder’s actions under this Agreement. Subject to the terms of this Agreement,
the Note B Holder shall be subrogated to the Note A Holder’s rights to any payment owing to the Note A Holder for which the
Note B Holder makes a cure payment as permitted under this Section 11 but such subrogation rights may not be exercised against
the Mortgage Loan Borrower until 91 days after the Note is paid in full.

 

(d)           
If an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Note A Holder shall promptly provide notice to the Note B Holder and the Controlling Noteholder Representative
(in each case, unless a Control Appraisal Period has occurred and is continuing) of such failure (the “Non-Monetary Default
Notice”) and the Note B Holder (unless a Control Appraisal Period has occurred and is continuing) shall have the right,
but not the obligation, to cure such Non-Monetary Default within the same period of time as the Mortgage Loan Borrower under the
Mortgage Loan Documents to cure such Non-Monetary Default; provided, however, if such Non-Monetary Default is susceptible
of cure but cannot reasonably be cured within such period and if curative action was promptly commenced and is being diligently
pursued by the Note B Holder (unless a Control Appraisal Period has occurred and is continuing), the Note B

 

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Holder (unless a Control
Appraisal Period has occurred and is continuing) shall be given an additional period of time as is reasonably necessary to enable
the Note B Holder (unless a Control Appraisal Period has occurred and is continuing) in the exercise of due diligence to cure such
Non-Monetary Default for so long as (i) the Note B Holder (unless a Control Appraisal Period has occurred and is continuing) diligently
and expeditiously proceeds to cure such Non-Monetary Default, (ii) the Note B Holder (unless a Control Appraisal Period has occurred
and is continuing) makes all cure payments that it is permitted to make in accordance with the terms and provisions of Section
11(a) hereof, (iii) such additional period of time does not exceed ninety (90) days, (iv) such Non-Monetary Default is not
caused by an Insolvency Proceeding or during such period of time that the Note B Holder (unless a Control Appraisal Period has
occurred and is continuing) has to cure a Non-Monetary Default in accordance with this Section 11(d) (the “Non-Monetary
Default Cure Period”), an Insolvency Proceeding does not occur and (v) during such Non-Monetary Default Cure Period,
there is no material adverse effect on the Mortgage Loan Borrower or the Mortgaged Property or the value of the Mortgage Loan as
a result of such Non-Monetary Default or the attempted cure. The Non-Monetary Default Notice shall contain a statement in boldface
font that the Note B Holder’s or the Controlling Noteholder Representative’s failure to cure such Non-Monetary Default
within the applicable Non-Monetary Default Cure Period after receiving such notice will result in the termination of the right
to cure such Non-Monetary Default. The Note B Holder (unless a Control Appraisal Period has occurred and is continuing) shall not
contact the Mortgage Loan Borrower in order to effect any cures under Sections 11(a) or this 11(d) unless it is in
conjunction with the Special Servicer or the Note B Holder (unless a Control Appraisal Period has occurred and is continuing) has
obtained the prior written consent of the Note A Holder.

 

Section 12.         
Purchase of Note A By Note B Holder. The Note B Holder shall have the right, by written notice to the Note A Holder
(a “Noteholder Purchase Notice”), delivered at any time an Event of Default under the Mortgage Loan has occurred
and is continuing, to purchase, in immediately available funds, Note A in whole but not in part at the applicable Defaulted Mortgage
Loan Purchase Price. Upon the delivery of the Noteholder Purchase Notice to the Note A, the Note A Holder shall sell (and the Note
B Holder shall purchase) Note A (including, without limitation, any Notes therein) at the applicable Defaulted Mortgage Loan Purchase
Price, on a date (the “Defaulted Note Purchase Date”) not less than ten (10) and not more than thirty (30) days
after the date of the Noteholder Purchase Notice, as shall be established by the Note A Holder. In the event that the Note B Holder’s
shall fail to purchase the Note A on or prior to the Defaulted Note Purchase Date, then the Note B Holder shall no longer have
the right to purchase the Note A under this Section 12. The Note B Holder agrees that the sale of Note A shall comply with
all requirements of the Servicing Agreement and that all costs and expenses related thereto shall be paid by the Note B Holder.
The Defaulted Mortgage Loan Purchase Price shall be calculated by the Note A Holder (or the Servicer on its behalf) three (3) Business
Days prior to the Defaulted Note Purchase Date (and such calculation shall be accompanied by a listing of all amounts included
in the Defaulted Mortgage Loan Purchase Price), and shall, absent manifest error, be binding upon the Note B Holder. Concurrently
with the payment to the Note A in immediately available funds of its respective portion of the applicable Defaulted Mortgage Loan
Purchase Price, the Note A will execute at the sole cost and expense of the Note B Holder in favor of the Note B Holder assignment
documentation which will assign Note A and the related Mortgage Loan Documents without recourse, representations or warranties
(except the Note A will represent and warrant that it had

 

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good and marketable title to, was the sole owner and holder of, and had
power and authority to deliver the Mortgage Loan or Note, as applicable, free and clear of all liens and encumbrances (other than
the interest created by Note B)). The right of the Note B Holder to purchase Note A shall automatically terminate upon a foreclosure
sale, sale by power of sale or delivery of a deed in lieu of foreclosure with respect to the Mortgaged Property (and the Note A
Holder shall give the Note B Holder ten (10) days’ notice of its intent with respect to such action). Notwithstanding the
foregoing sentence, if title to the Mortgaged Property is transferred to the Servicer (or other nominee on behalf of the Noteholders)
less than ten (10) days after the acceleration of the Mortgage Loan, the Note A Holder shall notify the Note B Holder of such
transfer and the Note B Holder shall have a fifteen (15) day period from the date of such notice from the Note A Holder to
deliver the Noteholder Purchase Notice to the Note A Holder, in which case the Note B Holder will be obligated to purchase the
Mortgaged Property, in immediately available funds, within such fifteen (15) day period at the applicable Defaulted Mortgage
Loan Purchase Price. Any such purchase of Note A by the Note B Holder shall be free and clear of any liens.

 

Section 13.         
Representations of Note B Holder. The Note B Holder represents, and it is specifically understood and agreed, that
it is acquiring its B Note for its own account in the ordinary course of its business and the Note A Holder shall otherwise have
no liability or responsibility to the Note B Holder except as expressly provided herein or for actions that are taken or omitted
to be taken by the Note A Holder that constitute gross negligence or willful misconduct or that constitute a breach of this Agreement.
The Note B Holder represents and warrants that the execution, delivery and performance of this Agreement is within its corporate
powers, has been duly authorized by all necessary corporate action, and does not contravene its charter or any law or contractual
restriction binding upon the Note B Holder, and that this Agreement is the legal, valid and binding obligation of such Note B Holder
enforceable against the Note B Holder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except
that the enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable law. The
Note B Holder represents and warrants that it is duly organized, validly existing, in good standing and possesses of all licenses
and authorizations necessary to carry on its business. The Note B Holder represents and warrants that (a) this Agreement has been
duly executed and delivered by the Note B Holder, (b) to the Note B Holder’s actual knowledge, all consents, approvals, authorizations,
orders or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance
of this Agreement by the Note B Holder have been obtained or made and (c) to the Note B Holder’s actual knowledge, there
is no pending action, suit or proceeding, arbitration or governmental investigation against the Note B Holder, an adverse outcome
of which would materially and adversely affect its performance under this Agreement.

 

The Note B Holder acknowledges
that the Note A Holder do not owe the Note B Holder any fiduciary duty with respect to any action taken under the Mortgage Loan
Documents and, except as provided herein, need not consult with the Note B Holder with respect to any action taken by the Note
A Holder in connection with the Mortgage Loan.

 

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The Note B Holder expressly
and irrevocably waives for itself and any Person claiming through or under the Note B Holder any and all rights that it may have
under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions of any similar law which purports
to give a junior loan Noteholder the right to initiate any loan enforcement or foreclosure proceedings.

 

Section 14.         
Representations of the Initial Note A Holder. The Note A Holder represents and warrants that the execution, delivery
and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and
does not contravene the Note A Holder’s charter or any law or contractual restriction binding upon the Note A Holder, and
that this Agreement is the legal, valid and binding obligation of the Note A Holder enforceable against it in accordance with its
terms. The Note A Holder represents and warrants that it is duly organized, validly existing, in good standing and possession of
all licenses and authorizations necessary to carry on its business. The Note A Holder represents and warrants that (a) this
Agreement has been duly executed and delivered by the Note A Holder, (b) to the Note A Holder’s actual knowledge, all
consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required for
the execution, delivery and performance of this Agreement by the Note A Holder have been obtained or made and (c) to the Note
A Holder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation against
the Note A Holder, an adverse outcome of which would materially and adversely affect its performance under this Agreement.

 

Section 15.         
Independent Analysis of the Note B Holder. The Note B Holder acknowledges that it has, independently and without
reliance upon the Initial Note A Holder, except with respect to the representations and warranties provided by the Initial Note
A Holder herein, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to purchase the B Note and the Note B Holder accepts responsibility therefor. The Note B Holder hereby acknowledges that, other
than the representations and warranties provided herein, the Note A Holder has made no representations or warranties with respect
to the Mortgage Loan, subject to such representations and warranties as provided by the Note A Holder herein, and that the Note
A Holder shall have no responsibility for (i) the collectibility of the Mortgage Loan, (ii) the validity, enforceability or legal
effect of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be furnished
to the Note A Holder in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness
of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Mortgage Loan Borrower.
The Note B Holder assumes all risk of loss in connection with the B Note except as specifically set forth herein.

 

Section 16.         
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken
pursuant hereto shall be deemed to constitute the relationship created hereby among any of the Noteholders as a partnership, association,
joint venture or other entity. The Note A Holder shall have no obligation whatsoever to offer to the Note B Holder the opportunity
to purchase a Note interest in any future loans originated by the Note A Holder or its Affiliates and if the Note A Holder chooses
to offer to the Note B Holder the opportunity to purchase a Note interest in any future mortgage loans originated by the Note A
Holder or its Affiliates, such offer shall be at such purchase price and interest rate as the Note A

 

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Holder chooses, in its sole
and absolute discretion. The Note B Holder shall not have any obligation whatsoever to purchase from the Note A Holder a Note interest
in any future loans originated by the Note A Holder or its Affiliates.

 

Section 17.         
Not a Security. The B Note shall not be deemed to be a security within the meaning of the Securities Act of 1933
or the Securities Exchange Act of 1934.

 

Section 18.      
Other Business Activities of the Noteholders. The Note B Holder acknowledges that the Note A Holder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, the Mortgage Loan Borrower or
any direct or indirect parent or Affiliate thereof, any entity that is a holder of debt secured by direct or indirect ownership
interests in the Mortgage Loan Borrower or any Affiliate thereof or any entity that is a holder of a preferred equity interest
in the Mortgage Loan Borrower or any Affiliate thereof (each, a “Mortgage Loan Borrower Related Party”),
and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower Related Parties and otherwise act with
respect thereto freely and without accountability in the same manner as if this Agreement and the transactions contemplated hereby
were not in effect.

 

Section 19.         
Sale of Note B and Note A.

 

(a)            
The Note B Holder agrees that it will not Transfer all or any portion of the B Note without the Note A Holder’s prior
written consent, which consent shall not be unreasonably withheld, conditioned or delayed, provided that (i) the Note B
Holder shall have the right to Transfer the B Note, or any portion thereof, to a Qualified Institutional Lender without obtaining
the Note A Holder’s prior written consent, provided that promptly after the Transfer, the Note A Holder are provided
with (x) a representation from a transferee or such Note B Holder certifying that such transferee is a Qualified Institutional
Lender, (y) a copy of the assignment and assumption agreement referred to in Section 20 and (z) such transfer would not
cause the B Note to be held by more than five persons nor cause there to be no one person owning a majority of the B Note and (ii)
if the Note B Holder wants to Transfer a B Note, or any portion thereof, to an entity that is not a Qualified Institutional Lender
after the Note A Securitization, no consent of the Note A Holder shall be required, but the Note B Holder shall first obtain (and
deliver to the Note A Holder) a Rating Agency Confirmation. If Note B is held by more than one Note B Holder at any time, the holders
of a majority of the Principal Balance of Note B shall immediately appoint a representative to exercise all rights of Note B hereunder.
Notwithstanding the foregoing, without the Note A Holder’s prior consent, which may be withheld in the Note A Holder’s
sole discretion, the Note B Holder shall not Transfer all or any portion of Note B to the Mortgage Loan Borrower or a Mortgage
Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.
The Note B Holder agrees it will pay the reasonable out of pocket expenses of the Note A Holder (including all expenses of the
Master Servicer and the Special Servicer) in connection with any such Transfer. The Agent shall provide two (2) Business Days prior
written notice to each Rating Agency of any Transfer. The Note A Holder agrees that it will not Transfer its related Note
except to a Qualified Institutional Lender.  Promptly after the Transfer, the non-transferring Note A Holder shall be provided
with (x) a representation from a transferee or the Note A Holder certifying that such transferee is a Qualified Institutional
Lender (except in the case of a Transfer to the Note A Securitization (and the related pooling and servicing or

 

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similar agreement
requires the parties thereto to comply with this Agreement) or in accordance with the immediately following sentence) and (y) a
copy of the assignment and assumption agreement referred to in Section 19.

