Document:

FORTEM RESOURCES INC.

2018 Stock Option Plan

This 2018 Stock Option Plan (the “Plan”) provides for the grant of options to acquire shares of common stock, par value of U.S.$0.001 per share (the “Common Stock”), of Fortem Resources Inc., a Nevada corporation (the “Company”).  For the purposes of Eligible Employees (as defined below) who are subject to tax in the United States, stock options granted under this Plan that qualify under Section 422 of the United States Internal Revenue Code, as amended (the “Code”), are referred to in this Plan as “Incentive Stock Options”.  Incentive Stock Options and stock options that do not qualify under Section 422 of the Code (“Non-Qualified Stock Options”) and stock options granted to non-United States residents under this Plan are referred to collectively as “Options”.

	
1.

	
PURPOSE

1.1 The purpose of this Plan is to retain the services of valued key employees and consultants of the Company and such other persons as the Plan Administrator shall select in accordance with Section 3 below, and to encourage such persons to acquire a greater proprietary interest in the Company, thereby strengthening their incentive to achieve the objectives of the shareholders of the Company, and to serve as an aid and inducement in the hiring of new employees and to provide an equity incentive to consultants and other persons selected by the Plan Administrator.

1.2 This Plan shall at all times be subject to all legal requirements relating to the administration of stock option plans, if any, under applicable Canadian federal and provincial, and United States federal and state securities laws, Canadian provincial securities laws, the Code, the rules of any applicable stock exchange or stock quotation system, and the rules of any foreign jurisdiction applicable to Options granted to residents therein (collectively, the “Applicable Laws”).

	
2.

	
ADMINISTRATION

2.1 This Plan shall be administered initially by the Board of Directors of the Company (the “Board”), except that the Board may, in its discretion, establish a committee composed of two (2) or more members of the Board to administer the Plan, which committee (the “Committee”) may be an executive, compensation or other committee, including a separate committee especially created for this purpose. The Board or, if applicable, the Committee is referred to herein as the “Plan Administrator”.

2.2 If and so long as the Common Stock is registered under Section 12(b) or 12(g) of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Board shall consider in selecting the Plan Administrator and the membership of any Committee, with respect to any persons subject or likely to become subject to Section 16 of the Exchange Act, the provisions regarding (a) “outside directors” as contemplated by Section 162(m) of the Code, and (b) “Non-Employee Directors” as contemplated by Rule 16b‐3 under the Exchange Act.

2.3 The Committee shall have the powers and authority vested in the Board hereunder (including the power and authority to interpret any provision of the Plan or of any Option).  The members of any such Committee shall serve at the pleasure of the Board.  A majority of the members of the Committee shall constitute a quorum, and all actions of the Committee shall be taken by a majority of the members present.  Any action may be taken by a written instrument signed by all of the members of the Committee and any action so taken shall be fully effective as if it had been taken at a meeting.

2.4 The Board may at any time amend, suspend or terminate the Plan, subject to such shareholder approval as may be required by Applicable Laws, including the rules of an applicable stock exchange or other national market system, provided that:

 

  

	
(a)

	
no Options may be granted during any suspension of the Plan or after termination of the Plan; and

	
(b)

	
any amendment, suspension or termination of the Plan will not affect Options already granted, and such Options will remain in full force and effect as if the Plan had not been amended, suspended or terminated, unless mutually agreed otherwise between the Optionee (as defined below) and the Plan Administrator, which agreement will have to be in writing and signed by the Optionee and the Company.

2.5 Subject to the provisions of this Plan, and with a view to effecting its purpose, the Plan Administrator shall have sole authority, in its absolute discretion, to:

	
(a)

	
construe and interpret this Plan;

	
(b)

	
define the terms used in the Plan;

	
(c)

	
prescribe, amend and rescind the rules and regulations relating to this Plan;

	
(d)

	
correct any defect, supply any omission or reconcile any inconsistency in this Plan;

	
(e)

	
grant Options under this Plan;

	
(f)

	
determine the individuals to whom Options shall be granted under this Plan and whether the Option is an Incentive Stock Option or a Non-Qualified Stock Option, or otherwise;

	
(g)

	
determine the time or times at which Options shall be granted under this Plan;

	
(h)

	
determine the number of shares of Common Stock subject to each Option, the exercise price of each Option, the duration of each Option and the times at which each Option shall become exercisable;

	
(i)

	
determine all other terms and conditions of the Options; and

	
(j)

	
make all other determinations and interpretations necessary and advisable for the administration of the Plan.

2.6 All decisions, determinations and interpretations made by the Plan Administrator shall be binding and conclusive on all participants in the Plan and on their legal representatives, heirs and beneficiaries, subject to any contrary determination by the Board.

	
3.

	
ELIGIBILITY

3.1 Incentive Stock Options may be granted to any individual who, at the time the Option is granted, is an employee of the Company or any Related Company (as defined below) (“Eligible Employees”) subject to tax in the United States.

3.2 Non-Qualified Stock Options may be granted to Eligible Employees and to such other persons who are not Eligible Employees as the Plan Administrator shall select, subject to any Applicable Laws.

3.3 Options may be granted in substitution for outstanding options of another company in connection with the merger, consolidation, acquisition of property or stock or other reorganization between such other company and the Company or any subsidiary of the Company.  Options also may be granted in exchange for outstanding Options.

2

  

3.4 Unless otherwise approved by the Plan Administrator and Disinterested Shareholders (as such term is defined in Applicable Laws), no person shall be eligible to receive in any fiscal year Options to purchase more than 5% of the outstanding shares of Common Stock (subject to adjustment as set forth in Section 5.1(m) hereof).  Any person to whom an Option is granted under this Plan is referred to as an “Optionee”.  Any person who is the owner of an Option is referred to as a “Holder”.

3.5 While the Common Stock is listed on the TSX Venture Exchange (the “TSXV”), the maximum number shares of Common Stock subject to an Option to a Holder who is a Consultant (as defined by the policies of the TSXV) is presently limited to an amount equal to 2% of the then issued and outstanding shares of Common Stock (on a non-diluted basis) in any 12 month period.

3.6 While the Common Stock is listed on the TSXV, the number of Options granted to all persons in aggregate who are employed to perform Investor Relations Activities (as defined by the policies of the TSXV) is presently limited to an amount equal to 2% of the then issued and outstanding shares of Common Stock (on a non-diluted basis) in any 12 month period, provided that such Options vest in stages over a 12 month period with no more than 1/4 of the Options vesting in any 3 month period.

3.7 While the Common Stock is listed on the TSXV, the exercise price of the shares of Common Stock covered by each Option shall be determined by the Plan Administrator and the exercise price shall not be less than the price permitted by the TSXV or other regulatory body having jurisdiction and a minimum exercise price shall not be established unless the Options are allocated to particular persons and the Company shall not grant Options unless and until the Options have been allocated to a particular person or persons.

3.8 While the Common Stock is listed on the TSXV, an Optionee must either be an Eligible Charitable Organization or a Director, Employee or Consultant (as defined by the policies of the TSXV) of the Company or a subsidiary of the Company at the time of grant of the Options, except as otherwise provided by the polices of the TSXV and, for stock options granted to Employees, Consultants or Management Company Employees (as defined by the policies of the TSXV), the Company will ensure that the Optionee is a bona fide Employee, Consultant or Management Company Employee, as the case may be.

3.9 While the Common Stock is listed on the TSXV, except in relation to Consultant Companies (as defined by the policies of the TSXV), the Options may be granted only to an individual or to a company that is wholly owned by individual eligible for a grant of an Option.

3.10 As used in this Plan, the term “Related Company” shall mean any company (other than the Company) that is a “Parent Company” of the Company or “Subsidiary Company” of the Company, as those terms are defined in Sections 424(e) and 424(f), respectively, of the Code (or any successor provisions) and the regulations thereunder (as amended from time to time).

	
4.

	
STOCK

4.1 The Plan Administrator is authorized to grant Options to acquire up to a total of 9,777,115 shares of the Company’s authorized but unissued or reacquired Common Stock. The number of shares of Common Stock with respect to which Options may be granted hereunder is subject to adjustment as set forth in Section 5.1(m) hereof.  In the event that any outstanding Option expires or is terminated for any reason, the shares of Common Stock allocable to the unexercised portion of such Option may again be subject to an Option granted to the same Optionee or to a different person eligible under Section 3 of this Plan; provided however, that any cancelled Options will be counted against the maximum number of shares with respect to which Options may be granted to any particular person as set forth in Section 3 hereof.

	
5.

	
TERMS AND CONDITIONS OF OPTIONS

5.1 Each Option granted under this Plan shall be evidenced by a written agreement approved by the Plan Administrator (the “Agreement”).  Agreements may contain such provisions, not inconsistent with this Plan, as the Plan Administrator in its discretion may deem advisable.  All Options also shall comply with the following requirements:

3

  

	
(a)

	
Number of Shares and Type of Option

Each Agreement shall state the number of shares of Common Stock to which it pertains and, for Optionees subject to tax in the United States, whether the Option is intended to be an Incentive Stock Option or a Non-Qualified Stock Option, provided that:

	
(i)

	
in the absence of action to the contrary by the Plan Administrator in connection with the grant of an Option, all Options shall be Non-Qualified Stock Options;

	
(ii)

	
the aggregate fair market value (determined at the Date of Grant, as defined below) of the stock with respect to which Incentive Stock Options are exercisable for the first time by an Optionee subject to tax in the United States during any calendar year (granted under this Plan and all other Incentive Stock Option plans of the Company, a Related Company or a predecessor company) shall not exceed U.S.$100,000, or such other limit as may be prescribed by the Code as it may be amended from time to time (the “Annual Limit”); and

	
(iii)

	
any portion of an Option which exceeds the Annual Limit shall not be void but rather shall be a Non-Qualified Stock Option.

	
(b)

	
Date of Grant

Each Agreement shall state the date the Plan Administrator has deemed to be the effective date of the Option for purposes of this Plan (the “Date of Grant”).

	
(c)

	
Option Price

Each Agreement shall state the price per share of Common Stock at which an Option is exercisable.  The Plan Administrator shall act in good faith to establish the exercise price in accordance with Applicable Laws; provided that:

	
(i)

	
the per share exercise price for an Incentive Stock Option or any Option granted to a “covered employee” as such term is defined for purposes of Section 162(m) of the Code (“Covered Employee”) shall not be less than the fair market value per share of the Common Stock at the Date of Grant as determined by the Plan Administrator in good faith;

	
(ii)

	
with respect to Incentive Stock Options granted to greater-than-ten percent (>10%) shareholders of the Company (as determined with reference to Section 424(d) of the Code), the exercise price per share shall not be less than one hundred ten percent (110%) of the fair market value per share of the Common Stock at the Date of Grant as determined by the Plan Administrator in good faith;

	
(iii)

	
Options granted in substitution for outstanding options of another company in connection with the merger, consolidation, acquisition of property or stock or other reorganization involving such other company and the Company or any subsidiary of the Company may be granted with an exercise price equal to the exercise price for the substituted option of the other company, subject to any adjustment consistent with the terms of the transaction pursuant to which the substitution is to occur; and

	
(iv)

	
with respect to Non-Qualified Stock Options, the exercise price per share shall be determined by the Plan Administrator at the time the Option is granted.

4

  

	
(d)

	
Duration of Options

At the time of the grant of the Option, the Plan Administrator shall designate, subject to paragraph 5.1(g) below, the expiration date of the Option, which date shall not be later than ten (10) years from the Date of Grant; provided, that the expiration date of any Incentive Stock Option granted to a greater-than-ten percent (>10%) shareholder of the Company (as determined with reference to Section 424(d) of the Code) shall not be later than five (5) years from the Date of Grant.  In the absence of action to the contrary by the Plan Administrator in connection with the grant of a particular Option, and except in the case of Incentive Stock Options as described above, all Options granted under this Plan shall expire five (5) years from the Date of Grant.

	
(e)

	
Vesting Schedule

No Option shall be exercisable until it has vested.  The vesting schedule for each Option shall be specified by the Plan Administrator at the time of grant of the Option prior to the provision of services with respect to which such Option is granted; provided that if no vesting schedule is specified at the time of grant by the Plan Administrator or in this Plan, the Option shall vest immediately.

The Plan Administrator may specify a vesting schedule for all or any portion of an Option based on the achievement of performance objectives established in advance of the commencement by the Optionee of services related to the achievement of the performance objectives.  Performance objectives shall be expressed in terms of one or more of the following:  return on equity, return on assets, share price, market share, sales, earnings per share, costs, net earnings, net worth, inventories, cash and cash equivalents, gross margin or the Company’s performance relative to its internal business plan, or such other terms as determined and directed by the Board.  Performance objectives may be in respect of the performance of the Company as a whole (whether on a consolidated or unconsolidated basis), a Related Company, or a subdivision, operating unit, product or product line of either of the foregoing.  Performance objectives may be absolute or relative and may be expressed in terms of a progression or a range.  An Option that is exercisable (in full or in part) upon the achievement of one or more performance objectives may be exercised only following written notice to the Optionee and the Company by the Plan Administrator that the performance objective has been achieved.

	
(f)

	
Acceleration of Vesting

The vesting of one or more outstanding Options may be accelerated by the Plan Administrator at such times and in such amounts as it shall determine in its sole discretion.  The vesting of Options also shall be accelerated under the circumstances described in Section 5.1(m) below.

	
(g)

	
Term of Option

	
(i)

	
Options that have vested as specified by the Plan Administrator or in accordance with this Plan, shall terminate, to the extent not previously exercised, upon the occurrence of the first of the following events, except as provided for in the Agreement:

	
A.

	
the expiration of the Option, as designated by the Plan Administrator in accordance with Section 5.1(d) above;

	
B.

	
the date of an Optionee’s termination of employment or contractual relationship with the Company or any Related Company for cause (as determined in the sole discretion of the Plan Administrator);

	
C.

	
the expiration of three (3) months from the date of an Optionee’s termination of employment or contractual relationship with the Company or any Related Company for any reason whatsoever other than cause, death or Disability (as defined below); or

5

  

	
D.

	
the expiration of one year from termination of an Optionee’s employment or contractual relationship by reason of death or Disability (as defined below);

provided, however, while the Common Stock is listed on the TSXV, Options granted to Holders engaged in Investor Relations Activities (as defined by the policies of the TSXV) on behalf of the Company expire 30 days after such Optionees cease to perform such Investor Relations Activities for the Company.

	
(ii)

	
Upon the death of an Optionee, any vested Options held by the Optionee shall be exercisable only by the person or persons to whom such Optionee’s rights under such Option shall pass by the Optionee’s will or by the laws of descent and distribution of the Optionee’s domicile at the time of death and only until such Options terminate as provided above.