 

(b)           
Notwithstanding the foregoing, Note B Holder shall have the right, without the need to obtain the consent of the Note A
Holder or any other Person, to Transfer 49% or less (in the aggregate) of its interest in Note B to a Person that has no direct
rights with respect to Note B or to a Qualified Institutional Lender; provided that any such Transfer shall be made in accordance
with the terms of this Section 19. Notwithstanding anything herein to the contrary, the Note B Holder shall not Transfer
all or any portion of Note B to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall
be absolutely null and void and shall vest no rights in the purported transferee. All Transfers under Section 19(a) and
(b) shall be made upon written notice to the Note A Holder not later than the date of such Transfer, and each transferee
shall (i) execute an assignment and assumption agreement whereby such transferee assumes all or a ratable portion, as the
case may be, of the obligations of the Note B Holder hereunder with respect to Note B from and after the date of such assignment
(or, in the case, of a pledge, collateral assignment or other encumbrance made in accordance with Section 19(e) by the Note
B Holder of Note B solely as security for a loan to the Note B Holder made by a third-party lender whereby the Note B Holder remains
fully liable under this Agreement, on or before the date on which such lender succeeds to the rights of the Note B Holder by foreclosure
or otherwise, such third-party lender executes an agreement that such lender shall be bound by the terms and provisions of this
Agreement and the obligations of the Note B Holder hereunder) and (ii) agree and acknowledge that the servicing of the Mortgage
Loan shall be governed by the Servicing Agreement, unless the Servicing Agreement is not then in effect with respect to the Mortgage
Loan, in which event the parties will enter into or agree to be bound by any replacement servicing agreement therefor in accordance
with the provisions hereof. Upon the consummation of a Transfer of all or any portion of Note B in accordance with this Agreement,
the transferring Person shall be released from all liability arising under this Agreement with respect to Note B (or the portion
thereof that was the subject of such Transfer), for the period after the effective date of such Transfer (it being understood and
agreed that the foregoing release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation
interest in Note B as described in clause (c) below). In connection with any such permitted transfer of a portion of
Note B and for all purposes of this Agreement, the Note A Holder need only recognize the majority holder of Note B for purposes
of notices, consents and other communications between the Note A Holder and such majority holder of Note B shall be the only Person
authorized hereunder to exercise any rights of the Note B Holder under this Agreement; provided, however, the majority
holder of Note B may from time to time designate any other Person as an additional party entitled to receive notices, consents
and other communications and/or to exercise rights on behalf of the Note B Holder hereunder by delivering written notice thereof
to the Note A Holder, and, from and after delivery of such notice, such designee shall be so authorized hereunder and shall be
the only party entitled to receive such notices, consents and such other communications and/or to exercise such rights.

 

(c)            
In the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such
Noteholder’s obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible
for the performance of such obligations, (iii) the other Noteholder and any Persons acting on its behalf shall continue to

 

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deal solely and directly with such Noteholder in connection with such Noteholder’s rights and obligations under this Agreement
and the Servicing Agreement, and (iv) all amounts payable hereunder shall be determined as if such Noteholder had not sold such
participation interest; provided, however, that if the applicable participant is a Qualified Institutional Lender
(and delivers to the other Noteholder a certification from an authorized officer confirming its status as a Qualified Institutional
Lender), such Noteholder, by written notice to the other Noteholder, may delegate to such participant such Noteholder’s right
to exercise the rights of the Controlling Noteholder hereunder and under the Servicing Agreement; provided, further,
however, that upon the occurrence of a Control Appraisal Period with respect to Note B, the aforesaid delegation of rights
shall terminate and be of no further force and effect.

 

(d)           
[Reserved.]

 

(e)            
Notwithstanding any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity
(other than the Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Noteholder
and that is either a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least
“A” (or the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions
set forth in this Section 19(e), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any
person which Controls such Noteholder that is secured by such Noteholder’s interest in the applicable Note and is structured
as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee which is not
a Qualified Institutional Lender may not take title to the pledged Note without the consent of each other Noteholder and, after
the Note A Securitization, Rating Agency Confirmation. Upon written notice by the applicable Noteholder to the other Noteholders
and any Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), each of the other
holders agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any
default by the pledging Noteholder in respect of its obligations under this Agreement of which default such Noteholder has actual
knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Noteholder in
respect of its obligations to the other Noteholder hereunder, but such Note Pledgee shall not be obligated to cure any such default;
(iii) that no amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee
without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that
such other Noteholder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with
the giving of same to the pledging Noteholder and accept any cure thereof by such Note Pledgee which such pledging Noteholder has
the right (but not the obligation) to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such
other Noteholder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided
that any such certificate(s) shall be in a form reasonably satisfactory to such other Noteholder; and (vi) that, upon written
notice (a “Redirection Notice”) to the other Noteholders and any Servicer by such Note Pledgee that the pledging
Noteholder is in default, beyond any applicable cure periods, under the pledging Noteholder’s obligations to such Note Pledgee
pursuant to the applicable credit agreement between the pledging Noteholder and such Note Pledgee (which notice need not be joined
in or confirmed by the pledging Noteholder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee,
Note Pledgee shall be entitled to receive any payments that any Noteholder or Servicer would

 

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otherwise be obligated to pay to the
pledging Noteholder from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Noteholder hereby unconditionally
and absolutely releases the other Noteholders and any Servicer from any liability to the pledging Noteholder on account of any
Noteholder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or any such other Noteholder
to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the
pledging Noteholder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance
with applicable law and this Agreement. In such event, the Noteholders and any Servicer shall recognize such Note Pledgee (and
any transferee other than the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at
any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns,
as the successor to the pledging Noteholder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee
or Qualified Institutional Lender shall assume in writing the obligations of the pledging Noteholder hereunder accruing from and
after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions
of this Agreement. The rights of a Note Pledgee under this Section 19(e) shall remain effective as to any Noteholder (and
any Servicer) unless and until such Note Pledgee shall have notified any such Noteholder (and any Servicer, as applicable) in writing
that its interest in the pledged Note has terminated.

 

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

 

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

 

(ii)           
The Conduit Credit Enhancer and conduit manager (if Moody’s rates the Note A Securitization) will be a Qualified
Institutional Lender;

 

(iii)          
Such Noteholder will pledge (or sell, transfer or assign as part of a repurchase facility) its interest in the applicable
Note to the Conduit as collateral for the Conduit Inventory Loan;

 

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

 

(v)         
  Unless the Conduit is in fact then a Qualified Institutional Lender, the Conduit will not, without obtaining the consent
of each other Noteholder, have any greater right to acquire the interests in the Note pledged by such Noteholder, by

 

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foreclosure or otherwise,
than would any other purchaser that is not a Qualified Institutional Lender at a foreclosure sale conducted by a Note Pledgee.

 

Section 20.         
Registration of Transfer. In connection with any Transfer of a Note (but excluding any Pledgee unless and until it
realizes on its Pledge), a transferee shall execute an assignment and assumption agreement whereby such transferee assumes all
of the obligations of the applicable Noteholder hereunder with respect to such Note thereafter accruing and agrees to be bound
by the terms of this Agreement, including the restriction on Transfers set forth in Section 19, from and after the date of such
assignment. Notwithstanding the preceding sentence, a Trustee shall not be required to execute an assignment and assumption agreement
in connection with any Transfer of a Note if the obligations are assumed pursuant to the Servicing Agreement. No transfer of a
Note may be made unless it is registered on the Note Register, and the Agent shall not recognize any attempted or purported transfer
of any Note in violation of the provisions of Section 19 and this Section 20. Any such purported transfer shall
be absolutely null and void and shall vest no rights in the purported transferee. Each Noteholder desiring to effect such transfer
shall, and does hereby agree to, indemnify the Agent and any other Noteholder against any liability that may result if the transfer
is not made in accordance with the provisions of this Agreement. Upon the consummation of the Note A Securitization, the Servicer
shall automatically become and be the Agent.

 

Section 21.         
Registration of Note A and Note B. The Agent shall keep or cause to be kept at the Agent Office books (the “Note
Register”) for the registration and transfer of the Notes. The Agent shall serve as the initial Note registrar and the
Agent hereby accepts such appointment. The names and addresses of the holders of the Notes and the names and addresses of any transferee
of any Note of which the Agent has received notice, in the form of a copy of the assignment and assumption agreement referred to
in Section 20, shall be registered in the Note Register. The Person in whose name a Note is so registered shall be deemed
and treated as the sole owner and holder thereof for all purposes of this Agreement, except in the case of the Initial Note A Holder
and the Initial Note B Holder, who may hold their Notes through a nominee. Upon request of a Noteholder, the Agent shall provide
such party with the names and addresses of the Noteholders. To the extent another party is appointed as Agent hereunder, the Note
A Holder and the Note B Holder hereby designates such person as its agent under this Section 21 solely for purposes of maintaining
the Note Register.

 

Section 22.         
Statement of Intent. The Agent and each Noteholder intend that the Notes be classified and maintained as a grantor
trust under subpart E, part I of subchapter J of chapter 1 of the Code that is a fixed investment trust within the meaning of Treasury
Regulation §301.7701-4(c), and the parties will not take any action inconsistent with such classification. It is neither the
purpose nor the intent of this Agreement to create a partnership, joint venture, “taxable mortgage pool” or association
taxable as a corporation among the parties.

 

Section 23.        
No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in any Mortgage Loan by any Noteholder
to another Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Note B Holder shall not
have any interest in any property taken as security for any Mortgage Loan, provided, however, that if any such property
or the proceeds of any sale, lease or other disposition thereof

 

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shall be received, then the Note B Holder shall be entitled to
receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

 

Section 24.         
Cooperation in Securitization.

 

(a)            
The Note B Holder acknowledges that the Note A Holder may elect, in its sole discretion, to include Note A in the Note A
Securitization. In connection with the Note A Securitization and subject to the terms of the preceding sentence, (x) at the
request of the Note A Holder, the Note B Holder shall use reasonable efforts, at the Note A Holder’s expense, to satisfy,
and to cooperate with the Note A Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which
the Note A Holder customarily adhere or which may be reasonably required in the marketplace or by the Rating Agencies in connection
with the Note A Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement
or the Mortgage Loan Documents and to cooperate with the Note A Holder in attempting to cause the Mortgage Loan Borrower to execute
such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the securitization parties
or the Rating Agencies to effect the Note A Securitization; provided, however, that either in connection with the
Note A Securitization or otherwise at any time prior to such Note A Securitization, the Note B Holder shall not be required to
modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith,
if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority
of such payments, the Note B Holder or (ii) materially increase the Note B Holder’s obligations or materially decrease
the Note B Holder’s rights, remedies or protections. In connection with the Note A Securitization, the Note B Holder agrees
to provide for inclusion in any disclosure document relating to the Note A Securitization such information concerning the Note
B Holder and the other Note as the Note A Holder reasonably determine to be necessary or appropriate; and (y) the Note B Holder
covenants and agrees that it shall cooperate with the reasonable requests of each Rating Agency and the Note A Holder in connection
with the Note A Securitization, as well as in connection with all other matters and the preparation of any offering documents thereof
and to review and respond reasonably promptly with respect to any information relating to it and the other Notes in any Note A
Securitization document. The Note B Holder acknowledges that the information provided by it to the Note A Holder may be incorporated
into the offering documents for the Note A Securitization. The Note A Holder and each Rating Agency shall be entitled to rely on
the information supplied by, or on behalf of, the Note B Holder.

 

(b)  The Note A Holder may, at its election, deliver to the Note B Holder drafts of the preliminary and final Note A Securitization
offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the Servicing Agreement
at such time as the Note B Holder deems necessary or appropriate. The Note B Holder may, at its election, review and comment thereon
insofar as it relates its B Note and/or the Note B Holder, and, if the Note B Holder elects to review and comment, the Note B Holder
shall review and comment thereon as soon as possible but in no event later than two (2) Business Days of its receipt thereof or
(3) three Business Days after receipt, in the case of the first draft thereof delivered to the Note B Holder and if the Note B
Holder fails to respond within such time, the Note B Holder shall be deemed to have elected to not comment thereon; provided
that if the Note B Holder elects to review and comment, any such review and comments with respect to the final

 

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draft distributed
in connection with the preparation of the preliminary and final offering memoranda for printing shall be made no later than 9:00
a.m., New York City time, on the Business Day following its receipt thereof and if the Note B Holder fails to respond by such time,
the Note B Holder shall be deemed to have elected to not comment thereon. In the event of any disagreement between the Note B Holder
with respect to the preliminary and final offering memoranda, prospectus supplement, free writing prospectus or any other disclosure
documents the Note A Holder’s determination shall control. Note B Holder has no obligation and shall have no liability with
respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.

 

(c)  
Notwithstanding anything herein to the contrary, the Note A Holder acknowledge and agree that (i) the Note B Holder shall
not be required to incur any out-of-pocket expenses in connection with the Note A Securitization and (ii) the Note B Holder shall
not be required to disclose any of the beneficial owners of the managed account on behalf of which it is holding the B Note.

 

Section 25.         
Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND
DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

Section 26.         
Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

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

 

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

 

(c)            
AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED

 

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OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER
ADDRESS OF WHICH A PARTY HEREIN SHALL HAVE BEEN NOTIFIED; AND

 

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

 

Section 27.         
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed
by the parties hereto (other than as set forth in Section 5(b)). The Agent shall provide two (2) Business Days prior written
notice to each Rating Agency of any material modification to this Agreement.

 

Section 28.         
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns. Except as provided herein, none of the provisions of this Agreement
shall be for the benefit of or enforceable by any Person not a party hereto. Subject to Section 19, each Noteholder may assign
or delegate its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights
and benefits of the Note A Holder or the Note B Holder, as applicable, hereunder, including, without limitation, the right to make
further assignments and grant additional Notes.

 

Section 29.         
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement.

 

Section 30.         
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference
only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration
in the construction of this Agreement.

 

Section 31.         
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

 

Section 32.         
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject
matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

 

Section 33.         
Withholding Taxes.

 

(a)            
If the Note A Holder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest,
fees or other amounts payable to the Note B

 

    41

     

    

 

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

 

(b)           
The Note B Holder shall and hereby agrees to indemnify the Note A Holder against and hold the Note A Holder harmless from
and against any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of
the Note A Holder (or the Servicer on its behalf) to withhold Taxes from payment made to such Note B Holder in reliance upon any
representation, certificate, statement, document or instrument made or provided by such Note B Holder to the Note A Holder in connection
with the obligation of the Note A Holder to withhold Taxes from payments made to the Note B Holder, it being expressly understood
and agreed that (i) the Note A Holder shall be absolutely and unconditionally entitled to accept any such representation, certificate,
statement, document or instrument as being true and correct in all respects and to fully rely thereon without any obligation or
responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same
and (ii) the Note B Holder shall, upon request of the Note A Holder and at its sole cost and expense, defend any claim or action
relating to the foregoing indemnification using counsel selected by the Note A Holder.