	
(iii)

	
For purposes of the Plan, unless otherwise defined in the Agreement, “Disability” shall mean medically determinable physical or mental impairment which has lasted or can be expected to last for a continuous period of not less than six (6) months or that can be expected to result in death.  The Plan Administrator shall determine whether an Optionee has incurred a Disability on the basis of medical evidence acceptable to the Plan Administrator.  Upon making a determination of Disability, the Plan Administrator shall, for purposes of the Plan, determine the date of an Optionee’s termination of employment or contractual relationship.

	
(iv)

	
Unless accelerated in accordance with Section 5.1(f) above or as provided for in the Agreement, unvested Options shall terminate immediately upon the Optionee resigning from or the Company terminating the Optionee’s employment or contractual relationship with the Company or any Related Company for any reason whatsoever, including death or Disability.

	
(v)

	
For purposes of this Plan, transfer of employment between or among the Company and/or any Related Company shall not be deemed to constitute a termination of employment with the Company or any Related Company.  For purposes of this subsection, employment shall be deemed to continue while the Optionee is on military leave, sick leave or other bona fide leave of absence (as determined by the Plan Administrator). The foregoing notwithstanding, employment shall not be deemed to continue beyond the first ninety (90) days of such leave, unless the Optionee’s re-employment rights are guaranteed by statute or by contract.

	
(h)

	
Exercise of Options

	
(i)

	
Options shall be exercisable, in full or in part, at any time after vesting, until termination.  If less than all of the shares included in the vested portion of any Option are purchased, the remainder may be purchased at any subsequent time prior to the expiration of the Option term.  No portion of any Option for less than fifty (50) shares (as adjusted pursuant to Section 5.1(m) below) may be exercised; provided, that if the vested portion of any Option is less than fifty (50) shares, it may be exercised with respect to all shares for which it is vested.  Only whole shares may be issued pursuant to an Option, and to the extent that an Option covers less than one (1) share, it is unexercisable.

	
(ii)

	
Options or portions thereof may be exercised by giving written notice to the Company, which notice shall specify the number of shares to be purchased, and be accompanied by payment in the amount of the aggregate exercise price for the Common Stock so purchased, which payment shall be in the form specified in Section 5.1(i) below.  The Company shall not be obligated to issue, transfer or deliver a certificate of Common Stock to the Holder of any Option, until provision has been made by the Holder, to the satisfaction of the Company, for the payment of the aggregate exercise price for all shares for which the Option shall have been exercised and for satisfaction of any tax withholding obligations associated with such exercise.

6

  

	
(iii)

	
During the lifetime of an Optionee, Options are exercisable only by the Optionee or in the case of a Non-Qualified Stock Option, transferee who takes title to such Option in the manner permitted by subsection 5.1(k) hereof.

	
(i)

	
Payment upon Exercise of Option

Upon the exercise of any Option, the aggregate exercise price shall be paid to the Company in cash or by certified or cashier’s check.  In addition, if pre-approved in writing by the Plan Administrator who may arbitrarily withhold consent, the Holder may pay for all or any portion of the aggregate exercise price by complying with one or more of the following alternatives:

	
(i)

	
by delivering to the Company shares of Common Stock previously held by such Holder, or by the Company withholding shares of Common Stock otherwise deliverable pursuant to exercise of the Option, which shares of Common Stock received or withheld shall have a fair market value at the date of exercise (as determined by the Plan Administrator) equal to the aggregate exercise price to be paid by the Optionee upon such exercise; or

	
(ii)

	
by complying with any other payment mechanism approved by the Plan Administrator at the time of exercise.

While the Common Stock is listed on the TSXV, the exercise price of an Option must be paid in cash.

	
(j)

	
No Rights as a Shareholder

A Holder shall have no rights as a shareholder with respect to any shares covered by an Option until such Holder becomes a record holder of such shares, irrespective of whether such Holder has given notice of exercise.  Subject to the provisions of Section 5.1(m) hereof, no rights shall accrue to a Holder and no adjustments shall be made on account of dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights declared on, or created in, the Common Stock for which the record date is prior to the date the Holder becomes a record holder of the shares of Common Stock covered by the Option, irrespective of whether such Holder has given notice of exercise.

	
(k)

	
Transfer of Option

	
(i)

	
Options granted under this Plan and the rights and privileges conferred by this Plan may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will or by applicable laws of descent and distribution, and shall not be subject to execution, attachment or similar process; provided however that, subject to the Applicable Laws, the Optionee’s heirs or administrators may exercise any portion of the outstanding vested Options within one year of the Optionee’s death.

	
(ii)

	
Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by this Plan contrary to the provisions hereof, or upon the sale, levy or any attachment or similar process upon the rights and privileges conferred by this Plan, such Option shall thereupon terminate and become null and void.

7

  

	
(l)

	
Securities Regulation and Tax Withholding

	
(i)

	
Options shall not be granted and shares shall not be issued with respect to Options unless the grant of such Options, the exercise of such Options and the issuance and delivery of such shares shall comply with all Applicable Laws.  The inability of the Company to obtain from any regulatory body the authority deemed by the Company to be necessary for the lawful grant, issuance and sale of any Options or shares under this Plan, or the unavailability of an exemption from registration for the grant, issuance and sale of any Options or shares under this Plan, determined by the Plan Administrator in its sole discretion, shall relieve the Company of any liability with respect to the non-grant, issuance or sale of such Options or shares.

	
(ii)

	
As a condition to the exercise of an Option, the Plan Administrator may require the Holder to represent and warrant in writing at the time of such exercise that the shares are being purchased only for investment and without any then-present intention to sell or distribute such shares.  At the option of the Plan Administrator, a stop-transfer order against such shares may be placed on the stock books and records of the Company, and a legend indicating that the stock may not be pledged, sold or otherwise transferred unless an opinion of counsel is provided stating that such transfer is not in violation of any applicable law or regulation, may be stamped on the certificates representing such shares in order to assure an exemption from registration.  The Plan Administrator also may require such other documentation or legend as may from time to time be necessary to comply with federal, provincial or state securities laws.  THE COMPANY HAS NO OBLIGATION TO UNDERTAKE REGISTRATION OF OPTIONS OR THE SHARES OF STOCK ISSUABLE UPON THE EXERCISE OF OPTIONS.

	
(iii)

	
The Holder shall pay to the Company by wire transfer, certified or cashier’s check, promptly upon exercise of an Option or, if later, the date that the amount of such obligations becomes determinable, all applicable federal, state, provincial, local and foreign withholding taxes that the Plan Administrator, in its discretion, determines to result upon exercise of an Option or from a transfer or other disposition of shares of Common Stock acquired upon exercise of an Option or otherwise related to an Option or shares of Common Stock acquired in connection with an Option.  Upon approval of the Plan Administrator, a Holder may satisfy such obligation by complying with one or more of the following alternatives selected by the Plan Administrator:

	
A.

	
by delivering to the Company shares of Common Stock previously held by such Holder or by the Company withholding shares of Common Stock otherwise deliverable pursuant to the exercise of the Option, which shares of Common Stock received or withheld shall have a fair market value at the date of exercise (as determined by the Plan Administrator) equal to any withholding tax obligations arising as a result of such exercise, transfer or other disposition; or

	
B.

	
by complying with any other payment mechanism approved by the Plan Administrator from time to time.

	
(iv)

	
The grant of Options and entering into any Agreement with respect to Options or the issuance, transfer or delivery of certificates of Common Stock pursuant to the exercise of Options may be delayed, at the discretion of the Plan Administrator, until the Plan Administrator is satisfied that the applicable requirements of the federal, provincial and state securities laws and the withholding provisions under Applicable Laws have been met and that the Holder has paid or otherwise satisfied any withholding tax obligation as described in paragraph 5.1(l)(iii) above.

8

  

	
(m)

	
Stock Dividend or Reorganization

	
(i)

	
If: (1) the Company shall at any time be involved in a transaction described in Section 424(a) of the Code (or any successor provision) or any “corporate transaction” described in the regulations thereunder; (2) the Company shall declare a dividend payable in, or shall subdivide, reclassify, reorganize, or combine, its Common Stock; or (3) any other event with substantially the same effect shall occur, the Plan Administrator shall, subject to applicable law, with respect to each outstanding Option, proportionately adjust the number of shares of Common Stock subject to such Option and/or the exercise price per share so as to preserve the rights of the Holder substantially proportionate to the rights of the Holder prior to such event, and to the extent that such action shall include an increase or decrease in the number of shares of Common Stock subject to outstanding Options, the number of shares available under Section 4 of this Plan and the exercise price for such Options shall automatically be increased or decreased, as the case may be, proportionately, without further action on the part of the Plan Administrator, the Company, the Company’s shareholders, or any Holder, so as to preserve the proportional rights of the Holder.

	
(ii)

	
For greater certainty, the exercise price for any Options and the number of shares of Common Stock deliverable upon the exercise of the Options will be subject to adjustment in the case of any capital reorganization or of any reclassification of the capital of the Company, or in the case of the consolidation, merger or amalgamation of the Company with or into any other company (hereinafter collectively referred to as a “Reorganization”), each Option will, after such Reorganization, confer the right to purchase the number of shares of Common Stock or other securities of the Company (or of the company resulting from such Reorganization) which the Holder would have been entitled to upon the Reorganization if the Holder had been a shareholder of the Company at the time of such Reorganization.

	
(iii)

	
In the event that the presently authorized capital stock of the Company is changed into the same number of shares with a different par value, or without par value, the stock resulting from any such change shall be deemed to be Common Stock within the meaning of the Plan, and each Option shall apply to the same number of shares of such new stock as it applied to old shares immediately prior to such change.

	
(iv)

	
If the Company shall at any time declare an extraordinary dividend with respect to the Common Stock, whether payable in cash or other property, the Plan Administrator may, subject to applicable law, in the exercise of its sole discretion and with respect to each outstanding Option, proportionately adjust the number of shares of Common Stock subject to such Option and/or adjust the exercise price per share so as to preserve the rights of the Holder substantially proportionate to the rights of the Holder prior to such event, and to the extent that such action shall include an increase or decrease in the number of shares of Common Stock subject to outstanding Options, the number of shares available under Section 4 of this Plan shall automatically be increased or decreased, as the case may be, proportionately, without further action on the part of the Plan Administrator, the Company, the Company’s shareholders, or any Holder.

	
(v)

	
The foregoing adjustments in the shares subject to Options shall be made by the Plan Administrator, or by any successor administrator of this Plan, or by the applicable terms of any assumption or substitution document.

	
(vi)

	
The grant of an Option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge, consolidate or dissolve, to liquidate or to sell or transfer all or any part of its business or assets.

9

  

	
6.

	
EFFECTIVE DATE; SHAREHOLDER APPROVAL

6.1 Incentive Stock Options may be granted by the Plan Administrator from time to time on or after the date on which this Plan is adopted (the “Effective Date”) through the day immediately preceding the tenth anniversary of the Effective Date.

6.2 Non-Qualified Stock Options may be granted by the Plan Administrator on or after the Effective Date and until this Plan is terminated by the Board in its sole discretion.

6.3 Termination of this Plan shall not terminate any Option granted prior to such termination.

6.4 Any Options granted by the Plan Administrator prior to the approval of this Plan by the shareholders of the Company shall be granted subject to ratification of this Plan by the shareholders of the Company within twelve (12) months before or after the Effective Date.  If such shareholder ratification is sought and not obtained, all Options granted prior thereto and thereafter shall be considered Non-Qualified Stock Options and any Options granted to Covered Employees will not be eligible for the exclusion set forth in Section 162(m) of the Code with respect to the deductibility by the Company of certain compensation.  In addition, any such Options will remain unvested unless and until shareholder approval is obtained.

	
7.

	
NO OBLIGATIONS TO EXERCISE OPTION

7.1 The grant of an Option shall impose no obligation upon the Optionee to exercise such Option.

	
8.

	
PRIOR PLANS

8.1 The Plan shall entirely replace and supersede any prior share option plan, adopted by the Board of the Company or its predecessor company, provided that the Plan does not affect any Options granted under any prior share option plan.

	
9.

	
SHAREHOLDER APPROVAL

9.1 In this section the following terms have the following meanings:

		(a)	
“Disinterested Shareholder Approval” shall have the meaning as described in the TSXV Policies;

10

  

		(b)	
“Insider” means an insider as defined in the TSXV Policies; or as defined in securities legislation applicable to the Company; and

		(c)	
“TSXV Policies” means the rules and policies of the TSXV, as amended from time to time.

9.2 If the shares of Common Stock are listed on the TSXV, unless Disinterested Shareholder Approval is obtained, under no circumstances will the Plan, together with all of the Company’s other previously established and outstanding stock option plans or grants, result in:

		(a)	
the aggregate number of shares of Common Stock reserved for issuance under Options granted to Insiders (as a group) at any point in time exceeding 10% of the issued shares. of Common Stock;

		(b)	
the grant to Insiders (as a group), within a 12 month period, of an aggregate number of Options exceeding 10% of the issued shares of Common Stock, calculated at the date an Option is granted to any Insider; or

		(c)	
the aggregate number of Options granted to any one Optionee (and companies wholly owned by that Optionee) within a 12 month period exceeding 5% of the issued shares of Common Stock, calculated on the date an Option is granted to the Optionee.

9.3 If the shares of Common Stock are listed on the TSXV, the Company must obtain Disinterested Shareholder Approval for any amendment to Options held by Insiders that would have the effect of decreasing the exercise price of the Options.

	
10.

	
NO RIGHT TO OPTIONS OR TO EMPLOYMENT

10.1 Whether or not any Options are to be granted under this Plan shall be exclusively within the discretion of the Plan Administrator, and nothing contained in this Plan shall be construed as giving any person any right to participate under this Plan.

10.2 The grant of an Option shall in no way constitute any form of agreement or understanding binding on the Company or any Related Company, express or implied, that the Company or any Related Company will employ or contract with an Optionee for any length of time, nor shall it interfere in any way with the Company’s or, where applicable, a Related Company’s right to terminate Optionee’s employment at any time, which right is hereby reserved.

	
11.

	
APPLICATION OF FUNDS

11.1 The proceeds received by the Company from the sale of Common Stock issued upon the exercise of Options shall be used for general corporate purposes, unless otherwise directed by the Board.

	
12.

	
INDEMNIFICATION OF PLAN ADMINISTRATOR

12.1 In addition to all other rights of indemnification they may have as members of the Board, members of the Plan Administrator shall be indemnified by the Company for all reasonable expenses and liabilities of any type or nature, including attorneys’ fees, incurred in connection with any action, suit or proceeding to which they or any of them are a party by reason of, or in connection with, this Plan or any Option granted under this Plan, and against all amounts paid by them in settlement thereof (provided that such settlement is approved by independent legal counsel selected by the Company), except to the extent that such expenses relate to matters for which it is adjudged that such Plan Administrator member is liable for willful misconduct; provided, that within fifteen (15) days after the institution of any such action, suit or proceeding, the Plan Administrator member involved therein shall, in writing, notify the Company of such action, suit or proceeding, so that the Company may have the opportunity to make appropriate arrangements to prosecute or defend the same.

	
13.

	
AMENDMENT OF PLAN

13.1 The Plan Administrator may, subject to Applicable Laws, at any time, modify, amend or terminate this Plan or modify or amend Options granted under this Plan, including, without limitation, such modifications or amendments as are necessary to maintain compliance with applicable statutes, rules or regulations; provided however that:

	
(a)

	
no amendment with respect to an outstanding Option which has the effect of reducing the benefits afforded to the Holder thereof shall be made over the objection of such Holder;

	
(b)

	
the events triggering acceleration of vesting of outstanding Options may be modified, expanded or eliminated without the consent of Holders;

11

  

	
(c)

	
the Plan Administrator may condition the effectiveness of any such amendment on the receipt of shareholder approval at such time and in such manner as the Plan Administrator may consider necessary for the Company to comply with or to avail the Company and/or the Optionees of the benefits of any securities, tax, market listing or other administrative or regulatory requirement; and

	
(d)

	
the Plan Administrator may not increase the number of shares available for issuance on the exercise of Incentive Stock Options without shareholder approval.

13.2 Without limiting the generality of Section 11.1 hereof, the Plan Administrator may modify grants to persons who are eligible to receive Options under this Plan who are foreign nationals or employed outside Canada and the United States to recognize differences in local law, tax policy or custom.

Effective Date: August 23, 2018.

12Exhibit 4.1

 

EXECUTION VERSION

 

AMENDED
AND RESTATED

AGREEMENT BETWEEN NOTEHOLDERS

 

Dated
as of August 21, 2018

 

by
and between

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE, FOR THE BENEFIT OF THE HOLDERS OF THE COMM 2018-COR3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES,

SERIES 2018-COR3

(Note A Holder)

 

and

 

DEUTSCHE
BANK AG, NEW YORK BRANCH

(Initial Note B Holder)

 

1001
North Shoreline Boulevard

 

     

     

    

 

THIS
AMENDED AND RESTATED AGREEMENT BETWEEN NOTEHOLDERS (“Agreement”), dated as of August 21, 2018, by and between
Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders
of COMM 2018-COR3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-COR3 (together with its
successors and assigns in interest, in its capacity as owner of Note A, the “Note A Holder”), and DEUTSCHE
BANK AG, NEW YORK BRANCH (“DB” and, together with its successors and assigns in interest, in its capacity as initial
owner of Note B, (the “Initial Note B Holder”).

 

W I T N E S S E T H:

 

WHEREAS,
pursuant to the Mortgage Loan Agreement (as defined herein) DB originated a certain loan described on the schedule attached hereto
as Exhibit A (the “Mortgage Loan Schedule”) (the “Mortgage Loan”) to LH Shoreline
LP, (the “Mortgage Loan Borrower”), which was evidenced, inter alia, by (i) one promissory note in the
original principal amount of $64,450,000 (“Note A”) made by the Mortgage Loan Borrower in favor of DB (the
“Initial Note A Holder”), and (ii) one promissory note in the original principal amount of $46,050,000 (“Note
B”, and together with Note A, the “Notes”) made by the Mortgage Loan Borrower in favor of the Initial
Note B Holder, and secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain
real property located as described on the Mortgage Loan Schedule (the “Mortgaged Property”);

 

WHEREAS,
DB sold, transferred and assigned its right, title and interest in and to Note A to German American Capital Corporation (“GACC”),
and GACC transferred its right, title and interest in and to Note A to Deutsche Mortgage and Asset Receiving Corporation (“DMARC”),
as depositor, pursuant to a Mortgage Loan Purchase Agreement, dated as of May 4, 2018, by and between DMARC, as purchaser, and
GACC as seller, and DMARC transferred its right, title and interest in and to Note A to Wells Fargo Bank, National Association,
as trustee for the COMM 2018-COR3 Mortgage Trust under a pooling and servicing agreement, dated as of May 1, 2018 (the “Note
A PSA”), between DMARC, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer and special servicer, Wells Fargo Bank, National Association, as trustee, certificate administrator, paying agent and
custodian, and Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer (the “Note A
Securitization”);

 

WHEREAS,
the Notes are subject to the terms of the Agreement Between Noteholders, dated as of May 21, 2018 (the “Original Co-Lender
Agreement”), between the Initial Note A and the Initial Note B Holder; and

 

WHEREAS,
the parties hereto desire to amend and restate the Original Co-Lender Agreement to memorialize certain modifications to the terms
under which they, and their successors and assigns, shall hold Note A and Note B;

 

     

     

    

 

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 or such other analogous term
used in the Servicing Agreement.

 

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

 

“Additional
Servicing Expenses” shall mean (a) all Property Protection Advances and reasonable out-of-pocket expenses incurred by
and reimbursable to any Servicer, Trustee, certificate administrator or fiscal agent pursuant to the Servicing Agreement relating
solely to the Mortgage Loan, and (b) all interest accrued on Advances made by any Servicer or Trustee in accordance with the terms
of the Servicing Agreement; provided that (i) the aggregate special servicing fee (or equivalent) (which fee is payable
solely during the period that the Mortgage Loan is a Specially Serviced Loan) shall not exceed an amount equal to 0.25% per annum
of the outstanding principal balance of the Mortgage Loan, (ii) the special servicing liquidation fee (or equivalent) shall not
exceed 1.0% of the collections made with respect to the Mortgage Loan or any sums received from proceeds from the disposition
of the Mortgaged Property or the Mortgage Loan, as the case may be, (iii) the special servicing workout fee (or equivalent) shall
not exceed 1.0% of the collections made with respect to the Mortgage Loan while the Mortgage Loan is a performing or “corrected”
loan (or such other analogous term pursuant to the Servicing Agreement), (iv) in no event shall both a workout fee and a liquidation
fee be payable on the same principal payment, and (v) any such workout fee or liquidation fees shall be excluded if Note A is
purchased within ninety (90) days of the date on which the first Noteholder Purchase Notice was given by the Note B Holder.

 

“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
(but for purposes hereof shall be limited to Advances in respect of the Mortgage Loan or the Mortgaged Property).

 

“Affiliate”
shall mean with respect to any specified Person (i) any other Person Controlling or 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.

 

    2 

     

    

 

“Agent”
shall mean Certificate Administrator, if any, and if there is no Certificate Administrator, shall mean the Trustee.

 

“Agent
Office” shall mean the designated office of the Agent, which office at the date of this Agreement is located at 9062
Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services (CMBS) — COMM 2018-COR3, 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.

 

“Anticipated
Repayment Date” shall have the meaning assigned to such term in the Mortgage Loan Agreement.

 

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

 

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

 

“Asset
Representations Reviewer” shall mean the asset representations reviewer appointed pursuant to the Lead Securitization.

 

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

 

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

 

“Borrower
Party” The Mortgage Loan Borrower, a manager of the Mortgaged Property, a Restricted Mezzanine Holder or any Borrower
Party Affiliate.

 

“Borrower
Party Affiliate” With respect to the Mortgage Loan Borrower, a manager of the Mortgaged Property or a Restricted Mezzanine
Holder, (a) any other Person controlling or controlled by or under common control with such borrower, mortgagor, manager
or Restricted Mezzanine Holder, as applicable, (b) any other Person owning, directly or indirectly, 25% or more of the beneficial
interests in such borrower, mortgagor or manager, as applicable, or (c) any other Person owning, directly or indirectly,
25% or more of the beneficial interests in such Restricted Mezzanine Holder. For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

    3 

     

    

 

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

 

“CDO
Asset Manager” with respect to any Securitization Vehicle which is a CDO, shall mean the entity which is responsible
for managing or administering the applicable 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 the applicable Note).

 

“Certificate
Administrator” shall mean the certificate administrator appointed pursuant to 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 Servicing Agreement or such other analogous term used in
the Servicing Agreement.

 

“Commission”
means the U.S. Securities and Exchange Commission or any successor thereto.

 

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

 

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

 

(a)  (1)
the sum of 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, Note B after the date of creation of Note B, (y) any
Appraisal Reduction Amount for the Mortgage Loan that is allocated to Note B and (z) any losses realized with respect
to the Mortgaged Property or the Mortgage Loan that are allocated to Note B, is less than

 

(b)  25%
of the remainder of (i) the sum of the Initial Note B Principal Balance less (ii) any payments of principal (whether as principal
prepayments or otherwise)

 

    4 

     

    

 

allocated to, and received by, the Note B Holder on Note B after the date of creation of Note B,

 

provided
that (i) a Control Appraisal Period shall terminate upon the occurrence of a Threshold Event Cure by the Note B Holder; and (ii)
during a Control Appraisal Period, the Note B Holder shall have non-binding consultation rights with respect to Major Decisions
and other servicing matters to the extent set forth in the Servicing Agreement that would be applicable to a Directing Holder
(as defined in the Servicing Agreement) until (A) (1) the sum of 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, Note B
after the date of creation of Note B, and (y) any losses realized with respect to the Mortgaged Property or the Mortgage
Loan that are allocated to Note B, is less than (B) 25% of the sum of the Initial Note B Principal Balance (a “Consultation
Termination Event”).

 

“Controlling
Class Representative” shall mean the “Controlling Class Representative”, if any, 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) Note B Holder, unless a Control Appraisal Period has occurred
and is continuing, and (ii) if and for so long as a Control Appraisal Period has occurred and is continuing, the Note A Holder;
provided that at any time the Note A Holder is the Controlling Noteholder and Note A is included in the Note A Securitization,
references to the “Controlling Noteholder” herein shall mean the Controlling Class Representative or any other party
assigned the rights to exercise the rights of the “Controlling Noteholder” hereunder, as and to the extent provided
in the Servicing Agreement; and provided further that, if the Note B Holder would be the Controlling Noteholder pursuant
to the terms hereof, but any interest in Note B is held by a Borrower Party, or a Borrower Party would otherwise be entitled to
exercise the rights of the Controlling Noteholder in respect of Note B, then a Control Appraisal Period shall be deemed to have
occurred.

 

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

 

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

 

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

 

“Defaulted
Mortgage Loan Purchase Price” shall mean the sum, without duplication, of each of the following to the extent that such
amounts have not been previously paid or reimbursed pursuant to Section 3 or Section 4 of this Agreement: (a) the
aggregate Principal Balance of Note A, (b) accrued and unpaid interest on Note A Principal Balance 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 and any accrued and unpaid Accrued Interest
on Note A, (c) any other amounts due under the Mortgage Loan to the Note A Holder, other than Prepayment Premiums, default interest,
late fees, exit fees and any other similar fees, provided that if a Borrower Party is the purchaser, the Defaulted Mortgage
Loan Purchase Price shall

 

    5 

     

    

 

include Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, (d) without
duplication of amounts under clause (c), any unreimbursed Advances and any expenses incurred in enforcing the Mortgage
Loan Documents (including, without limitation, Property Protection Advances payable or reimbursable to any Servicer, and special
servicing fees incurred by or on behalf of the Note A Holder), (e) without duplication of amounts under clause (c), any
accrued and unpaid Advance Interest Amount with respect to an Advance made by or on behalf of the Note A Holder, (f) (x) if a
Borrower Party is the purchaser or (y) if the Mortgage Loan is purchased more than ninety (90) days after such option first 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, (g) if the Mortgage Loan is purchased more than 120 days after such option first becomes exercisable
pursuant to Section 12 of this Agreement, any default interest on each of the Note A Principal Balance at the Note A Rate
from the date as to which interest was last paid in full by Mortgage Loan Borrower and (h) any Recovered Costs not reimbursed
previously to the Note A Holder pursuant to this Agreement. Notwithstanding the foregoing, if the purchasing Noteholder is purchasing
from a Borrower Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses (d)
through (g) of this definition. If the Mortgage Loan is converted into a Foreclosure 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 Default 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 Purchasing Noteholder under this Agreement; and

 

“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 the depositor under the Lead Securitization.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    6 

     

    

 

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

 

“Initial
Note A Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.

 

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

 

“Initial
Note B Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.

 

“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 refer to any such entity.

 

“Insurance
and Condemnation Proceeds” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous
term used in the Servicing Agreement.

 

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

 

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

 

    7 

     

    

 

“KBRA”
shall mean Kroll Bond Rating Agency, Inc., or its successor in interest.

 

“Lead
Securitization” shall mean the Note A Securitization.

 

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

 

“Lead
Securitization Note” shall mean Note A.

 

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

 

“Lead
Securitization Servicing Agreement” shall mean the Note A PSA.

 

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

 

“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 or such other analogous term used
in the Servicing Agreement.

 

“Major
Decisions” shall mean:

 

(i)       any
proposed or actual foreclosure upon (including the amount bid at any foreclosure sale) or comparable conversion (which shall include
acquisitions of any Foreclosure Property) of the ownership of the property or properties securing the Mortgage Loan if it comes
into and continues in default;

 

(ii)      any
modification, consent to a modification or waiver of any monetary term (including any amendment to the cash management provisions
contained in the Mortgage Loan Documents, but excluding the waiver or reduction of late fees and default interest) or material
non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of the Mortgage
Loan Documents or any extension of the maturity date of the Mortgage Loan;

 

(iii)     following
a default or an Event of Default with respect to the Mortgage Loan Documents, any exercise of remedies, including the acceleration
of the Mortgage Loan or initiation of any proceedings, judicial or otherwise, under the related Mortgage Loan Documents;

 

(iv)     any
sale of the Mortgage Loan (when it is a Specially Serviced Loan) or Foreclosure Property for less than the applicable Purchase
Price (as defined in the Servicing Agreement);

 

(v)      any
determination to bring the Mortgaged Property or a Foreclosure Property into compliance with applicable environmental laws or
to otherwise

 

    8 

     

    

 

address any Hazardous Materials (as defined in the Servicing Agreement) located at the Mortgaged Property or a Foreclosure
Property;

 

(vi)       any
release of collateral or any acceptance of substitute or additional collateral for the Mortgage Loan or any consent to either
of the foregoing, other than if required pursuant to the specific terms of the related Mortgage Loan Documents and for which there
is no lender discretion;

 

(vii)      any
waiver of or any determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause with respect
to the Mortgage Loan or any consent to such a waiver or any consent to a transfer of all or any portion of the Mortgaged Property
or of any direct or indirect legal or beneficial interests in the Mortgage Loan Borrower;

 

(viii)     any
incurrence of additional debt by the Mortgage Loan Borrower or any mezzanine financing by any direct or indirect beneficial owner
of the Mortgage Loan Borrower (to the extent that the Lender has consent rights pursuant to the related Mortgage Loan Documents);

 

(ix)       any
material modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or other
similar agreement with any mezzanine lender or subordinate debt holder related to the Mortgage Loan, or any action to enforce
rights (or any decision not to enforce rights) with respect thereto;

 