 

(c)            
The Note B Holder represents to the Note A Holder (for the benefit of the Mortgage Loan Borrower) that it is not a Non-Exempt
Person and that neither the Note A Holder nor the Mortgage Loan Borrower is obligated under applicable law to withhold Taxes on
sums paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement. Contemporaneously with the execution
of this Agreement and from time to time as necessary during the term of this Agreement, the Note B Holder shall deliver to the
Note A Holder or Servicer, as applicable, evidence satisfactory to the Note A Holder substantiating that the Note B Holder is not
a Non-Exempt Person and that the Note A Holder is not obligated under applicable law to withhold Taxes on sums paid to it with
respect to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the foregoing, (i) if the Note B
Holder is created or organized under the laws of the United States, any state thereof or the District of Columbia, it shall satisfy
the requirements of the preceding sentence by furnishing to the Note A Holder an Internal Revenue Service Form W-9 and (ii) if
the Note B Holder is not created or organized under the laws of the United States, any state thereof or the District of Columbia,
and if the payment of interest or other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes
as derived in whole or part from sources within the United States, the Note B Holder shall satisfy the requirements of the preceding
sentence by furnishing to the Note A Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or
Form W-8BEN, or successor forms, as may be required from time to time, duly executed by the Note B Holder, as evidence of the Note
B Holder’s exemption from the withholding of United States tax with respect thereto. The Note A Holder shall not be obligated
to make any payment hereunder to any Note B Holder in respect of the B Note or otherwise until the Note B

 

    42

     

    

 

Holder shall have furnished
to the Note A Holder the requested forms, certificates, statements or documents.

 

Section 34.         
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the B Note) will
be held by the Note A Holder (or a custodian acting on behalf of the Note A Holder) on behalf of the registered holders of the
Notes.

 

Section 35.         
[Reserved.]

 

Section 36.         
Notices. All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall
be in writing and personally delivered, (ii) sent by facsimile transmission (during business hours) if the sender on the same day
sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery
service (charges prepaid) or (iv) certified United States mail, postage prepaid return receipt requested, and addressed to the
respective parties at their addresses set forth on Exhibit B hereto, or at such other address as any party shall hereafter
inform the other party by written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt.

 

All notices and reports (including,
without limitation, Asset Status Reports) required to be delivered hereunder by the Note A Holder (or the Servicer on its behalf)
to the Controlling Noteholder (or its Controlling Noteholder Representative), or by the Controlling Noteholder (or its Controlling
Noteholder Representative) to the Note A Holder (or the Servicer on its behalf), shall also be delivered by the applicable party
to the Note B Holder.

 

Section 37.         
Broker. Each Noteholder represents to each other Noteholder that no broker was responsible for bringing about this
transaction.

 

Section 38.         
Certain Matters Affecting the Agent.

 

(a)            
The Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s
certificate or assignment and assumption agreement delivered to the Agent pursuant to Section 20;

 

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

 

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

 

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

 

    43

     

    

 

(e)            
The Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 20; and

 

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

 

Section 39.         
Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Note
A Holder. In the event that the Agent is terminated pursuant to this Section 39, all of its rights and obligations under
this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such termination.

 

The Agent may resign at any
time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this Agreement
and perform the duties of the Agent hereunder. Benefit Street Partners CRE Finance LLC, as Initial Agent, may transfer its rights
and obligations to the Servicer, as successor Agent, at any time without the consent of any Noteholder. Benefit Street Partners
CRE Finance LLC, as Initial Agent, shall promptly and diligently attempt to cause such Servicer to act as successor Agent, and,
if such Servicer declines to act in such capacity, shall promptly and diligently attempt to cause a similar servicer to act as
successor Agent. The termination or resignation of such Servicer, as Servicer under the Servicing Agreement, shall be deemed a
termination or resignation of such Servicer as Agent under this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    44

     

    

 

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

 

	 	BENEFIT
STREET PARTNERS CRE

FINANCE LLC, as Initial Note A Holder and 

Initial Agent
	 	 	 
	 	By:	/s/
    Micah Goodman
	 	 	Name:   Micah Goodman
	 	 	Title:     Authorized Signatory
	 	 	 
	 	BENEFIT
    STREET PARTNERS CRE 

    FINANCE LLC, as Initial Note B Holder
	 	 	 
	 	By:	/s/
    Micah Goodman
	 	 	Name:   Micah Goodman
	 	 	Title:     Authorized Signatory

 

JPMCC
2016-JP3 -
Arkansas Hotel Portfolio -
Co-Lender Agreement

 

     

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

A.       Description
of Mortgage Loan:

 

	Mortgage
    Loan:	Loan
    Agreement, dated as of July 26, 2016 between Benefit Street Partners CRE Finance LLC, as Lender and WW HOLX Bentonville, LLC
    and WW FFI Springdale, LLC, collectively, as Borrower
	Mortgage
    Loan Borrower:	WW
    HOLX Bentonville, LLC and WW FFI Springdale, LLC, collectively
	Date
    of the Mortgage Loan and the Mortgage: 	July
    26, 2016
	Initial
    Principal Amount of Mortgage Loan:	$11,100,000.00
	Location
    of Mortgaged Properties:	2500
    North Military Trail, Suite 275, Boca Raton, Florida 33431 and 2500 North Military Trail, Suite 275, Boca Raton, Florida 33431
	Initial
    Maturity Date:	August
    6, 2026

 

B.       Description
of Note Interests:

 

	Initial
    Note A Principal Balance:	$10,000,000.00
	Initial
    Note B Principal Balance:	$1,100,000.00
	Initial
    Note A Percentage Interest: 	90.0900900%
	Initial
    Note B Percentage Interest:	9.90990990%
	Initial
    Note A Rate:	4.87%
	Initial
    Note B Rate:	13.75%

 

     A-1

     

    

 

EXHIBIT B

 

Initial Note A Holder:

Benefit Street Partners CRE Finance LLC

Notice Address:

Benefit Street Partners CRE Finance LLC

9 West 57th Street, Suite 4920

New York, New York 10019

Attention: Micah Goodman

Facsimile No.: (212) 588-6701

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

One World Financial Center

New York, NY 10281

Attention: Jeffrey Rotblat

Facsimile No.: (212) 504-6401

 

Initial Note B Holder:

Benefit Street Partners CRE Finance LLC

Notice Address:

Benefit Street Partners CRE Finance LLC

9 West 57th Street, Suite 4920

New York, New York 10019

Attention: Micah Goodman

Facsimile No.: (212) 588-6701

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

One World Financial Center

New York, NY 10281

Attention: Jeffrey Rotblat

Facsimile No.: (212) 504-6401

 

     B-1

     

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

	1.	Apollo
    Global Real Estate
	2.	Archon Capital,
    L.P.
	3.	AREA Property
    Partners
	4.	BlackRock,
    Inc.
	5.	The Blackstone
    Group International Ltd.
	6.	Capital Trust,
    Inc.
	7.	Clarion Partners
	8.	Colony Capital,
    Inc.
	9.	DLJ Real Estate
    Capital Partners
	10.	Eightfold
    Real Estate Capital, L.P.
	11.	Fortress Investment
    Group LLC
	12.	Garrison Investment
    Group
	13.	Goldman, Sachs
    & Co.
	14.	iStar Financial
    Inc.
	15.	J.E. Roberts
    Companies
	16.	Lend-Lease
    Real Estate Investments
	17.	LoanCore Capital
	18.	Lonestar Funds
	19. 	Praedium Group
	20.	Raith Capital
    Partners, LLC
	21.	Rialto Capital
    Management, LLC
	22.	Rockpoint
    Group
	23.	Starwood Capital/Starwood
    Financial Trust
	24.	Torchlight
    Investors
	25.	Walton Street
    Capital, LLC
	26.	Westbrook
    Partners
	27.	WestRiver
    Capital
	28.	Whitehall
    Street Real Estate Fund, L.P.

 

     C-1Exhibit 4.15 

 

EXECUTION
VERSION

 

CO-LENDER AGREEMENT

 

Dated as of September 26, 2016

by and between

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

(Initial Note A Holder)

 

and

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

(Initial Note B Holder)

 

9 West 57th Street

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1	Definitions	1
	Section 2	Servicing
    of the Mortgage Loan	14
	Section 3	Priority
    of Payments	19
	Section 4	Workout	21
	Section 5	Administration
    of the Mortgage Loan	21
	Section 6	Appointment
    of a Controlling Note Holder Representative and a Non-Controlling Note Holder Representative	24
	Section 7	Appointment
    of Special Servicer	27
	Section 8	Payment
    Procedure	28
	Section 9	Limitation
    on Liability of the Note Holders	29
	Section 10	Bankruptcy	30
	Section 11	Representations
    of the Note Holders	30
	Section 12	No
    Creation of a Partnership or Exclusive Purchase Right	31
	Section 13	Other
    Business Activities of the Note Holders	31
	Section 14	Sale
    of the Notes	31
	Section 15	Registration
    of the Notes and Each Note Holder	34
	Section 16	Governing
    Law; Waiver of Jury Trial	34
	Section 17	Submission
    To Jurisdiction; Waivers	35
	Section 18	Modifications	35
	Section 19	Successors
    and Assigns; Third Party Beneficiaries	36
	Section 20	Counterparts	36
	Section 21	Captions	36
	Section 22	Severability	36
	Section 23	Entire
    Agreement	36
	Section 24	Withholding
    Taxes	36
	Section 25	Custody
    of Mortgage Loan Documents	37
	Section 26	Cooperation
    in Securitization	38
	Section 27	Notices	39
	Section 28	Broker	39
	Section 29	Certain
    Matters Affecting the Agent	39
	Section 30	Termination
    and Resignation of Agent	40
	Section 31	Resizing	40

 

    	 	 i	 

     

    

 

THIS CO-LENDER AGREEMENT
(this “Agreement”), dated as of September 26, 2016, by and between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
(“JPM” and together with its successors and assigns in interest, in its capacity as initial owner of Note A-1,
Note A-2, Note A-3-A, Note A-3-B, Note A-4 and Note A-5, the “Initial Note A Holder”, and in its capacity as
the initial agent, the “Initial Agent”) and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (in its capacity as initial
owner of Note B-1, the “Initial Note B Holder” and, together with the Initial Note A Holder, the “Initial
Note Holders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the
Mortgage Loan Agreement (as defined herein), JPM originated a certain loan (the “Mortgage Loan”) described on
the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan borrower described
on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which was evidenced, inter alia,
by 7 Notes in the aggregate original principal amount of $1,200,000,000 made by the Mortgage Loan Borrower in favor of the Initial
Note Holders; and secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain
real property located as described in the Mortgage Loan Agreement (collectively, the “Mortgaged Property”);
and

 

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

 

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

 

Section
1.          Definitions. References to a “Section” or
the “recitals” are, unless otherwise specified, to a Section or the recitals of this Agreement. Capitalized terms
not otherwise defined herein shall have the meaning ascribed thereto in the Lead Securitization Servicing Agreement. Whenever
used in this Agreement, the following terms shall have the respective meanings set forth below unless the context clearly
requires otherwise.

 

“A Notes”
shall mean each of Note A-1, Note A-2, Note A-3-A, Note A-3-B, Note A-4 and Note A-5.

 

“Administrative
Advance” shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

 

“Advance”
shall mean any Administrative Advance, P&I Advance or Property Protection Advance.

 

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

 

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

 

    	 	 	 

     

    

 

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at
383 Madison Avenue, 31st Floor, New York, New York 10179, Attention: Thomas Nicholas Cassino, and which is the address to which
notices to and correspondence with the Agent should be directed. The Agent may change the address of its designated office by notice
to the Note Holders.

 

“Agreement”
shall mean this Agreement between Note Holders, the exhibits and schedule hereto and all amendments hereof and supplements hereto.

 

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

 

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

 

“B Note”
shall mean Note B-1.

 

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

 

“Borrower Affiliate”
shall have the meaning set forth in the Lead Securitization Servicing Agreement; provided that in the event that any Non-Controlling
Note is securitized in a Securitization, the term “Borrower Affiliate” as used in the definitions of “Non-Controlling
Note Holder” and “Non-Controlling Note Holder Representative” shall refer to a “Borrower Party” as
defined in the related Non-Lead Securitization Servicing Agreement or such other analogous term used in the related Non-Lead Securitization
Servicing Agreement.

 

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

 

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

 

“Certificate
Administrator” shall mean Wells Fargo Bank, National Association or its successor in interest, or any successor Certificate
Administrator appointed as provided in the Lead Securitization Servicing Agreement.

 

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

 

“Collection Account”
shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

 

“Companion Distribution
Account” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

 

    	 	2 	 

     

    

 

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

 

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

 

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

 

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

 

“Controlling
Note Holder” shall mean the Note A-1 Holder; provided that at any time the Lead Securitization Notes are included
in the Lead Securitization, there shall be no Controlling Note Holder.

 

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

 

“Depositor”
shall mean J.P. Morgan Chase Commercial Mortgage Securities Corp.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Insolvency Proceeding”
shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or any other insolvency,
liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action for the dissolution of
the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets of the Mortgage Loan
Borrower for the benefit of its creditors, the appointment of or any proceeding seeking the appointment of a trustee, receiver
or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or any other action concerning
the adjustment of the debts of the Mortgage Loan Borrower, the cessation of

 

    	 	3 	 

     

    

 

business by the Mortgage Loan Borrower, except following
a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage Loan Borrower in a transaction
permitted under the Mortgage Loan Documents; provided, however, that following any such permitted transaction affecting
the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement shall be defined to mean the successor
owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage Loan Documents; provided,
further, however, that for the purposes of this definition, in the event that more than one entity comprises the
Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.

 

“Interest Rate”
shall mean the Note Rate (as defined in the Mortgage Loan Documents).

 

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

 

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

 

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

 

“Lead Securitization”
shall mean the Securitization of the Lead Securitization Notes in a Securitization Trust to be designated by the Initial Note A-1
Holder.

 

“Lead Securitization
Notes” shall mean Note A-1 and Note B-1.

 

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

 

“Lead Securitization
Servicing Agreement” shall mean the trust and servicing agreement to be entered into in connection with the Securitization
of the Lead Securitization Notes and issuance of the J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE, Commercial
Mortgage Pass-Through Certificates, Series 2016-NINE, by and among (a) the Depositor, (b) the Master Servicer, (c) the Special
Servicer, (d) the Certificate Administrator and (e) the Trustee.

 

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

 

“Major Decisions”
shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

 

“Master Servicer”
shall mean Wells Fargo Bank, National Association or its successor in interest, or any successor Master Servicer appointed as provided
in the Lead Securitization Servicing Agreement.

 

    	 	4 	 

     

    

 

“Monthly Payment
Date” shall mean the “Monthly Payment Date” as defined in the Mortgage Loan Agreement.

 

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

 

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

 

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

 

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

 

“Mortgage Loan
Agreement” shall mean the Loan Agreement, dated as of August 30, 2016, between JPM, as Lender, and Solow Building Company
II, L.L.C. and Solovieff Realty Co. II, L.L.C, collectively, as Borrower, as the same may be further amended, restated, supplemented
or otherwise modified from time to time, subject to the terms hereof.

 

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

 

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

 

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

 

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

 

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

 

“Nonrecoverable
Advance” shall mean, (i) with respect to any Advances made by the Master Servicer or the Trustee under the Lead Securitization
Servicing Agreement, “Nonrecoverable Advance” as defined in the Lead Securitization Servicing Agreement, and (ii) with
respect to any P&I Advance made by a party to a Non-Lead Securitization Servicing Agreement, “Nonrecoverable Advance”
or any analogous term as defined in such Non-Lead Securitization Servicing Agreement.

 

“Non-Controlling
Notes” shall mean the Note A-2, Note A-3-A, Note A-3-B, Note A-4 and Note A-5.

 

“Non-Controlling
Note Holder” shall mean the Note Holder of any Non-Controlling Note; provided that with respect to each Non-Controlling
Note, at any time such Non-Controlling Note is included in a Securitization other than the Lead Securitization, references to the
“Non-Controlling Note Holder” herein shall mean the Non-Lead Securitization

 

    	 	5 	 

     

    

 

Subordinate Class Representative under
the related Non-Lead Securitization Servicing Agreement, as and to the extent provided in such Non-Lead Securitization Servicing
Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer)
has been given written notice; provided, further that if at any time 50% or more of any Non-Controlling Note (or
class of securities issued in any Non-Lead Securitization designated as the “controlling class” or such other class(es)
otherwise assigned the rights to exercise the rights of the “controlling class” under the related Non-Lead Securitization
Servicing Agreement) is held by a Borrower Affiliate, no such Note Holder or other Person shall be entitled to exercise any rights
of such Non-Controlling Note Holder under this Agreement or the related Non-Lead Securitization Servicing Agreement, including
any right to receive information related to the Mortgage Loan, as and to the extent provided in the related Non-Lead Securitization
Servicing Agreement. The Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf)
shall not be required at any time to deal with more than one party exercising the rights of a “Non-Controlling Note Holder”
herein or under the Lead Securitization Servicing Agreement and, (x) to the extent that the related Non-Lead Securitization Servicing
Agreement assigns such rights to more than one party or (y) to the extent a Non-Controlling Note is split into two or more New
Notes pursuant to Section 31 or more than one Note in such Securitization, for purposes of this Agreement, the Non-Lead Securitization
Servicing Agreement or the holders of such New Notes shall designate one party to deal with the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such designation to the Lead
Securitization Note Holder (and the Master Servicer and the Special Servicer acting on its behalf); provided that, in the
absence of such designation and notice, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf) shall be entitled to treat the last party as to which it has received written notice as having been designated as
the Non-Controlling Note Holder with respect to such Non-Controlling Note Holder for all purposes of this Agreement. As of the
date hereof and until further notice from the Non-Controlling Note Holder (or the Non-Lead Master Servicer or another party acting
on its behalf), the Initial Note Holder of each Non-Controlling Note is the Non-Controlling Note Holder with respect to such Non-Controlling
Note.

 

Prior to Securitization
of any Non-Controlling Note (including any New Notes), all notices, reports, information or other deliverables required to be delivered
to the related Non-Controlling Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the
related Non-Controlling Note Holder Representative and, when so delivered to such Non-Controlling Note Holder Representative, the
Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have satisfied
its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement. Following Securitization
of any Non-Controlling Note, all notices, reports, information or other deliverables required to be delivered to the related Non-Controlling
Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization Note Holder (or
the Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the related Non-Lead Master Servicer and
the related Non-Lead Special Servicer (who then may forward such items to the party entitled to receive such items as and to the
extent provided in the Non-Lead Securitization Servicing Agreement) and, when so delivered to the related Non-Lead Master Servicer
and the related Non-Lead Special Servicer, the Lead Securitization Note Holder

 

    	 	6 	 

     

    

 

(or the Master Servicer or the Special Servicer
acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under
the Lead Securitization Servicing Agreement.

 

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

 

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

 

“Non-Lead Asset
Representations Reviewer” shall mean the “asset representations reviewer” under any Non-Lead Securitization
Servicing Agreement.

 

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

 

“Non-Lead Master
Servicer” shall have the meaning assigned to such term in Section 2(b).

 

“Non-Lead Securitization”
shall mean a Securitization of any Non-Controlling Note in a Securitization Trust other than the Lead Securitization.

 

“Non-Lead Securitization
Date” shall mean the closing date of any Non-Lead Securitization.

 

“Non-Lead Securitization
Servicing Agreement” shall have the meaning assigned to such term in Section 2(b).

 

“Non-Lead
Securitization Subordinate Class Representative” shall mean the holders of the majority of the class of securities
issued in a Non-Lead Securitization designated as the “controlling class” pursuant to the related Non-Lead
Securitization Servicing Agreement or their duly appointed representative; provided that if more than 50% of the class
of securities issued in any Non-Lead Securitization designated as the “controlling class” or such other class(es)
otherwise assigned the rights to exercise the rights of “controlling class” is held by any Borrower Affiliate, no
person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative under
this Agreement or the related Non-Lead Securitization Servicing Agreement, as and to the extent provided in the related
Non-Lead Securitization Servicing Agreement; provided that in the event that no controlling class exists or no
controlling class has any consent or consultation rights pursuant to the terms of the related Non-Lead Securitization
Servicing Agreement, the Non-Lead Securitization Subordinate Class Representative shall be the Non-Lead Special Servicer for
such Non-Lead Securitization and shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate
Class Representative under this Agreement or the related Non-Lead Securitization Servicing

 

    	 	7 	 

     

    

 

 

Agreement, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Securitization
Trust” shall mean a Securitization Trust into which any Non-Controlling Note is deposited.

 

“Non-Lead Servicer”
shall mean any Non-Lead Master Servicer or Non-Lead Special Servicer, as the context may require.

 

“Non-Lead Special
Servicer” shall have the meaning assigned to such term in Section 2(b).

 

“Non-Lead Trustee”
shall have the meaning assigned to such term in Section 2(b).

 

“Note”
shall mean each promissory note with the designation and original principal amount set forth below, each dated as of August 30,
2016, made by the Mortgage Loan Borrower in favor of the Initial Note Holder set forth in the chart below, as such may be amended,
modified or supplemented.

 

	Note	Initial Note Holder	Original Principal Balance
	Note A-1	JPM	$670,724,000
	Note A-2	JPM	$100,000,000
	Note A-3-A	JPM	$50,000,000
	Note A-3-B	JPM	$50,000,000
	Note A-4	JPM	$80,000,000
	Note A-5	JPM	$63,000,000
	Note B-1	JPM	$186,276,000

 

“Note A Holder”
shall mean with regards to any A Note, the Initial Note Holder or any subsequent holder of such A Note, as applicable.

 

“Note B Holder”
shall mean with regards to the B Note, the Initial Note Holder or any subsequent holder of the B Note, as applicable.

 

“Note Holder”
shall mean with regards to any Note, the Initial Note Holder or any subsequent holder of such Note, as applicable.

 

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

 

“Note Principal
Balance” shall mean, with respect to each Note, at any time of determination, the Principal Balance for such Note, as
set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof)
received by the related Note Holder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant
to Section 3 or 4, as applicable.

 

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

 

    	 	8 	 

     

    

 

“P&I Advance”
shall mean an advance made by (a) a party to the Lead Securitization Servicing Agreement in respect of a delinquent monthly debt
service payment on the Lead Securitization Note or (b) a party to any Non-Lead Securitization Servicing Agreement in respect of
a delinquent monthly debt service payment on the related Non-Controlling Note.

 

“Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached hereto
and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests relating
to commercial real estate, (ii) investing through a fund with total assets of at least $3,000,000,000 and committed capital of
at least $1,500,000,000 and (iii) not subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief
of debtors.

 

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

 

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

 

“Pro Rata Share”
shall mean with respect to each A Note and the Note A Holder of such A Note, a fraction, expressed as a percentage, the numerator
of which is the Note Principal Balance of such A Note and the denominator of which is the sum of the Note Principal Balance of
all of the A Notes.

 

“Property Protection
Advance” shall means “Property Protection Advances” as defined in the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

(c)          one
or more of the following:

 

(i)    
      a real estate investment bank, an insurance company, bank, savings and loan association,
investment bank, trust company, commercial credit

 

    	 	9 	 

     

    

 

corporation, pension plan, pension fund, pension fund advisory firm, mutual fund, real estate investment trust, governmental entity
or plan, or

 

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

 

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

 

(iv)         an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $1,500,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional Lender
under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred to in clause (i) or
(ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund manager responsible for the
day-to-day management and operation of such investment vehicle and provided that at least 50% of the equity interests in
such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Institutional Lenders,
or

 

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

 

    	 	10 	 

     

    

 

in the case of any entity referred to in
clause (c)(i), (ii), (iii), (iv)(B) or (v) of this definition, (x) such entity has at least $1,500,000,000 in capital/statutory
surplus or shareholders’ equity (except with respect to a pension advisory firm, asset manager or similar fiduciary) and
at least $3,000,000,000 in total assets (in name or under management), and (y) is regularly engaged in the business of making or
owning commercial real estate loans (or interests therein) similar to the Mortgage Loan (or mezzanine loans with respect thereto)
or owning or operating commercial real estate properties; provided that, in the case of the entity described in clause (iv)(B)
above, the requirements of this clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible
for the day-to-day management and operation of such entity; or

 

(d)          any
entity Controlled by any of the entities described in clause (c) above or approved by the Rating Agencies hereunder as a Qualified
Institutional Lender for purposes of this Agreement, or as to which the Rating Agencies have stated they would not review such
entity in connection with the subject transfer.

 

“Qualified Trustee”
means (i) a corporation, national bank, national banking association or a trust company, organized and doing business under the
laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept
the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose
long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the applicable Rating
Agencies.

 

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

 

“Rating Agency
Confirmation” shall mean prior to a Securitization with respect to any matter, confirmation in writing (which may be
in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event so specified will not,
in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class of certificates
(if then rated by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating Agency indicating
its decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement
for the Rating Agency Confirmation from each Rating Agency with respect to such matter and after a Securitization, the meaning
given thereto or any analogous term in the Lead Securitization Servicing Agreement or Non-Lead Securitization Servicing Agreement,
as applicable, including any deemed Rating Agency Confirmation.

 

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

 

    	 	11 	 

     

    

 

“Regulation AB”
shall mean subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may
be amended from time to time, and subject to such clarification and interpretation as have been provided by the Securities and
Exchange Commission or by the staff of the Securities and Exchange Commission, or as may be provided by the Securities and Exchange
Commission or its staff from time to time.

 

“REMIC”
shall have the meaning assigned to such term in Section 5(c).

 

“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the date
of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special
servicer of such commercial mortgage loans, (iv) in the case of Morningstar, either (a) the applicable replacement has a special
servicer ranking of at least “MOR CS3” by Morningstar (if ranked by Morningstar) or (b) if not ranked by Morningstar,
is currently acting as a special servicer on a deal or transaction-level basis for all or a significant portion of the related
mortgage loans in other CMBS transactions rated by any of S&P, Moody’s, Morningstar, Fitch, DBRS or KBRA and the trustee
does not have actual knowledge that Morningstar has, and the replacement special servicer certifies that Morningstar has not, with
respect to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings on one or more classes of
such CMBS transaction citing servicing concerns of the applicable replacement as the sole or material factor in such rating action,
(v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in a transaction serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS,
such special servicer is currently acting as special servicer for one or more loans included in a commercial mortgage loan securitization
that is rated by DBRS, and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities
or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as the sole or
material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination.

 

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

 

“Scheduled Interest
Payment” shall mean the scheduled payment of interest due on the Mortgage Loan on a Monthly Payment Date.

 

“Scheduled Principal
Payment” shall mean the scheduled payment of principal due on the Mortgage Loan on a Monthly Payment Date.

 

    	 	12 	 

     

    

 

“SEC”
shall mean the U.S. Securities and Exchange Commission.

 

“Securitization”
shall mean one or more sales by a Note Holder of all or a portion of such Note to a depositor, who will in turn include such portion
of such Note as part of a securitization of one or more mortgage loans.

 

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

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which any Notes are held.

 

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

 

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

 

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

 

“Servicing Standard”
shall mean “Accepted Servicing Practices” as defined in the Lead Securitization Servicing Agreement.

 

“Servicing Fee
Rate” shall have the meaning given thereto in the Lead Securitization Servicing Agreement (or other analogous term under
the Lead Securitization Servicing Agreement).

 

“Special Servicer”
shall mean Wells Fargo Bank, National Association, or its successor in interest, or any successor Special Servicer appointed as
provided in the Lead Securitization Servicing Agreement and this Agreement.

 

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

 

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

 

“Trust Fund Expenses”
shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

 

“Trustee”
shall mean Wilmington Trust, National Association or its successor in interest, or any successor Trustee appointed as provided
in the Lead Securitization Servicing Agreement.

 

    	 	13 	 

     

    

 

“U.S. Person”
shall mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided in applicable
Treasury Regulations) created or organized in or under the laws of the United States, any State thereof or the District of Columbia,
including any entity treated as a corporation or partnership for federal income tax purposes, or an estate whose income is subject
to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in existence on August
20, 1996 which is eligible to elect to be treated as a U.S. Person).

 

Section 2.          Servicing
of the Mortgage Loan.