(x)        any
property management company changes, including, without limitation, approval of a new property manager or the termination of a
manager and appointment of a new property manager or franchise changes, and any new management agreement or amendment, modification
or termination of any management agreement (in each case, if the Lender is required to consent or approve such changes under the
Mortgage Loan Documents);

 

(xi)       any
determination that a Trigger Period (as defined in the Mortgage Loan Agreement) has commenced or terminated, and any releases
of any material amounts from any escrow accounts, reserve funds or letters of credit, in each case, held as performance escrows
or reserves, other than those required pursuant to the specific terms of the related Mortgage Loan Documents and for which there
is no lender discretion;

 

(xii)      any
approval or disapproval of a proposed assumption of the Mortgage Loan, and any approval of the related documentation, in each
case pursuant to Section 7.1 of the Mortgage Loan Agreement;

 

(xiii)     any
determination of an Acceptable Insurance Default;

 

(xiv)     any
determination by the Master Servicer to transfer the Mortgage Loan to the Special Servicer under the circumstances where the Master
Servicer determines, in its reasonable business judgment, exercised in accordance with the

 

    9 

     

    

 

Servicing Standard, that a default
consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant risk of
such default or any other default that is likely to impair the use or marketability of the Mortgaged Properties or such other
analogous event described in the definition of Servicing Transfer Event;

 

(xv)       the
execution, termination or renewal of any lease, to the extent lender approval is required under the Loan Documents and to the
extent such lease constitutes a “major lease” as defined in the Loan Documents, including entering into any subordination,
non-disturbance and attornment agreement;

 

(xvi)      any
adoption or implementation of a budget submitted by the Mortgage Loan Borrower to the extent lender approval is required under
the Mortgage Loan Documents;

 

(xvii)     the
voting (including the refraining from voting) on any plan of reorganization, restructuring or similar plan in the bankruptcy of
the Mortgage Loan Borrower;

 

(xviii)    the
release of a guarantor under the Mortgage Loan Documents or the approval of any replacement or additional guarantor under the
Mortgage Loan Documents;

 

(xix)       the
approval of any property improvement plans, including the approval of, engagement or retention of any property improvement plan
consultant and the approval of any work or reserve estimates by any property improvement plan consultant, or other material alterations
proposed for the Mortgaged Property;

 

(xx)       subject
to the REMIC provisions of the Code, approval of casualty or condemnation settlements or any determination regarding the application
of casualty or condemnation proceeds to restoration of the Mortgaged Property or to repayment of the Mortgage Loan;

 

(xxi)       any
proposed modification or waiver of the insurance requirements set forth in the Mortgage Loan Documents, other than pursuant to
the specific terms of such Mortgage Loan Documents and for which there is no lender discretion;

 

(xxii)      any
filing of a bankruptcy or similar action against the Mortgage Loan Borrower or Guarantor or the election of any action in a bankruptcy
or Insolvency Proceeding to seek relief from the automatic stay or dismissal of a bankruptcy filing or voting for or opposing
a plan of reorganization, seeking or opposing an order for adequate protection, adequate assurance, a § 363 sale, order shortening
time or similar motion of procedure in an Insolvency Proceeding or making an § 1111(b)(2) election on behalf of the Noteholders;

 

    10 

     

    

 

(xxiii)       reinstating
the Mortgage Loan or waiving any Event of Default prior to or after acceleration of the Mortgage Loan;

 

(xxiv)       consenting
to the waiver of any of the covenants of the Mortgage Loan Borrower, to the extent the consent of the Lender is required for any
such waiver, relating to its status as a Special Purpose Bankruptcy Remote Entity (as defined in the Mortgage Loan Agreement);

 

(xxv)       any
enforcement of any cure right or the exercise of any remedies under any franchise agreement, management agreement, subordination
and non-disturbance, comfort letter, recognition agreement or similar agreement related thereto;

 

(xxvi)       any
release of a Mortgage Loan Borrower or guarantor or other obligor from liability under the Mortgage Loan (including acceptance
of an assumption agreement or any other agreement permitting transfers of interests in the Mortgage Loan Borrower or any guarantor
or indemnitor) other than pursuant to the specific terms of such Mortgage Loan and for which there is no lender discretion, and
the approval of any replacement or additional guarantor under the Mortgage Loan Documents;

 

(xxvii)      the
approval or adoption of any material alteration at the Mortgaged Property (if Lender approval is required by the Mortgage Loan
Documents, and if so, notwithstanding anything to contrary set forth herein, subject to the same standard of approval as is applicable
thereto in the Mortgage Loan Documents); or

 

(xxviii)     any
modification, waiver, amendment, termination or cancellation of the Google Lease (as defined in the Mortgage Loan Agreement),
any acceptance of the surrender of all or any part of the premises leased thereunder, any consent to the assignment of the Google
Lease or the sub-letting of all or any portion of the premises leased thereunder, or the release of any Person obligated for the
payment or performance of the tenant’s obligation thereunder (in each case, if Lender approval is required by the Mortgage
Loan Documents and, notwithstanding anything contained herein to the contrary, subject to the same standard of approval as is
applicable thereto in the Mortgage Loan Documents);

 

provided,
however that upon the occurrence and during the continuance of a Control Appraisal Period, “Major Decision”
shall have the meaning given to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Master
Servicer” shall mean the master servicer appointed pursuant to the Servicing Agreement.

 

“Master
Servicer Remittance Date” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous
term used in the Servicing Agreement.

 

    11 

     

    

  

“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 Date” shall have the meaning assigned to such term 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, or any successor 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 Loan Agreement, dated as of March 15, 2018, as modified pursuant to that certain Promissory
Note Reallocation and Loan Modification Agreement, dated as of May 4, 2018, between the Mortgage Loan Borrower and Lender,
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 18.

 

“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 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.

 

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

 

“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)

 

    12 

     

    

 

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 Noteholders 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
Property Protection Advance” shall have the meaning assigned to the term “Nonrecoverable Servicing Advance”
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

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

 

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

 

“Note
A Default Rate” shall mean a rate per annum equal to the Applicable Interest Rate (as defined in the Mortgage
Loan Agreement) applicable to Note A plus the Note Default Interest Spread.

 

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

 

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

 

“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.

 

    13 

     

    

 

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

 

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

 

“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 Default Rate” shall mean a rate per annum equal to the Applicable Interest Rate (as defined in the Mortgage
Loan Agreement) applicable to Note B plus the Note Default Interest Spread.

 

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

 

“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 Sections 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.

 

“Note
Default Interest Spread” shall mean a rate per annum equal to four percent (4.0%); 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 any 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.

 

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

 

    14 

     

    

 

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

 

“Operating
Advisor” shall mean the operating advisor appointed pursuant to the Lead Securitization Servicing Agreement.

 

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

 

“P&I
Advance” shall mean an advance made by a party to a Servicing Agreement in respect of a delinquent monthly debt service
payment on the Lead Securitization 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 committed capital of at least $250,000,000 and (iii) not
subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

 

“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 any of the Note A Principal Balance and the Note B Principal Balance, as applicable.

 

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

 

“Purchased
Note” has the meaning assigned to such term in Section 12.

 

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

 

“Qualified
Institutional Lender” shall mean each of the Initial Noteholders (and any Affiliates and subsidiaries of such entity)
and any other Person that is:

 

(a)  an
entity Controlled (as defined below) by, under common Control with or Controlling any Initial Note Holder, or

 

    15 

     

    

 

(b)  one
or more of the following:

 

(i)       a
real estate investment bank, an insurance company, reinsurance trust, 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 (or in the case of a CDO, a single purpose bankruptcy remote entity which contemporaneously assigns or pledges
its Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a) a securitization
of, (b) the creation of collateralized debt obligations (“CDO”) secured by, or (c) a financing through an “owner
trust” of, a Note (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
which assigned a rating to one or more classes of securities issued in connection with such 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 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 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), (iii), (iv) or (v) of this definition, or

 

(iv)     an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $250,000,000, in which (A) the Note A Holder or the Note B Holder, as applicable, (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

 

    16 

     

    

 

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
entity substantially similar to any of the foregoing, and in the case of any entity referred to in clause (b)(i), (b)(ii),
(b)(iii)(a), (b)(iv)(B) or (b)(v) of this definition, (x) such entity has at least $100,000,000 in capital/statutory
surplus or shareholders’ equity (except with respect to a pension advisory firm, asset manager or similar fiduciary) and
at least $250,000,000 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 junior CMBS securities 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

 

(vi)     a
Person that is otherwise a Qualified Institutional Lender but is acting in an agency capacity for a syndicate of lenders where
at least 51% of the lenders in such syndicate are otherwise Qualified Institutional Lenders under clauses (b)(i), (ii),
(iv) and (v) above, or

 

(vii)    any
Samsung Holder; or

 

(c)  any
entity Controlled (as defined below) by any of the entities described in clause (b) 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 $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.

 

    17 

     

    

 

“Rating
Agencies” shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) KBRA (f) Morningstar or, (g) 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 connection with the
Securitization of Note A; provided, however, that, at any time during which any of Note A is an asset of the Note
A Securitization, “Rating Agencies” or “Rating Agency” shall mean with respect to Note A each and every
of 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, but excluding any of those rating agencies that do not rate any securities issued in connection with
any Securitization of Note A.

 

“Rating
Agency Confirmation” shall mean, after a Securitization, the meaning given thereto or to such other analogous term used
in the Servicing Agreement including any deemed 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, if any, other than the Mortgage Loan).

 

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

 

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

 

“Relative
Spread” shall mean any of the Note A Relative Spread or 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 either
“CSS3” or “CLLSS3”, (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-backed securitization that was rated by Moody’s

 

    18 

     

    

 

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-backed 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-backed securities or placed any class of commercial mortgage-backed
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.

 

“Restricted
Mezzanine Holder”: A holder of a related mezzanine loan (a) that has been accelerated or as to which the mezzanine lender
has initiated foreclosure or enforcement proceedings against the equity collateral pledged to secure such mezzanine loan or (b)
as to which an Event of Default has occurred giving rise to an automatic acceleration of such mezzanine loan or the right of the
lender thereunder to accelerate such mezzanine loan.

 

“Risk
Retention Requirements” shall mean the credit risk retention requirements of Section 15G of the Exchange Act (15 U.S.C.
§78o-11), as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

 

“Risk
Retention Rules” shall mean the joint final rule that was promulgated to implement the Risk Retention Requirements (which
such joint final rule has been codified, inter alia, at 17 C.F.R. § 244), as such rule may be amended from time to time,
and subject to such clarification and interpretation as have been provided by the Office of the Comptroller of the Currency, the
Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency,
the Commission and the Department of Housing and Urban Development in the adopting release (79 Fed. Reg. 77601 et seq.) or by
the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective
from time to time as of the applicable compliance date specified therein.

 

    19 

     

    

 

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

 

“Samsung
Holder” shall mean, individually or collectively, as the context so requires, any Noteholder that is 1001 NS 38 LLC,
a Delaware limited liability company, Samsung SRA Professional Investment Type Private Real Estate Investment Trust No. 38, or
any Affiliate thereof, provided that such Affiliate is Controlled by 1001 NS 38 LLC or Samsung SRA Professional Investment Type
Private Real Estate Investment Trust No. 38 (it being agreed that all Noteholders who are Persons for which Samsung SRA Asset
Management Co., Ltd., or an Affiliate thereof and Controlled thereby, acts as fund or asset manager for such Person, shall all
be deemed to be Affiliates of such Noteholder).

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Securitization”
shall mean one or more sales by the Note A 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 Note A or portion thereof is consummated.

 

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

 

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

 

“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 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 in accordance with Section 11)
and shall not be deemed to exist to the extent the Note B Holder is exercising its cure rights under Section 11 or the
default that led to the occurrence of such Sequential Pay Event has otherwise been cured or waived.

 

“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.

 

    20 

     

    

 

“Servicing
Agreement” shall mean the Lead Securitization Servicing Agreement; provided that in the event that the Lead Securitization
Note is no longer an asset of the trust fund created pursuant to the Lead Securitization Servicing Agreement, the “Servicing
Agreement” shall be determined in accordance with Section 2(f).

 

“Servicing
Fee Rate” shall be the per annum rate at which primary servicing fees are payable in respect of the Mortgage Loan as
set forth in the Servicing Agreement. The Servicing Fee Rate shall not reflect any master servicing fees payable by any Noteholder.

 

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

 

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

 

“Special
Servicer” shall mean the special servicer appointed pursuant to the Lead Securitization Servicing Agreement and this
Agreement.

 

“Specially
Serviced Loan” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term
used 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 or any other similar
agreement, excluding a repurchase financing or a Pledge in accordance with Section 19(e)).

 

“Trustee”
shall mean the trustee appointed pursuant to the Lead Securitization Servicing Agreement.

 

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

 

    21 

     

    

 

“Withheld
Amounts” shall have the meaning assigned to such term in Section 3.

 

“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 this Agreement and the Servicing Agreement.

 

Section
2.       Servicing.

 

(a) Each
Noteholder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced pursuant to this Agreement
and (i) prior to the Lead Securitization Date, under interim servicing arrangements as directed by the Note A Holder and (ii)
after the Lead Securitization Date, the Servicing Agreement; 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 Lead Securitization Note if such principal
or interest is not paid by the Mortgage Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance
premiums and other expenses related to the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of
the Mortgage thereon, subject to the terms of the Servicing Agreement (including a determination of recoverability thereunder).
Each Noteholder acknowledges that another Noteholder (including, in particular, the Note A Holder) may elect, in its sole discretion,
to include the related Note in a Securitization and agrees that it will reasonably cooperate with such other Noteholder, at such
other Noteholder’s expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Noteholder
hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer and the Trustee under the Servicing Agreement by the Depositor, and the
appointment of the Special Servicer as the initial Special Servicer under the Servicing Agreement by the Depositor (subject to
replacement by the Controlling Noteholder as provided herein) 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 Servicing Agreement.
Each Noteholder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead 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 Servicing Agreement (subject at all times to the rights of the Noteholders set forth herein and in the
Servicing Agreement). In no event shall the Servicing Agreement require any Servicer to enforce the rights of any Noteholder against
any other Noteholder or limit any Servicer in enforcing the rights of one Noteholder against any other Noteholder; however, this
statement shall not be construed to otherwise limit the rights of one Noteholder with respect to any other Noteholder. Each Servicer
shall be required pursuant to the Servicing Agreement to service the Mortgage Loan in accordance with the Servicing Standard,
the terms of the Mortgage Loan Documents, the Servicing Agreement and applicable law, and shall not take any action or refrain
from taking any action or follow any direction inconsistent with the foregoing.

 

(b) In
no event shall the Note B Holder be entitled to exercise any rights of the “directing holder”, controlling or consulting
class or any analogous class or holder under the Servicing Agreement 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, and in no
event may any such “directing holder”, controlling or consulting class or

 

    22 

     

    

 

analogous class or holder under the Servicing
Agreement have any of the rights of the Controlling Noteholder hereunder except during a Control Appraisal Period.