 

(a)          Each Note Holder
acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and after the Securitization
Date pursuant to the Lead Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to
make P&I Advances in respect of any Non-Controlling Note if such principal or interest is not paid by the Mortgage Loan Borrower
but shall be obligated to make Property Protection Advances and Administrative Advances, subject to the terms of the Lead Securitization
Servicing Agreement including any provisions governing the determination of non-recoverability. Each Note Holder acknowledges that
any other Note Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject
to Section 26, reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization.
Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the
appointment of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee under the Lead Securitization
Servicing Agreement by the Depositor as each such party may be replaced pursuant to the terms of the Lead Securitization Servicing
Agreement and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of
the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement. Each Note Holder hereby irrevocably appoints
the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s attorney-in-fact
to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under
the Lead Securitization Servicing Agreement (subject at all times to the rights of the Note Holder set forth herein and in the
Lead Securitization Servicing Agreement). In no event shall the Lead Securitization Servicing Agreement require the Servicer to
enforce the rights of any Note Holder against any other Note Holder or limit the Servicer in enforcing the rights of one Note Holder
against any other Note Holder; however, this statement shall not be construed to otherwise limit the rights of one Note Holder
with respect to any other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement
to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, this Agreement,
the Lead Securitization Servicing Agreement and applicable law, shall provide information to each Non-Lead Servicer to enable such
Non-Lead Servicer to perform its servicing duties under the related Non-Lead Securitization Servicing Agreement and shall not take
any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

 

    	 	14 	 

     

    

 

At any time that the Mortgage
Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree to cause the
Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders, pursuant to a servicing
agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement (including, without limitation,
all applicable provisions relating to delivery of information and reports necessary for any Non-Lead Securitization to comply with
any applicable reporting requirements under the Exchange Act) and all references herein to the “Lead Securitization Servicing
Agreement” shall mean such subsequent servicing agreement; provided, however, that if any Non-Controlling Note
is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect to such
subsequent servicing agreement, if applicable; provided, further, however, that until a replacement servicing
agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to the
provisions of the Lead Securitization Servicing Agreement as if such agreement was still in full force and effect with respect
to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder
that is a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement; provided, however,
the Servicer shall have no obligation to make any P&I Advances or Administrative Advances on the Lead Securitization Notes.

 

(b)          The Master Servicer
shall be the master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent provided in the Lead
Securitization Servicing Agreement) (i) shall be required to make Property Protection Advances and Administrative Advances with
respect to the Mortgage Loan, subject to the terms of the Lead Securitization Servicing Agreement and this Agreement, and (ii)
may be required to make P&I Advances on the Lead Securitization Notes, if and to the extent provided in the Lead Securitization
Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled
to reimbursement for any Advance and interest thereon and Trust Fund Expenses in accordance with the terms of the Lead Securitization
Servicing Agreement and this Agreement.

 

Each Non-Controlling Note
Holder agrees to indemnify (i) (as and to the same extent the Lead Securitization Trust is required to indemnify each of the following
parties in respect of the Mortgage Loan pursuant to the terms of the Lead Securitization Servicing Agreement) each of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Depositor (and any director, officer, employee
or agent of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead Securitization Servicing
Agreement in respect of the Mortgage Loan) and (ii) the Lead Securitization Trust (such parties in clause (i) and the Lead Securitization
Trust, collectively, the “Indemnified Parties”) against any claims, losses, penalties, fines, forfeitures, legal
fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing
and administration of the Mortgage Loan and the Mortgaged Property under the Lead Securitization Servicing Agreement (collectively,
the “Indemnified Items”).

 

Each Non-Controlling Note
Holder agrees to pay its Pro Rata Share of (i) any Property Protection Advances or Administrative Advances (including if such Advances
become Nonrecoverable Advances) and any interest accrued and payable on such Advances at the

 

    	 	15 	 

     

    

 

Advance Rate (as defined in the Lead
Securitization Servicing Agreement) and (ii) any Trust Fund Expenses and any other fees, costs or expenses incurred in connection
with the servicing and administration of the Mortgage Loan or Mortgaged Property (including, without, limitation, any Indemnified
Items and any costs, fees and expenses related to obtaining any Rating Agency Confirmation) in accordance with the Lead Securitization
Servicing Agreement and this Agreement to the extent that such amounts remain unpaid or unreimbursed after funds received from
the Mortgage Loan Borrower for payment of such amounts and any principal and interest collections allocable to the B Note have
been applied to pay such amounts (it being understood that the Pro Rata Share payable by each Non-Controlling Note Holder under
this paragraph would be determined allocating such Property Protection Advances, Administrative Advances, interest accrued and
payable on such Advances, Trust Fund Expenses, and/or other fees, costs or expenses, as the case may be, first to the B Note and
then to the A Notes (on a Pro Rata and Pari Passu Basis), in that order).

 

Following a Securitization
of a Non-Controlling Note, in the event that the Master Servicer or the Special Servicer has determined that funds on deposit in
the Collection Account or Companion Distribution Account that are allocated to such Non-Controlling Note are insufficient for reimbursement
of (i) any Nonrecoverable Advances and any interest accrued and payable on such Advances at the Advance Rate (as defined in the
Lead Securitization Servicing Agreement), (ii) the Indemnified Items and (iii) any other Trust Fund Expenses and any other fees,
costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan or Mortgaged Property (including,
without, limitation, any fees, costs and expenses related to obtaining any Rating Agency Confirmation), such Non-Controlling Note
Holder shall be required to, promptly following notice from the Master Servicer or the Special Servicer, pay the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee, or the Lead Securitization Trust, as applicable, such Non-Controlling
Note Holder’s pro rata share of the insufficiency (which shall be determined based on the original principal balance
of each Note and after allocating such Nonrecoverable Advances, interest accrued and payable on such Advances, Trust Fund Expenses,
and/or other fees, costs or expenses, as the case may be, first to the B Note and then to the A Notes (on a Pro Rata and Pari Passu
Basis), in that order) from general collections on the other mortgage loans in the related Non-Lead Securitization Trust.

 

For the avoidance of doubt,
no Non-Controlling Holder shall be required to use general collections on the other mortgage loans in the related Non-Lead Securitization
Trust to reimburse any P&I Advances or any Nonrecoverable Advances that are P&I Advances on the Lead Securitization Notes
or any interest accrued and payable on such P&I Advances and Nonrecoverable Advances that are P&I Advances.

 

The master servicer or
the trustee under the Securitization of any Non-Controlling Note (each, a “Non-Lead Master Servicer”) may be
required to make P&I Advances on such Non-Controlling Note, from time to time, subject to the terms of the servicing agreement
for the related Securitization (each such agreement, a “Non-Lead Securitization Servicing Agreement”). The Master
Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determination
with respect to a P&I Advance to be made on the Lead Securitization Notes based on the information that they have on hand and
in accordance with the Lead Securitization Servicing Agreement. The Non-Lead Master Servicer and the

 

    	 	16 	 

     

    

 

special servicer and the trustee
under any Non-Lead Securitization Servicing Agreement (respectively, a “Non-Lead Special Servicer” and a “Non-Lead
Trustee”), as applicable, shall be entitled to make their own recoverability determination with respect to a P&I
Advance to be made on the Non-Controlling Note based on the information that they have on hand and in accordance with such Non-Lead
Securitization Servicing Agreement. The Master Servicer and the Trustee, as applicable, and any Non-Lead Master Servicer and any
Non-Lead Trustee, as applicable, shall be required to notify the others of the amount of its P&I Advance within two (2) Business
Days of making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead
Securitization Note) or a Non-Lead Master Servicer, a Non-Lead Special Servicer or a Non-Lead Trustee, as applicable (with respect
to a Non-Controlling Note), determines that a proposed P&I Advance, if made, would be a Nonrecoverable Advance or an outstanding
P&I Advance is or would be a Nonrecoverable Advance (and in the case of an outstanding P&I Advance, to the extent such
information is not already included in the Distribution Date Statement for the month in which such P&I Advance is made), or
if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed Property Protection
Advance would be a Nonrecoverable Advance or an outstanding Property Protection Advance is or would be a Nonrecoverable Advance,
then the Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination
of non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or such Non-Lead Master Servicer or such Non-Lead
Trustee (as provided in the related Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability
by the Non-Lead Master Servicer, the Non-Lead Special Servicer or the Non-Lead Trustee) shall notify the Master Servicer and the
Trustee, or such Non-Lead Master Servicer and such Non-Lead Trustee, as the case may be, within two (2) Business Days of making
such determination.

 

(c)          Each Non-Controlling
Note Holder agrees that, if the related Non-Controlling Note is included in a Securitization, such Non-Controlling Note Holder
shall cause the applicable Non-Lead Securitization Servicing Agreement to contain provisions to the effect that:

 

(i)          any
Property Protection Advances (and advance interest thereon), Administrative Advances (and advance interest thereon) and any Trust
Fund Expenses (including Indemnified Items) relating to servicing and administration of the Mortgage Loan and the Mortgaged Property,
including without limitation, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees relating to the Mortgage Loan
will be paid in accordance with Sections 2(b) and 3 of this Agreement and the Lead Securitization Servicing Agreement;

 

(ii)         the
related Non-Lead Master Servicer will be required to pay insufficiencies with respect to reimbursements of the amounts described
in clause (i) above, from general collections in accordance with Section 2(b) of this Agreement;

 

(iii)         the
certificate administrator under the related Non-Lead Securitization Servicing Agreement will be required to deliver to the Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer (i) promptly following receipt of notice of a Securitization
of the related Non-Controlling Note, notice of the

 

    	 	17 	 

     

    

 

deposit of such Non-Controlling Note into a Securitization Trust (which notice
shall also provide contact information for the related Non-Lead Trustee, the related non-lead certificate administrator, the related
Non-Lead Master Servicer, the related Non-Lead Special Servicer and the party designated to exercise the rights of the related
“Non-Controlling Note Holder” under this Agreement) and (ii) notice of any subsequent change in the identity of the
Non-Lead Master Servicer or the party designated to exercise the rights of the related “Non-Controlling Note Holder”
under this Agreement (together with the relevant contact information); and

 

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

 

(d)          In the event that
any filing is required to be made by the Depositor or any Non-Lead Depositor under the Lead Securitization Servicing Agreement
or the related Non-Lead Securitization Servicing Agreement, as applicable, in order to comply with the Depositor’s or such
Non-Lead Depositor’s requirement under the Exchange Act, the related Non-Controlling Note Holder (including the related Non-Lead
Depositor and related Non-Lead Trustee) or the Lead Securitization Note Holder (including the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee), as applicable, shall use commercially reasonable efforts to timely
comply with any such filing, in each case, in accordance with the requirements of the Lead Securitization Servicing Agreement or
the related Non-lead Securitization Servicing Agreement, respectively.

 

(e)          Each Non-Controlling
Note Holder shall give each of the parties to the Lead Securitization Servicing Agreement (if such party will not also be a party
to the Non-Lead Securitization Servicing Agreement) a written notice (which may be by e-mail) of the Non-Lead Securitization and
the related Non-Lead Securitization Date not less than 5 days prior to the related Non-Lead Securitization Date. Such notice shall
contain contact information for each of the parties to the Non-Lead Securitization Servicing Agreement. In addition, after the
Non-Lead Securitization Date, the Non-Lead Securitization Note Holder shall send an electronic copy of the Non-Lead Securitization
Servicing Agreement to each of the parties to the Lead Securitization Servicing Agreement (if such party is not also a party to
the Non-Lead Securitization Servicing Agreement and a copy of the Non-Lead Securitization Servicing Agreement was not previously
provided to such party).

 

(f)          Appraisal Reduction
Amounts with respect to the Mortgage Loan shall be allocated, first, to the B Note, up to the full outstanding principal balance
thereof, and then to the A Notes, on a Pro Rata and Pari Passu Basis, up to the full outstanding principal balance thereof.

 

(g)          If a Non-Lead Securitization
Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the Master Servicer,
the Special Servicer and the Trustee and the Certificate Administrator shall reasonably cooperate with such Non-Lead Asset Representations
Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any documents reasonably
requested by such Non-Lead Asset Representations Reviewer, but only to the extent that such documents are in the possession of
the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, and are not in the
possession of the

 

    	 	18 	 

     

    

 

Non-Lead Asset Representations Reviewer, Non-Lead Master Servicer, Non-Lead Special Servicer or custodian under
the related Non-Lead Securitization Servicing Agreement.

 

Section 3.          Priority
of Payments.

 

(a)          So
long as no Mortgage Loan Event of Default has occurred and is continuing, any collections received in respect of the Mortgage Loan
or the Mortgaged Property will be applied to the Notes in accordance with the Mortgage Loan Agreement and the Lead Securitization
Servicing Agreement.

 

(b)          If
a Mortgage Loan Event of Default has occurred and is continuing, all amounts collected by or on behalf of the Lead Securitization
Trust in respect of the Mortgage Loan or the Mortgaged Property, including without limitation, Liquidation Proceeds, Condemnation
Proceeds or Insurance Proceeds shall be applied in the following order of priority:

 

(i)  
        first, to reimburse the Master Servicer and the Trustee (and, if
applicable, a master servicer of any Non-Lead Securitization Trust) for any unreimbursed Nonrecoverable Advances that are
Property Protection Advances and Administrative Advances (or in the case of a master servicer of any Non-Lead Securitization
Trust, if applicable, its pro rata share of any unreimbursed Nonrecoverable Advances that are Property Protection
Advances and Administrative Advances previously reimbursed to the Master Servicer or the Trustee from general collections on
the related Non-Lead Securitization Trust) relating to the Mortgage Loan and the Mortgaged Property and interest thereon at
the Advance Rate;

 

(ii)          second,
to first reimburse the Note A Holders for any unreimbursed Nonrecoverable Advances that are P&I Advances on the A Notes and
interest thereon at the Advance Rate, on a Pro Rata and Pari Passu Basis, then to reimburse the Note B Holder for any Nonrecoverable
Advances that are P&I Advances on the B Note and interest thereon at the Advance Rate;

 

(iii)         third,
to reimburse or pay the Master Servicer or the Trustee for any unreimbursed Property Protection Advances and Administrative
Advances relating to the Mortgage Loan and the Mortgaged Property plus interest accrued thereon at the Advance Rate and any Trust
Fund Expenses (but only to the extent that they relate to servicing and administration of the Mortgage Loan and the Mortgaged Property,
including without limitation, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees relating to the Mortgage Loan);

 

(iv)          fourth,
to pay to the Note A Holders accrued and unpaid interest on the A Notes (other than Default Interest) that was not included in
the amount of P&I Advances on the A Notes reimbursed pursuant to clause (ii) above, on a Pro Rata and Pari Passu Basis;

 

(v)          fifth,
to pay to the Note A Holders any interest accrued on P&I Advances on the A Notes on a Pro Rata and Pari Passu Basis;

 

    	 	19 	 

     

    

 

(vi)           sixth,
to pay to the Note A Holders the Note Principal Balance of the A Notes due and payable on a Pro Rata and Pari Passu Basis;

 

(vii)          seventh,
to pay to the Note B Holder accrued and unpaid interest on the B Note (other than Default Interest) that was not included in the
amount of P&I Advances on the B Note reimbursed pursuant to clause (ii) above;

 

(viii)         eighth,
to pay to the Note B Holder any interest accrued on P&I Advances on the B Note;

 

(ix)            ninth,
to pay to the Note B Holder the Note Principal Balance of the B Note due and payable;

 

(x)             tenth,
to pay the Master Servicer or the Special Servicer any amounts to be applied to the payment of, or escrowed for the future payment
of, real estate taxes, assessments and insurance premiums and similar items;

 

(xi)            eleventh,
to fund any other reserves to the extent then required to be held in escrow;

 

(xii)           twelfth,
to pay to the Note A Holders any Liquidated Damages Amount and Yield Maintenance Amount then due and payable in respect of
the A Notes, on a Pro Rata and Pari Passu Basis, and then to pay to the Note B Holder any Liquidated Damages Amount and Yield Maintenance
Amount then due and payable in respect of the B Note;

 

(xiii)          thirteenth,
to pay to the Master Servicer or the Special Servicer Default Interest and late payment charges then due and owing under the
Mortgage Loan, all of which will be applied in accordance with the Lead Securitization Servicing Agreement;

 

(xiv)          fourteenth,
to pay the Master Servicer or the Special Servicer any additional servicing compensation that the Master Servicer or the Special
Servicer is entitled receive under the Lead Securitization Servicing Agreement; and

 

(xv)           fifteenth,
if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance with
the foregoing clauses (i)-(xiv), any remaining amount shall be paid pro rata to the Note Holders based on the initial principal
balances of the Notes held by such Note Holders.

 

provided
that it is being understood and agreed that the priority of payment set forth above is solely for purposes of allocating collections
on the Mortgage Loan or the Mortgaged Property (net of any reimbursement or payment of Advances or Trust Fund Expenses relating
to the Mortgage Loan or Mortgaged Property to the extent provided above) to each Note and that any amounts payable to or allocable
to the Lead Securitization Notes in respect of interest, principal, Default Interest and interest on P&I Advances will be subject
to Section 1.3 and Section 3.4(c) of the Lead Securitization Servicing Agreement and the other applicable provisions of the Lead
Securitization Servicing Agreement and will not otherwise affect the reimbursement rights of the Master Servicer, the Special Servicer
or the Trustee thereunder.

 

    	 	20 	 

     

    

 

Notwithstanding
anything to the contrary herein, to the extent required under the REMIC Provisions of the Code, payments or proceeds received with
respect to any partial release of the Mortgaged Property (including following a condemnation) from the lien of the applicable Mortgage
and Mortgage Loan Documents must be allocated to reduce the principal balance of the Mortgage Loan in the manner permitted by such
REMIC Provisions if, immediately following such release, the loan-to value ratio of the Mortgage Loan exceeds 125% (based solely
on real property and excluding any personal property and going concern value).

 

Section
4.          Workout. Notwithstanding anything to the contrary
contained herein, but subject to the terms and conditions of the Lead Securitization Servicing Agreement, and the obligation
to act in accordance with the Servicing Standard, if the Lead Securitization Note Holder, or any Servicer, in connection with
a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the principal balance of the
Mortgage Loan is decreased, (ii) the Interest Rate is reduced, (iii) payments of interest or principal on any Note are
waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such
modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the
sequential order of payment of principal and interest on the Notes as set forth in the Mortgage Loan Agreement in effect as
of the date of this Agreement and the priority of payment set forth in Section 3, and the full economic effect of all
waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such workout shall be borne, first, by
the Note B Holder (up to its Note Principal Balance, together with accrued interest thereon at the Note Rate and any other
amounts due to the Note B Holder), and then, by the Note A Holders, on a Pro Rata and Pari Passu Basis (up to their
respective Note Principal Balances, together with accrued interest thereon at the Note Rate and any other amounts due to each
Note A Holder, as applicable).

 

Section 5.          Administration
of the Mortgage Loan.

 

(a)          Subject to this
Agreement and the Lead Securitization Servicing Agreement, the Lead Securitization Note Holder (or the Master Servicer, the Special
Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall have the sole and exclusive authority with
respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation,
the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act
by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate
the Mortgage Loan or institute any foreclosure action or other remedy, and no Non-Controlling Note Holder shall have any voting,
consent or other rights whatsoever except as explicitly set forth herein with respect to the Lead Securitization Note Holder’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the
Lead Securitization Servicing Agreement, each Non-Controlling Note Holder agrees that it shall have no right to, and hereby presently
and irrevocably assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the
Trustee acting on behalf of the Lead Securitization Note Holder) the rights, if any, that such Non-Controlling Note Holder has
to, (i) call or cause the Lead Securitization Note Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise
any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including,

 

    	 	21 	 

     

    

 

without limitation, filing or causing
the Lead Securitization Note Holder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder)
shall not have any fiduciary duty to any Non-Controlling Note Holder in connection with the administration of the Mortgage Loan
(but the foregoing shall not relieve the Lead Securitization Note Holder from the obligation to make any disbursement of funds
as set forth herein or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer
acting on behalf of the Lead Securitization Note Holder) or any liability for failure to do so).

 

Upon the Mortgage Loan
becoming a Defaulted Mortgage Loan, each Non-Controlling Note Holder hereby acknowledges the right and obligation of the Lead Securitization
Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) to sell the Non-Controlling Notes
together with the Lead Securitization Notes as notes evidencing one whole loan in accordance with the terms of the Lead Securitization
Servicing Agreement. In connection with any such sale, the Special Servicer shall be required to sell the Non-Controlling Notes
together with the Lead Securitization Notes in the manner set forth in the Lead Securitization Servicing Agreement.

 

Notwithstanding the foregoing,
the Special Servicer shall not be permitted to sell the Mortgage Loan if such loan becomes the Defaulted Loan without the written
consent of each Non-Controlling Note Holder (provided that such consent is not required if such Non-Controlling Note Holder
is a Borrower Affiliate) unless the Special Servicer has delivered to such Non-Controlling Note Holder: (a) at least 15 Business
Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least 10 days prior to the proposed sale
date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer
in connection with any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent appraisal
for the Mortgage Loan, and any documents in the servicing file reasonably requested by such Non-Controlling Note Holder that are
material to the price of the Mortgage Loan; and (d) until the sale is completed, and a reasonable period of time (but no less time
than is afforded to other offerors) prior to the proposed sale date, all information and other documents being provided to other
offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection with
the proposed sale; provided that the Non-Controlling Note Holder may waive any of the delivery or timing requirements described
in this sentence. Subject to the terms of the Lead Securitization Servicing Agreement, each Non-Controlling Note Holder (or the
related Non-Controlling Note Holder Representative) shall be permitted to submit an offer at any sale of the Mortgage Loan unless
such Person is a Borrower Affiliate.

 

Each Non-Controlling Note
Holder hereby appoints the Lead Securitization Note Holder as its agent, and grants to the Lead Securitization Note Holder an irrevocable
power of attorney coupled with an interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating
the sale of the related Non-Controlling Note. Each Non-Controlling Note Holder further agrees that, upon the request of the Lead
Securitization Note Holder, the Non-Controlling Note Holder shall execute and deliver to or at the direction of Lead Securitization
Note Holder such powers of attorney or other instruments as the Lead Securitization Note Holder may reasonably request to better
assure and evidence the foregoing appointment and grant, in

 

    	 	22 	 

     

    

 

each case promptly following request, and shall deliver the related
original Non-Controlling Note, endorsed in blank, to or at the direction of the Lead Securitization Note Holder in connection with
the consummation of any such sale.

 

The authority of the Lead
Securitization Note Holder to sell any Non-Controlling Note, and the obligations of each Non-Controlling Note Holder to execute
and deliver instruments or deliver the related Non-Controlling Note upon request of the Lead Securitization Note Holder, shall
terminate and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization is terminated
in accordance with its terms.

 

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

 

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

 

    	 	23 	 

     

    

 

REMIC provisions in the Lead Securitization Servicing Agreement relating to the administration
of the Mortgage Loan.

 

Anything
herein or in the Lead Securitization Servicing Agreement to the contrary notwithstanding, in the event that one of the Notes is
included in a REMIC and another Note is not, such other Note Holder shall not be required to reimburse any Note Holder or any other
Person for payment of (i) any taxes imposed on such REMIC, (ii) any costs or expenses relating to the administration of such REMIC
or to any determination respecting the amount, payment or avoidance of any tax under such REMIC or (iii) any advances for any of
the foregoing or any interest thereon or for deficits in other items of disbursement or income resulting from the use of funds
for payment of any such taxes, costs or expenses or advances, nor shall any disbursement or payment otherwise distributable to
the other Note Holders be reduced to offset or make-up any such payment or deficit.

 

Section 6.             Appointment
of a Controlling Note Holder Representative and a Non-Controlling Note Holder Representative.

 

(a)          The Controlling
Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights and obligations
with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling Note Holder
shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling Note Holder
Representative in accordance with the terms of the Lead Securitization Servicing Agreement. When exercising its various rights
set forth in the Lead Securitization Servicing Agreement and elsewhere in this Agreement, the Controlling Note Holder may, at its
option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder Representative may be
any Person (other than a Borrower Affiliate), including, without limitation, the Controlling Note Holder, any officer or employee
of the Controlling Note Holder, any affiliate of the Controlling Note Holder or any other unrelated third party. No such Controlling
Note Holder Representative shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Note Holder).
All actions that are permitted to be taken by the Controlling Note Holder under this Agreement or the Lead Securitization Servicing
Agreement may be taken by the Controlling Note Holder Representative acting on behalf of the Controlling Note Holder. No Servicer,
Trustee or Certificate Administrator acting on behalf of the Lead Securitization Note Holder shall be required to recognize any
Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified each Servicer, Trustee and Certificate
Administrator of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling
Note Holder, the Controlling Note Holder Representative provides each Servicer, Trustee and Certificate Administrator with written
confirmation of its acceptance of such appointment (and such parties will be entitled to rely on such notice), an address and facsimile
number for the delivery of notices and other correspondence and a list of officers or employees of such Person with whom the parties
to this Agreement may deal (including their names, titles, work addresses and facsimile numbers). The Controlling Note Holder shall
promptly deliver such information to each Servicer, Trustee and Certificate Administrator.

 

(b)          Neither
any Non-Controlling Note Holder Representative nor any Non-Controlling Note Holder will have any liability to the other Note Holders
or any other Person

 

    	 	24 	 

     

    

 

for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure
to give any consent pursuant to this Agreement or the Lead Securitization Servicing Agreement, or errors in judgment, absent any
loss, liability or expense incurred by reason of its willful misfeasance, bad faith or negligence. The Non-Controlling Note Holder
Representative with respect to each Non-Controlling Note, as of the date of this Agreement and until the Lead Securitization Note
Holder (and the Master Servicer and the Special Servicer) is notified otherwise, shall be the Initial Note Holder of Note A-2.

 

(c)          Neither
the Controlling Note Holder Representative nor the Controlling Note Holder will have any liability to the other Note Holders or
any other Person for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure
to give any consent pursuant to this Agreement or the Lead Securitization Servicing Agreement, or errors in judgment, absent any
loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence. The Note Holders agree
that the Controlling Note Holder Representative and the Controlling Note Holder (whether acting in place of the Controlling Note
Holder Representative when no Controlling Note Holder Representative shall have been appointed hereunder or otherwise exercising
any right, power or privilege granted to the Controlling Note Holder hereunder) may take or refrain from taking actions, or give
or refrain from giving consents, that favor the interests of one Note Holder over the other Note Holder, and that the Controlling
Note Holder Representative may have special relationships and interests that conflict with the interests of a Note Holder and,
absent willful misfeasance, bad faith or gross negligence on the part of the Controlling Note Holder Representative or the Controlling
Note Holder, as the case may be, agree to take no action against the Controlling Note Holder Representative, the Controlling Note
Holder or any of their respective officers, directors, employees, principals or agents as a result of such special relationships
or interests, and that neither the Controlling Note Holder Representative nor the Controlling Note Holder will be deemed to have
been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded
any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed
to give any consent, solely in the interests of any Note Holder.

 

(d)          [Reserved.]

 

(e)          Each Non-Controlling
Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights and obligations
with respect to the Mortgage Loan (each, a “Non-Controlling Note Holder Representative”). Each Non-Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Non-Controlling
Note Holder Representative in accordance with the terms of the Lead Securitization Servicing Agreement. When exercising its various
rights under Section 5 and elsewhere in this Agreement, each Non-Controlling Note Holder may, at its option, in each case, act
through the related Non-Controlling Note Holder Representative. The Non-Controlling Note Holder Representative may be any Person
(other than a Borrower Affiliate), including, without limitation, the related Non-Controlling Note Holder, any officer or employee
of the related Non-Controlling Note Holder, any affiliate of the related Non-Controlling Note Holder or any other unrelated third
party. No such Non-Controlling Note Holder Representative shall owe any fiduciary duty or other duty to any other Person (other
than such Non-Controlling Note Holder). All actions that are permitted to be

 

    	 	25 	 

     

    

 

taken by each Non-Controlling Note Holder under this
Agreement may be taken by a Non-Controlling Note Holder Representative acting on behalf of such Non-Controlling Note Holder. No
Servicer, Trustee or Certificate Administrator acting on behalf of the Lead Securitization Note Holder shall be required to recognize
any Person as a Non-Controlling Note Holder Representative until the related Non-Controlling Note Holder has notified each Servicer,
Trustee and Certificate Administrator of such appointment and, if the Non-Controlling Note Holder Representative is not the same
Person as the related Non-Controlling Note Holder, the Non-Controlling Note Holder Representative provides each Servicer, Trustee
and Certificate Administrator with written confirmation of its acceptance of such appointment (and such parties will be entitled
to rely on such notice), an address and facsimile number for the delivery of notices and other correspondence and a list of officers
or employees of such Person with whom the parties to this Agreement may deal (including their names, titles, work addresses and
facsimile numbers). The related Non-Controlling Note Holder shall promptly deliver such information to each Servicer, Trustee and
Certificate Administrator.