 

(c) In
no event may the Servicing Agreement 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 obligations or materially decrease the Note B Holder’s rights, remedies
or protections hereunder or otherwise adversely affect the Note B Holder’s rights hereunder.

 

The
Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent
provided in the Lead Securitization Servicing Agreement) (i) shall be required to make Property Protection 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 Note, 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, will be entitled to reimbursement
for a Property Protection Advance, first from funds on deposit in each of the Collection Account and the Companion Distribution
Account that (in any case) represent amounts received on or in respect of the Mortgage Loan in the manner provided in the Lead
Securitization Servicing Agreement, and then, in the case of Nonrecoverable Property Protection Advances, if such funds on deposit
in the Collection Account and Companion Distribution Account are insufficient, from general collections of the Lead Securitization
as provided in the Lead Securitization Servicing Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable,
will be entitled to reimbursement for Advance Interest Amounts on a Property Protection Advance or a Nonrecoverable Property Protection
Advance, in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including from general collections
of the Lead Securitization. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make
their own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization Note based on the
information that they have on hand and in accordance with the Lead Securitization Servicing Agreement.

 

(d) The
Servicing Agreement shall contain provisions to the effect that (and to the extent such following provisions are not included
in the Servicing Agreement, they shall be deemed incorporated therein and made a part thereof):

 

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

 

(ii)      the
Note B Holder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide access to, any information
relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as the Note B Holder may reasonably request
and would be customarily in the possession of, or collected or known by, the Master Servicer or the Special Servicer of mortgage
loans similar to the Mortgage Loan and, in any event, all information that is required to be provided to holders of the securities
issued by the Lead Securitization Trust but not limited to standard CREFC® reports and Asset Status Reports, provided
that if an interest in the Note B Holder or Note B is held by a Borrower Party Affiliate, then such requesting Noteholder shall
not be

 

    23 

     

    

 

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 Servicing Agreement;

 

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

 

(iv)     the
Servicing Agreement may not be amended without the consent of the Note B Holder if such amendment would be materially adverse
to the Note B Holder or would materially adversely affect the Mortgage Loan or the Note B Holder’s rights with respect thereto
or would alter any term that is defined herein by reference to the Servicing Agreement in a manner that is materially adverse
to the Note B Holder;

 

(v)      the
Special Servicer selected by the Controlling Noteholder shall be named as the Special Servicer for the Mortgage Loan by the closing
of the Note A Securitization; provided, however, that such Special Servicer has the Required Special Servicer Rating
of, or otherwise be acceptable to, each of the Rating Agencies rating the Lead Securitization;

 

(vi)     the
servicing duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing Agreement shall include
the duty to service the Mortgage Loan and all of the Notes on behalf of the Noteholders in accordance with the terms and provisions
of this Agreement, the Lead Securitization Servicing Agreement and the Servicing Standard; and

 

(vii)    any
conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement.

 

(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 Securitization Date that the Lead Securitization Note is no longer subject to the provisions of the Servicing
Agreement, the Lead Securitization Noteholder shall 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 Servicing
Agreement and all references herein to the “Servicing Agreement” shall mean such subsequent servicing agreement; provided,
however, , that until a replacement servicing agreement has been entered into, the Lead Securitization Noteholder shall
cause the Mortgage Loan to be serviced in accordance with the servicing provisions set forth in the Servicing Agreement as if
such agreement was still in full force and effect with respect to the Mortgage Loan; provided, however, that the
Servicer under such replacement Servicing Agreement shall have no further obligations to advance monthly payments of principal
and interest; 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 meeting the requirements
of the Servicing Agreement appointed by the Lead Securitization Noteholder and the special servicer appointed by the

 

    24 

     

    

 

Controlling
Noteholder and does not have to be performed by the service providers set forth under the Servicing Agreement.

 

(g)  Subject
to the Servicer’s obligation to act in accordance with the Servicing Standard and subject to a Rating Agency Confirmation,
and solely in the event that S&P rates any securities issued in connection with the Note A Securitization, the Servicer shall
require the Mortgage Loan Borrower to maintain insurance with an insurer meeting the minimum S&P ratings requirements specified
in the related Mortgage Loan Documents (and, for the avoidance of doubt, without regard to any Lender discretion with respect
to such ratings in the related Mortgage Loan Documents).

 

Section
3.       Subordination of Note B; Payments Prior to a Sequential Pay Event. Note B and the respective rights of the Note B
Holder to receive payments of interest, principal and other amounts with respect to Note B shall at all times be junior, subject
and subordinate to Note A and the respective rights of the Note A Holder to receive payments of interest, principal and other
amounts with respect to Note A as and to the extent set forth herein. If no Sequential Pay Event 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 or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements that are required 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 (excluding master servicing fees, trustee fees, certificate administrator fees, operating advisor fees and asset
representations reviewer fees, all of which shall be payable by the Note A Holder to such parties out of distributions made to
them in respect of Note A), with respect to the Mortgage Loan pursuant to the Servicing Agreement (such amounts contemplated by
clauses (x) and (y), “Withheld Amounts”), shall be distributed by the Master 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, in an amount equal to the Note A Percentage Interest of principal payments received, if any, with respect
to such Monthly Payment Date with respect to the Mortgage Loan, until Note A Principal Balance has been reduced to zero; provided,
that with respect to any (i) Insurance Proceeds or Condemnation Proceeds allocated as principal on the Mortgage Loan and payable
to the Noteholders pursuant to this Section 3 or (ii) principal payments received after the Anticipated Repayment Date,
100% of such Insurance

 

    25 

     

    

 

Proceeds and Condemnation Proceeds and such principal payments shall be distributed to the Note A Holder
until the Note A Principal Balance has been reduced to zero;

 

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

 

(d)  fourth,
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)-(c) and, as a result of a Workout the aggregate Principal Balance of
Note A has been reduced, such excess amount shall be paid to the Note A in an amount up to the reduction, if any, of the Note
A Principal Balance as a result of such Workout, plus interest on such aggregate amount at the related Note A Rate;

 

(e)  fifth,
to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to reimburse
such 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, in an amount equal to the Note B Percentage Interest of principal payments received, if any, with respect
to such Monthly Payment Date with respect to the Mortgage Loan, until Note B Principal Balance has been reduced to zero; provided,
that with respect to any (i) Insurance Proceeds or Condemnation Proceeds allocated as principal on the Mortgage Loan and payable
to the Noteholders pursuant to this Section 3 or (ii) principal payments received after the Anticipated Repayment Date,
100% of such Insurance Proceeds and Condemnation Proceeds and such principal payments remaining after distribution to Note A pursuant
to Section 3(b) above shall be distributed to the Note B Holder until the Note B Principal Balance has been reduced to
zero;

 

(h)  eighth,
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)-(g) and, as a result of a Workout the aggregate 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;

 

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

 

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

 

    26 

     

    

 

(k)  eleventh,
to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise applied
under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to pay any
Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate to
the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be
paid pro rata to the Note A Holder and the Note B Holder in accordance with the Note A Percentage Interest and the Note
B Percentage Interest, respectively;

 

(l)  twelfth,
first, to the Note A Holder in an amount equal to the accrued and unpaid Accrued Interest on the Note A Principal Balance, and
then, to the Note B Holder in an amount equal to the accrued and unpaid Accrued Interest on the Note B Principal Balance; and

 

(m)    thirteenth,
if any excess amount, including, without limitation, any Default Interest, is available to be distributed in respect of the Mortgage
Loan, and not otherwise applied in accordance with the foregoing clauses (a)-(l), any remaining amount shall be paid pro rata
to the Note A Holder and the Note B Holder in accordance with the initial Note A Percentage Interest and the initial Note
B Percentage Interest, respectively.

 

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, if a Sequential Pay Event 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 Foreclosure
Property, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument
securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements that are required
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 any Withheld Amounts,
shall be distributed by the Master 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, until the Note A Principal Balance has been reduced to zero;

 

(c)  third,
to the Note A Holder, up to the amount of any unreimbursed out-of-pocket costs and expenses paid by such Note A Holder including
any Recovered Costs, in each case to the extent reimbursable by the Mortgage Loan Borrower but not previously reimbursed by the
Mortgage Loan Borrower (or paid or advanced by any Servicer on its behalf and not

 

    27 

     

    

 

previously paid or reimbursed to such Servicer),
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 multiplied by (ii) the Note A Relative
Spread, and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(e)  fifth,
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)-(d) and, as a result of a Workout the aggregate Principal Balance of
Note A has been reduced, such excess amount shall be paid to the Note A Holder in an amount up to the reduction, if any, of the
Note A Principal Balance as a result of such Workout, plus interest on such aggregate amount at the related Note A Rate;

 

(f)  sixth,
to the extent the Note B Holder have made any payments or advances to cure defaults pursuant to Section 11, to reimburse
the Note B Holder for all such cure payments; and to the Note B Holder in the amount of any other unreimbursed reasonable out-of-pocket
costs and expenses paid by the Note B Holder, in each case to the extent reimbursable by, but not previously reimbursed by, the
Mortgage Loan Borrower;

 

(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, until the Note B Principal Balance has been reduced to zero;

 

(i)  ninth,
to the Note Holder, in an amount equal to the product of (i) the Note B Percentage Interest multiplied by (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 aggregate 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 aggregate amount at the related Note B Rate;

 

(k)  eleventh,
to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise applied
under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to pay any
Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate to
the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be
paid to the Note A Holder and the Note B Holder in accordance with the Note A Percentage Interest and the Note B Percentage Interest,
respectively;

 

    28 

     

    

 

(l)  twelfth,
first, to the Note A Holder in an amount equal to the accrued and unpaid Accrued Interest on the Note A Principal Balance, and
then, to the Note B Holder in an amount equal to the accrued and unpaid Accrued Interest on the Note B Principal Balance; and

 

(m)  thirteenth,
if any excess amount, including, without limitation, any Default Interest, is available to be distributed in respect of the Mortgage
Loan, and not otherwise applied in accordance with the foregoing clauses (a)-(l), any remaining amount shall be paid pro rata
to the Note A Holder and the Note B Holder in accordance with the initial Note A Percentage Interest and the initial Note
B Percentage Interest, respectively.

 

Section
5.       Administration of the Mortgage Loan.

 

(a)  Subject
to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement and consistent with the
Servicing Standard, the Lead Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization Noteholder)
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 Lead Securitization Noteholder’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) and consistent with the Servicing Standard, the
Note B Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Lead Securitization
Noteholder (or any Servicer acting on behalf of the Note A Holder) the rights, if any, that the Note B Holder has to, (i) call
an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage
Loan Borrower, including, without limitation, filing or causing the Lead Securitization Noteholder to file any bankruptcy petition
against the Mortgage Loan Borrower. The Lead Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization
Noteholder) 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 Lead Securitization Noteholder 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. Each Noteholder agrees to
be bound by the terms of this Agreement and the Servicing Agreement. The Servicers 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 and consistent with the Servicing Standard. 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 consistent with the Servicing Standard. Notwithstanding anything to the contrary contained herein, in accordance with the
Servicing Agreement, the Lead Securitization Noteholder 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

 

    29 

     

    

 

account the interests of each of the Noteholders
as a collective whole (it being understood that the interests of the Note B Holder are subordinate to Note A, subject to the terms
and conditions of this Agreement, including without limitation the rights of the Controlling Noteholder), and the Note B Holder,
so long as it is not a Borrower 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.

 

(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, Sections 5(f) and 6), if the Servicer in connection with a Workout of the Mortgage
Loan modifies the terms thereof in accordance herewith 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 and the Note B 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 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, and then, by the Note A Holder, in that order, in each
case up to the amount otherwise due on such Notes. Subject to the Servicing Agreement and this Agreement (including without limitation
Sections 5(f) and (6)), in the case of any modification or amendment described above, the Lead Securitization
Noteholder (or the Servicer on its behalf) 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 Note B 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, as applicable, 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 Sections 3 and 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 Lead Securitization Noteholder described hereunder may be exercised by the Servicers on behalf of
the Lead Securitization Noteholder in accordance with the Servicing Agreement and this Agreement.

 

(e)  If
any Note is included as an asset of a REMIC, 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

 

    30 

     

    

 

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) 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 Noteholders
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 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 Lead Securitization Noteholder or
its assignees with this Agreement or the Servicing Agreement or any other agreement which governs the administration of the Mortgage
Loan or the Lead Securitization Noteholder’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 each Noteholder with respect to the REMIC containing the Note owned by such Noteholder.

 

Anything
herein or in the Servicing Agreement to the contrary notwithstanding, in the event that a Note is included in a REMIC and the
other Notes are not, the other Noteholders shall not be required to reimburse such Noteholder that deposited its Note in the REMIC
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 either such other Noteholder be reduced to offset or make-up any such payment or deficit.

 

(f)  (i)  Subject
to clauses (ii) or (iii) below, if any consent, modification, amendment or waiver under or other action in respect of the Mortgage
Loan (whether or not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major Decision has been
requested or proposed or any fact or circumstance has occurred requiring that a Major Decision be made, or if the Servicer or
Special Servicer otherwise intends to make a Major Decision, then the Servicer or Special Servicer, as applicable, shall deliver
prompt written notice thereof to the Controlling Noteholder and its Controlling Noteholder Representative, if any, 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), and none of the Servicer, the Special Servicer or any other Person shall implement any decision
with respect to such Major Decision (or make a determination not to take action with respect to such Major Decision) unless and
until the Servicer or the Special Servicer, as applicable, has received the written consent of the Controlling Noteholder (or
its Controlling Noteholder Representative).

 

(ii)       If
the Servicer or Special Servicer, as applicable, 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 such

 

    31 

     

    

 

Major Decision, the Lead Securitization Noteholder (or the Special Servicer acting on its behalf) shall deliver an additional
copy of the notice of such 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 fails to respond to the Lead Securitization
Noteholder (or the Special Servicer acting on its behalf) with respect to any such proposed action within five (5) Business Days
after receipt of such second notice, the Controlling Noteholder shall have no further consent rights with respect to such action
(provided, however, that such failure to reply shall not affect the rights of the Controlling Noteholder to consent to any future
actions). Notwithstanding the foregoing, 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
as a collective whole, and the Servicer has made a reasonable effort to contact the Controlling Noteholder. The foregoing shall
not relieve the Lead Securitization Noteholder (or a Servicer acting on its behalf) of its duties to comply with the Servicing
Standard.

 

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

 

The
Noteholders acknowledge that the Lead Securitization Servicing Agreement may contain certain provisions that give the Lead Operating
Advisor certain non-binding consultation rights with respect to Major Decisions related to compliance with the Risk Retention
Rules applicable to the Lead Securitization.