 

(f)          For so long as
the Lead Securitization has not been terminated, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer
acting on its behalf pursuant to the Lead Securitization Servicing Agreement) shall be required to consult with each Non-Controlling
Note Holder (or its related Non-Controlling Note Holder Representative) on a strictly non-binding basis, to the extent having received
such notices, information and reports, such related Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative)
requests consultation with respect to any such Major Decisions or the implementation of any recommended actions outlined in an
Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by the related Non-Controlling
Note Holder (or its related Non-Controlling Note Holder Representative); provided that after the expiration of a period of ten
(10) Business Days from the delivery to a Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative)
by the Lead Securitization Note Holder of written notice of a proposed action, together with copies of the notice, information
and report required to be provided to the Non-Controlling Note Holder Representative, the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated to consult with such Non-Controlling
Note Holder (or its related Non-Controlling Note Holder Representative), whether or not such Non-Controlling Note Holder (or its
related Non-Controlling Note Holder Representative) has responded within such ten (10) Business Day period (unless, the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) proposes a new course of action that is materially
different from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from
the date of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of any Non-Controlling
Note Holder (or its related Non-Controlling Note Holder Representative) set forth in the immediately preceding sentence, the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer, as applicable, acting on its behalf) may make any Major
Decision or take any action set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business
Day period if the Lead Securitization Note Holder (or Special Servicer) determines that immediate action with respect thereto is
necessary to protect the interests of the Note Holders. In no event shall the Lead Securitization Note Holder (or Servicer or Special
Servicer, acting on its behalf) be obligated at any time to follow or take any alternative actions

 

    	 	26 	 

     

    

 

recommended by any Non-Controlling
Note Holder (or its related Non-Controlling Note Holder Representative).

 

(g)          In addition
to the consultation rights of a Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative) provided
in the immediately preceding paragraph, each Non-Controlling Note Holder shall have the right to attend annual meetings (either
telephonically or in person, in the discretion of the Servicer) with the Lead Securitization Note Holder (or the Master Servicer
or the Special Servicer acting on its behalf) at the offices of the Master Servicer or the Special Servicer, as applicable, upon
reasonable notice and at times reasonably acceptable to the Master Servicer or the Special Servicer, as applicable, in which servicing
issues related to the Mortgage Loan are discussed; provided that each Non-Controlling Note Holder, at the request of the Master
Servicer or the Special Servicer, as applicable, shall execute a confidentiality agreement in form and substance satisfactory to
it, the Master Servicer or the Special Servicer, as applicable, and the Lead Securitization Note Holder.

 

Section
7.          Appointment of Special Servicer. Subject to the terms of
the Lead Securitization Servicing Agreement, the Controlling Note Holder (or its Controlling Note Holder Representative)
shall have the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting
with respect to the Mortgage Loan and appoint a replacement Special Servicer in lieu thereof. Any designation by the
Controlling Note Holder (or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be
made by delivering to the other Note Holders, the Servicer, the then existing Special Servicer and other parties to the Lead
Securitization Servicing Agreement a written notice stating such designation and satisfying the other conditions to such
replacement as set forth in the Lead Securitization Servicing Agreement (including, without limitation, a Rating Agency
Confirmation from each Rating Agency then rating any securities issued in any Securitization), if any. The Controlling Note
Holder or its Controlling Note Holder Representative shall notify the Non-Controlling Note Holders of its termination of the
then currently serving Special Servicer and its appointment of a replacement special servicer in accordance with this
Agreement and promptly deliver all information necessary for any Non-Lead Securitization to comply with any applicable
reporting requirements under the Exchange Act. Any such appointment of a replacement special servicer will not become
effective unless all such information has been delivered to the Non-Lead Securitization Holders. The Controlling Note Holder
shall be solely responsible for any expenses incurred in connection with any such replacement without cause. The Controlling
Note Holder shall notify the other parties hereto of its termination of the then currently serving Special Servicer and its
appointment of a replacement Special Servicer in accordance with this Section 7. If the Controlling Note Holder has not
appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of the securitization under the Lead
Securitization Servicing Agreement, then the initial Special Servicer designated in the Lead Securitization Servicing
Agreement shall serve as the initial Special Servicer but this shall not limit the right of the Controlling Note Holder (or
its Controlling Note Holder Representative) to designate a replacement Special Servicer for the Mortgage Loan as
aforesaid.

 

If a Servicer Termination
Event on the part of the Special Servicer has occurred that affects a Non-Controlling Note Holder, such Non-Controlling Note Holder
shall have the right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a

 

    	 	27 	 

     

    

 

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

 

Section 8.          Payment
Procedure.

 

(a)          The
Lead Securitization Note Holder, in accordance with the priorities set forth in Section 3 and subject to the terms of the Lead
Securitization Servicing Agreement, shall deposit or cause to be deposited all payments and collections on the Mortgage Loan to
the Collection Account and the portion of such payments and collections that are distributable to the Non-Controlling Note Holder
shall be deposited into the Companion Loan Distribution Account pursuant to and in accordance with the Lead Securitization Servicing
Agreement. The Lead Securitization Note Holder (or the Master Servicer acting on its behalf) shall (i) deposit such amounts to
the applicable account within two (2) Business Days after receipt of properly identified funds by the Lead Securitization Note
Holder (or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower and (ii) remit from the Collection
Account or Companion Loan Distribution Account, as applicable, (A) prior to the Securitization Date, within two (2) Business Days
of receipt of properly identified funds (unless otherwise specified pursuant to an interim servicing agreement) and (B) on or after
the Securitization Date, (A) with respect to the Lead Securitization Note, the remittance date under the Lead Securitization Servicing
Agreement for the Lead Securitization Note and (B) with respect to each Non-Lead Securitization Note, (x) prior to securitization
of such Non-Lead Securitization Note, the remittance date under the Lead Securitization Servicing Agreement for the Lead Securitization
Note and (y) on or after the securitization of such Non-Lead Securitization Note, the business day immediately succeeding the “determination
date” set forth in the related Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note, all payments
received and allocable pursuant to this Agreement and the Lead Securitization Servicing Agreement with respect to the Note A-2,
Note A-3-A, Note A-3-B, Note A-4 and Note A-5 (net of amounts payable or reimbursable from such account) by wire transfer to accounts
maintained by the applicable Note Holder.

 

(b)          If
the Lead Securitization Note Holder determines, or a court of competent jurisdiction orders, at any time that any amount received
or collected in respect of any Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar
law,

 

    	 	28 	 

     

    

 

be returned to the Mortgage Loan Borrower or paid to the Lead Securitization Note Holder, a Non-Controlling Note Holder or
any Servicer or paid to any other Person, then, notwithstanding any other provision of this Agreement, the Lead Securitization
Note Holder shall not be required to distribute any portion thereof to any Non-Controlling Note Holder and such Non-Controlling
Note Holder will promptly on demand by the Lead Securitization Note Holder repay to the Lead Securitization Note Holder any portion
thereof that the Lead Securitization Note Holder shall have theretofore distributed to such Non-Controlling Note Holder, together
with interest thereon at such rate, if any, as the Lead Securitization Note Holder shall have been required to pay to any Mortgage
Loan Borrower, Master Servicer, Special Servicer or such other Person with respect thereto.

 

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

 

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

 

Section
9.          Limitation on Liability of the Note Holders.  Subject to the
terms of the Lead Securitization Servicing Agreement governing limitation on the liabilities of the Master Servicer, the Special
Servicer, the Trustee and the Certificate Administrator, each Note Holder shall have no liability to any other Note Holder with
respect to its Note except with respect to losses actually suffered due to the negligence, willful misconduct or breach of this
Agreement on the part of such Note Holder.

 

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

 

    	 	29 	 

     

    

 

Section
10.           Bankruptcy. Subject to Section 5(c), each Note Holder
hereby covenants and agrees that only the Lead Securitization Note Holder has the right to institute, file, commence,
acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise
invoke or cause any other Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or
seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect to
the Mortgage Loan Borrower or all or any part of its property or assets or ordering the winding-up or liquidation of the
affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead Securitization Note Holder, and not
any Non-Controlling Note Holder, can make any election, give any consent, commence any action or file any motion, claim,
obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower under the
Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization Note Holder as
their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and
their proxy, for the purpose of exercising any and all rights and taking any and all actions available to any Non-Controlling
Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other
Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject
a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a
motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. The Note Holders hereby agree that,
upon the request of the Lead Securitization Note Holder, each Non-Lead Securitization Note Holder shall execute, acknowledge
and deliver to the Lead Securitization Note Holder all and every such further deeds, conveyances and instruments as the Lead
Securitization Note Holder may reasonably request for the better assuring and evidencing of the foregoing appointment and
grant. All actions taken by the Servicer in connection with any Insolvency Proceeding are subject to and must be in
accordance with the Servicing Standard.

 

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

 

    	 	30 	 

     

    

 

or governmental investigation against such Note Holder, an adverse outcome of which
would materially and adversely affect its performance under this Agreement.

 

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

 

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

 

Section 14.          Sale
of the Notes.

 

(a)          Each
Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate, participate, hypothecate, contribute, encumber or
otherwise dispose (either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar agreement,
excluding a repo financing or a Pledge in accordance with Section 14(d)) of a Note (a “Transfer”) except to
a Qualified Institutional Lender. Promptly after the Transfer, the non-transferring Note Holder shall be provided with (x) a representation
from a transferee or the applicable Note Holder certifying that such transferee is a Qualified Institutional Lender (except in
the case of a Transfer to a Securitization (and the related pooling and servicing or similar agreement requires the parties thereto
to comply with this Agreement) or in accordance with the immediately following sentence) and (y) a copy of the assignment and assumption
agreement referred to in Section 15 (except in the case of a Transfer to a Securitization). If a Note Holder intends to Transfer
its respective Note, or any portion thereof, to an entity that is not a Qualified Institutional Lender, it must first obtain (1)
prior to a Securitization, the consent of each non-transferring Note Holder or (2) after a Securitization of such non-transferring
Note Holder’s Note, Rating Agency Confirmation. Notwithstanding the foregoing, without the non-transferring Note Holder’s
prior consent (which will not be unreasonably withheld), and, if such non-transferring Note Holder’s Note is held in a Securitization
Trust, without Rating Agency Confirmation, no Note Holder shall Transfer all or any portion of its Note (or a participation interest
in such Note) to a Borrower Affiliate and any such Transfer made without the prior

 

    	 	31 	 

     

    

 

consent of the non-transferring Note Holder
and Rating Agency Confirmation (if such non-transferring Note Holder’s Note is held in a Securitization Trust), shall be
absolutely null and void and shall vest no rights in the purported transferee; provided that for the avoidance of doubt, transfers
of any securities backed by a Note held in Securitization Trust will not be subject to the foregoing requirement and such transfers
shall be governed by the terms of the Lead Securitization Servicing Agreement or any related Non-Lead Securitization Servicing
Agreement, as applicable. The transferring Note Holder agrees that it will pay the expenses of the non-transferring Note Holder
(including all expenses of the Master Servicer, the Special Servicer and the Trustee) and all expenses relating to the confirmation
from the Rating Agencies in connection with any such Transfer. Notwithstanding the foregoing, each Note Holder shall have the right,
without the need to obtain the consent of any other Note Holder, the Rating Agencies or any other Person, to Transfer 49% or less
(in the aggregate) of its Note or any beneficial interest in its Note. None of the provisions of this Section 14(a) shall apply
in the case of (1) a sale of all of the Notes in accordance with the terms and conditions of the Lead Securitization Servicing
Agreement or (2) a transfer by the Special Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing
Agreement, of the Mortgage Loan or the Mortgaged Property to a single member limited liability or limited partnership, 100% of
the equity interest in which is owned directly or indirectly, through one or more single member limited liability companies or
limited partnerships, by the Lead Securitization Trust.

 

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

 

(c)          Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than a Borrower
Affiliate) which has extended a credit facility to such Note Holder and that is either a Qualified Institutional Lender or a financial
institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency
(a “Note Pledgee”), on terms and conditions set forth in this Section 14(c), it being further agreed that a
financing provided by a Note Pledgee to a Note Holder or any Person which Controls such Note that is secured by its Note and is
structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee
which is not a Qualified Institutional Lender may not take title to (except in connection with an initial financing in accordance
with a repurchase arrangement) the pledged Note without a Rating Agency Confirmation. Upon written notice by the applicable Note
Holder to each other Note Holder and any Servicer that a Pledge has been effected (including the name and address of the applicable
Note Pledgee), such other Note Holder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee
written notice of any default by the pledging Note Holder in respect of its obligations under this Agreement of which default such
Note Holder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Note
Holder in respect of its obligations to the other Note Holders hereunder, but such Note Pledgee shall not be obligated to cure
any such default; (iii) that no

 

    	 	32 	 

     

    

 

amendment, modification, waiver or termination of this Agreement shall be effective against such
Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or
delayed; (iv) that such other Note Holder shall give to such Note Pledgee copies of any notice of default under this Agreement
simultaneously with the giving of same to the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee
such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in
a form reasonably satisfactory to such other Note Holder; and (vi) that, upon written notice (a “Redirection Notice”)
to the other Note Holders and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable
cure periods, under the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement
between the pledging Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder),
and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any
payments that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant
to this Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely
releases the other Note Holders and any Servicer from any liability to the pledging Note Holder on account of such other Note Holder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to have been delivered
by a Note Pledgee. A Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Note Holder
to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law
and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other
than a Borrower Affiliate which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee
or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the pledging Note Holder’s rights,
remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing
the obligations of the pledging Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the
collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee
under this Section 14(c) shall remain effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall
have notified any such Note Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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

 

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

 

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

 

    	 	33 	 

     

    

 

(iii)        Such
Note Holder pledges its interest in its Note to the Conduit as collateral for the Conduit Inventory Loan;

 

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

 

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

 

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

 

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

 

Section
16.          Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND
ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS
AGREEMENT,

 

    	 	34 	 

     

    

 

AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND OBLIGATIONS OF THE PARTIES TO THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CHOICE OF LAW RULES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT.