 

Until
the occurrence of a Consultation Termination Event, the Note B Holder shall have the right to attend annual meetings (either telephonically
or in person, in the discretion of the Servicer) with the Lead Securitization Noteholder (or the Servicer acting on its behalf)
at the offices of the Servicer, upon reasonable notice and at times reasonably acceptable to the Servicer, during which servicing
issues related to the Mortgage Loan are discussed.

 

(g) The
Note B Holder shall be entitled to avoid a Control Appraisal Period caused by application of an Appraisal Reduction Amount upon
satisfaction of the following (which must be completed within forty-five (45) days of receipt of a third party Appraisal ordered
by the Master Servicer or the Special Servicer that indicates such Control Appraisal Period has occurred (which such Appraisal
the Special Servicer will be required to deliver to the Note B Holder within two Business Days of receipt by the Special Servicer
of such third party

 

    32 

     

    

 

Appraisal) together with the Master Servicer’s calculation of the Appraisal Reduction Amount applicable
to Note B): (i) the Note B Holder shall have delivered Threshold Event Collateral 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 Lead Securitization Noteholder in (a) cash collateral for the benefit of, and acceptable to, the Servicer or
(b) an unconditional and irrevocable standby letter of credit with the Lead Securitization Noteholder (or after the closing of
the Lead Securitization, the Servicer or such other party as provided under the Servicing Agreement) as the beneficiary, issued
by a bank or other financial institutions the long term unsecured debt obligations of which are rated at least “AA”
by S&P, “A” by Fitch and “Aa2” by Moody’s or the short term obligations of which are rated at
least “A-1+” by S&P, “F-1” by Fitch and “P-1” by Moody’s, in each case ignoring
any of the foregoing ratings requirements with respect to any rating agency that is not one of the Rating Agencies (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 Note B Holder (a
“Threshold Event Cure”), no Control Appraisal Period caused by application of an Appraisal Reduction Amount
shall be deemed to have occurred with respect to the Note B Holder. If a letter of credit is furnished as Threshold Event Collateral,
the Note B Holder 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. If a letter of credit is furnished as Threshold Event Collateral,
the Note B Holder shall be required to replace such letter of credit with other Threshold Event Collateral within 30 days if the
credit ratings of the issuing entity are downgraded below the required ratings; provided, however, that, if such
Threshold Event Collateral is not so replaced, the Servicer 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 the applicable Control Appraisal Period from
occurring; (ii) the occurrence of a Final Recovery Determination or (iii) the return of the Threshold Event Collateral pursuant
to the following sentence. 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 Note B Holder, any or such portion of Threshold Event Collateral held by the Servicer shall
promptly be returned to the Note B Holder (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 Sections
3 or 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

 

    33 

     

    

 

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 Note B Holder 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.

 

(h)  Regardless
of whether a Control Appraisal Period is in effect with respect to Note B, each of the Master Servicer and the Special Servicer
shall provide to the Note B Holder copies of all notices, reports and information that the Servicing Agreement requires such Master
Servicer or Special Servicer, as the case may be, to provide to the Controlling Noteholder during such time as no Control Appraisal
Period is in effect.

 

(i)  The
Master 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. In the event that the Note B Holder is determined at any time of determination to no
longer be the Controlling Noteholder as a result of an Appraisal Reduction Amount, the Note B Holder or the Controlling Noteholder
Representative shall have the right, at its sole expense, to require the Special Servicer to order a second Appraisal with respect
to the Mortgage Loan, provided that the request for such second Appraisal shall be on the same terms, timing and requirements
for a second Appraisal requested by an Appraised-Out Class as set forth in the Servicing Agreement. Upon receipt of such second
Appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether any recalculation of the Appraisal
Reduction Amount is warranted, and if so warranted, the Master Servicer shall recalculate the Appraisal Reduction Amount based
on such second Appraisal. If as a result of such recalculation, a Control Appraisal Period is no longer deemed to exist, the Note
B Holder shall be restored as the Controlling Noteholder as set forth herein.

 

(j)  Notwithstanding
anything to the contrary contained herein or in the Servicing Agreement, if at any time a Borrower Party is a Noteholder (a “Borrower
Party Noteholder”), then (i) such Borrower Party Noteholder shall not have any rights as a Controlling Noteholder or
a Controlling Class Representative, (ii) such Borrower Party Noteholder shall have no right to appoint or terminate the Master
Servicer or Special Servicer, (iii) such Borrower Party Noteholder shall have no right to consult with or advise the Master Servicer
or Special Servicer, and shall have no right to review and approve or comment on any Asset Status Report and (iv) in each and
every instance where, pursuant to this Agreement or the Servicing Agreement, the Master Servicer or Special Servicer must take
into account the interests of each Noteholder (or words of similar import), such consideration shall be given to the Borrower
Party Noteholder only in its capacity as a holder of the applicable Note.

 

(k)  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 and subject to the Servicing Standard, elect to sell (1) the Mortgage Loan, with the
consent of the Note B Holder, in which case such sale would include each of Note A and Note B or (2) Note A.

 

    34 

     

    

 

Section
6.       Appointment of Controlling Noteholder Representative.

 

(a)  The
Controlling Noteholder shall have the right at any time to appoint a controlling noteholder representative to exercise its rights
hereunder (the “Controlling Noteholder Representative”). The Controlling Noteholder 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 any Borrower Party), 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 Noteholder and other Noteholders (and any Servicer) will accept such actions of the Controlling Noteholder
Representative as actions of the Controlling Noteholder. The Lead Securitization Noteholder (or any Servicer on its behalf) shall
not be required to recognize any Person as a Controlling Noteholder Representative until the Controlling Noteholder has notified
the Lead Securitization Noteholder (and any Servicer) of such appointment and, if the Controlling Noteholder Representative is
not the same Person as the Controlling Noteholder, the Controlling Noteholder Representative provides the Lead Securitization
Noteholder (and any Servicer) with written confirmation of its acceptance of such appointment, an address, any fax number and
any email address 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, telephone numbers, any fax numbers
and any email addresses). The Controlling Noteholder shall promptly deliver such information to any Servicer. None of the Servicers,
Operating Advisor and Trustee shall be required to recognize any person as a Controlling Noteholder Representative until they
receive such information from the Controlling Noteholder. The Controlling Noteholder agrees to inform each such Servicer or Trustee
of the then-current Controlling Noteholder Representative.

 

(b)  Neither
the Controlling Noteholder Representative nor the Controlling Noteholder will have any liability to any other Noteholder or any
other Person for any action taken, or for refraining from the taking of any action pursuant to this Agreement or the Servicing
Agreement, or for 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
may take or refrain from taking actions that favor the interests of one Noteholder over any 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 such Controlling
Noteholder, as the case may be, agree to take no action against the Controlling Noteholder Representative, such 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 such 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

 

    35 

     

    

 

recklessly disregarded any exercise
of its rights by reason of its having acted or refrained from acting solely in the interests of any Noteholder.

 

(c)  If
the Lead Securitization Noteholder is the Controlling Noteholder, the Note B Holder acknowledges and agrees 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 Lead Securitization Noteholder (or the applicable
Person specified in the Servicing Agreement) to the extent set forth in the Servicing Agreement.

 

Section
7.       Special Servicer. The Controlling Noteholder (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, at any time from time to time, to appoint a replacement Special Servicer with respect
to the Mortgage Loan. The Controlling Noteholder (or its Controlling Noteholder Representative) shall be entitled to terminate
the rights and obligations of any Special Servicer under the Servicing Agreement, with or without cause, upon at least ten (10)
Business Days’ prior written notice to the Special Servicer (provided, however, that the Controlling Noteholder
and/or Controlling Noteholder Representative 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 to be effective unless and until (A) each
Rating Agency delivers a Rating Agency Confirmation (to the extent any portion of the Mortgage Loan has been securitized); (B)
the 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 the 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 Lead Securitization Noteholder shall promptly provide copies to any terminated Special Servicer of the documents
referred to in the preceding sentence. The Lead Securitization Noteholder will reasonably cooperate with the Controlling Noteholder
in order to satisfy the foregoing conditions, including the Rating Agency Confirmation.

 

The
Controlling Noteholder agrees and acknowledges that the Lead Securitization Servicing Agreement may contain provisions such that
any Special Servicer could be terminated under the Lead Securitization Servicing Agreement based on a recommendation by the Operating
Advisor if (A) the Operating Advisor determines, in its sole discretion exercised in good faith, that (1) the Special Servicer
has failed to comply with the Servicing Standard and (2) a replacement of the Special Servicer would be in the best interest of
the holders of securities issued under the Lead Securitization Servicing Agreement (as a collective whole) and (B) an affirmative
vote of requisite certificateholders is obtained. The Controlling Noteholder will retain its right to remove and replace the Special
Servicer, but the Controlling Noteholder may not restore a Special Servicer that has been removed in accordance with the preceding
sentence.

 

    36 

     

    

 

Section
8.       Payment Procedure.

 

(a)  The
Lead Securitization Noteholder (or the Master Servicer on its behalf), in accordance with the priorities set forth in Section
3 or 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 Companion Distribution Account established pursuant to the Servicing
Agreement. The Lead Securitization Noteholder (or the Master Servicer on its behalf) shall establish a segregated sub-account
for amounts due to each Noteholder. The Lead Securitization Noteholder (or the Master Servicer acting on its behalf) shall deposit
such amounts to the applicable account within two (2) Business Days following the Lead Securitization Noteholder’s (or the
Master Servicer’s acting on its behalf) receipt of properly identified and available funds from or on behalf of the Mortgage
Loan Borrower; provided, however, that in the event the Master Servicer is in receipt of properly identified funds
that are not available to the Master Servicer, the Master Servicer may instead deposit such amounts into the Collection Account
and Companion Distribution Account, as applicable, on the same Business Day that such properly identified funds become available
to the Master Servicer.

 

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

 

(c)  If,
for any reason, the Lead Securitization Noteholder (or the Servicer on its behalf) makes any payment to any other Noteholder before
the Lead Securitization Noteholder (or the Servicer on its behalf) has received the corresponding payment (it being understood
that the Lead Securitization Noteholder (or the Servicer on its behalf) is under no obligation to do so), and the Lead Securitization
Noteholder (or the Servicer on its behalf) does not receive the corresponding payment within three (3) Business Days of its payment
to such other Noteholder, then such other Noteholder will, at the Lead Securitization Noteholder’s (or the Servicer’s
on its behalf) request, promptly return that payment to the Lead Securitization Noteholder (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 Lead Securitization Noteholder (or the
Servicer on its behalf) subject to this Agreement and the Servicing Agreement and to be distributed pursuant to the terms of this
Agreement. The Lead Securitization Noteholder (or the Servicer on

 

    37 

     

    

 

its behalf) shall have the right to offset any amounts due hereunder
from any other Noteholder, as applicable, with respect to the Mortgage Loan against any future payments due to such other Noteholder,
as applicable, 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 Lead Securitization Noteholder (or the Servicer
on its behalf) enforce the obligations of one Noteholder against another Noteholder. 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,
but only to the extent that the Servicing Agreement does not impose any other standard upon any Servicer, in which case the Servicing
Agreement shall control) 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 Lead Securitization Noteholder
(including any Servicer) to comply with, and except as otherwise required by, the Servicing Standard, the Lead Securitization
Noteholder (including any Servicer) may exercise, or omit to exercise, any rights that the Lead Securitization Noteholder 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 Lead Securitization Noteholder (including any Servicer) shall have no liability whatsoever to the Note B Holder in connection
with the Lead Securitization Noteholder’s exercise of rights or any omission by the Lead Securitization Noteholder to exercise
such rights other than as described above; provided, however, that such Servicer must act in accordance with the Servicing Standard.

 

Each
Noteholder acknowledges that, subject to the terms and conditions hereof, any other Noteholder may exercise, or omit to exercise,
any rights that such Noteholder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the
interests of each other Noteholder and that such Noteholder shall have no liability whatsoever to any other Noteholder in connection
with such Noteholder’s exercise of rights or any omission by such Noteholder to exercise such rights; provided, however,
that such Noteholder shall not be protected against any liability to any other Noteholder 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 and the Servicing Standard, each Noteholder
hereby covenants and agrees that only the Lead Securitization Noteholder (or the Servicer on its behalf) 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. Subject to the provisions of Section 5(f) hereof and the Servicing Standard, each Noteholder
further agrees that only the Lead Securitization Noteholder, 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

 

    38 

     

    

 

case by or against the
Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. Subject to the provisions of Section
5(f), the Noteholders hereby appoint the Lead Securitization Noteholder as their agent, and grant to the Lead Securitization
Noteholder an irrevocable power of attorney coupled with an interest, and their proxy, for the purpose of exercising any and all
rights and taking any and all actions available to the Note B Holder and the Controlling Noteholder 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 Noteholders, hereby agree that, upon the request of the Lead Securitization Noteholder but subject to
the provisions of Section 5(f), each other Noteholder shall execute, acknowledge and deliver to the Lead Securitization
Noteholder all and every such further deeds, conveyances and instruments as the Lead Securitization Noteholder may reasonably
request for the better assuring and evidencing of the foregoing appointment and grant. All actions taken by any Servicer in connection
with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.

 

Section
11.       Cure Rights of the Note B Holder.

 

(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 Lead Securitization Noteholder shall
provide written notice to the Note B Holder and the Controlling Noteholder Representative of such default (the “Monetary
Default Notice”). The Note B Holder shall each have the right, but not the obligation, to cure such Monetary Default
within ten (10) Business Days after receiving the Monetary Default Notice (the “Cure Period”) and at no other
times. The Monetary Default Notice shall contain a statement that the Note B Holder’s or the Controlling Noteholder Representative’s
failure to cure such Monetary Default within ten (10) Business Days after receiving such notice will result in the termination
of the right to cure such Monetary Default. At the time a payment is made by the Note B Holder to cure a Monetary Default, the
Note B Holder shall pay or reimburse the Note A Holder, for all unreimbursed Advances (whether or not recoverable with respect
to any Note), Advance Interest Amounts, any unpaid fees to any Servicer and any Additional Servicing Expenses. The Note B Holder
shall not be required, in order to effect a cure hereunder, to pay any default interest or late charges under the Mortgage 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 Lead Securitization Noteholder (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 Lead Securitization Noteholder from collecting Default
Interest or late charges from the Mortgage Loan Borrower to be applied in accordance with this Agreement. Any amounts advanced
by a Noteholder on behalf of the Mortgage Loan Borrower

 

    39 

     

    

 

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’s right to cure a Monetary Default or Non-Monetary
Default shall be limited to a combined total of (i) six (6) cures of Monetary Defaults over the term of the Mortgage Loan, no
more than four (4) of which may be consecutive, and (ii) six (6) cures of Non-Monetary Defaults over the term of the Mortgage
Loan. Additional Cure Periods shall only be permitted with the consent of the Lead Securitization Noteholder

 

(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 ninety-one (91) days after Note A 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 Lead Securitization Noteholder shall provide notice of such Non-Monetary Default to the Note B Holder
and the Controlling Noteholder Representative of such Non-Monetary Default (the “Non-Monetary Default Notice”)
and the Note B Holder shall each have the right, but not the obligation, to cure such Non-Monetary Default until the later of
(a) the expiration date of the cure period afforded to the Mortgage Loan Borrower under the Mortgage Loan Documents, without regard
for the date of receipt by the Note B Holder of the Non-Monetary Default Notice, and (b) the date which is thirty (30) days from
the date of receipt by the Note B Holder of the Non-Monetary Default Notice related to 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, the Note B Holder shall be given an additional
period of time as is reasonably necessary to enable the Note B Holder in the exercise of due diligence to cure such Non-Monetary
Default for so long as (i) the Note B Holder diligently and expeditiously proceed to cure such Non-Monetary Default, (ii) the
Note B Holder makes all cure payments that they are 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 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 value, use or
operation of the Mortgaged Property taken as whole, which cannot be cured by the Note B Holder within five (5) days of such notice
of such material adverse effect. The Non-Monetary Default Notice shall contain a statement 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 shall not contact the Mortgage Loan Borrower in order to effect any

 

    40 

     

    

 

cures under Section 11(a) or this Section
11(d) without the prior written consent of the Lead Securitization Noteholder (or the Servicer on its behalf), such consent
not to be unreasonably withheld, conditioned or delayed.

 

Section
12.       Purchase By the Note B Holder. The Note B Holder shall have the right, by written notice to the Note A Holder (a
“Noteholder Purchase Notice”; the sender(s) of such notice, the “Purchasing Noteholder”;
and each recipient of such notice, a “Selling Noteholder”), delivered at any time an Event of Default under
the Mortgage Loan or a Servicing Transfer Event has occurred and is continuing, to purchase, in immediately available funds, Note
A (such Note specified in the Noteholder Purchase Notice, a “Purchased Note”), in whole but not in part at
the applicable Defaulted Mortgage Loan Purchase Price. For avoidance of doubt, if the Note B Holder elects to send a Noteholder
Purchase Notice pursuant to this Section 12, it must purchase the applicable Purchased Note. Upon the delivery of the Noteholder
Purchase Notice to the Selling Noteholder(s), the Selling Noteholder shall sell (and the Purchasing Noteholder shall purchase)
the Purchased Note at the applicable Defaulted Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase
Date”) not less than ten (10) days and not more than sixty (60) days after the date of the Noteholder Purchase Notice,
as shall be mutually established by the Purchasing Noteholder and the Selling Noteholder. The Noteholder Purchase Notice shall
contain a statement that the Purchasing Noteholder’s failure to purchase the Purchased Note on a Defaulted Note Purchase
Date (other than as a result of any failure to consummate such purchase on the part of the Selling Noteholder or as a result of
the conditions giving rise to such purchase ceasing to exist) will result in the termination of such right in respect of the Event
of Default that caused such purchase right to be exercisable and not in respect of any other Event of Default. The Note B Holder
agrees that the sale of any Purchased Notes to it shall comply with all requirements of the Servicing Agreement and that all actual
costs and expenses related thereto shall be paid by the Purchasing Noteholder. The Defaulted Mortgage Loan Purchase Price shall
be calculated by the Selling Noteholder (or the Servicer on its or their 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 reasonably detailed back-up documentation explaining how such price was determined), and shall, absent manifest
error, be binding upon the Purchasing Noteholder. Concurrently with the payment to the Selling Noteholder in immediately available
funds of the Defaulted Mortgage Loan Purchase Price, the Selling Noteholder shall execute at the sole cost and expense of the
Purchasing Noteholder in favor of the Purchasing Noteholder assignment documentation which will assign the Purchased Note and
the Mortgage Loan Documents without recourse, representations or warranties (except the Selling Noteholder will represent and
warrant that it had good and marketable title to, was the sole owner and holder of, and had power and authority to deliver its
Note and all of its right, title and interest in and to the Mortgage Loan Documents free and clear of all liens and encumbrances).
The right of the Note B Holder to purchase one or more Notes as set forth above in this Section 12 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 Lead Securitization Noteholder shall give the Note B Holder ten (10) Business Days’ prior written
notice of its intent with respect to such action (which such action shall be subject to Section 5 hereof)). Notwithstanding
the foregoing sentence, if title to the Mortgaged Property is transferred to the Lead Securitization Noteholder (or a designee
on its behalf), in a manner commonly known as “the borrower turning over the keys” and not otherwise in connection
with a consummation by the Lead Securitization Noteholder of a foreclosure sale or sale by power of

 

    41 

     

    

 

sale or acceptance of a deed
in lieu of foreclosure, less than ten (10) Business Days after the acceleration of the Mortgage Loan, the Lead Securitization
Noteholder shall notify the Note B Holder of such transfer and the Note B Holder shall each have a fifteen (15) Business
Day period from the date of such notice from the Lead Securitization Noteholder to deliver the Noteholder Purchase Notice to the
Lead Securitization Noteholder, in which case the Note B Holder shall be obligated to purchase the Mortgaged Property, in immediately
available funds, within such fifteen (15) Business Day period at the applicable Defaulted Mortgage Loan Purchase Price.

 

Section 13.       Representations
of the Note B Holder. The Note B Holder represents, solely as to itself and its Note B, and it is specifically
understood and agreed, that it is acquiring such Note for its own account in the ordinary course of its business and the Note
A Holder shall not have any liability or responsibility to the Note B Holder except (i) as expressly provided herein or (ii)
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 solely as to itself 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 the 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 solely as to itself that it is duly organized, validly existing, in good standing and
possesses of all licenses and authorizations necessary to perform its obligations hereunder. The Note B Holder represents and
warrants as to itself 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 does 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 such Note A Holder in connection with the Mortgage Loan.

 

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.

 

    42 

     

    

 

Section 14.       Representations
of the 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 such Noteholder’s
charter or any law or contractual restriction binding upon such Noteholder and that this Agreement is the legal, valid and binding
obligation of such Noteholder as applicable 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 such Noteholder, (b) to such Noteholder’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 Noteholder have been obtained or made and (c) to such Noteholder’s actual knowledge, there is no pending action,
suit or proceeding, arbitration or governmental investigation against such Noteholder, an adverse outcome of which would materially
and adversely affect its performance under this Agreement.

 

The
Note A Holder acknowledges that no other Noteholder owes such Noteholder any fiduciary duty with respect to any action taken under
the Mortgage Loan Documents and, except as provided herein or in the Servicing Agreement, need not consult with such Noteholder
with respect to any action taken by such Noteholder in connection with the Mortgage Loan.

 

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 in any
documents or instruments executed and delivered by the Note A Holder in connection herewith (including the representations and
warranties provided in the agreement pursuant to which it acquired Note B), and based on such documents and information as it
has deemed appropriate, made its own credit analysis and decision to purchase Note B and the Note B Holder accepts responsibility
therefor. The Note B Holder hereby acknowledges that, other than the representations and warranties provided herein and in such
other documents or instruments, the Note A Holder has not made any representations or warranties with respect to the Mortgage
Loan, subject to such representations and warranties as provided by the Note A Holder herein and in such other documents and instruments,
and that none of the Note A Holder shall have any 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 its 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 between any of the Noteholders as a partnership,
association, joint venture or other entity. The Note A Holder shall not have any 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 such Note A Holder chooses

 

    43 

     

    

 

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 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 an interest in any future loans originated by such Note A Holder or its Affiliates.

 

Section
17.       Not a Security. The Note B 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. Each Noteholder acknowledges that each other Noteholder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, (i) (a) the Mortgage Loan Borrower
or (b) any direct or indirect parent of the Mortgage Loan Borrower or (c) any Affiliate of the Mortgage Loan Borrower or (d) any
Affiliate of any direct or indirect parent of the Mortgage Loan Borrower, (ii) any entity that is a holder of debt secured by
direct or indirect ownership interests in the Mortgage Loan Borrower or any Affiliate of the holder of such debt, or (iii)
any entity that is a holder of a preferred equity interest in the Mortgage Loan Borrower or any Affiliate of a holder of
such preferred equity (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 the Notes.

 

(a)  The
Note B Holder agrees that it will not Transfer all or any portion of its Note except in accordance with this Section 19.
The 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 its Note to any Person, provided that any such Transfer shall be made in accordance
with the terms of this Section 19. The Note B Holder shall have the right to Transfer its entire Note or any portion
thereof exceeding 49%, (i) to a Qualified Institutional Lender, provided, that promptly after the Transfer the Note A Holder is
provided with (x) a representation from a transferee or the Note B Holder certifying that such transferee is a Qualified Institutional
Lender, and (y) a copy of the assignment and assumption agreement referred to in Section 20 and provided further, that
such transfer would not cause such Note to be held by more than five persons nor cause there to be no one person owning a majority
of such Note and (ii) to an entity that is not a Qualified Institutional Lender, provided that with respect to this clause (ii),
the Note B Holder obtains (1) prior to the Lead Securitization Date, the consent of the Lead Securitization Noteholder, such consent
not to be unreasonably withheld, conditioned or delayed, and (2) after the Lead Securitization Date, Rating Agency Confirmation
(and for avoidance of doubt, no consent of the Lead Securitization Noteholder shall be required after the closing of the Lead
Securitization); provided that in each of case (1) and (2), (x) promptly after the Transfer the Note A Holder is provided
with a copy of the assignment and assumption agreement referred to in Section 20 and (y) such transfer would not cause
the subject Note to be held by more than five persons; and provided further, however, that if such transfer would cause
there to be no one person owning a majority of the subject Note, then such transfer will not be permitted unless persons owning
a majority of the subject Note designate one of such persons to act on behalf of such persons owning such majority. If the subject
Note is held by

 

    44 

     

    

 

more than one Noteholder at any time, the holders of a majority of the Note B Principal Balance shall immediately
appoint a representative to exercise all rights of the Note B Holder hereunder. Notwithstanding the foregoing, without the Lead
Securitization Noteholder’s prior consent, which may be withheld in the Lead Securitization Noteholder’s sole and
absolute discretion, the Note B Holder shall not Transfer all or any portion of its Note to a Borrower 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
expenses of the Lead Securitization Noteholder (including all expenses of the Master Servicer and the Special Servicer) in connection
with any such Transfer.

 

(b)  All
Transfers under Section 19(a) 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 its Note 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 its Note 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 third-party 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
in writing to be bound 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 the Note B Holder 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 Noteholders and any Persons acting on their behalf shall continue to 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

 

    45 

     

    

 

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
Noteholders a certification from an authorized officer confirming its status as a Qualified Institutional Lender), such Noteholder,
by written notice to the other Noteholders, 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, the aforesaid delegation of rights shall terminate and be of no further force
and effect with respect to Note B.

 

(d)  The
Note A Holder shall have the right to Transfer all or any portion of its Note without the prior consent of any other Noteholder
(i) prior to an Event of Default, to any party other than a Borrower Party and (ii) after an Event of Default, to any party, including
a Borrower Party; provided, however, that following any Event of Default under the Mortgage Loan, the Note A Holder
may only transfer all or any portion of its Note to a Borrower Party with the prior written consent of the Controlling Noteholder
at any time when such Note A Holder is not the Controlling Noteholder; provided further, however, that following
any Transfer of Note A, the Mortgage Loan continues to be serviced in its entirety pursuant to the Servicing Agreement by a Servicer
unaffiliated with Mortgage Loan Borrower. For the avoidance of doubt, subject to Section 12, no Noteholder or the Servicer
shall have any right to Transfer or cause the Transfer of any other Note.

 

(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 (x)
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 or (y) to any Federal Reserve Bank or Federal Home Loan Bank to secure any
obligation of such Noteholder to such bank and such pledge shall be enforceable in accordance with the terms thereof (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
(a) prior to the first Securitization of any Note, the consent of each other Noteholder and (b) after the closing of the first
Securitization of any Note, Rating Agency Confirmation. Upon written notice by the applicable Noteholder to each other Noteholder
and any Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), each other Noteholder
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) Business Days to cure a default by the pledging Noteholder in respect
of its obligations to each 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

 

    46 

     

    

 

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 each other Noteholder 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 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 each other Noteholder 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 made by the Conduit (the “Conduit Inventory Loan”) 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 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;

 

    47 

     

    

 

(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 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 (x) any participant and (y) 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. In connection with a Transfer of a Note, 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 Lead Securitization, the Master Servicer shall automatically
become and be the Agent.

 

Section
21.       Registration of the Notes. 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, and the principal amounts (and stated interest) of the Note owing to each such Noteholder, 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 Noteholders 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 Noteholders hereby designate such person as its agent under this
Section 21 solely for purposes of maintaining the Note Register. The parties intend for the Mortgage Loan to be in registered
form for federal income tax purposes under Section 5f.103-1(c) of the United States Treasury Regulations.

 

    48 

     

    

 

Section
22.       Statement of Intent. The Agent and each Noteholder intend that the Notes be classified, and the arrangement hereby
be maintained, in a manner consistent with rules applicable to 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 between the parties.

 

Section
23.       No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the
Noteholders. 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 the Mortgage Loan, provided, however, that if any such property or
the proceeds of any sale, lease or other disposition thereof 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.       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 (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
25.       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 SITTING IN THE BOROUGH OF MANHATTAN, 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;

 

    49 

     

    

 

(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
26.       Modifications; Amendment. This Agreement shall not be modified, cancelled or terminated except by an instrument
in writing signed by each Noteholder. Additionally, for as long as any Note is contained in a Securitization Trust, the Noteholders
shall not amend or modify this Agreement without first receiving a Rating Agency Confirmation; provided that no such confirmation
from the Rating Agencies shall be required in connection with a modification or amendment (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 Servicing
Agreement, (ii) entered into pursuant to Section 38 of this Agreement or (iii) to correct or supplement any provision herein
that may be defective or inconsistent with any other provisions of this Agreement. Notwithstanding anything to the contrary, with
respect to any request for an amendment to this Agreement while DB or an affiliate thereof is the Note B Holder, neither the Master
Servicer nor the Special Servicer shall process, review or otherwise investigate or approve such request, but shall execute any
such amendment on behalf of the Securitization Trust at the direction of the Trust Directing Holder (as defined in the Servicing
Agreement). The Master Servicer shall forward any such request to the Trust Directing Holder, and the Trust Directing Holder shall
be entitled to provide consent on behalf of the Securitization Trust as holder of Note A. If the Trust Directing Holder so consents,
the Trust Directing Holder shall instruct the Master Servicer to execute the amendment on behalf of the Securitization Trust,
and such amendment will be deemed to be in compliance with the Servicing Standard. In addition, any amendment to a provision of
this Agreement impacting the timing, amount or nature of any payments or reimbursements to the Master Servicer, the Special Servicer
or any other party to the Servicing Agreement shall require the consent of such Master Servicer, Special Servicer or party to
the Servicing Agreement.