 

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

 

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

 

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

 

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

 

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

 

Section
18.          Modifications. This Agreement shall not be modified,
cancelled or terminated except by an instrument in writing signed by each Note Holder. Additionally, for as long as any Note
is contained in a Securitization Trust, the Note Holders shall not amend or modify this Agreement without first receiving a
Rating Agency Confirmation from each Rating Agency then rating any securities issued in any Securitization; provided
that no such confirmation from the Rating Agencies shall be required in connection with a modification (i) to cure any
ambiguity, to correct or supplement any provisions herein that may be defective or inconsistent with any other provisions
herein or with the Lead Securitization Servicing Agreement, (ii) to make other provisions with respect to matters or
questions arising under this Agreement, which shall not be inconsistent with the provisions of this Agreement or (iii) if and

 

    	 	35 	 

     

    

 

to the extent it would be deemed given or not required pursuant to the definition of Rating Agency Confirmation in the Lead
Securitization Servicing Agreement and/or any Non-Lead Securitization Servicing Agreement, as applicable.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	36 	 

     

    

 

(b)          Each
Non-Controlling Note Holder shall and hereby agrees to indemnify the Lead Securitization Note Holder against and hold the Lead
Securitization Note Holder harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements
arising or resulting from any failure of the Lead Securitization Note Holder to withhold Taxes from payment made to such Non-Controlling
Note Holder in reliance upon any representation, certificate, statement, document or instrument made or provided by such Non-Controlling
Note Holder to the Lead Securitization Note Holder in connection with the obligation of the Lead Securitization Note Holder to
withhold Taxes from payments made to the Non-Controlling Note Holder, it being expressly understood and agreed that (i) the Lead
Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement,
document or instrument as being true and correct in all respects and to fully rely thereon without any obligation or responsibility
to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) such
Non-Controlling Note Holder, upon request of the Lead Securitization Note Holder and at its sole cost and expense, shall defend
any claim or action relating to the foregoing indemnification using counsel selected by the Lead Securitization Note Holder.

 

(c)          Each
Non-Controlling Note Holder represents to the Lead Securitization Note Holder (for the benefit of the Mortgage Loan Borrower) that
it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage Loan Borrower is obligated
under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement.
Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of this Agreement, each
Non-Controlling Note Holder shall deliver to the Lead Securitization Note Holder or Servicer, as applicable, evidence satisfactory
to the Lead Securitization Note Holder substantiating that such Note Holder is not a Non-Exempt Person and that the Lead Securitization
Note Holder is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
under this Agreement. Without limiting the effect of the foregoing, (i) if any Non-Controlling Note Holder is created or organized
under the laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding
sentence by furnishing to the Lead Securitization Note Holder an Internal Revenue Service Form W-9 and (ii) if any Non-Controlling
Note Holder is not created or organized under the laws of the United States, any state thereof or the District of Columbia, and
if the payment of interest or other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes as derived
in whole or part from sources within the United States, such Note Holder shall satisfy the requirements of the preceding sentence
by furnishing to the Lead Securitization Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments)
or Form W-8BEN, or successor forms, as may be required from time to time, duly executed by such Note Holder, as evidence of such
Note Holder’s exemption from the withholding of United States tax with respect thereto. The Lead Securitization Note Holder
shall not be obligated to make any payment hereunder with respect to any Non-Controlling Note or otherwise until the related Non-Controlling
Note Holder shall have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

 

Section
25.          Custody of Mortgage Loan Documents. The originals of
all of the Mortgage Loan Documents (other than the Non-Controlling Note) (a) prior to the Lead Securitization will be held by
the Initial Agent and (b) after the Lead Securitization, will be held

 

    	 	37 	 

     

    

 

by the Lead Securitization Note Holder (in the name of
the Trustee and held by a duly appointed custodian therefor in accordance with the Lead Securitization Servicing Agreement),
in each case, on behalf of the registered holders of the Notes.

 

Section 26.          Cooperation
in Securitization.

 

(a)          Each
Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection
with a Securitization and subject to the terms of the preceding sentence, at the request of the Lead Securitization Note Holder,
each Non-Controlling Note Holder shall use reasonable efforts, at the Lead Securitization Note Holder’s expense, to satisfy,
and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market
standards to which the Lead Securitization Note Holder customarily adheres or which may be reasonably required in the marketplace
or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to, as applicable) any
modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization Note Holder in attempting
to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably
requested by the Rating Agencies to effect the Securitization; provided, however, that either in connection with
the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Controlling Note Holder shall be required
to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection
therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or
priority of such payments to, a Non-Controlling Note Holder or (ii) materially increase a Non-Controlling Note Holder’s obligations
or materially decrease any Non-Controlling Note Holder’s rights, remedies or protections. In connection with the Lead Securitization,
the such Non-Controlling Note Holder agrees to provide for inclusion in any disclosure document relating to the Lead Securitization
such information concerning such Non-Controlling Note Holder and the Non-Controlling Note as the Lead Securitization Note Holder
reasonably determines to be necessary or appropriate, and such Non-Controlling Note Holder covenants and agrees that it shall,
at the Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and Lead Securitization
Note Holder in connection with the Lead Securitization (including, without limitation, reasonably cooperating with the Lead Securitization
Noteholder (without any obligation to make additional representations and warranties) to enable the Lead Securitization Noteholder
to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection
with the Mortgage Loan and the Lead Securitization), as well as in connection with all other matters and the preparation of any
offering documents thereof and to review and respond reasonably promptly with respect to any information relating to any Non-Controlling
Note Holder and the related Non-Controlling Note in any Securitization document. Each Non-Controlling Note Holder acknowledges
that the information provided by it to the Lead Securitization Note Holder may be incorporated into the offering documents for
the Lead Securitization. The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information
supplied by, or on behalf of, such Non-Controlling Note Holder. The Lead Securitization Note Holder will reasonably cooperate with
any Non-Controlling Note Holder by providing all information reasonably requested that is in the Lead Securitization Note

 

    	 	38 	 

     

    

 

Holder’s
possession in connection with such Non-Controlling Note Holder’s preparation of disclosure materials in connection with a
Securitization.

 

Upon request, the Lead
Securitization Note Holder shall deliver to any Non-Controlling Note Holder drafts of the preliminary and final Lead Securitization
offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the Lead Securitization
Servicing Agreement and provide reasonable opportunity to review and comment on such documents.

 

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

 

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

 

Section 29.          Certain
Matters Affecting the Agent.

 

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

 

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

 

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

 

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

 

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

 

    	 	39 	 

     

    

 

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

 

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

 

Section 30.          Termination
and Resignation of Agent.

 

(a)          The
Agent may be terminated at any time upon ten (10) days prior written notice from the Lead Securitization Note Holder. In the event
that the Agent is terminated pursuant to this Section 30, all of its rights and obligations under this Agreement shall be terminated,
other than any rights or obligations that accrued prior to the date of such termination.

 

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

 

Section
31.          Resizing. Notwithstanding any other provision of this
Agreement, for so long as JPM or an affiliate thereof (an “Original Entity”) is the owner of a
Non-Controlling Note (the “Owned Note”), such Original Entity shall have the right, subject to the terms
of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional notes
(in either case, “New Notes”) reallocating the principal of the Owned Note to such New Notes; or severing
the Owned Note into one or more further “component” notes in the aggregate principal amount equal to the then
outstanding principal balance of the Owned Note provided that (i) the aggregate principal balance of all outstanding
New Notes following such amendments is no greater than the aggregate principal of the Owned Note prior to such amendments,
(ii) all Notes continue to have the same weighted average interest rate as the Notes prior to such amendments, (iii) all
Notes pay pro rata and on a pari passu basis (to the extent described in the Mortgage Loan Agreement)
and such reallocated or component notes shall be automatically subject to the terms of this Agreement, (iv) the Original
Entity holding the New Notes shall notify the Lead Securitization Note Holder, the Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee in writing of such modified allocations and principal amounts, and (v) the
execution of such amendments and New Notes does not violate the Servicing Standard. If the Lead Securitization Note Holder so
requests, the Original Entity holding the New Notes (and any subsequent holder of such Notes) shall execute a confirmation of
the continuing applicability of this Agreement to the New Notes, as so modified. Except for the foregoing reallocation
and for modifications pursuant to the Lead Securitization Servicing Agreement (as discussed in Section 5), no Note may be
modified

 

    	 	40 	 

     

    

 

or amended without the consent of its holder and the consent of the holders of the other Notes. In connection with
the foregoing (provided the conditions set forth in (i) through (v) above are satisfied, with respect to (i) through (iv), as
certified by the Original Entity, on which certification the Master Servicer can rely), the Master Servicer is hereby
authorized and directed to execute amendments to the Mortgage Loan Documents and this Agreement on behalf of any or all of
the Note Holders, as applicable, solely for the purpose of reflecting such reallocation of principal. If more than one New
Note is created hereunder, for purposes of exercising the rights of a Non-Controlling Note Holder hereunder, the
“Non-Controlling Note Holder” of such New Notes shall be as provided in the definition of such term in this
Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	41 	 

     

    

 

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

 

	 	JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, a national banking association, as Initial Note A Holder
	 	 	 
	 	By: 	/s/ Bradley J. Horn
	 	 	Name:   Bradley J. Horn
	 	 	Title:     Executive Director

 

	 	JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, a national banking association, as Initial Note B Holder
	 	 	 
	 	By: 	/s/ Bradley J. Horn
	 	 	Name:   Bradley J. Horn
	 	 	Title:     Executive Director

 

JPMCC
2016-NINE – Co-Lender Agreement

 

    	 	 	 

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

Description of Mortgage Loan

 

	Mortgage Loan Borrower:	Solow Building Company II, L.L.C. and Solovieff Realty Co. II, L.L.C.
	Date of Mortgage Loan: 	August 30, 2016
	Date of Notes: 	August 30, 2016
	Original Principal Amount of Mortgage Loan:	$1,200,000,000
	Principal Amount of Mortgage Loan as of the date hereof:	$1,200,000,000
	Initial A-1 Note Principal Balance:	$670,724,000
	Initial A-2 Note Principal Balance:	$100,000,000
	Initial A-3-A Note Principal Balance:	$50,000,000
	Initial A-3-B Note Principal Balance:	$50,000,000
	Initial A-4 Note Principal Balance:	$80,000,000
	Initial A-5 Note Principal Balance:	$63,000,000
	Initial B Note Principal Balance:	$186,276,000
	Location of Mortgaged Property:	9 West 57th Street, New York, New York 10019
	Scheduled Maturity Date:	September 1, 2026

 

    	 	A-1 	 

     

    

 

EXHIBIT B

 

1.   Initial Note A Holder:

 

(Prior to Securitization of Note A-1, Note A-2, Note A-3-A, Note
A-3-B, Note A-4 and Note A-5):

 

JPMorgan Chase Bank, National Association

Notice Address:

JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Thomas Nicholas Cassino

Facsimile No.: (212) 834-6047

 

and

 

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Nancy S. Alto

Facsimile No.: (212) 623-4779

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

One World Financial Center 

New York, New York 10281 

Attention: Fredric L. Altschuler, Esq.

Facsimile No.: (212) 504-6666

 

2.  Initial Note B Holder:

 

(Prior to Securitization of Note B-1):

 

JPMorgan Chase Bank, National Association

Notice Address:

JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Thomas Nicholas Cassino

Facsimile No.: (212) 834-6047

 

    	 	B-1 	 

     

    

 

and

 

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Nancy S. Alto

Facsimile No.: (212) 623-4779

 

with a copy to:

Cadwalader, Wickersham & Taft LLP 

One World Financial Center 

New York, New York 10281 

Attention: Fredric L. Altschuler, Esq.

Facsimile No.: (212) 504-6666

 

    	 	B-2 	 

     

    

 

(Following Securitization of Note A-1):

 

(i)  Depositor:

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

31st Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: kunal.k.singh@jpmorgan.com

 

with a copy to:

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

32nd Floor

New York, New York 10179

Attention: Bianca A. Russo

Managing Director and Associate General Counsel

Telecopy number: (917) 464-6116

E-mail: russo_bianca@jpmorgan.com

 

		(ii)	Master Servicer:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing, MAC D1086-120

550 S. Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: JPMCC 2016-NINE Asset Manager

Facsimile: (704) 715-0036

E-mail: commercialservicing@wellsfargo.com

 

with a copy to:

Wells Fargo Bank, National Association

Legal Department, D1053-300

301 South College Street, 30th Floor

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Facsimile: (704) 383-0353

 

with an additional copy to:

K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: JPMCC 2016-NINE

Fax Number: (704) 353-3190

Email: stacy.ackermann@klgates.com

 

    	 	B-3 	 

     

    

 

(iii)  Special Servicer:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

550 S. Tryon Street

Charlotte, North Carolina 28202

Attention: JPMCC 2016-NINE Special Servicing – Daniel Marthinsen

Facsimile: (704) 715-0055

E-mail: dan.marthinsen@wellsfargo.com

 

with a copy to:

Wells Fargo Bank, National Association

Legal Department, D1053-300

301 South College Street, 30th Floor

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Facsimile: (704) 383-0353

 

with an additional copy to:

K&L Gates LLP

Hearst Tower, 214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: JPMCC 2016-NINE

Fax Number: (704) 353-3190

Email: stacy.ackermann@klgates.com

 

(iv) Certificate Administrator: 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – JPMorgan
Chase, 2016-NINE

Telephone: (410) 884-2000

 

with a copy to:

Facsimile: (410) 715-2380 

Email: trustadministrationgroup@wellsfargo.com
and

cts.cmbs.bond.admin@wellsfargo.com

 

(v) Trustee:

 

Wilmington Trust, National Association

1100 North Market Street

    	 	B-4 	 

     

    

 

Wilmington, Delaware 19801

Attention: CMBS Trust JPMCC 2016-NINE

 

with a copy to:

Facsimile: 302-636-4140

Email: cmbstrustee@wilmingtontrust.com

 

    	 	B-5 	 

     

    

  

EXHIBIT C

 

1. Apollo Global Real Estate

2. Archon Capital, L.P.

3. AREA Property Partners 

4. BlackRock, Inc. 

5. The Blackstone Group International Ltd. 

6. Capital Trust, Inc. 

7. Clarion Partners 

8. Colony Capital, Inc. 

9. DLJ Real Estate Capital Partners 

10. Eightfold Real Estate Capital, L.P. 

11. Fortress Investment Group LLC 

12. Garrison Investment Group 

13. Goldman, Sachs & Co. 

14. iStar Financial Inc. 

15. J.E. Roberts Companies 

16. Lend-Lease Real Estate Investments 

17. LoanCore Capital 

18. Lonestar Funds 

19. Praedium Group 

20. Raith Capital Partners, LLC 

21. Rialto Capital Management, LLC 

22. Rialto Capital Advisors, LLC 

23. Rockpoint Group 

24. Starwood Capital/Starwood Financial Trust 

25. Torchlight Investors 

26. Walton Street Capital, LLC 

27. Westbrook Partners 

28. WestRiver Capital 

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

 

    	 	C-1

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