 

Section
27.       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 permitted 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 applicable Noteholder hereunder, including, without limitation, the right to make
further assignments and grant additional Notes.

 

Section
28.       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

 

    50 

     

    

 

Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart
of this Agreement.

 

Section
29.       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
30.       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
31.       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
32.       Withholding Taxes.

 

(a)  If
the Lead Securitization Noteholder 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 Holder with respect to the Mortgage Loan as a result of the Note B Holder constituting
a Non-Exempt Person, the Lead Securitization Noteholder, or the Servicer on its behalf, 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 Lead Securitization Noteholder 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 Lead Securitization Noteholder against and hold the Lead Securitization
Noteholder harmless from and against any Taxes, interest, penalties and reasonable attorneys’ fees, expenses and disbursements
arising or resulting from any failure of the Lead Securitization Noteholder (or the Servicer on its behalf) to withhold Taxes
from payment made to the Note B Holder in reliance upon any representation, certificate, statement, document or instrument made
or provided by the Note B Holder to the Lead Securitization Noteholder in connection with the obligation of the Lead Securitization
Noteholder to withhold Taxes from payments made to the Note B Holder, it being expressly understood and agreed that (i) the Lead
Securitization Noteholder 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 Lead Securitization Noteholder, at its sole cost and expense, defend any claim or

 

    51 

     

    

 

action
relating to the foregoing indemnification using counsel selected by the Lead Securitization.

 

(c)  Contemporaneously
with the execution of this Agreement, and from time to time as reasonably requested by the Lead Securitization Noteholder or Servicer
during the term of this Agreement, the Note B Holder shall deliver to the Lead Securitization Noteholder or Servicer, as applicable,
evidence satisfactory to the Lead Securitization Noteholder substantiating whether the Note B Holder is a Non-Exempt Person and
whether the Lead Securitization Noteholder is obligated under applicable law to withhold Taxes on sums paid to it with respect
to the Mortgage Loan or otherwise under this Agreement, it being acknowledged by the parties hereto that delivery of a certification
in the form attached hereto as Exhibit D shall be satisfactory evidence that the Note B Holder is not a Non-Exempt Person.
Without limiting the effect of the foregoing, (i) if the Note B Holder (or, if the Note B Holder is disregarded for U.S. federal
income tax purposes, the owner of 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 Lead Securitization
Noteholder an Internal Revenue Service Form W-9 and (ii) if the Note B Holder (or, if the Note B Holder is disregarded for U.S.
federal income tax purposes, the owner of 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 Lead Securitization Noteholder Internal Revenue
Service Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN or Form W-8BEN-E, or applicable successor forms,
as may be required from time to time, duly executed by the Note B Holder; provided that the Note B Holder, without request,
shall deliver a new, appropriately completed Form W-8 if the Note B Holder’s current Form W-8 “expires” or if
there is a “change in circumstances” that makes any of the information on the current Form W-8 incorrect (both within
the meaning of the instructions to such Form W-8). The Lead Securitization Noteholder shall not be obligated to make any payment
hereunder to the Note B Holder in respect of Note B or otherwise until the Note B Holder shall have furnished to the Lead Securitization
Noteholder the requested forms, certificates, statements or documents.

 

Section
33.       Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Notes) will
be held by the Lead Securitization Noteholder (or a custodian acting on behalf of the Lead Securitization Noteholder) who shall
act as secured party under the Mortgage Loan Documents on behalf of the registered holders of the Notes. Notwithstanding anything
to the contrary in this Agreement, upon the Lead Securitization, the originals of all of the Mortgage Loan Documents (other than
the Notes) shall be held by the Custodian (as defined in the Servicing Agreement). Each Note shall be held by the respective Noteholder
or a custodian appointed by such Noteholder.

 

Section
34.       Notices. All notices required hereunder shall be given by (i) writing and personally delivered, (ii) sent by facsimile
transmission (during business hours) if a party has provided a facsimile number, (iii) reputable overnight delivery service (charges
prepaid), (iv) sent by electronic mail containing language requesting the recipient to confirm receipt thereof if a party has
provided an electronic mail address and only if such electronic mail

 

    52 

     

    

 

is promptly followed by a written notice 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 Lead Securitization
Noteholder (or any 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 Lead Securitization Noteholder (or any Servicer
on its behalf), shall also be delivered by the applicable party to each other Noteholder (including to the Note B Holder regardless
of whether a Control Appraisal Period is continuing).

 

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

 

Section
36.       Certain Matters Affecting the Agent.

 

(a) The
Noteholders hereby appoint the Agent to act on their behalf, and the Agent shall act on behalf of the Noteholders;

 

(b) 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;

 

(c) 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;

 

(d) 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;

 

(e) 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;

 

(f)  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

 

(g) 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.

 

    53 

     

    

 

Section
37.       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 37, 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 (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. The Noteholders hereby agree that, simultaneously
with the closing of the Lead Securitization, the Certificate Administrator shall be deemed to have been automatically appointed
as the successor Agent under this Agreement without any further notice or other action. The termination or resignation of the
Certificate Administrator, as Certificate Administrator under the Servicing Agreement, shall be deemed a termination or resignation
of such Certificate Administrator as Agent under this Agreement.

 

Section
38.       Resizing. In connection with the Mortgage Loan, each Noteholder agrees, subject to clause (iii)(y) below, that if
the Note A Holder determines that it is advantageous to resize its Note by causing the Mortgage Loan Borrower to execute amended
and restated or additional pari passu notes (in either case, “New Notes”) reallocating the principal of such
Note to such New Notes, each Noteholder other than the resizing Noteholder shall cooperate with the resizing Noteholder to effect
such resizing at such resizing Noteholder’s expense; provided that (i) the aggregate principal balance of all outstanding
New Notes following the creation thereof is no greater than the principal balance of such Note or Notes immediately prior to the
creation of the New Notes, (ii) the weighted average interest rate of all outstanding New Notes following the creation thereof
is the same as the interest rate of the related Note or Notes immediately prior to the creation of the New Notes, and (iii) no
such resizing shall (x) change the interest allocable to, or the amount of any payments due to, any other Noteholder, or
priority of such payments, or (y) increase any other Noteholder’s obligations or decrease any other Noteholder’s
rights, remedies or protections. In connection with any resizing of Note A, the related Noteholder may allocate its rights hereunder
among the New Notes in any manner in its sole discretion.

 

Section
39.       Conflict. To the extent of any inconsistency between the Servicing Agreement, on one hand, and this Agreement, on
the other, this Agreement shall control.

 

Section
40.       Cooperation in Securitization.

 

(a) Each
Noteholder acknowledges that any Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection
with a Securitization of Note A, at the request of the related Noteholder, each other Noteholder shall use commercially reasonable
efforts, at the requesting Noteholder’s expense, to satisfy, and to cooperate with the requesting Noteholder in attempting
to cause the Mortgage Loan Borrower to satisfy, the market standards to which the requesting Noteholder 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

 

    54 

     

    

 

Mortgage Loan Documents and to cooperate
with the requesting Noteholder 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 Securitization or otherwise at any time prior to the Securitization no other
Noteholder 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 any payments to be made to, such Noteholder, (ii) increase such Noteholder’s obligations
or decrease such Noteholder’s rights, remedies or protections hereunder or under any Mortgage Loan Document, or (iii) otherwise
materially adversely affect the rights and interests of such Noteholder. In connection with any such Securitization of Note A,
each other Noteholder agrees to provide for inclusion in any disclosure document relating to the related Securitization such customary
non-confidential information concerning such Noteholder as the requesting Noteholder reasonably determines to be necessary to
satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not
the requesting Noteholder, it shall use commercially reasonable efforts to cooperate with the requests of each Rating Agency and
the requesting Noteholder in connection with the preparation of any offering documents in connection with the Securitization,
and to review and respond reasonably promptly with respect to any information relating to it in any Securitization document, all
at the cost and expense of the requesting Noteholder. Each Noteholder acknowledges that the information provided by it to the
requesting Noteholder pursuant to this Section 40 may be incorporated into the offering documents for a Securitization.
A requesting Note A Holder and each Rating Agency shall be entitled to rely on the information supplied by each other Noteholder
pursuant to this Section 40.

 

(b) The
Note A Holder securitizing its Note may, at its election, deliver to each other Noteholder drafts of the preliminary and final
Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the
Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group
of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to
such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall
review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2)
Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general
working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such
time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute
a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement
between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus, free writing prospectus
or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that
no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the
Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents
other than the accuracy of any comments it elects to make regarding itself.

 

    55 

     

    

 

(c) Notwithstanding
anything herein to the contrary, the Note A Holder acknowledges and agrees that (i) no other Noteholder shall be required to incur
any out-of-pocket expenses in connection with its Securitizations of Note A, and (ii) any such other Noteholder shall only be
required to disclose such customary non-confidential information reasonably determined by the requesting Note A Holder to be necessary
to satisfy its disclosure obligations in connection with its Securitization.

 

[SIGNATURE
PAGE FOLLOWS]

 

    56 

     

    

 

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

 

	 	NOTE A HOLDER:
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as Trustee, for the benefit of the Holders of the COMM 2018-COR3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
    Series 2018-COR3
	 	 	 
	 	By:	Midland Loan Services, a Division of PNC
	 	 	Bank, National Association, as Special Servicer
	 	 	 
	 	By:	/s/ David
    A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title: Senior Vice President

 

 

 

 

Amended And Restated
Co-Lender Agreement 

     

     

    

 

	 	INITIAL NOTE B HOLDER:
	 	 	
	 	DEUTSCHE BANK AG, NEW YORK BRANCH 
	 	 	 
	 	By:	/s/ Thomas
    Rugg
	 	 	Name: Thomas Rugg
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Rohan
    Mehta
	 	 	Name: Rohan Mehta
	 	 	Title: Vice President

 

 

 

 

Amended
And Restated Co-Lender Agreement 

     

     

    

EXHIBIT
A

MORTGAGE LOAN SCHEDULE

 

A.       Description
of Mortgage Loan:

 

	Mortgage
    Loan:	Loan
    Agreement, dated as of March 15, 2018 (as amended, restated, replaced, supplemented or otherwise modified from time to time),
    between Deutsche Bank AG, New York Branch (together with its successors and assigns, “Lender”), and LH Shoreline
    LP, as borrower (“Borrower”)
	Date
    of the Mortgage Loan:	March
    15, 2018
	Date
    of Note A:	March
    15, 2018
	Date
    of Note B:	March
    15, 2018
	Initial
    Principal Amount of Mortgage Loan:	$110,500,000.00
	Location
    of Mortgaged Property:	1001
    North Shoreline Boulevard, Mountain View, CA 95051
	Anticipated
    Repayment Date:	April
    6, 2028
	Stated
    Maturity Date:	April
    6, 2030

 

B.       Description
of Note Interests:

 

	Initial
    Note A Principal Balance:	$64,450,000
	Initial
    Note B Principal Balance:	$46,050,000
	Initial
    Note A Percentage Interest:	58.33%
	Initial
    Note B Percentage Interest:	41.67%
	Note
    A Rate:	3.464880%
	Note
    B Rate:	5.500000%

 

    A-1 

     

    

EXHIBIT
B

 

Note
A Holder:

 

Wells
Fargo Bank, National Association, for the 

benefit of the Holders of COMM 2018-COR3 

Mortgage Trust Commercial Mortgage Pass 

Through
Certificates, Series 2018-COR3

c/o
Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

 

with
a copy to:

 

Stinson
Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Fax Number: (816) 412-9338

Attention: Kenda K. Tomes

 

Initial
Note B Holder:

 

Deutsche
Bank AG, New York Branch

60 Wall Street, 10th Floor

New York, New York 10005

Attention: Robert W. Pettinato, Jr.

Facsimile No.: (212) 797-4489

E-mail: Robert.Pettinato@db.com

 

with
a copy to:

 

Deutsche
Bank AG, New York Branch

60 Wall Street, 10th Floor

New York, New York 10005

Attention: General Counsel

Facsimile No. (646) 736-5721

 

with
a copy to:

 

Cadwalader,
Wickersham & Taft LLP

200 Liberty Street

New York, NY 10281

Attention: Robert Kim

E-mail: Robert.Kim@cwt.com

 

    B-1 

     

    

 

EXHIBIT
C

PERMITTED FUND MANAGERS

 

		1.	Alliance
                                         Bernstein

		2.	Annaly
                                         Capital Management

		3.	Apollo
                                         Real Estate Advisors

		4.	Archon
                                         Capital, L.P.

		5.	BlackRock,
                                         Inc.

		6.	Clarion
                                         Partners

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

		8.	Dune
                                         Real Estate Partners

		9.	Eightfold
                                         Real Estate Capital, L.P.

		10.	Fortress
                                         Investment Group, LLC

		11.	Garrison
                                         Investment Group

		12.	Goldman,
                                         Sachs & Co.

		13.	H/2
                                         Capital Partners LLC

		14.	iStar
                                         Financial Inc.

		15.	J.P.
                                         Morgan Investment Management Inc.

		16.	LoanCore
                                         Capital

		17.	Lone
                                         Star Funds

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

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

		20.	Praedium
                                         Group

		21.	Rialto
                                         Capital Management, LLC

		22.	Rialto
                                         Capital Advisors LLC

		23.	Rockpoint
                                         Group

		24.	Rockwood

		25.	RREEF
                                         Funds

		26.	Square
                                         Mile Capital Management

		27.	Starwood
                                         Capital Group/Starwood Financial Trust

		28.	Teachers
                                         Insurance and Annuity Association of America

		29.	The
                                         Blackstone Group

		30.	The
                                         Carlyle Group

		31.	Walton
                                         Street Capital, L.L.C.

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

 

    C-1 

     

    

 

EXHIBIT
D

 

PORTFOLIO
INTEREST CERTIFICATION

 

Reference
is hereby made to the Amended and Restated Agreement Between Noteholders, dated as of August [__], 2018 (as amended, supplemented
or otherwise modified from time to time, the “Agreement”), by and between Wells Fargo Bank, National Association,
as Trustee, for the benefit of the Holders of the COMM 2018-COR3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-COR3, as the Note A Holder, and Deutsche Bank AG, New York Branch, as the Note B Holder, and each lender
from time to time party thereto.

 

Pursuant
to the provisions of Section 32 (Withholding Taxes) of the Agreement, the undersigned hereby certifies that (i) it is the
sole record and beneficial owner of the promissory note evidencing Note B in respect of which it is providing this certificate,
(ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Mortgage Loan Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation
related to the Mortgage Loan Borrower as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished the Master Servicer and the Mortgage Loan Borrower with a certificate of its non-U.S. Person status
on IRS Form W-8BEN-E.

 

Unless
otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

 

[NAME
OF LENDER]

 

	By:	 
	Name:
	Title:

 

Date:
________ __, 20[ ]

 

    D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]